Financial Indemnity
Financial Indemnity is especially designed for recognised charities based in the UK who are looking to protect the charity and its trustees from claims regarding the management, finances and activities of the charity.
The package takes selected covers from the new Charity Connect wording and combines them to create a single package for Trustees Indemnity, Legal Expenses and Loss of Reputation as standard, with optional extensions for Professional Indemnity and Fidelity Guarantee.
The Trustees of a charity take unlimited personal liability for their actions in managing the charity's affairs. Furthermore the directors and officers of the charity, or even employees who have managerial responsibility can be held personally accountable for their actions. Likewise other matters such as employment regulation, tax disputes and breach of professional duty can have an impact on the charity and its executives.
A charity is also vulnerable from fraudsters, who often consider them to be easy targets. Even employees also may be tempted to steal from the charity and where loss occurs, the charity may not have sufficient funds to continue.
A charity's reputation is of paramount importance and, where that reputation is damaged through adverse publicity, funding may cease and volunteers may not wish to be associated. Without being able to provide a response to allegations the charity may potentially be disadvantaged.