The outbreak of the novel coronavirus in the United States is weighing heavily on the Nonprofit Professional Liability market, with 88% of nonprofit organizations spending less than $500K each year, according to the National Council of Nonprofits. Moreover, the continued economic impact of the pandemic could influence future Professional Liability related exposures that nonprofits face.
“As a consequence of social inflation, the increasing litigious environment and more nonprofits, ligation has risen,” said Kevin Schuck, underwriter at Clearwater Underwriters, a division of Worldwide Facilities. “The typical claims have involved errors in management and employment-related claims.”
Today, the current health crisis could further exacerbate nonprofits’ Professional Liability exposures. Read the full article from Insurance Business America for additional details.