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Tools | FAQs | Glossary

 

• How to Read your Policy
• What is Covered
• Organizing your Insurance Paperwork
• Renewing your Policy
• Cancelling your Policy
• Making a Claim
• Working with your Board

What is Covered

Following the declarations pages are your insurance company’s standard policy wordings. Policy wordings detail what is included under the coverage and define terms that are used in the policy. For example, policy wordings may define how “data” or “explosion” is defined under the policy.

POLICY REVIEW CHECKLIST

• Review the declaration page carefully and ensure all the details, including the types and amounts of coverage, are correct.
• Ensure your organization’s name and address are correct.
• Make sure the addresses of any insured properties are correct.
• Verify the effective dates of the policy and make a note of the renewal date.
• Read the conditions and exclusions carefully.
• If any words are unclear, ask for them to be defined in the policy.
• If you have any questions, talk to your broker or agent.

Managing Your Insurance Program
Who Will Manage Your Insurance Program?

Effectively managing your insurance program will help ensure you have the coverage your organization needs. Ideally, one individual (employee or volunteer, depending on the structure of your organization) is responsible for tracking and monitoring your organization’s insurance program.
Your organization’s leader, for example, your Executive Director or President, should also review the coverage.
Although your Board may not have to review the details of your coverage, they should be informed about what coverage you do have. Section 13 of this toolkit includes examples of insurance information you can share with your Board and an insurance primer you can use directly in your Board manual or orientation.

Re-assessing Coverage Over Time

As your organization’s programs and activities change, it is important that you update your insurance to cover any new liabilities. If you are planning to add a new program, or make substantial changes to any existing program, contact your broker or agent before the changes are implemented to see if you need to change your coverage.

Annual Check-in

Even if your programs and activities don’t change, you should review your coverage at least once a year. For example, over the course of the year, you may have purchased new assets and you need to increase your insurance amount to meet your co-insurance clause