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.
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