NeighborWorks America, a community development group network based in Washington, announced the creation of its own risk management company that will provide group members better access to and rates on property and liability insurance.
NeighborWorks Risk Management Corporation is a fully insured program that establishes a loss fund to pay up to $500,000 in property losses and $750,000 in liability losses.
Organizations have a $5,000 deductible for property and pay a premium based on construction and location. NeighborWorks America says it will help subsidize the liability insurance loss fund by contributing $1 million over three years. Losses that exceed the loss fund are fully covered by insurance.
NeighborWorks is a network composed of more than 235 community development organizations working in nearly 2,700 urban, suburban and rural communities across America. The group also has plans to create a comprehensive risk management program.
The company says the program will save member organizations between 15- and 50 percent of premium for property and liability insurance.
NeighborWorks America is a non-profit group that receives funds from private sources and the federal government, which contributed $114.3 million this year.
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