Trustee Indemnity Insurance - how to protect charities trustees
27 October 2009
Charities and their volunteers have to make sure they are protected at all times. NCi looks at how they can do this.
You only have to turn on the television or read the newspaper to discover that the world in which we live has been increasingly litigious. Whilst the voluntary sector sometimes escapes compared to other commercial sectors, NCi looks at how volunteers and charity trustees can ensure they are protected at all times. As with most types of business, the ultimate responsibility for decision making and performance will fall to board of directors or management team. For charities this is no different with the trustees of a charity being legally responsible for the charities running and decisions. So if a trustee of a charity is in charge of its performance and direction then it is extremely important that they make sure they are protected personally should something go wrong when it comes to the charities finances or work.
The main way to ensure they are protected is to make sure the charity buys Trustee Indemnity Insurance cover. This type of policy is available from specialist charity insurance brokers and covers against legal claims that may be received for breaches of trust or negligence committed by them in the course of their duties. In many cases the trustee indemnity insurance premiums will be paid for the trustees out of the charities funds and the policy, unlike a normal charity insurance policy, actually protects the trustee individually rather than the charity as a whole.
A few examples where problems may arise and claims be made is where the charities funds are involved as a trustee could potentially invest them unwisely, could spend them inappropriately or just not make sure the charity is run correctly which results in them losing money. The truth is many charity trustees give their time and support on a voluntary basis and are unaware of the consequences they could face personally in the event of something going wrong. It is therefore perhaps worthwhile trustees of a charity making sure trustees indemnity insurance is in place to make sure they are protected at all times.
A phrase that is creeping into the English language is where there is blame, there is a claim. This attitude may well be a sad indictment of modern society but whilst it exists, charities and their trustees can now make sure they get the peace of mind they require by purchasing trustees indemnity insurance from a charity insurance broker or other charity insurance specialist.
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