|On Sunday March 18, Club Presidents of Newcomers and Alumnae Clubs joined a conference call to discuss various topics that were of interest to all clubs. This is done twice a year to share information and learnings with each other. Some of the highlights of the call were as follows:
Q: How many clubs have insurance?
A: Obtained from the club’s renewal for their 2017-2018 membership, out of 65 member clubs, 55 clubs have insurance covering 8300+ members:
- 36 clubs have General Liability
- 5 clubs have General Liability and Blanket Accident
- 13 clubs have General Liability and Directors & Officers (D&O)
- 1 club has General Liability, D&O and Blanket Accident
Of the 10 remaining clubs:
- 6 clubs have no insurance
- 2 clubs have private insurance
- 2 clubs did not indicate whether or not they have insurance
Q: Does a club have to be incorporated to purchase Director’s & Officers (D&O) insurance?
A: NNAC received this reply from Joel Santos, Cooperators Insurance March 15, 2018:“Yes, Clubs need to be incorporated. The incorporation process is what ensures that the club is operating with bylaws, filing financial statements, etc.
All things that are required for a D&O policy. Without incorporation, there is nothing obliging a Club to have these things in place. Typically, claims history show that clubs will get sued over things like financial transactions, board actions and so on. Therefore, the incorporation is necessary.”
Each club has to determine whether to incorporate or not. Want to know more about incorporating? Here are the links to provincial web sites. Please note that some provinces have a “Societies Act” whereby non-profits file an annual return with their bylaws and financial statements. For Co-operators Insurance purposes, this would be equivalent to incorporating.
Q: Does my club need a waiver form?
A: Each club has to make that determination themselves. NNAC does offer the following guidance on our website.
Q: Where can I get more information about types of insurance for our club?
A: The NNAC website provides a wealth of information including the types of insurance available through Cooperators as well as the Insurance Handbook for 2017-2018. Executive members of each club will have access to this information here.