Lexington, MA — HeronGrace principals Linda Mack and Kimo Lee attended a recent presentation held on risk management given by Jeffrey J. Fox of TDBank on behalf of Nonprofit.Net of Lexington, MA.
Beginning with the basic liability coverage that all nonprofits should have to protect their board members and the entity itself from legal actions — including "D & O", or Directors & Officers coverage — Mr. Fox covered a massive amount of information about types of coverage available and situations in which that coverage would be important.
We'll endeavor to provide you with a synopsis of what was covered in a later article to be published at this HeronGrace.com, but for the time being, let us say that each situation is unique and making sure that you are covered properly requires an expert review of your specific organizational needs. Not having adequate coverage can mean the difference between your organization's continued existence or not, when faced with a lawsuit.
Sadly, in the current economy one area where nonprofits are making cuts tends to be in reducing coverage, according to Fox.
A key area of importance now is in cyber liability, where online storage of personal data must be protected properly, not only technically, but also with the proper types of insurance coverage in the event of a data breach. Cleaning up a data breach can cost an organization hundreds of thousands of dollars.
At HeronGrace our partner server systems are all PCI compliant (Payment Card Industry) which means that all firewalls and server software are kept up-to-date with the most recent software patches, and hardware is vigilantly maintained and housed in a secure facility with redundant backup systems and industrial generators which keep the servers running in the unlikely event of a power outage.
HeronGrace is a consultancy focused on providing fundraising and management solutions to nonprofit organizations (NPOs).
