No matter how thoroughly your nonprofit plans nor how laudatory its goals, it faces the prospect of unexpected losses and litigation. How well a nonprofit weathers those storms may depend on how well the organization’s insurance policies address the risks specific to its activities and how well the organization satisfies its obligations when a potential disaster becomes a reality. Jeff Tenenbaum and D.S. Gray of Venable will discuss what questions a nonprofit should ask when purchasing insurance policies, how a nonprofit can maximize the effectiveness of that coverage, how it can complement that coverage to address potential risks, and what steps it should take when problems potentially triggering that coverage occur.
Basic Outline:
I. Why a nonprofit needs to understand its insurance coverage: Basic discussion about insurance and the importance of understanding policies.
II. Accounting for a nonprofit’s insurance needs on the front end: Focus on policy procurement, considerations in choosing among policy options, insurance planning suggestions, identifying alternative means of addressing risks, and the importance of not delegating responsibilities.
III. Satisfying a nonprofit’s policy-related responsibilities on the back end: Focus on what to do when disaster strikes, common obligations and considerations, and things that should be done to satisfy responsibilities under insurance policies.