Overcoming Property Insurance Obstacles for Nonprofits
When your nonprofit and human service clients need access to affordable and available property insurance, you may face significant hurdles in securing the best provider and coverage for their specific property and operation.
Over the past few years, there have been many changes in the world of property insurance, partially due to the severity and frequency in natural disasters across the country. Several factors have contributed to the situation, including unexpected or unknown increases in expenses and loss rates, and an unforeseen decrease in investment yields. As a result, commercial property rates increased dramatically, and non-admitted and excess & surplus lines (E&S) carriers filled the void with higher but still more buyer-friendly pricing.
Yet despite these challenges, nonprofits and human services organizations need to secure quality Property coverage to protect their physical assets from fire, explosions, burst pipes, storms, thefts, and vandalism. As you know, earthquakes and floods are not typically covered by a commercial property policy but may sometimes be added to the policy for a price.
Purchasing property insurance coverage can be a daunting process for your nonprofits and human services organizations. The unique nature of their work may create a specific range of risks and properties to protect. Several factors can impact property insurance rates today, including the location of the property, the type of organization using the property and materials/age of the building. Before the insurer can underwrite a property and casualty insurance policy, their underwriters may also want to:
- Review your client’s organization and its property schedule to understand the scope of insurance coverage and potential risks,
- Inspect all potentially insured property to assess the current state of repair,
- Photograph the structure in case a claim is filed later
Once this process is complete, the insurer will determine the policy’s terms, conditions, and price by factoring in the property to be insured and the potential perils that might affect the property.
If you are struggling to find the right commercial property market for your nonprofit or human services insureds, or can’t get the coverage you expect, contact Convelo today. With decades of experience providing insurance for organizations such as these, we have deep knowledge of the complexities of insurance coverage for nonprofits and human services organizations. Our highly specialized underwriters bring deep expertise to help you anticipate your clients’ needs, win their business and keep it.