Charities' insurance fears "are unfounded"
Howard Lake | 3 July 2007 | News
Charity insurance company Ecclesiastical reports that only 5% of charities think that insurance claims against them will be a serious threat facing them in the future. Many more (64%) are primarily concerned with the risk of withdrawn funding.
New research commissioned by Ecclesiastical has found that, despite the perception that insurance worries are the reason for cancelled events, only 3% of charities have actually cancelled an event.
After the risk of withdrawn funding, charities surveyed were more concerned by protecting their image and reputation (17%) and changes in social policy (9%).
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The research by FWD was carried out in June 2007 and involved a sample of 100 charities with a range of incomes and purposes. It found that one in five charities is worried about rising insurance premiums, and one in ten is worried about claims made against their charity by the public.
Ecclesiastical’s Chief Underwriting Manager, Chris Lees, said: “Despite what people might think, insurance isn’t a major stumbling block for charities. They can get the cover they need at a reasonable price and insurance concerns don’t get in the way of organised events.
“If charities use proper risk management techniques, keep in touch with their broker and use a specialist insurer they can be confident they’re properly protected.”
Ecclesiastical has re-launched its specialist charity insurance policy with improved levels of cover. These include automatic cover for charity trustees up to £100,000, equipment breakdown in the event of electrical or mechanical breakdown, and fidelity guarantee to cover exposure to fraud and dishonesty from employees and volunteers.
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.