Although there are risk professionals throughout the nonprofit sector who know a great deal about the property and casualty coverage they buy for their organizations, some buyers purchase policies first, and ask questions later. Relying on simplified coverage descriptions and failing to read the fine print are risky recipes for disaster. Some of the most common misconceptions about coverage include:
- What’s covered under the policy
- What’s specifically excluded
- The policyholder’s obligations, such as timely reporting of claims
According to the Insurance Information Institute publication, Insurance Industry at a Glance:
- There were 2,544 property/casualty companies in the U.S. in 2015
- 648,200 individuals worked at property/casualty insurers in 2016, and
- P&C premiums represented 45% of total premiums of $1.2 trillion in 2015
The insurance industry is large and complex; ignorance is not bliss when it comes to managing and leveraging your nonprofit’s insurance portfolio! Luckily, you have a new opportunity to seek guidance from insurance industry thought leaders.
During the 2017 Risk Summit this September 17-19 in Philadelphia, I’ll host a panel session—Chalk Talk with Insurance Industry Thought Leaders—featuring senior leaders from insurance carriers that specialize in insuring nonprofit organizations. We will explore trends in the insurance sector and panelists will answer questions from RISK eNEWS readers. I will share key insights from this workshop in a RISK eNEWS issue after the Risk Summit.
Some of the questions on my mind include:
- Looking back, what industry developments and innovations have had the greatest impact on nonprofit buyers of P&C coverage?
- Looking ahead, what are some of the changes to coverage or process that nonprofit buyers can expect?
- What are the common mistakes you see nonprofit policyholders make, both when they purchase coverage, and when they want to leverage their coverage?
- If you were a new risk leader at a nonprofit organization, what are the first three projects or goals you would take on in order to understand and better manage the nonprofit’s insurance program?
- How do you see the risk landscape changing, and what risks are becoming more pressing to nonprofit leaders?
What questions are on your mind? Reply to this RISK eNEWS to share questions you’d like me to pose to our panel of insurance thought leaders.
For inspiration, check out our other insurance-focused, art-inspired sessions at the 2017 Risk Summit:
- Hunting for Black Swans with Neo-Impressionists on a Sunday Afternoon on the Island of La Grande Jatte
- Is Your Insurance Policy a Dali or a Rockwell?
- An Allegory of Fortitude & Claims Management
- Contour, Composition & Color: Lessons from a Broker Bidding Process
Melanie Lockwood Herman is Executive Director of the Nonprofit Risk Management Center. She invites your questions for her panel with insurance industry thought leaders at Melanie@nonprofitrisk.org.