Mon Dec 19, 2016 —
In Spain, all NPOs/NGOs are governed by a governing body, known as a patronato, comprising a chair, vice-chair and other key stakeholders. The patronato is responsible for overseeing the overall management of the NPO/NGO. The members carry personal liability for the management of the patronato and XL Catlin’s new solution seeks to protect their interests with a tailoured D&O insurance solution.
Ulysses Grundey, Senior Underwriter Financial Lines at XL Catlin’s insurance operation in Iberia, comments: “One of the most common D&O claims is mismanagement of funds or directed donations. While NPOs/NGOs are generally well aware of common operational risks such as property, general liability, auto and workers’ compensation, they are often less familiar with the liability risks their patronos face.”
He added: “When an NPO/NGO is found to have mismanaged its funds or donations, the patronos can be held personally liable. That’s why D&O coverage should be an integral part of a non-profit organization’s risk management program. In the event of a claim, our D&O policy will cover defence costs as well as any actual damages that are awarded.”
José Ramón Morales, Country Manager at XL Catlin’s insurance operation in Iberia, added: “Non-profit and non-governmental organizations play a crucial role in communities across Iberia. From delivering food to the elderly to providing safety and protection to those in need, these organizations are run by people who are driven by the desire to help others. D&O insurance not only safeguards these organizations’ financial resources, it can also help them attract and retain qualified individuals who wish to serve as patronos.”
About XL Catlin’s Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd’s (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.
XL Catlin in Iberia expands D&O insurance solution to serve non-profits
Mon Dec 19, 2016 —
- Alexandra Braendli Communications Manager +41 43 555 4258