How many of you have a liability policy protecting your train clubs? If you do, can you share what level of coverage you have and the approximate cost? Also, if you can share the name(s) of the companies, that would be great.
Thanks,
Dan
We pay about $700 for our club, which is in Canada. Too much to my liking but the Board says that "they checked against at least one other broker". Are you insuring only for liability?
Simon
Our liability policy is $836 this year it has been steadily increasing every year and also because of the increased open houses we have had. We have gotten quotes from other insurers and we have the best we can get.
Rick Jesionowski
Rule 1: This is my railroad.
Rule 2: I make the rules.
Rule 3: Illuminating discussion of prototype history, equipment and operating practices is always welcome, but in the event of visitor-perceived anacronisms, detail descrepancies or operating errors, consult RULE 1!
We go through Chubb. Our renewal quote this year was ~$800. Then we pay for directors/officers liability on top of it for a total of around $1400.
Hi Dan,
The NMRA offers club insurance. I can't say how comprehensive it is or how many exclusions/conditions there are but it might be worth a look.
Google NMRA and look under the 'Quick Links' header.
Cheers!!
Dave
I'm just a dude with a bad back having a lot of fun with model trains, and finally building a layout!
hon30critter Hi Dan, The NMRA offers club insurance. I can't say how comprehensive it is or how many exclusions/conditions there are but it might be worth a look. Google NMRA and look under the 'Quick Links' header. Cheers!! Dave
The NMRA requires 100% membership by the club, for our club that would cost $1500 much more than buying our own insurance and club members could be NMRA members or not.
Thanks for all the replies guys. Very helpful.
YoHo1975 We go through Chubb. Our renewal quote this year was ~$800. Then we pay for directors/officers liability on top of it for a total of around $1400.
Do you know exactly what extra protection the board receives for that extra coverage? We are primarily concerned about getting liability coverage for the club as a whole in case a guest or visitor gets hurt and decides to sue.
snjroy We pay about $700 for our club, which is in Canada. Too much to my liking but the Board says that "they checked against at least one other broker". Are you insuring only for liability? Simon
Yes, only liability.
dti406 Our liability policy is $836 this year it has been steadily increasing every year and also because of the increased open houses we have had. We have gotten quotes from other insurers and we have the best we can get. Rick Jesionowski
Rick,
Do you know what company your club ensures with? And is that for liability just for the club, no extra for the officers and board, and no property protection?
reasearchhound YoHo1975 We go through Chubb. Our renewal quote this year was ~$800. Then we pay for directors/officers liability on top of it for a total of around $1400. Do you know exactly what extra protection the board receives for that extra coverage? We are primarily concerned about getting liability coverage for the club as a whole in case a guest or visitor gets hurt and decides to sue.
I'll go through and check the specifcs, but it's essentially protection against someone on the board screwing up and the costs of any lawsuits related. I'll get more details.
reasearchhound We are using Auto Owners Insurance, we changed from Nationwide a number of years ago as their rates were skyrocketing and were at we are paying about 7 years ago. We only have liability for guests and members, the building is insured by the owne. Rick Jesionowski dti406 Our liability policy is $836 this year it has been steadily increasing every year and also because of the increased open houses we have had. We have gotten quotes from other insurers and we have the best we can get. Rick Jesionowski Rick, Do you know what company your club ensures with? And is that for liability just for the club, no extra for the officers and board, and no property protection?
We are using Auto Owners Insurance, we changed from Nationwide a number of years ago as their rates were skyrocketing and were at we are paying about 7 years ago.
We only have liability for guests and members, the building is insured by the owne.
YoHo1975 Then we pay for directors/officers liability on top of it for a total of around $1400.
Col Bob YoHo1975 Then we pay for directors/officers liability on top of it for a total of around $1400. Directors and Officers Insurance covers them being sued personally.
Directors and Officers Insurance covers them being sued personally.
Correct, Basically while we're not a rich club, we certainly generate a lot of revenue in table sales of donated materials that get plowed back into the club and we have a lot of assetts. Individual suits due to their poor actions could destroy the typical retiree who might be willing to be an officer. This protects them.
Now, obviously malfesance could result in different results, but in the general sense. we want to protect those who step up to do the non-fun parts of running a club.