From another thread:
What kind of insurance, and how much, is sensible for a frequent organizer of tournaments to obtain? How much does such insurance typically cost?
can we put this link on the TD/affiliate page??
I was going to ask what type of insurance you were considering: medical and/or accident, D&O and/or performance bonding, property, general liability and/or crime.
Sevan’s link beat me to it, though. You could check with a local agent / your personal agent to see if those prices can be beat. Looks like $650 for the minimum complete package, unless I’m misreading. I’d almost be surprised to learn that could be beat - almost.
Sevan Muradian’s link is spot-on, but it only answers my question partially. For instance, an individual running tournaments alone wouldn’t need bonding or director protection, would he? At what point do you decide you need each type of coverage?
Keep in mind that I don’t believe the insurance company will underwrite these policies to an individual but to a business entity. I could be wrong with this insurance firm so someone would have to check on that.
I’ve put out requests for competitive quotes from Farmers Insurance (Zurich Insurance) and Allstate to see what they come back with.
Sure, but some business entities are sole proprietorships.
Something else that I read on that site - for chess clubs - that concerns me. Will this insurance be viable for those organizers / organizations that don’t have clubs where their events are run but instead done at different locations like schools, hotels, etc.
I’m going to put a call into them to find out.
The converse is also an interesting question: What about the small club that doesn’t run tournaments as a going concern, yet does occasionally hold events in which nonmembers participate?
The insurer will cover more than 1 site. This is very common in business, as more than 1 site or more than 1 customer will need to be covered. This is what is known as additional insured, and is found typically at the bottom of an insurance certificate.
Larry S. Cohen
Having worked for one of the largest insurers in the world as an auditor, I’ll wait to see what their language states. Additional insured doesn’t always cover this type of situation and additional riders may be necessary, which can increase costs.
State Farm writes the coverage for the Ky chess Association. We do not do D& O liablitiy because of the way Ky law works. Our coverage is for liability at events and costs about $350 per year.They give us an endorsement to any site that needs it with no additional charge.