Derek Hughes/NAPSLO Foundation Establishes Two New Scholarships

The Derek Hughes/National Association of Professional Surplus Lines Offices (NAPSLO) Educational Foundation announced two new educational scholarships will be offered in honor of two industry professionals.

Kurt Bingeman, a member of the Board Directors of the Derek Hughes/NAPSLO Educational Foundation, recently donated $50,000 to the Foundation to establish a new insurance educational scholarship to honor and recognize Russell Bond, the founder of Russell Bond & Co., Inc. of Buffalo, New York.

In addition, senior managers of Hull & Company Inc., in conjunction with Brown & Brown Inc., have established an insurance educational scholarship in the name of Hull & Company founder and current CEO, Richard Hull.

The new scholarships, managed by the Foundation, will provide for the annual financial needs of students enrolled in an Insurance & Risk Management degree program. The qualifications are triggered by academic performance and need.

In November 2006, the Foundation approved a proposal by Bingeman, CPCU, ASLI (CEO of Russell Bond), to allow individuals, firms, or groups to establish new named scholarships that will operate for as long as the funding is available. A minimum of $25,000 is required to establish the scholarship recognizing an individual.

The new scholarships will be for the same amount as the current scholarships, $4,000 each, and will be awarded annually as long as there is funding available. Any partial moneys left will either be combined with other Foundation assets for a final year or go into the general scholarship fund.

In 1998, the Derek Hughes/NAPSLO Educational Foundation established the scholarship program for students pursuing an insurance or business related program of study. The purpose of the scholarship program is to further the study of insurance and encourage, support, and reward those exceptional students who have an interest in an insurance career. In addition to the scholarship program, the Foundation works on a number of educational products related to the excess and surplus lines industry.

Source: NAPSLO, www.napslo.org