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Insuring Your Foster Care Agency ~ Are Changes In The Wind?

Paper cutout family with Foster Care letters                               .jpg

The landscape is definitely changing when it comes to insuring your foster care agency. Many agencies are receiving non-renewal notices, or their premiums have increased substantially, even without a large claim history.  What is the reasoning behind these dramatic and sometimes very shocking changes?

Some contributing factors:

  1. The high-risk factors associated with child welfare

  2. Claims increasing in severity and frequency

  3. Nonprofits are diversifying their services, thus increasing their exposures

  4. Contracts are requiring higher limits, resulting in higher premiums

  5. Changes in carrier appetites and the types businesses they will cover/not cover

  6. Changes in policy forms

As a result, Carrier risk management requirements are being raised.  Creating a robust risk management program is imperative in controlling your losses, premiums and meeting carrier requirements.  Start by electing a risk management officer or mandated reporter, create a formal incident reporting program and reduce and manage a social worker’s caseload/workload.  This is a great place to start.

So, what is your foster care agency to do in these changing times? Contact a specialist.  Hawley & Associates specializes in hard-to-place risks, including adoption & foster care.  Our broad access to specialized markets and innovative risk management tools allows us to partner in and empower your mission!

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