[grc] What are stations doing for insurance? Examples of policy types
Fayetteville Community Radio
faycomradio at gmail.com
Tue Jun 2 13:00:59 PDT 2015
Ron
Thanks for taking the time to delineate all this. I'm going to study up
when I get back home.
Joe
On 6/2/2015 2:50 PM, rdawson at oregonfast.net wrote:
> re: insurance for stations/boards
> --additional perspective
>
> Joe: let me offer informal ideas -- but I have been retired from this
> field for 20 years... and no longer am licensed to sue or represent
> insurance companies, in addition to operating a general litigation/trial
> practice. Nothing I say should be considered legal advice in any way.
>
> Ive just spent 15 years on a nonprofit Board which owns
> towers, building and 4 translator licenses. We had substantial
> risks associated with those operations. We had commercial tenants.
>
> Different types of insurance "coverage" exist. Generally that means
> "who" is protected for "what" varies by the type of that coverage.
> Its best to not confuse those types. No one policy type covers all
> "lawsuits."
>
> Coverage types normally include (non-exhaustive/approximate name):
> 1--Comprehensive General Liability (CGL)...which generally
> covers/protects the nonprofit entity AND the BoD members
> acting within normal scope of duties, for resulting bodily injury to
> others, or their property damage (usually with some restriction to an
> insured premises).
>
> You can check with your agent to see if your policy version protects
> your employees or 'agents' (volunteers?). There may be no protection
> for them individually if they are alleged to have caused the injury/damage
> ...Thus they must hire their own atty, etc.
>
> Discuss with your agent the ability to protect others, such as "volunteers,"
> with your policy, perhaps as additional insureds, which may give them
> certain policy benefits.
> --(Policy benefits may vary by category of 'insured' status)
> --policy benefits may be added by possible "endorsements" or "riders"....
>
>
> Every CGL policy has "exclusions" or "exceptions"....
> --ask your agent to describe important ones relative to your operations
> ....to get a sense of your real coverages;
> --(ask for a policy copy !! Read it...!!)
> --possible examples of exclusions (not exhaustive):
> --injuries//damages from owned or non-owned auto operations;
> --alleged damages arising from professional (broadcast) activities
> --(think defamation (slander), invasion of privacy, intellectual
> property)
> --liquor liability
> --(think hosting events, parties...)
>
> 2) "excess" or "umbrella" coverage...to raise policy limits and possibly
> cover certain coverage areas that the"primary" policy did not cover.
> **"umbrella" coverage can be a cheaper add-on way to increase
> maximum coverage protection amounts vs raising your 'primary' CGL'
> limits....
> --in the 'old' days, umbrella coverage filled in some primary coverage
> lapses or exclusions--ask your agent if that is still true in your state.
>
> --3) "PD"...property damage coverage...for risks to your
> bldg/equipment/towers.
> --for tower owners...this may need to be a special form...sometimes
> called"inland marine";
> --Caution !! Some policies have a penalty for your failure to list & pay
> for coverage of some minimum value, such as 80% of the fair market value.
>
> --4) "D & O" or "directors & officers" . (I dont think of this as "E&O"
> -- others might)
> --additional layer of coverage related to the nonprofit, expensive with
> limited application.
> --usually provides coverage for BoD members...usually.for their
> BoD-related intentional actions in certain areas, e.g., such as sexual
> discrimination, wrongful termination or certain questionable financial
> transactions (e.g., impacting your IRS status, or allegedly improper,
> or impacting employee pension plans);
>
> So the BoD member is usually sued directly (in their name) for those
> acts.
> --it is my impression this E&O generally covers Board members
> --ask your agent if this "D&O" covers the nonprofit or not;
>
> Electing to have "D&O" may be influenced by having employees, or
> the nature of financial transactions open to the BoD.
>
> While the general CGL covers the nonprofit for many forms of suits
> against the nonprofit AND directors operating in the general course and
> scope of their duties, some nonprofits consider D&O since D&O appears to
> add coverage protections excluded by the CGL for sexual discrimination,
> or wrongful termination, or other direct or intentional acts usually that
> are not in the BoD job description....e.g., certain intentional financial
> actions that appear fraudulent, questionable, etc.
>
> --5) media or "broadcast liability" (think station "E&O" or 'errors and
> omissions')
> -- I have not heard it referred to as station "E&O" -- but others may --
> --Station on-air operation raise additional issues possibly not
> covered by your CGL policy:
> --some examples may include:
> --on-air defamation (think slander, or libel via your website);
> --invasions of privacy (many types, e.g., think illegal recordings....)
> --intellectual property issues;
>
> Some of these "station" risks may be covered (whole or part) through some
> type of "media" or "media/broadcasters" liability coverage...
> --Ask your agent...
> --or find an agent with experience with station-type coverage...to reduce
> efforts;
>
> --6) professional coverage for producers (individually) (this may be
> referred to as an E&O policy)
>
> ---------------------------------
>
> State law for insurance is different in each state. There is no
> national insurance coverage law. Hence policies (or legal interpretation
> regarding those coverage terms) may vary per each state !!!!
>
> National insurance organizations produce insurance policy "forms" that
> have national codes.
> This makes policy form comparison easier. But again, those forms may be
> tweeked for each
> state. Hence, your agent needs to be asked specific Qs regarding coverage.
> All Qs to agents
> should be in email or writing...and keep a copy of their response.
>
> And while insurance agents are wonderful people...be diligent/detailed in
> assessing or
> documenting how they describe policy coverages and related issues.
>
> rand dawson
> former BoD -- West Lane Translator Florence Oregon
>
> END 30 ## 30 ## 30 ##
>
>
>
>
>
>> Joe - Our Atty Mike Couzens, says get Errors and Omissions Insurance.
>> Also another atty on our board says check out becoming a Limited Liability
>> Company (LLC) - in OK, filing with the Sec'y of State for LLC only costs
>> $100.
>>
>> MaryFrancis
>>
>>
>> *Mary* *Francis,* *Voices* *of* *Oklahoma* *President*
>> *NUUF* *Radio* *Project* *-* *KVOY.org <http://kvoy.org/>* *-* *and* *Web*
>> *Magazine* *-* *voicesofOK.org <http://voicesofok.org/>*
>> *c.* *405* *474-0695*
>>
>> *LWVOK Board Member **http://www.lwvok.org <http://www.lwvok.org/>/
>> <http://norman.ok.lwvnet.org/>*
>> *Citizens Climate Lobby -Oklahoma
>> **https://www.facebook.com/CitizensClimateLobby.ok/
>> <https://www.facebook.com/CitizensClimateLobby.ok>*
>>
>> On Sun, May 31, 2015 at 1:19 PM, Fayetteville Community Radio <
>> faycomradio at gmail.com> wrote:
>>
>>> We are sorting out whether insurance is affordable and worthwhile for
>>> our
>>> soon to go on the air LP station.
>>> Which, if any of these, does your LP station have:
>>>
>>> General liability for tower and studio?
>>> Coverage for "lawsuits" (slander and personal injury, etc.)
>>> Property coverage for tower and transmission equipment
>>> Property coverage for studio equipment?
>>>
>>> How much are spending, or are willing to spend, on these?
>>>
>>> Joe Newman
>>> KPSQ-LP
>>> Fayetteville Arkansas
>>>
>> Joe,
>>
>> As independent producers, we too need E&O insurance, and I can highly
>> recommend Walterry, which has been in this business forever. They offer
>> excellent coverage through Chubb MediaGuard.
>> http://www.walterry.com/radio.php
>>
>> Gregg
>>
>> __________________________
>> Gregg McVicar
>> Host/Producer
>> UnderCurrents
>> www.undercurrentsradio.net <http://www.undercurrentsradio.net/>
>>
>>
>>> On May 31, 2015, at 11:19 AM, Fayetteville Community Radio
>>> <faycomradio at gmail.com> wrote:
>>>
>>> We are sorting out whether insurance is affordable and worthwhile for
>>> our soon to go on the air LP station.
>>> Which, if any of these, does your LP station have:
>>>
>>> General liability for tower and studio?
>>> Coverage for "lawsuits" (slander and personal injury, etc.)
>>> Property coverage for tower and transmission equipment
>>> Property coverage for studio equipment?
>>>
>>> How much are spending, or are willing to spend, on these?
>>>
>>> Joe Newman
>>> KPSQ-LP
>>> Fayetteville Arkansas
>>> _______________________________________________
>>> grc mailing list
>>> grc at maillist.peak.org
>>> http://maillist.peak.org/mailman/listinfo/grc
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