Association Liability Insurance
Association Liability insurance is a combined policy that includes components of professional indemnity and management liability. The policy protects the organisation, office bearers, and staff against legal expenses and damages due to a breach of duty or mismanagement.
It safeguards employees for obligations connected to the work of not-for-profit organisations. These include industry associations, sporting associations and clubs, and community charities.
FD Beck has access to Association Liability insurance products that have a broad range of liability cover involving a nonprofit organisation.
Association Liability insurance covers the specific needs of this niche type of insurance buyer. It is a cost-efficient and essential way for associations to compensate for their management and professional indemnity risks.
The risk faced by an association or not-for-profit trust goes within beyond the organisation itself. Members of the management board, board of trustees, or committee are liable at law for their conduct.
Without adequate insurance management, they are potentially placing their personal assets at risk if a claim is brought against them. It is important to note under this insurance the association can indemnify its officers for claims made against them.
This kind of insurance product covers not-for-profit organisations from claims arising from the association’s services, including claims for breaches of consumer legislation, defamation, or breaches for fiduciary duty.
The insurance policy also includes professional legal representation expenses for regulatory inquiries, disciplinary proceedings, or other proceedings.
Office bearers liability protection for claims is connected with the management of the association.
This covers liability associated with employment-related risks, such as discrimination, harassment, bullying, or wrongful dismissal.
This type of insurance product will cover crime claims for associations, including investigation expenses.
An association liability policy provides an effective insurance solution to cover organisations, not-for-profit groups, and other bodies of networks. But what type of organisations should be insured for association liability to protect them from the inherent risks?
At FD Beck, we offer you solutions for businesses as well as not-for-profit organisations in Melbourne, Victoria, Australia. We believe in giving our clients peace of mind from risks that associations typically face.