LIABILITY & EVENTS INSURANCE

In all likelihood, yes! Our group-buying power has allowed us to negotiate extremely competitive rates compared to what is available through standard broker channels.

Minimum premiums in today’s market typically start at $650 for a $2,000,000 liability limit and $900 for a $5,000,000 liability limit.

Yes, all insurance renewals will include Arts BC membership reminders moving forward. There is a warranty statement at the end of the application where the applicants must confirm all answers given are true, including if they are an Arts BC member.

Shaw Sabey can accept payment by cheque, e-transfer and credit card.

Now more than ever, individuals serving on boards of directors are being held accountable for their actions and inactions. Directors and officers are required to act in good faith and in the best interest of the organization. When a claim or allegation of wrongdoing arises, a director’s personal assets are at risk.

It’s a common misconception that a director can expect his or her non-profit organization to cover the costs. Claims and allegations (no matter how frivolous) can threaten both the personal wealth of the individual directors and officers as well as financial viability of the organization. Often the greatest cost in dealing with an allegation against an organization, or its directors or officers, is the legal cost of defending the action.

Commercial General Liability insurance protects an organization against third party bodily injury or property damage claims arising from its operations and/or premises. For example, a visitor to your premises may trip and fall over a raised floor board or a volunteer may accidentally cause property damage to a rental venue. The awards for serious injuries can be immense, never mind the legal expenses and defence costs. Even if you did nothing wrong, the costs associated with defending the allegation could be crippling to your non-profit organization or result in bankruptcy.

Trisura Guarantee Insurance Company’s Commercial General Liability coverage offered through this program is extremely comprehensive. Some of its features, which may not come built-in to competing Commercial General Liability policies, include:

• Volunteer workers are covered as Named Insureds.
• The coverage is not location specific, and extends to off-site events and activities.
• Personal and Advertising injury is included.
• There is no Liquor Liability Exclusion.

It depends. All liquor exposures must be referred to your Shaw Sabey representative in advance of the event.
While there is no Liquor Liability Exclusion in the annual Commercial General Liability policy, it is not intended to cover liquor specific events or activities. Some events with incidental liquor exposures may be covered under the annual policy, but must be approved by the Insurer first. Other events with larger liquor exposures may require a separate special event liability policy, which typically range in price from $150-$250 for single day events.

Tenants Legal Liability coverage protects against liability claims arising from property damage to the premises of others, which the insured organization rents or occupies. This may include leased space, or a venue rented for an event. It is necessary because Commercial General Liability coverage excludes damage to property “occupied by” or “rented to” the insured organization.

The Commercial General Liability coverage offered through Arts BC’s insurance program includes a $1,000,000 Tenants Legal Liability limit.

An “Additional Insured” is a third party (typically a landlord or venue) added to a liability insurance policy, to protect them against potential liability arising from the policyholder’s negligence.

Email the full name and mailing address of the entity who has requested to be added as an additional insured, and the reason for their request. If the request is in relation to a lease agreement or other contract, include it as a part of the email.

Additional insured’s can usually be added for no additional premium.

Extra expense coverage pays for additional costs, above and beyond normal operating expenses, that an organization must incur in order to continue operating while its damaged property is being repaired or replaced.

Co-insurance is a penalty imposed on the Insured by the Insurer for underinsuring the value of their property. Arts BC’s insurance program has a 90% co-insurance clause, which means the Insured must insure at least 90% of the total value of their property, or they may be penalized in the event of a claim.

A “loss payee” is a person or entity listed on the Named Insured’s insurance policy, which is entitled to all or part of the insurance payout in connection with the covered property in which it has interest.

Contact your Shaw Sabey representative immediately, so the claim can be properly reported to the insurance company. It is a condition of insurance policies that all claims or potential claims be reported to the Insurer as soon as practicable.