Spark Insurance
  • Email
  • Phone
    604 699 2259
  • Address
    Suite 1275 Two Bentall Centre
    555 Burrard Street Vancouver
    v7X 1M9

CHARITIES INSURANCE


INSURANCE FOR CHARITIES

Canadian charities tackle a wide range of issues and causes to support our communities. Canadian charities of all types are eligible for savings with Spark Insurance as long as their operations are within Canada.

Depending on their operations, Canadian charities carry a variety of risk exposures that require insurance coverage. These exposures can include libel or copyright infringement from published content, meetings, fundraising events, computers, equipment and other assets, board governance websites, volunteers, legal expenses and in some cases, host liquor liability for events.

Spark charity insurance for your Canadian charity is tailored specifically to meet these needs. We offer registered Canadian charities nine types of nonprofit insurance in one comprehensive package.

Risk Management 101: Directors and Officers Insurance

Directors and Officers (D&O) have a duty to exercise due diligence in overseeing the activities of the business that they serve. They are required to act in good faith and in the best interest of the organization.

Legal Liability

Directors may be liable for:

• Failure to act as stated under a statute. For example, if a statute requires directors to file a report or maintain certain records, and these reports and records are not maintained, then the director may be liable for an offence under that statute.

• Non-compliance of the organization with a statute. For example, directors may be liable for mismanagement, financial losses, wrongful dismissal, employee discrimination or failure to remediate environmental damage.

It is also important to note that:

• Directors can be held personally liable.

• Ignorance is not a defense.

• Resignation is not necessarily a defense.

• Board indemnity may not be enough.

• Directors may be liable for nonperformance.

Nonprofits: Why Do I Need D&O Insurance?

D&Os of non-profit organizations are required to exercise the same degree of commitment, attention and care as directors of for-profit corporations. Nonprofit D&Os often ignore prudent business procedures under the mistaken belief that there is little, if any, exposure arising out of the mismanagement of a non-profit organization. This myth is apparently based upon the lack of profit oriented shareholders in the non-profit setting. Be careful, every nonprofit organization is operated for the benefit of some group of persons. Employees, creditors, customers, members, regulators, and others are all potential plaintiffs against D&Os of nonprofit organizations.

We offer discounts on the following insurance coverages for your charity:

  • General Liability
  • Nonprofit Directors and Officers Liability
  • Contents and Assets Coverage
  • Crime Liability
  • Volunteer Injury (AD&D)
  • Cyber Liability
  • Media Liability
  • Legal Expense
  • Host Liquor Events Umbrella Liability