Having already established itself as one of the biggest names in the charity insurance arena,
Ecclesiastical is now looking to take its proposition to a new level by updating its product; while elsewhere, the business has also added a non executive director.
The specialist insurer has updated its ‘Charity and Community’ and ‘Faith and Community’ products with increased limits on standard cover as well as a host of new covers such as cyber and reputational risk.
According to a release announcing the change, brokers will be able to create a bespoke product for their clients and will benefit from features such as a business interruption cover, including donations and grants, as well as a crisis helpline to support organisations when a major crisis impacts their reputation.
“With cyber-attacks becoming more frequent and GDPR (General Data Protection Regulation) coming into force in May 2018, data protection and compliance will become an even bigger issue for the 45,000 charities, voluntary groups and not-for-profits we insure,” said David Britton, charity director at Ecclesiastical.
“We know from research with sector think-tank, New Philanthropy Capital (NPC), and with our own charity customers that cyber and reputational risks are among their top concerns. The changes we have made to our charity products are in response to that insight and the feedback we’ve had from brokers and their customers.”
Separately, Ecclesiastical has announced the appointment of Chris Moulder as non-executive director.
Moulder had retired from a 25-year stint at KPMG in 2011 having been a partner in the firm from 1996. He then joined the Financial Services Authority, now the Prudential Regulation Authority, and was head of London Markets for two years. Now, Mark Hews, Ecclesiastical’s chief executive, is confidence his experience will pay off for the insurer’s team.
“Chris is a well-known and respected figure in the insurance sector and will provide additional expertise and perspective to our team as we pursue our aim of being the most trusted and ethical financial services group, giving £100 million to good causes,” he said.
Related stories:
Ecclesiastical earnings rise amid unexpectedly high investment returns
Ecclesiastical denies it told church to cut ties with victims
