PROTECT YOUR ORGANIZATION’S MISSION AND YOUR PERSONAL ASSETS
The (positive) facts:
- There were approximately 1, 440,000 nonprofits registered with the IRS in 2013
- These companies contributed an estimated $904 Billion to the US economy in 2013. (5.4% of the US GDP)
- 3/4 of all IRS registered nonprofits are 501(c)(3) charities.
- Assets held by nonprofits were estimated at $5.17 Trillion
- An estimated 62.8 million Americans volunteered at least once in 2014
- 2 million nonprofit board seats are filled annually.
The (not-so-positive) facts:
- 63% of nonprofit organizations have filed a D&O claim in the last 10 years.
- 85% of claims filed were employment related (hiring, firing etc)
- D&O claims are TWICE as likely to be filed in a nonprofit company vs a private company
Every nonprofit needs to have a risk management plan and the Board needs to have an active role in drafting and/or ratifying the plan, as well as be aware of their responsibility to mitigate exposures to the organization.
ALTRU, LLC is a Managing General Underwriter that specializes in directors & officers (D&O) and organization liability for non-profit organizations, as well as Miscellaneous Professional Liability (MPL) for a wide range of service firms. ALTRU provides underwriting services on behalf of Old Republic Insurance Company, rated A+ (Superior) by A.M. Best, A+ (Stable) by S&P and A2 (Stable) by Moody's. The team at ALTRU builds solid, professional relationships and delivers a superior level of service to their network of retail insurance agents, which sets them apart from other industry wholesalers.