The Board of Directors of the Nonprofits’ Insurance Alliance of California (NIAC) has declared a dividend to be paid to nonprofit insureds in California. During 2008 and 2009, 3,200 nonprofits insured with NIAC will receive a total dividend of $4.2 million. The dividend reflects better than anticipated claims experience in the policy years 2001 through 2003, the group said.
Based on individual member premiums paid during the dividend period, this plan rewards members for length of continuous coverage with NIAC as well as favorable claims experience. The largest check issued will be $72,013. The dividend will be paid to member nonprofits that qualify upon renewal of their 2008-2009 policies.
Established in 1989, the Nonprofits’ Insurance Alliance of California (NIAC) is a 501(c)(3) charitable risk pool. NIAC is one of four companies that make up the Nonprofits Insurance Alliance Group.
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