[Noisebridge-discuss] Insurance notes

[Jonas S Karlsson]

All good information, but is there any indication of costs?

It'd be interesting to see some examples of typical insurance costs,
for a space this big, with the least "add-ons".

In any case, before having a space, I don't think insurance is going to
be needed ;-) so for now, one thing at a time may be enough.

Personally, I'd naively think that just having insurance for the property
would be
enough. To make sure there is no claims from the landlord to individual
members if something happens. I'm not sure if other insurances makes any
sense.
Legally, members have to be responsible for their own actions.

But then again, I'm just a naive european and have never gotten sued :-)

/Jonas

On Jan 23, 2008 3:43 PM, David Molnar <dmolnar at eecs.berkeley.edu> wrote:

> Hi,
>
> "Greg", a principal at Bonafide Insurance just called me to discuss some
> of the org questions we had. Here are some quick notes. (I will also add
> them to the wiki later).
>
> * We need a "business owners package" that includes general liability
> and slip and fall. It will also include a small amount of theft insurance.
>
> * If we have employees, or contractors treated as employees, the state
> requires workers' comp.
>
> * Members that pay membership dues to an organization, however, sound
> more like "clients" than employees. The liability package will cover
> "clients." If we decide later to sublet part
> of the space, we want the sublettor to get a certificate of coverage and
> to name us as an additional insured.
>
> * They can write policies for LLCs, S and C corps, registered
> partnerships, or non-profits. HOWEVER non-profits have a smaller pool of
> underwriters and may have a harder time getting insured. That being
> said, if the tax benefits are good, go with the nonprofit, it is not
> that bad a downside. Talk to your attorney and CPA.
>
> * With regard to structure, and what happens when members leave, it
> sounds like the easiest thing to do form the LLC/nonprofit and then
> treat members as paying clients. Then the policy is held by
> "Noisebridge" and we don't have to bother the insurance company when
> someone joins or leaves the space. He seemed to think the join/leave
> issue was a reason to avoid the partnership approach.
>
> * Down the line, but not now, we may want
>      1) Director and officer insurance - incl. "wrongful decisions"
>      2) "Employment practices liability" - incl. sexual harassment, etc.
>
> -David Molnar
>
>
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>
>


-- 
.sigh
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