Insurance & Risk Management

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Insurance for 2025 - optional covers

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Craig Horrocks
Insuranceclub

 We are not sure of the following information needed to complete our online Database. Can you please assist, or does one have to go to the 'Help Desk'?

Your Helpdesk ticket gets converted into a task and that task has been allocated to a member of the insurance team so we can keep track of what you need.

All answers are recorded against the TASK - which provides us with a way to help. across hundreds of Clubs and take that feedback and post as general advice to others.

Your Helpdesk ticket, when converted into a TASK can have FOLLOWERS added.  Those may be other members of the insurance team or insurance brokers. or other members of your Rotary Organisation.  This is done so we can include those that need to be aware or involved.


1/ FEE/INCOME/ACTIVITIES - Commission Fees (last, current, estimated for next FY) Question - what income/outgoing are these based on?


The income figures for the Club are memberships dues, event income, other income that is used to pay Club expenses etc - do not include any charitable donations.

2/ CLUB OR TRUST ASSETS (not real estate) Do funds in our bank accounts and/or investments need to be put on the assets to be scheduled?
 

The assets question is only to be completed if you are looking for insurance cover for Club assets that are not financial assets.


The term MOVEABLES is often used to distinguish OTHER assets which need to covered in separate policies and are NOT being EITHER one of the following:

(a) FINANCIAL ASSETS - e.g cash in bank, deposits, shares etc OR

(b) REAL ESTATE OR

(c)  PLANT AND EQUIPMENT) OR

(d) MOTOR VEHICLES


Examples of  MOVEABLES are IT equipment, signs, banners, tents, chains of office, inventory - essentially everything else NOT being (a) FINANCIAL ASSETS  OR (b) REAL ESTATE OR (c)  PLANT AND EQUIPMENT OR (d) MOTOR VEHICLES


In summary:


  1. the extra insurances sections are to enable us to get quotes for you if you need extra insurances

  2. FINANCIAL ASSETS e.g  cash in bank etc are not insured except for loss due to fraud.  Loss due to say a finance company collapse or shares loosing value is not covered.  The insurer doe not guarantee investment decisions and investment risk.

  3. REAL ESTATE - requires a separate policy to cover buildings and damage to the property

  4. PLANT AND EQUIPMENT - generally requires a separate cover but may also include moveables

  5. MOTOR VEHICLES - generally requires a separate cover but may also include some plant and equipment

  6. finally MOVEABLES - the rest!

And just to add to the confusion the insurance industry often combines different risks together in super policies such a the 2 MASTER policies we have for Rotary. 

Our insurer CHUBB covers the liability risks for Club officers, cyber risk and more in a policy they named FOREFRONT and the liabilities we need to have covered when operating in and with the public which they call MULTINATIONAL GLOBALGUARD. 

The best source for the detail of the covers under both of those policies is the policy documents themselves which are on the rotaryoceania.zone website under the Members Centre and then select the documents from the insurance section of the Documents link.

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