XL Catlin expands D&O coverage in Iberia

XL Catlin’s insurance operation in Iberia has enhanced its directors and officers (D&O) insurance solution for non-profit organizations (NPOs) and non-governmental organizations (NGOs).

In Spain, NPOs/NGOs are governed by a governing body known as "patronato", comprising a chair, vice-chair and other key stakeholders. The new solution seeks to protect the interests of "patronato" management with a tailored D&O insurance solution.

“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,” said Ulysses Grundey, senior underwriter financial lines at XL Catlin Iberia.

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, XL Catlin Iberia’s country manager, 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.”