FINANCE NEWS: Commission alters insurance laws to help organisations

The Charity Commission has changed its rules to make it easier for trustees to find an insurer.

The issue of trustee indemnity insurance has been the subject of enduring controversy because the commission requires charities to seek its approval every time they want to buy cover from providers.

This is because trustee insurance is seen as a benefit to the trustees, not the charity, and trustees are not allowed to personally benefit from their role.

The regulator is now moving to a system of self-certification. Under the proposal, trustees are to be given the discretion to decide if indemnity insurance is appropriate based on its cost as a proportion of the charity's income.

Rosie Chapman, director of policy at the commission, said: "We've been considering the impact of trustee indemnity insurance, and have decided that this new approach will reduce anxiety among trustees."

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Follow us on:
  • Facebook
  • LinkedIn
  • Twitter
  • Google +

Latest Jobs

RSS Feed

Third Sector Insight

Sponsored webcasts, surveys and expert reports from Third Sector partners

Markel

Expert Hub

Insurance advice from Markel

Guide: What insurance does your charity need?

Guide: What insurance does your charity need?

Partner Content: Presented By Markel

Third Sector Logo

Get our bulletins. Read more articles. Join a growing community of Third Sector professionals

Register now