Insurance and Risk Management
While state and federal statutes can reduce liability of land trusts, they do not eliminate or prevent a lawsuit for something that happens on land trust property or during a land trust event. Land trusts deal with risk every day to conserve land and protect it from encroachments, trespass, easement violations, etc. Practice 6I of Land Trust Standards and Practices asks land trusts to assess and manage their risk and have appropriate insurances, including Terrafirma Risk Retention Group, a charitable risk pool to help land trusts with lasting conservation. Land Trusts need to develop a risk management plan that integrates sound risk balancing practices into land trust operations which includes assessing and budgeting for the right type and amount of insurance. Risk management tools adapt to every size and need at all levels of land trust activity. Land trusts can embed risk management planning into existing activities and reduce effort, increase effectiveness and save money.
Attached are two practical pointers on insurance from the Land Trust Alliance.