Does anyone know anything about coin clubs needing insurance?

RickMilauskas

Our coin club meets at a school and the new principal wanted to know if we had insurance. We don't and I wanted to see if other clubs did and if so, what is the usual way/type to buy. I assume you would just go through a regular agent.

Any info would be appreciated.

DaveG

Our local schools require that all non-school groups that use school facilities have their own liability insurance (their liability insurance only covers school-related groups).

In addition to liability insurance, a coin club would probably want to have Directors and Officers insurance, etc. (What happens if the Treasurer runs off with the treasury, what happens if the club/officers get sued for some reason, etc.)

I can put you in touch with our club treasurer if you want details of our insurance coverage.

Walmann

If the club own no property then just a general liablity policy should be enough.

There will be a property damage deductible usually anywhere from $250 to $1000. This $ amount is what the club would be responsible for property it would damage.

If you are renting space for meetings and locations for any other reason, ie a show, you should up the basic fire legal liability limit from the minmum $50k or $100k most policies include.

The club should not "hold" coins and othe such property, policy language may severly limit coverage of such items in care and custody.

The GL policy will not cover any collecting or investing advice the club may give that results in financial lost.

To protect the officers of the club from various lawsuits from its own membership it is best to have Directors and Officers coverage (D&O) for situation involving decision making that may adversely affect the club. This may not be needed if the club has no real funds or issues that the officers soley make financial determination by themselves.

If possible have Non Owned Auto coverage added to the policy. The club most likely does not own vehicles, but if anyone running an errand for the club gets involved in a accident while running that errand, the club can be sued. Merely using a vehicle to go get lunch or snacks would extend liability to the club. This coverage is usually fairly inexpensive to add.

Intentional theft of funds by an officer would not result in having funds restored by the D&O policy.

Also best to have an Occurence type policy versus Claims Made policy. First if the club become defunct and then a lawsuit is brought against the club for an incident while the club still existed and the policy was in force the Occurence policy would still cover the suit, even years later. Once the Claims Made policy ends so does the coverage. No doubt if the club disbands the coverage ends but a suit can go forward against the club regardless.

Once you have a Claims Made type policy you need to stay with that form, it is possible to switch from an occurence type policy to a claims made without any holes in period of coverage.