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There are three types of insurance coverage that every Affiliate must
have.
General liability - This covers your regular meetings, etc. We buy this coverage in bulk so that you get a substantial discount. For 2007 calendar year (NOTE: Not academic year) each Affiliate's share is $200. You pay SRVEF for this coverage.
Event liability - Each time you hold an event other than regular board or committee meetings, usually a fundraiser, you must be covered. Again, we bulk-buy coverage and spread the expense. Each Affiliate for 2007 will pay $250 per event. You pay SRVEF for this coverage. This policy includes alcoholic beverage service liability coverage. You should also ask the venue and caterers if they will add your entity as an additional insured to their insurance policies, if available. At least 30 days before your event, please notify SRVEF and our insurance broker of your Affiliate name and school, the type of event (dinner, auction, etc.), the date of the event, and location.
Dishonesty - Within this category you may select either one of two types of policy. Both are actually bonds, not insurance; bonding is an agreement with a third party, much like an escrow account. The bonding company will pay a set sum on the dishonest person's behalf to a third party (the Affiliate) and will come back to the dishonest person for full reimbursement. You may buy this anywhere you like, but our agent has both types available, as follows.
Option 1: This option costs only $100-125. But, it excludes directors & officers with prior convictions. Also, any person suspected of dishonesty must be caught and convicted to collect. So it's not foolproof. Unless you do background checks on everyone before appointing them to the board, you will not know if the bond will hold up. If you are interested in this type of coverage, instead of the more expense type of coverage discussed below, fill out the application available on our website and fax it to our insurance broker.
Option 2: This is the policy flavor that we presented at the Spring 2007 Affiliate meeting. Cost is about $300 for $50,000 in coverage and it covers one person, usually the Affiliate Treasurer. It required an application by the person named and that person will need to provide personal information to secure this coverage. (SRVEF will NOT see that information; only our insurance provider will see it.) It doesn't require background checks or a conviction if something happens. Again, contact Justin if you would like more information.
Our insurance broker is:
Justin
Fowler
Fowler & Associates
PO Box 3327
San Ramon, CA 94583
866-657-5670
Office
866-849-9390 Fax
justin@justinfowler.com
© Copyright 2008