Insurance Reciprocal – A Case Study: Terrafirma
Private land conservation organizations are currently on their own when it comes to protecting their properties in perpetuity. The standard benefits offered through title and general liability insurance don’t protect against the variety of legal issues an organization can face. This precarity of protection doesn’t measure up to the benefits that these safeguarded lands offer with respect to Indigenous reconciliation, species at risk, climate mitigation and resilience and human well-being.
Given the range of organizational capacity within the private land conservation community, the idea of an insurance reciprocal program, as a national protection fund or mechanism stands out as a viable option. The establishment of Terrafirma, an insurance reciprocal program for private land conservation organizations in the United States, serves as a successful model to consider for the Canadian context. A review was conducted through internet research and a consultation with administrators of the Terrafirma program.