The state of Washington has started to see pockets of price hardening for nonprofit insurance despite the down economy, says Becky Holt, director of underwriting for insurance and risk-management specialist Canfield Insurance Solutions of Ephrata, Wash.
“Pricing has been firming up a little bit. We were able to retain a flat renewal last year,” says Holt, whose company’s fiscal year ends in June. “We’ve projected that it’s going up this year, but not a huge amount.”
Canfield works with some 26 classes of business within the social-services field, dealing mostly with what Washington State terms “true nonprofits”—food banks, chambers of commerce and multiservice community-action agencies that include five or six different divisions, such as transportation or housing.
Canfield also is a third-party administrator for the Non Profit Insurance Program (NPIP), a member-owned nonprofit insurance cooperative.
Several new social-service classes that have moved into the state over the past year, such as environmental-risk groups that specialize in land and wildlife issues, are just starting to grow enough to realize they need insurance, says Holt.
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