Insurer plugs into growing charity market with launch of two products
Hiscox has launched two insurance packages aimed at the trustees of charities, clubs and associations.
The Hiscox Charities Insurance Portfolio and the Hiscox Clubs and Associations Insurance Portfolio are designed to protect the risks and potential liabilities of UK charities, clubs, associations and their trustees, committee members and directors.
Charities, clubs and associations are subject to a number of rules and regulations. Examples include compliance with employment law, health and safety legislation and laws concerning racial, sexual and age harassment and discrimination
Callum Taylor, directors and officers underwriting manager at the specialist insurer said: "In their roles, trustees accept responsibility for directing the affairs of a charity, club or association, ensuring that it remains solvent, well-run and meets the needs for which it has been established.
“While delegating responsibilities is common, the trustee retains the ultimate responsibility for any decisions or actions taken, for example the investment of assets, the raising of funds and the acceptance of new members. This means that trustees are potentially placing their personal assets at risk if an allegation is made where they have failed to use reasonable care and skill in executing their duties."
The Hiscox “portfolio” approach will allow customers to pick and mix other modules of cover, from property and loss of income, personal accident and illness, group travel, internet and e-mail protection, employers’ liability and/or public and products liability insurance.
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