It’s a jungle out there – really

This particular non-profit organization has more than the usual raft of risks to deal with: It has staff working at close quarters with man-eating felines in the wild…

Non-Profits & Charities

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Risk is all around when it comes to big cats in the wild – especially for the cats themselves. Panthera is the only organization in the world that is devoted exclusively to the conservation of the world’s 38 wild cat species and their ecosystems, and has more than 100 of the world’s leading cat biologists, conservation practitioners, and site security experts deployed in the field. Insurance Business America caught up with Panthera’s Don Ostrower, who, as senior director of finance and administration based in New York, heads up the risk management function for this most fascinating of non-profit organisations
 
IBA: What are the main types of insurance coverage that Panthera as an organization requires?  
Don Ostrower: Though Panthera is a unique organization in its mission and implementation of that mission, our insurance needs are not that different from most not-for-profits.  General liability, umbrella, travel and accident coverage and directors and officers (D&O) policies are among our primary insurance products.  We also secure fidelity insurance for our retirement plan.
 
IBA: Do you purchase a single bespoke program to cover all your needs? 
Don Ostrower: I don’t believe in “one size fits all” plans.  In my experience, not all carriers are equal when it comes to individual products.  It is important to match the right company for the right need, almost a “cafeteria plan” approach.  Again, that’s where the broker’s experience and connections pay dividends.
 
IBA: Do you use a broker?   
Don Ostrower: We do use a broker, Gross & Company, a New York-based broker specializing in not-for-profit organizations.  We have been with them for many years, as I believe consistency is important as far as insurance is concerned, especially in the event of having to submit claims (which, thankfully, we have not had to do to date!)   Additionally, it pays to work with a broker who understands how to ensure that the insurance policies purchased are sufficient to cover our varied exposures, which can be more complex than a for-profit's risks.
 
IBA: How often do you make a claim? Having folk working in 3rd-world countries with large carnivores must carry some risk! 
Don Ostrower: Risk is insurance’s middle name, isn’t it?  We certainly have coverage that contemplates almost any foreseeable event (and I’m sure some that are not).  Our field staff travels a great deal, so international liability insurance (eg travel, accident, workers compensation, etc) is a key component of our coverage.  I can certainly say that I’m glad I can’t give you an example of a claim!
 
IBA: How do you feel about the provision of insurance for an organization like Panthera? Does the market offer sufficient, affordable programs/ coverage? 
Don Ostrower: Since the not-for-profit sector is the third largest employer in our country (behind only retail and manufacturing), its growth has spurred tremendous competition in the insurance area, so I would certainly say that the market does not lack for sufficient coverage at competitive premiums
 
IBA: Do you feel you get a better deal on insurance, from brokers or insurers, because you are a non-profit, and is there some kind of negotiation process here? 
Don Ostrower: In my experience, there is not a great deal of negotiation, per se, as far as premiums for a particular product are concerned.  Rather, I’d say there is an evaluation on the part of not-for-profit organizations as to the cost/benefit of certain insurance provisions, deductibles, etc in order to obtain sufficient coverage at a reasonable price.  Of course, in certain cases organizations are constrained by provisions in debt agreements, etc, but in the absence of such restrictions, the decision rests with the organization and its management.  This is where a trusted broker or agent can be invaluable.
 
IBA: How could the insurance industry as a whole serve Panthera better? 
Don Ostrower:  I believe the not-for-profit insurance sector, and by association, Panthera, has seen great progress in the past 5 to 10 years.  Whereas insurance companies used to attempt to tailor for-profit policies for our organizations, the growth and competition in the not-for-profit world has necessitated that market forces rule the industry, and insurance companies have to keep up, offering better and more specific not-for-profit policies.  Hopefully, the not-for-profit world will continue to grow, and take the not-for-profit insurance companies along for the ride.
 


To find out more about how you and your clients can help Panthera carry out its vital work, visit www.panthera.org
 

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