New specialist insurance broker, aQmen Ltd, is collaborating in the launch of CaSE Insurance, a social enterprise dedicated to providing cost effective, tailored insurance exclusively for charities and social enterprises. CaSE Insurance returns some 40% of its profits to the charity sector.
Launched in conjunction with specialist charity law firm Bates Wells & Braithwaite, Charities Aid Foundation (CAF) and ABG Insurance, CaSE Insurance is offering a comprehensive insurance package to cover the insurance needs of charities and social enterprises, insured by Brit Insurance Limited.
Paul Drake, director at aQmen Limited, explained: “The insurance industry does not treat the voluntary sector as a different market, resulting in policies which do not fully meet charities' needs. In general, charitable organisations are unfairly regarded as high risk and tend to pay higher premiums than necessary. We felt there should be a more charity-centric approach to insurance”.
“CaSE Insurance will donate 10% of profits to CAF, and as CAF itself owns a 30% share, it means that in total 40% of profit will be returned to the charity sector. CaSE Insurance has been created for the charity sector and is run in collaboration with the charity sector.”
This new service coincides with changes to the Charities Act 2006 which gives charities the right to purchase Trustee Indemnity Insurance on behalf of their trustees, unless their constitution specifically prohibits them.
