Santa Cruz, California, April 22, 2019 (GLOBE NEWSWIRE) -- Nonprofits Insurance Alliance of California (NIAC) has declared a $3 million dividend in 2019. NIAC will issue the dividend to its qualifying member-insured 501(c)(3) nonprofits renewing their policies from June 1, 2019, to May 31, 2020.
NIAC, a nonprofit insurance risk pool, is a member of the Nonprofits Insurance Alliance (NIA) and was the first risk pool to address the liability insurance crisis of the 1980s, when commercial insurers refused to cover nonprofit organizations. NIAC and other member companies of NIA are 501(c)(3) nonprofits and insure only 501(c)(3) nonprofits. As an integral part of the nonprofit sector, NIAC returns dividends to nonprofits as part of its mission.
NIAC’s dividend plan issues funds to members based on individual member premiums paid during the dividend period, length of continuous coverage, and favorable claims experience, which NIA’s risk management services help members to create. Since 2007, NIAC has returned a total of $44.1 million in dividends to the nonprofit sector.
About Nonprofits Insurance Alliance:
Nonprofits Insurance Alliance (NIA) is a cooperative of 501(c)(3) tax-exempt nonprofit insurers whose sole purpose is to serve 501(c)(3) tax-exempt nonprofits. NIA provides a stable source of reasonably-priced liability insurance tailored to the unique needs and conscientious budgets of nonprofits. NIA also provides risk management resources exclusively to 501(c)(3) nonprofits to help prevent insurance claims that disrupt nonprofits’ services to vulnerable communities. Nonprofits Insurance Alliance of California is NIA’s first insurance risk pool.
CONTACT: Pamela E. Davis Nonprofits Insurance Alliance 831-621-6018 pdavis@insurancefornonprofits.org