A charity can approve a worthwhile new programme while leaving its insurance arrangements attached to an older description of its work. An October 21 Insurance Business UK report explored that problem through charities adding activities and equipment. Its discussion of UK insurance law shouldn't be treated as a statement of Canadian disclosure obligations.
For Canadian boards, the useful question is how programme approval and risk review fit together. Under section 148 of the Canada Not-for-profit Corporations Act, directors and officers of corporations governed by that Act must act honestly and in good faith in the corporation's best interests and exercise the care, diligence and skill of a reasonably prudent person in comparable circumstances. That's a federal corporate duty, not a universal insurance checklist for every Canadian charity. Provincial incorporation and the organisation's own circumstances require separate attention.
Full analysis is available through Binder Intelligence.