Those involved in running a community organisation are no strangers to the concept of competing priorities. There are always so many things to do and so little time in which to get them done!
With this in mind, it’s not uncommon for a community organisation to fall into the trap of treating their insurance as a “set & forget” purchase – that is, something they arrange and then forget all about until next year. The danger of doing this is that a lot of things can change over the course of a year. For example, a suitable policy sum insured today may be out-of-date in six months time, if the assets of your organisation change.
Community Underwriting recommends taking a little time to review your organisation’s insurance details twice a year. Things to check include:
1. Business/activity descriptions
- Is your organisation undertaking exactly the same activities that you were six months ago, or have you branched out into different activities?
- Does your rating classification still accurately describe your operations?
- If there have been changes, does the insurance you hold cover each type of claim you might have?
2. Sums insured and equipment
- Are your policy sums insured still relevant, or do they need to be increased / decreased?
- Have you bought new equipment of value?
- Have you changed vehicles or purchased a new vehicle?
3. Contact details
- Are your organisation’s email, address and phone number details correct, or have you moved / changed numbers or email?
- Does the person listed as your insurance contact still work / volunteer for your organisation?
- Do you have any new employees who should understand the conditions of your policy and, if so, are they aware of them? For example, if the policy requires that a burglar alarm always be operational, have you informed your office manager or other appropriate personnel?
It’s definitely worth taking a few minutes to do a quick check every six months (ideally once at renewal time and once mid policy period). If you come across any information that is out-of-date or has changed, advise your insurance provider straight away. This will help to ensure your organisation and it assets remain safely protected in the unfortunate event of an incident.
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