California Insurer Announces 15th Consecutive Dividend for Policyholders
Nonprofits Insurance Alliance (NIA) today announced that the board of directors of Nonprofits Insurance Alliance of California (NIAC), an insurer under the NIA brand, has approved a $3 million dividend for policyholders (members). Since 2007, NIAC has cumulatively returned $50 million in dividends to its members, all of whom are 501(c)(3) nonprofits.
"Nonprofit organizations are tireless champions for the communities they serve. It is an honor for the Board to declare a dividend to our members as a way of supporting their work," says Tammy Wilson, chair of the NIAC board of directors.
NIAC's innovative dividend plan for its nonprofits members is based on individual member premiums paid during the dividend period, length of continuous coverage, and favorable claims experience.
"As a 501(c)(3) nonprofit ourselves, our mission is to support other nonprofits," says Pamela Davis, founder, president, and CEO. "Knowing that our member nonprofits continue to feel severe financial hardships brought on by COVID-19, our ability to pay ou NIAC members a dividend for the 15th consecutive time has special meaning for us this year."
The COVID-19 pandemic revealed both vulnerabilities and strengths of nonprofit organizations. Like many industries, the nonprofit sector continues to face economic shortfalls as a result of extended disruptions to business operations. At the same time, nonprofits' role as a safety net within the communities they serve has become increasingly important. NIA recognizes these challenges and continues to find ways to support nonprofits and their important work. Dividends are just one example of how NIA supports its nonprofit members.
For more than 30 years, NIA has provided specialized insurance coverages with stable pricing to 501(c)(3) organizations. NIA also supports the sector through comprehensive, award-winning risk management resources to help reduce claims, which can disrupt the critical services that nonprofits provide to their communities. Founded in 1989 during an insurance crisis when many social service nonprofits saw cancellation and non-renewals from commercial insurers and were forced to suspend many social service programs, NIAC was the first organization under the NIA group brand and the first multi-line, nonprofit insurer offering coverages exclusively to other 501(c)(3) organizations. Today NIA has 21,000+ members and continues to prove that nonprofits are well-managed and eminently insurable, even as they continue to be disfavored by commercial insurers.
About Nonprofits Insurance Alliance
Nonprofits Insurance Alliance (NIA) is the nation's leading property and casualty insurer exclusively serving nonprofit organizations. Founded in 1989 in Santa Cruz, California, NIA is a social enterprise developing the long-term sustainability of the nonprofit sector. NIA has one of the best customer retention rates in the industry. NIA members enjoy stably-priced insurance, specialized insurance coverage, dividends, and innovate risk management and member services. The NIA group brand is comprised of Alliance Member Services (AMS (News - Alert)) and three AM Best A VIII (Excellent) rated insurers: Nonprofits Insurance Alliance of California (NIAC), Alliance of Nonprofits for Insurance, RRG (ANI), and National Alliance of Nonprofits for Insurance (NANI). All organizations under the NIA brand are 501(c)(3) nonprofits. Learn more about Nonprofits Insurance Alliance at insurancefornonprofits.org/about.
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