Walterry Insurance: Property and Casualty This policy is commonly referred to as a BOP (Business Owners Policy) or Package Policy. It is a policy designed to cover many of your association's exposures in one policy. Our policy was designed exclusively for nonprofit associations and provides many coverages not normally found in other Package policies. The property portion of the policy protects your association against loss of property for covered perils including property away from your premises and at meetings, conventions and while on exhibit . The liability portion provides important public liability coverage to protect the association from claims such as slips and falls while in your offices, at conventions, or on association trips. The Chairman's Choice endorsement has been added to provide additional coverages such as: Property Off Premises $15,000 Property in Transit $15,000 Personal Property at Newly Acquired Locations $500,000 Computers & Media $10,000 Valuable Papers including Electronic Media $25,000 Accounts Receivable $25,000 Backup of Seweror Drains $25,000 Personal Property of Others in Your Care $10,000 Debris Removal due to Covered Claim $25,000 Fine Arts $10,000 Employee Dishonesty including Volunteers $100,000 Money & Securities $10,000 Ordinance of Law $25,000 Business Interruption from Off Premises Services $20,000 (8 Hour Wait) Business Income for Dependent Properties $10,000 Fire Department Service Charge $5,000 Theft Damage to Building Actual Glass Damage to Building $25,000 Arson Reward $10,000 Energy Equipment Breakdown Actual The above coverages are in addition to limits selected. It is important to note that associations have the same employee dishonesty exposure that many businesses have, however, associations also have the exposure from volunteers, such as elected officers and committee members. Most policies do not address this exposure or limit coverage to employees only. Our policy states that volunteers are covered making this truly a policy designed for and needed by nonprofit associations . Optional Coverages Employee Benefit Liability This option protects the association against claims made by employees or former employees due to an alleged negligent act, error or omission in the administration of employee benefit plans such as group health, life, disability and retirement. Types of claims that are covered are faulty advice regarding an employee's retirement plan, or failure to enroll an employee in an employee benefit plan. This endorsement is written on a claims made basis, which means that the actual claim must be filed during the policy period. A written procedure regarding the enrollment of employees must be maintained by the association. Hired and Non-Owned Auto Liability This is coverage that all associations need. It provides auto liability insurance for any vehicles the association rents on a short term basis. It also protects the association when an employee uses his personal vehicle for the benefit of the association, such as going to the post office, bank or office supply company. Purchasing of the option allows the association to refuse the liability insurance offered by various auto rental companies, saving the association the $12 to $20 per day charge for such insurance. Hired Auto Physical Damage Protects the association for the claims of damage to vehicles rented on a short term basis by the association. This is similar to the comprehensive and collision portion of your personal auto policy. The deductible is $250 and the maximum limit is 35,000. The association will be responsible for a damages in excess of $35,000 per vehicle. Auto rental companies commonly refer to this as Collision Damage Waiver. [ Return to Previous Page ] Copyright © 2005 Walterry Insurance Brokers [ Forms ] [ Contact Us ] [ Privacy Policy ] [ Home ]