Arch Insurance Group, a member of Arch Capital Group, has launched a new product - Arch Canopy Policy for Nonprofit Organizations.
Arch said that the new product for the nonprofit organizations provides efficient management liability protections and services.
The Arch Canopy Policy offers: duty to defend policy with optional additional limit for defense costs; broad definitions of claim and loss; investigation costs for derivative demands; crisis management costs; and additional limit dedicated for executives for non-indemnifiable claims.
In addition, the policy also features response expense coverage for work place violence incidents, kidnap, ransom and extortion coverage, and crime coverage.
Arch executive assurance division EVP John Rafferty said that the new product helps nonprofits to strengthen their risk management arsenal so that they can focus their energy on achieving missions of their organizations.