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Insurance Toolkit Feb 16


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This is a power point presentation from Volunteer Yukon's special presentations on insurance and liability for NGOs and volunteer boards, originally presented on February 16th, 2010 by Don Radford.

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Insurance Toolkit Feb 16

  1. 1. Insurance Toolkit <ul><li>A Guide to Help Nonprofits and Charities become Informed Consumers </li></ul>
  2. 2. History <ul><li>Alberta Voluntary Sector Insurance Council (AVSIC) </li></ul>
  3. 3. Presenter <ul><li>Don T. Radford </li></ul><ul><li>MBA FCIP CCIB CRM </li></ul><ul><li>Insurance Professional 30+ years </li></ul><ul><li>Funding provided by: </li></ul>
  4. 4. Voluntary Sector & Insurance <ul><li>Nonprofits, charities and community-based organizations </li></ul><ul><ul><li>Alberta: 19,000+ </li></ul></ul><ul><ul><li>Canada: 161,000+ </li></ul></ul><ul><ul><li>Yukon: 500+ </li></ul></ul><ul><li>Challenges for the voluntary sector: </li></ul><ul><li>Affordable, Accessible insurance </li></ul><ul><li>Appropriate coverage </li></ul><ul><li>Long Term price stability </li></ul>
  5. 5. Insurance Toolkit <ul><li>A Practical Guide to Insurance </li></ul><ul><li>developed for the voluntary sector </li></ul><ul><li>Its Purpose : To help the Voluntary sector </li></ul><ul><ul><li>Understand their insurance needs </li></ul></ul><ul><ul><li>Navigate the process of finding appropriate insurance coverage </li></ul></ul><ul><li>Tailored for the Voluntary sector </li></ul><ul><ul><li>Can be used by nonprofit organizations and charities across Canada </li></ul></ul>
  6. 7. Why Manage Risk? <ul><li>When people understand their risks and </li></ul><ul><li>take action to manage those risks , they: </li></ul><ul><ul><li>Reduce their risks </li></ul></ul><ul><ul><li>Which reduces claims from happening </li></ul></ul><ul><ul><li>Reduces the number of and cost of claims </li></ul></ul><ul><li>The results: </li></ul><ul><ul><li>They are better risks for insurers because they are managing their risks </li></ul></ul><ul><ul><li>Insurance is more available, accessible and affordable </li></ul></ul><ul><ul><li>Premium costs stabilize </li></ul></ul>
  7. 8. Why Manage Risk? <ul><li>Prevents accidental losses/claims </li></ul><ul><li>Takes advantage of opportunities </li></ul><ul><li>Reduces uncertainty - prepares you </li></ul><ul><li>for a wide range of outcomes </li></ul><ul><li>Enhances your public image, encourages volunteer participation </li></ul><ul><li>Fulfills Mission of Serving Community </li></ul>
  8. 9. Why Risk Management? <ul><li>Every activity your organization undertakes has inherent risks and potential liability </li></ul><ul><li>Risk management is a proactive process that manages those risks and resulting outcomes </li></ul><ul><li>Its Purpose : Avoid, reduce or prevent risk from imposing negative consequences </li></ul>
  9. 10. Managing Risk <ul><li>Impossible To Eliminate All Potential Risks </li></ul><ul><li>A Risk Management Plan includes preventative </li></ul><ul><li>steps to avoid the affects of risk through: </li></ul><ul><li>Formal policies, procedures - internal processes </li></ul><ul><li>Loss prevention and training </li></ul><ul><li>Insurance (only one part) </li></ul><ul><li>Risk management can address risks that can’t be </li></ul><ul><li>insured: </li></ul><ul><li>Loss of reputation </li></ul><ul><li>Loss of charity tax status </li></ul>
  10. 11. How to Manage Risk? <ul><li>Create and implement Risk Management </li></ul><ul><li>Plans to manage, reduce or eliminate </li></ul><ul><li>risks </li></ul><ul><li>Strategies for working with volunteers: </li></ul><ul><ul><li>Formal policies and procedures </li></ul></ul><ul><ul><li>Screening volunteers </li></ul></ul><ul><ul><li>Clear job descriptions </li></ul></ul><ul><ul><li>Appropriate training </li></ul></ul>
  11. 12. Risk Management/Insurance <ul><li>Buying insurance is not Risk Management </li></ul><ul><li>Risk management is a proactive approach </li></ul><ul><li>that manages your organization’s risks </li></ul><ul><ul><li>It is Due Diligence </li></ul></ul><ul><ul><li>Insurance is only one tool to manage risk </li></ul></ul><ul><li>Risk Management is GOOD Management </li></ul>
  12. 13. What is Risk Management? <ul><li>TOOLS you can use to achieve this: </li></ul><ul><li>Risk Analysis : Identify, assess consequences, set priorities, take action to intervene </li></ul><ul><li>Risk Control : Reduce the affect risk will </li></ul><ul><li>have on the outcome. Includes: </li></ul><ul><ul><li>Loss prevention, workplace/driver safety, volunteer training </li></ul></ul>
  13. 14. TOOLS You Can Use <ul><li>Risk Sharing/Financing : Transfer risk to others through contract: </li></ul><ul><ul><li>Insurance, leases, work contracts </li></ul></ul><ul><ul><li>Indemnity and holdharmless agreements </li></ul></ul><ul><ul><li>Waivers and disclaimers </li></ul></ul><ul><li>Risk Communication : Coordinated effort to communicate your risk management process to all stakeholders </li></ul>
  14. 15. How to Manage Risk <ul><li>AVOID : Eliminate the activity </li></ul><ul><li>REDUCE : Actions taken prior to the event that reduce frequency and/or severity </li></ul><ul><li>CONTROL : Actions following an event that keep resulting damages to a minimum </li></ul><ul><li>TRANSFER : Shift the financial burden of loss to another party, i.e., insurance, contracts </li></ul>
  15. 16. Keys to Success <ul><li>MONITOR : Consistently and frequently </li></ul><ul><li>EVALUATE : Is the plan working? </li></ul><ul><li>ADJUST : Change when needed </li></ul>
  16. 17. Risk Management Resources <ul><li>Developing a risk management strategy: </li></ul><ul><ul><li>Five Steps to Risk Management in Non-profit and Charitable Organizations </li></ul></ul><ul><ul><li> </li></ul></ul><ul><li>Insurance Bureau of Canada </li></ul><ul><ul><li>Online risk management modules tailored to the voluntary sector </li></ul></ul><ul><ul><li> </li></ul></ul>
  17. 18. Risk Management and Your Board of Directors <ul><li>Keep your Board informed with: </li></ul><ul><li>A Summary of Insurance indicating the types and amounts of insurance </li></ul><ul><li>Detailed information about your Directors & Officers and Commercial General Liability insurance </li></ul><ul><li>Overview of your Risk Management Plan that describes how you will manage risks </li></ul><ul><li>It takes time and resources to develop a risk </li></ul><ul><li>management plan </li></ul>
  18. 19. Commercial Insurance <ul><li>Non-profit organizations are classified as commercial enterprises, the same as for-profit corporations </li></ul><ul><li>Insurance for non-profits and for-profits are the same types </li></ul>
  19. 20. insurance
  20. 21. Why Buy Insurance? <ul><li>It funds losses you cannot afford </li></ul><ul><li>It transfers some of your risks to insurers </li></ul><ul><li>It can be mandatory : </li></ul><ul><ul><li>Office leases, rental agreements </li></ul></ul><ul><ul><li>Requirements of a funding organization </li></ul></ul><ul><li>It protects board members, managers, </li></ul><ul><li>employees, and volunteers from being held financially responsible </li></ul>
  21. 22. The P & C Industry (Property & Casualty) <ul><li>Who are they? What do they do? </li></ul><ul><ul><li>Insurance companies </li></ul></ul><ul><ul><li>Insurance underwriters </li></ul></ul><ul><ul><li>Insurance agents </li></ul></ul><ul><ul><li>Insurance brokers </li></ul></ul><ul><ul><li>Adjusters/claim examiners </li></ul></ul><ul><li>Insurance companies are not all the same </li></ul>
  22. 23. Why Aren’t Insurance Rates Stable? <ul><li>Insurance is affected by the worldwide economy </li></ul><ul><ul><li>Disasters around the world affect the </li></ul></ul><ul><ul><li>cost of insurance for everyone </li></ul></ul><ul><li>Insurance costs are affected by the insurers’ </li></ul><ul><li>experience with: </li></ul><ul><ul><li>Premium income </li></ul></ul><ul><ul><li>Investment income </li></ul></ul><ul><ul><li>Claims payments and lawsuit settlements </li></ul></ul><ul><ul><li>Reinsurance underwriting and premium costs </li></ul></ul><ul><ul><li>Government regulations and taxes </li></ul></ul>
  23. 24. Role of Reinsurance in Insurance Rates <ul><li>Every insurer buys reinsurance </li></ul><ul><li>Reinsurance spreads risk through other insurance companies, without it insurers could not function </li></ul><ul><li>If the reinsurer rates increase, the cost is passed down to consumer </li></ul>
  24. 25. COMMERCIAL INSURANCE <ul><li>Automobile </li></ul><ul><li>Commercial General Liability (CGL) </li></ul><ul><li>Directors & Officers Liability (D&O) </li></ul><ul><li>Errors & Omissions (E&O) </li></ul><ul><li>Property Insurance </li></ul><ul><li>Crime </li></ul><ul><li>Special Event Insurance </li></ul>
  25. 26. Automobile <ul><li>Owned Automobile </li></ul><ul><ul><li>By law, the owner of the vehicle still needs their own personal automobile coverage </li></ul></ul><ul><li>Employee/Volunteer Use of Personal Vehicles </li></ul><ul><ul><li>Employees </li></ul></ul><ul><ul><ul><li>advise their insurance companies </li></ul></ul></ul><ul><ul><li>Volunteers </li></ul></ul><ul><ul><ul><li>do not have to advise their insurance companies </li></ul></ul></ul>
  26. 28. Volunteers Personal Auto Insurance <ul><li>2004 Alberta Finance ruling: </li></ul><ul><ul><li>Employees or volunteers who use their personal vehicles to occasionally transport clients </li></ul></ul><ul><ul><li>Do not need the S.E.F. 6A endorsement (Permission to carry passenger for compensation) </li></ul></ul>
  27. 29. Volunteers Personal Auto Insurance <ul><li>Insurance Bureau of Canada </li></ul><ul><li>March 31, 2004 </li></ul><ul><li>“… occasional driving by volunteers is in no way a violation of the policy … no need to advise insurer , …even though there may be a payment towards the cost of the trip.” </li></ul><ul><li>Stanley I. Griffin, President and CEO </li></ul>
  28. 30. Commercial General Liability (CGL) <ul><li>Protects your organization against financial </li></ul><ul><li>consequences of: </li></ul><ul><ul><li>Third party legal liability caused by property damage or bodily injury to another party </li></ul></ul><ul><ul><li>Damage to property that you do not own or injuries sustained during your programs </li></ul></ul><ul><li>Automatically protects directors and officers while acting within the scope of their duties </li></ul><ul><li>Extension to cover volunteers </li></ul>
  29. 31. Non-Owned Automobile <ul><li>Responds to lawsuits against the organization when a </li></ul><ul><li>Volunteer uses their personal vehicle on behalf of the </li></ul><ul><li>organization </li></ul><ul><li>Rental vehicle: coverage can be arranged for both the additional liability and physical damage to vehicles </li></ul><ul><ul><li>Short term rental : buy the rental company insurance </li></ul></ul><ul><ul><li>Long term rental : arrange additional coverage for non-owned physical damage and contractual liability through CGL </li></ul></ul><ul><ul><li>Make sure limit purchased is sufficient to replace vehicle </li></ul></ul><ul><li>Hire third party companies to drive - bus, taxi, </li></ul>
  30. 32. Employer’s Liability <ul><li>When employee/volunteer is injured and </li></ul><ul><li>seeks compensation. Applies if: </li></ul><ul><ul><li>Your organization is exempt from having workers’ compensation coverage </li></ul></ul><ul><ul><li>If Workers Compensation denies benefits </li></ul></ul><ul><ul><li>Standard coverage in CGL </li></ul></ul><ul><li>Workers’ Compensation </li></ul><ul><ul><li>No fault insurance </li></ul></ul><ul><ul><li>Not all voluntary groups required to carry </li></ul></ul><ul><ul><li>Check website: </li></ul></ul>
  31. 33. Liable for Volunteers <ul><li>The Law in Canada – Vicarious Liability </li></ul><ul><ul><ul><li>You are liable for the actions of your employees and volunteers when acting within the scope of their duties, i.e.,volunteer job description </li></ul></ul></ul><ul><li>Resources: </li></ul><ul><ul><li>Volunteer Canada: </li></ul></ul><ul><ul><li>Volunteers and the Law in Alberta: </li></ul></ul>
  32. 34. When you Lease or Rent <ul><li>As a tenant, you are liable for physical </li></ul><ul><li>damages to the premises you occupy </li></ul><ul><li>Tenant’s Legal Liability coverage will protect against this type of loss </li></ul><ul><ul><li>Choose the right amount of coverage </li></ul></ul><ul><ul><li>Standard CGL coverage with separate limit </li></ul></ul><ul><li>Leases: Be aware of Holdharmless & Indemnity clauses </li></ul>
  33. 35. Abuse Coverage <ul><li>Physical, sexual and other types of abuse </li></ul><ul><li>Who Needs This Insurance? </li></ul><ul><li>Those working with vulnerable children, elderly or disabled </li></ul><ul><li>Must specifically request Abuse coverage – be prepared to explain your risk management plan </li></ul><ul><li>Very few insurers offer abuse coverage </li></ul><ul><li>Very sensitive and difficult issues, fine line between allegation and criminal act </li></ul><ul><li>Standard exclusion in CGL, D&O , other policies </li></ul>
  34. 36. Serving Alcohol <ul><li>Establish policies and procedures </li></ul><ul><li>Train your people, liability exists for: </li></ul><ul><ul><li>Servers </li></ul></ul><ul><ul><li>Occupiers/owners </li></ul></ul><ul><ul><li>Employer when employees consume liquor </li></ul></ul><ul><ul><li>Check for training </li></ul></ul><ul><li>Purchase additional event insurance </li></ul><ul><li>Visit the Insurance Bureau of Canada website </li></ul><ul><ul><li> </li></ul></ul>
  35. 37. “ Professionals” <ul><li>Volunteers who are professionals: doctor, lawyer, </li></ul><ul><li>accountant, insurance brokers, social workers, </li></ul><ul><li>CGL and D&O insurance specifically exclude volunteers who act as professionals on behalf of the organization, whether for free or fee </li></ul><ul><li>When they act as a professional in their volunteer work they should provide their own Professional Liability insurance </li></ul><ul><li>Recommendation: Use professionals outside the </li></ul><ul><li>organization </li></ul>
  36. 38. Professional Liability <ul><li>Types of professional negligence </li></ul><ul><ul><li>MALPRACTICE : causes bodily injury or psychological harm </li></ul></ul><ul><ul><li>ERRORS & OMISSIONS : injury </li></ul></ul><ul><ul><li>has financial consequences </li></ul></ul><ul><li>No one definition of who is a professional </li></ul><ul><ul><li>Continues to expand </li></ul></ul>
  37. 39. Occurrence Vs Claims Made <ul><li>Occurrence </li></ul><ul><ul><li>Provides coverage for incidents occurring during the time the policy was in effect, even if the claim is reported years later </li></ul></ul><ul><li>Claims Made </li></ul><ul><ul><li>Responds only to claims that occur and are reported during the policy term </li></ul></ul><ul><ul><li>Applies to Directors & Officers, Errors & Omissions, Professional Liability </li></ul></ul>
  38. 40. Who Needs D&O Insurance? <ul><li>Not all do – it is a decision made at the Board of </li></ul><ul><li>Directors. What are their risks and concerns? </li></ul><ul><li>Claims are usually employment related - the more employees/volunteers the greater the risk </li></ul><ul><li>Insurance designed to provide and pay for the defense of claims brought against a director(s) or the entire board </li></ul><ul><li>D&O Resources: </li></ul><ul><ul><li>Discussion papers on legal liability, risk management and the role of directors in nonprofits </li></ul></ul>
  39. 41. Directors & Officers (D&O) Liability Insurance <ul><ul><li>“ Wrongful Acts” includes alleged or actual: </li></ul></ul><ul><ul><ul><li>Defamation, breach of duty, neglect, error </li></ul></ul></ul><ul><ul><ul><li>Misstatement, misrepresentation </li></ul></ul></ul><ul><ul><ul><li>Omissions to act or acts conducted or </li></ul></ul></ul><ul><ul><ul><li>attempted </li></ul></ul></ul><ul><ul><ul><li>Solely while acting in their capacity of a </li></ul></ul></ul><ul><ul><ul><li>Director or Officer of the organization </li></ul></ul></ul><ul><ul><li>Note: D&O does not cover bodily injury or </li></ul></ul><ul><ul><li>property damage </li></ul></ul>
  40. 42. Employment Practices <ul><li>Employees/volunteers claiming they have </li></ul><ul><li>been “wronged” </li></ul><ul><li>Growing body of claims and case law </li></ul><ul><li>Governed by legislation: </li></ul><ul><ul><li>Canadian Human Rights Act </li></ul></ul><ul><ul><li>Canada Labour Code </li></ul></ul><ul><ul><li>Employment Equity Act </li></ul></ul><ul><ul><li>Criminal Code of Canada </li></ul></ul>
  41. 43. Employment Practices What are they claiming? <ul><li>Wrongful or unfair dismissal, discharge or termination </li></ul><ul><li>Discrimination – age, race, sexual </li></ul><ul><li>Harassment </li></ul><ul><li>Deprivation of career opportunity, employment or promotion or wrongful demotion </li></ul><ul><li>Wrongful, excessive or unfair discipline </li></ul>
  42. 44. Employment Practices What are they claiming? <ul><li>Negligent evaluation </li></ul><ul><li>Negligent hiring or supervision </li></ul><ul><li>Employment-related libel, slander, humiliation, mental anguish </li></ul><ul><li>Infliction of emotional distress, defamation or invasion of privacy </li></ul><ul><li>Retaliation (for whistle-blowing) </li></ul>
  43. 45. Event Insurance <ul><li>Insurance for: </li></ul><ul><ul><li>Fund raising events with Liquor Service </li></ul></ul><ul><ul><ul><ul><li>Party Alcohol Liability </li></ul></ul></ul></ul><ul><ul><li>Event cancellation: no show, weather </li></ul></ul><ul><ul><li>Accident insurance: volunteers, participants </li></ul></ul><ul><ul><li>Event liability: for short term events </li></ul></ul><ul><li>Assess the events risks and liabilities </li></ul><ul><ul><li>Review Event Liability Checklist - Insurance Bureau of Canada website </li></ul></ul>
  44. 46. Property Insurance <ul><li>For property that you either own, lease, borrow or rent </li></ul><ul><ul><li>If you own your office property or </li></ul></ul><ul><ul><li>other property </li></ul></ul><ul><ul><li>If you lease or rent your office or </li></ul></ul><ul><ul><li>other property </li></ul></ul><ul><ul><li>Property in transit or at unnamed </li></ul></ul><ul><ul><li>locations </li></ul></ul>
  45. 47. “ Moveable” Items <ul><li>Items that move or are located at other locations (temporarily) </li></ul><ul><ul><li>e.g. Laptops or projectors </li></ul></ul><ul><li>Insurance coverage for such items: </li></ul><ul><ul><li>Wherever located </li></ul></ul><ul><ul><li>In-transit: while being transported </li></ul></ul>
  46. 48. Insured Property Values <ul><li>Do You Have Enough Insurance ? </li></ul><ul><li>CO-INSURANCE clause </li></ul><ul><ul><li>If underinsured, it will reduce your claim payment </li></ul></ul><ul><ul><li>Co-insurance requires you insure property to 90% of its value to receive replacement cost for loss settlement </li></ul></ul><ul><ul><li>If less than 90%, you will not get full value in the event of a claim, i.e., replacement cost </li></ul></ul>
  47. 49. Machinery Breakdown <ul><ul><li>Valuable to organizations with: </li></ul></ul><ul><ul><ul><li>Buildings with boilers, air conditioners, refrigerators, etc. </li></ul></ul></ul><ul><ul><ul><li>Assets such as computers, phone and electrical systems </li></ul></ul></ul><ul><ul><li>Pays the cost of: </li></ul></ul><ul><ul><ul><li>Repairing or replacing equipment or machinery </li></ul></ul></ul><ul><ul><ul><li>Damage to other property caused by the damaged machinery </li></ul></ul></ul><ul><ul><ul><li>Additional expenses to find and provide replacement parts </li></ul></ul></ul>
  48. 50. Business Interruption <ul><li>Pays for loss of revenues or ongoing expenses as a result of a property insurance loss </li></ul><ul><li>Property loss must have happened for BI to </li></ul><ul><li>activate, e.g. fire on your property causes </li></ul><ul><li>shutdown of operations </li></ul><ul><li>Pays for additional or extra expenses </li></ul><ul><li>Need determined by how much needed $$$ </li></ul><ul><li>and for how long – various insurance available </li></ul><ul><li>Contractual obligations to funders </li></ul>
  49. 51. Fraud in the Voluntary Sector
  50. 52. Crime Insurance <ul><li>Employee dishonesty and robbery </li></ul><ul><ul><li>Employees who steal </li></ul></ul><ul><ul><li>Embezzle funds </li></ul></ul><ul><ul><li>Robbery/Holdup </li></ul></ul><ul><li>Crime coverage </li></ul><ul><ul><li>Available as extension in property insurance policy </li></ul></ul>
  51. 53. Additional Insureds <ul><li>Gives status to others within your policies: </li></ul><ul><li>Must be stated within policy as either Additional Insured or Additional Named Insured </li></ul><ul><li>Requires your policy to pay their claims expenses and to provide a defense </li></ul><ul><li>Your policy is FIRST to respond to defend both you and the additional insured </li></ul>
  52. 54. Certificate of Insurance? <ul><li>Written proof your organization has valid insurance coverage </li></ul><ul><li>Required when: </li></ul><ul><ul><li>Hosting an event </li></ul></ul><ul><ul><li>Eligibility for certain types of funding </li></ul></ul><ul><ul><li>When signing a contract </li></ul></ul><ul><ul><li>If you lease or rent your office or other property </li></ul></ul>
  53. 55. Certificate of Insurance Basics <ul><li>Includes: </li></ul><ul><ul><li>Organization name </li></ul></ul><ul><ul><li>Brief description organization’s operations </li></ul></ul><ul><ul><li>Insurance company </li></ul></ul><ul><ul><li>Type and limits of insurance coverage </li></ul></ul><ul><ul><li>Policy number </li></ul></ul><ul><ul><li>Policy period (effective and expiration dates) </li></ul></ul><ul><li>Contact Broker/agent/insurance provider to arrange </li></ul>
  54. 56. Request Certificates When <ul><li>Hiring external contractors </li></ul><ul><ul><li>e.g. electricians or cleaners have the coverage needed to cover their own liabilities </li></ul></ul><ul><li>Recruiting volunteers who are considered professionals </li></ul><ul><ul><li>Confirm their professional liability insurance </li></ul></ul><ul><li>Subcontracting work to other agencies or to professionals </li></ul>
  55. 57. Who Will Manage Your Insurance Program? <ul><li>Assign one individual to manage - who is on the Board or has direct access to the Board of Directors </li></ul><ul><li>Executive director or president should examine the coverage </li></ul><ul><li>Your board should review the coverage, i.e., provide Summary of Insurance </li></ul>
  56. 58. Working With Your Board <ul><li>They are responsible by law to ensure that </li></ul><ul><li>the organization manages its risks </li></ul><ul><li>They will want/need to know about the: </li></ul><ul><ul><ul><li>Commercial General Liability Insurance </li></ul></ul></ul><ul><ul><ul><li>Directors & Officers Liability Insurance </li></ul></ul></ul><ul><li>Boards duties should also include: </li></ul><ul><ul><li>Clear understanding of the organization’s risks and liabilities </li></ul></ul><ul><ul><li>How they are being addressed with risk management or insurance </li></ul></ul>
  57. 59. Re-assessing Coverage Over Time <ul><li>Insurance cannot be bought and then </li></ul><ul><li>forgotten , it must change in response </li></ul><ul><li>to changes in operations and assets </li></ul><ul><li>When activities change , advise your insurance providers to ensure that the insurance will respond to any new, potential liabilities </li></ul>
  58. 60. Finding the Right Broker or Agent <ul><li>Not all brokers/agents are the same </li></ul><ul><li>Create and sustain a relationship with your broker/agent/insurance provider </li></ul><ul><li>Prepare and share a comprehensive understanding of your activities and operations </li></ul><ul><li>Communication is the key to success </li></ul><ul><li>Use the Broker/Agent screening checklist </li></ul>
  59. 61. Cancelling Your Policy <ul><li>Do not let your policy lapse or be cancelled without a good reason </li></ul><ul><li>The Discovery Period : D&O, E&O </li></ul><ul><ul><li>If cancelled or non-renewed, you can request a discovery period that extends time when claims can be submitted </li></ul></ul><ul><ul><li>Purchasing an extended discovery period </li></ul></ul><ul><ul><ul><li>Option expires within 15 or 30 days </li></ul></ul></ul><ul><ul><ul><li>Check your policy, they are not all the same </li></ul></ul></ul><ul><ul><ul><li>p. 25 </li></ul></ul></ul>
  60. 62. Managing Claims <ul><li>Contact your broker/agent or insurance provider about the claims process </li></ul><ul><li>Report all claims promptly </li></ul><ul><ul><li>Failing to give prompt notice may result in a denial of a claim </li></ul></ul>
  61. 63. Consumer Rights/ Responsibilities <ul><li>Code of Consumer Rights and Responsibilities: </li></ul><ul><ul><li>Right to be informed </li></ul></ul><ul><ul><li>Responsibility to ask questions and share </li></ul></ul><ul><ul><li>information </li></ul></ul><ul><ul><li>Right to complaint resolution </li></ul></ul><ul><ul><li>Responsibility to resolve disputes </li></ul></ul><ul><ul><li>Right to professional services </li></ul></ul><ul><ul><li>Right to privacy </li></ul></ul><ul><li> Insurance Bureau of Canada </li></ul><ul><li>p. 21 </li></ul>
  62. 64. Complaint Resolution Process <ul><li>Talk to your broker or agent first </li></ul><ul><ul><li>They can obtain the insurance companies complaint handling process </li></ul></ul><ul><li>The Alberta Insurance Council </li></ul><ul><ul><li>Complaints about brokers, agents or insurance companies </li></ul></ul><ul><ul><li>(780) 421-4148 </li></ul></ul><ul><ul><li> </li></ul></ul>
  63. 65. Insurance Considerations <ul><li>It takes time to assess your risks and to develop insurance coverage in step with a risk management plan </li></ul><ul><li>Arranging and maintaining insurance needs frequent adjustment and attention- do not buy and forget </li></ul><ul><li>Decide how insurance can best work to protect your organization against financial loss </li></ul>
  64. 66. Acknowledgements <ul><li>Kim Mustard – Toolkit developer; Calgary Chamber of Voluntary Organizations </li></ul><ul><li>Members of Alberta Voluntary Sector Insurance Council for their invaluable feedback </li></ul><ul><li>Cathy Strand – Toole Peet Insurance </li></ul><ul><li>Karen Lynch – Volunteer Alberta </li></ul><ul><li>Jim Rivait & Erica Wieder – Insurance Bureau of Canada </li></ul><ul><li>Laurie Kolada – Alberta Community Development </li></ul><ul><li>Jesse Meyer – Volunteer Alberta </li></ul>
  65. 67. Alberta Voluntary Sector Insurance Council (AVSIC) <ul><li>The council brings together the insurance industry, voluntary sector, and address the insurance related issues facing this sector </li></ul><ul><li>Members Include: </li></ul><ul><ul><li>Volunteer and Voluntary Sector organizations in Alberta </li></ul></ul><ul><ul><li>Insurance organizations, businesses and professionals </li></ul></ul><ul><ul><li>Government of Alberta </li></ul></ul><ul><li>Mission: </li></ul><ul><ul><li>Address insurance related issues affecting the voluntary sector in Alberta </li></ul></ul>
  66. 68. Insurance Bureau of Canada (IBC) <ul><li>National trade association representing companies that insure properties </li></ul><ul><li>Member insurance companies provide 90% of the private property & casualty insurance sold in Canada </li></ul><ul><li> </li></ul>
  67. 69. Wild Rose Foundation <ul><li>Lottery funded agency created by the Government of Alberta </li></ul><ul><li>Funding volunteer and nonprofit organizations </li></ul><ul><li>Mission: </li></ul><ul><ul><li>To assist volunteers, use the services of volunteers and foster and promote, humanitarian, or public spirited acts or to assist those who perform them </li></ul></ul><ul><li> </li></ul>
  68. 70. Funder: Canadian Volunteerism Initiative – Alberta Network <ul><li>National program to encourage organizations to involve volunteers and enhance the experience of volunteering </li></ul><ul><li> </li></ul>
  69. 71. Volunteer Alberta <ul><li>Nonprofit, provincial organization committed to increasing Alberta’s capacity to support volunteerism </li></ul><ul><li>Mission: </li></ul><ul><ul><li>To create possibilities in Alberta’s voluntary sector by strategically connecting leaders, members, organizations and networks </li></ul></ul><ul><li> </li></ul>
  70. 72. Thank You <ul><li>Questions </li></ul>