Chelmsford-based commercial insurance broker, Ascend Broking, has launched a specialist charity division, to deliver insurance advice to UK charities experiencing “ever-changing insurance requirements during the pandemic”.
Ascend Broking, with offices on the Chelmsford Business Park, has recruited account executive Stuart Belbin to its team, to head up the new charity division and continue Ascend’s practice of employing sector specialists within key segments of the UK economy.
The firm said Belbin has “in-depth charity sector experience” from previous roles and joins Ascend Broking at a “crucial point” for many charities.
Overall, predictions thus far from the charity sector are for a 24% drop in income for the year, constituting an overall sector loss of £12.4bn.
It said Belbin’s consultancy will also enable charities to focus on other areas, such as where they could make savings, or how they could change methodologies for fundraising – giving charities “more than just insurance advice to mull over”.
Belbin said: “Charities are facing their toughest challenge to date and many are simply focused on survival. Whilst it may seem tempting to cancel some insurance policies, such cover could be the lifeline a charity requires to ensure its long-term future should a claim arise, so everything needs to be discussed and rationalised.
“I shall also be working with charity trustees, who face their own risks and who could be held liable for any failure in the charity’s performance.”
He added: “Insurance exists to cover any legal cases brought against an individual trustee, on the basis of the advice they provided and the direction they have taken during the pandemic. This could be important protection for many trustees to have in their locker.”