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Arch Insurance Group (Arch), a member of Arch Capital Group Ltd., has unveiled Arch Canopy Policy for Nonprofit Organizations.

Nonprofit organizations are increasingly vulnerable to the expanding types of litigation which can have a devastating impact on an organization’s ability to continue its mission.

“Our objective with this product is to try to help nonprofits strengthen their risk management arsenal so that they can focus their energy on achieving the missions of their organizations,” said John A. Rafferty, executive vice president, Executive Assurance Division at Arch.

The five coverage components are:

• Directors, Officers and Organization Liability
• Employment Practices Liability
• Fiduciary Liability
• Crime
• Kidnap Ransom & Extortion

Arch is now directly writing this coverage with appointed agents and wholesalers. Key features include:

• Duty to defend policy with Optional additional limit for defense costs
• Broad definitions of Claim and Loss
• Investigation costs for Derivative Demands Brought By Members
• Crisis Management Costs for a Network Security Breach or Privacy Violation
• Additional limit dedicated for executives for non-indemnifiable claims
• Response Expense Coverage for Work Place Violence incidents
• Kidnap, Ransom & Extortion worldwide coverage.
• Crime coverage includes multiple features providing insurance for acts of theft, forgery and computer fraud.

Source:

Topics New Markets