NEW INSURANCES FOR YOUR U3A
At the recent Conference, those in attendance were given information about two insurances that the Network recommends every U3A take out. They are Protector/Association Liability (i.e Professional Indemnity) and Volunteer Worker Accident Insurance. The Network highly recommends all U3As take out at least Protector/Association Liability Insurance (even if not through us) as it provides cover for your volunteers (including Committee members) against most legal actions - better than getting sued and risking your house!
The Network has negotiated what we believe are very competitive premiums with our current Public Liability insurance broker, Aon.
Some points to note about the suggested insurances through Aon:
-The coverage provided by Aon's policies is specifically tailored for organisations such as ours (Not-for-Profits with lots of volunteers).
-Wherever mention is made of staff/employees, this includes volunteers (e.g Employee Fraud covers for fraud by the Treasurer etc.)
-Professional Liability cover includes the liability of both the organisation and its volunteers, so your presenters/tutors are also personally covered.
-Covers alleged bullying or harassment, sexual discrimination, unintentional defamation, unfair discipline or dismissal
-There is also free legal advice (up to 2 hours) included on any matter related to the risks insured under the Liability policy
-The Volunteer Accident policy has no age limits (except that the home help benefit is limited to 52 weeks for those over 65).
-The Home Help benefit suits our demographic because most of our volunteers are retired so cannot claim for loss of normal income.
-Volunteers are covered for accidents to and from their place of volunteering, but NOT for motor vehicle accidents (because motor vehicle insurance usually picks up on this).
-Cover at the discounted prices being offered is available to us even if only one U3A takes it up. However, with the Protector/Association Liability insurance once we get sufficient take-up (and can create a "pool" of premiums) Aon will be able to approach the underwriters for better pricing which should see a significant further drop (approx. 20-30%) in premiums.
-To help with establishing a "pool" all policies will have a common renewal date of 1st February. U3As who start their insurance on any other date will pay a pro-rated premium for their first period (subject to a minimum period of 6 months).
Premiums start from $424.60 for Association/Protector Liability, and $159.50 for Volunteer Wroker Accident insurance. If you would like more information on these insurances, please contact the Treasurer, Richard Coggan, at u3answ.treasurer@gmail.com
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