Insurance AssessmentRisk Exposure

1
Welcome

• Insurance Assessment/Risk Exposure
• Start Time 1000am

Presenter Andy Cooley, Nonprofit Program
Director, Lighthouse Underwriters, LLC Moderator
Beth Singletary, Manager of Finance and
Administration, SC Association of Nonprofit
Organizations
Audio Toll Free 866-740-1260 Access Code
0399 For problems call ReadyTalk Customer Care
800-843-9166
2
South Carolina Association of Nonprofit
Organizations

• Risk Management Review

3
Directors Officers Liability Insurance

• Has your organization ever hired or fired an
  employee?
• Are you concerned about protecting the personal
  assets of the board of directors?
• Does your organization provide Educational
  Services?

4
Directors Officers Liability Insurance Contd

• Provides coverage for Organization, Employees,
  volunteers, board members, and officers
• Provides coverage for Errors, Misstatements,
  Misleading Statements, Act or Omission, neglect
  or breach of Duty, Employment Practices Liability
• Does NOT cover claims involving bodily injury or
  property damage

5
Property Insurance

• Does your organization own the building that you
  operate out of?
• Do you insure your betterments and improvements?
  
• Does the organization own any business equipment
  Computers, Desks, Furniture?
• Could you suffer from a loss of business income
  or experience increase in ordinary expenses in
  the event of the property claim?

6
Property Contd

• Property Insurance covers damage to the property
  that you own
• Property Insurance can also cover loss of
  Business Income and Extra Expenses
• Valuation

7
General Liability

• Do you rent office space?
• Do you have special events?
• Do your programs serve people outside of the
  organization?
• Does your organization work directly with
  children?
• Does your organization provide any counseling
  services?

8
General Liability Cont

• Do you rent office space?
• Do you have special events?
• Do your programs serve people outside of the
  organization?
• General Liability Insurance Covers the
  Organization, Employees, volunteers, board
  members, and officers
• Provides coverage for claims involving Bodily
  Injury and Property Damage

9
General Liability ContdSexual Abuse Liability

• Does your organization work directly with
  children?
• Sexual Abuse Liability is usually added to the
  General Liability policy
• Policy provides protection to the organization in
  the event of an allegation of improper sexual
  contact

10
General Liability- ContdSocial Worker
Professional Liability

• Does your organization provide any counseling
  services?
• Social Worker Professional Liability is usually
  added to the General Liability policy
• Policy provides protection to the organization
  for claims that are the result of an error or
  omission in providing social work services

11
Automobile Liability

• Does your organization own any automobiles?
• Do any of your employees ever use their own
  vehicle in the scope of their job?

12
Automobile Contd

• A Commercial Auto policy provides liability
  coverage to the organization and any individual
  given permission to drive the vehicle
• A Commercial Auto policy provides physical damage
  coverage to your owned vehicles
• A Commercial Auto policy can also be written to
  protect the organization when an employee is
  using their own vehicle

13
Fiduciary Liability

• Does your organization have a retirement plan for
  your employees?
• If so, ERISA laws state that the trustee of the
  plan can be held responsible for those assets.
• A Fiduciary Liability policy protects the trustee
  or errors and omissions in administering the
  program

14
Employee Dishonesty

• How long would it take for you to detect that an
  employee was embezzling funds from your
  organizations bank account?
• An Employee Dishonesty policy provides coverage
  to the organization when an employees steals from
  the organization

15
Accreditation Professional Liability

• Does your organization provide certification or
  accreditation to your members?
• Have you ever denied or taken away certification
  or accreditation?

16
Accreditation Professional Liability Contd

• Accreditation Professional Liability covers the
  Organization, Employees, volunteers, board
  members, and officers
• Policy provides protection to the organization
  for claims that are the result of an error or
  omission in providing accreditation or
  certification

17
Workers Compensation

• Do you have any employees?
• Who will pay the medical bills, lost wages, and
  rehabilitation costs when an employee gets hurt
  while on the job?

18
Workers Compensation Contd

• Workers Compensation provides statutory benefits
  including medical bills, lost wages, and
  rehabilitation costs
• Workers Compensation also provides Employers
  Liability which protects the organization in the
  event the injured workers decides to sue the
  employer for providing an unsafe work environment

19
Umbrella Liability

• Could there be a situation where a claim might
  completely exhaust your current levels of
  insurance and force your organization to
  discontinue operations?

20
Umbrella Liability Contd

• A Commercial Umbrella policy provides additional
  layers of insurance on top of
• General Liability
• Sexual Abuse Liability
• Social Worker Professional Liability
• Automobile Liability
• Workers Compensation
• The umbrella provides additional limits of
  insurance in increments of 1,000,000

21
Risk Management the next step

• If you have a policy have your had a thorough
  coverage audit within the last 2 years?
• If you dont have these policies work with a
  insurance broker familiar with your class of
  business to provide a complete insurance proposal

22
Contact Information

• J. Andrew Cooley, CIC, AAI
• Nonprofit Program Director
• U.S. Risk of Virginia, LLC
• DBA Lighthouse Underwriters
• a member company of US Risk Insurance Group, Inc.
• 7630 Little River Turnpike, Suite 200
• Annandale, VA 22003
• Direct Phone [phone]
• Direct Fax [phone]
• www.lighthouseunderwriters.com
• www.usrisk.com

R. Beth Singletary Manager of Finance and
Administration SC Association of Nonprofit
Organizations 900 Elmwood Avenue, Suite
101 Columbia, SC 29201 803-929-0399 803-929-0173
fax www.scanpo.org beth_at_scanpo.org