1 / 15

Insurance and Risk Management

Club Treasurer Training| 2018-2019. Insurance and Risk Management. Training for SIAs US and Canadian Club Treasurers. Club Treasurer Training| 2018-2019. Presenter. Michelle Evans- Assistant Vice President

mcarrie
Download Presentation

Insurance and Risk Management

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Club Treasurer Training| 2018-2019 Insurance and Risk Management Training for SIAs US and Canadian Club Treasurers Club Treasurer Training| 2018-2019

  2. Presenter Michelle Evans- Assistant Vice President Michelle is an Assistant Vice President with the Aon Association Services, a division of Affinity Insurance Services, Inc. She has over 20 years of property & casualty insurance experience and joined Aon in 2000. Michelle is the program manager of the ASAE-endorsed Association Office Package program which provides all lines property & casualty coverage to the nonprofit trade & professional association community. Club Treasurer Training| 2018-2019

  3. Learning Objectives • Definition and Components • Unique Association Exposures • Key Policy Features • Event Do’s and Don’ts • Common Claims/Real-Life Examples • Mitigating Risk Michelle Evans, Assistant Vice President

  4. Agenda • Question and Answer – Audience Participation • Review of Common Questions and Common Claims • Steps to Mitigate Risk

  5. Club Insurance Coverage • General Liability • Liquor Liability • Sexual Molestation Liability • Non-Owned & hired, hired Automobile Liability Coverage • Umbrella Liability

  6. General Liability Insurance • Protects against third-party bodily injury and property damage claims arising from an association’s premises or operations, and off-site meetings. Who forgot to mop the floor?!

  7. Mitigating Risk • Risk Management Role • Incorporate the role of “risk manager” into someone’s position, logically the person responsible to coordinate insurance matters with insurance broker • Conduct a Diligent Contract Review • Ensure you are not agreeing to contract language that obligates you to verify coverage limits and coverage types not in force and/or obligates you to purchase additional coverage • Importance of “hold harmless” clause

  8. Mitigating Risk • Know your event exposure • Obtain certificates of insurance from all exhibitors & vendors naming your association as an additional insured • Liquor Liability – limit exposure by having established catering company or hotel property staff serving liquor. If you are serving alcohol, limit number of drinks and bar time.

  9. Additional Coverages • Directors & Officers Liability Insurance • Crime Insurance • Special Event Liability Insurance

  10. Forms When, Where & Why? • www.soroptimist.org/for-clubs-and-members/for-clubs/forms.html • Insurance Event Questionnaire • Certificate of Insurance

  11. Event Do’s… • Do’s • Do share your draft contracts with your insurance broker to review the insurance provision and give you feedback. • Do have your insurance broker confirm the extent of insurance coverage in place for all events and have them outline what types of events may not be covered. • Do obtain certificates of insurance from all exhibitors and vendors naming your club and the national office as an additional insured with respect to the event(s). • Do establish a contingency plan in tandem with the event venue(s) to be used in the case of a natural disaster. • In the event of a claim, prompt and formal notice in very important. • Notify your insurance broker and insurance carrier immediately

  12. …And Don’ts • Don’ts • Don’t wait until the last minute to request a certificate from your insurance broker for an event where you have an executed contract. • Don’t agree to providing evidence of insurance coverage unless you have an executed contract AND confirmation that you have the proper insurance coverage in place. • Don’t agree to blanket wording within a contract that obligates your association’s insurance coverage to be primary. Primary language obligates your association’s coverage to step in even if the other party is negligent. • In the case of a potential cancellation of an event, do not make any commitments/decisions to cancel the event or refund exhibitor/registrant fees without first speaking with your insurance broker and/or insurance provider.

  13. Certificate of Insurance

  14. SIA Events • When Can I complete a Certificate? • What events can I complete a certificate without the aid of my insurance broker? • When should I contact my insurance broker and seek additional assistance?

  15. Questions?

More Related