performance insurance-directors/officers insurance
Printed From: Community Theater Green Room
Category: Theater Administration
Forum Name: Running Your Theater
Forum Discription: General questions about how to make it work
URL: http://www.communitytheater.org/forum/forum_posts.asp?TID=3042
Printed Date: 11/23/24 at 4:20am
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Topic: performance insurance-directors/officers insurance
Posted By: bethanyplayhous
Subject: performance insurance-directors/officers insurance
Date Posted: 3/13/08 at 1:24pm
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Hello,
We are CT in Conn and have worked under the umbrella of
the Town and Parks & Recreation. For many reasons, we have decided to become our own entity and now have to consider insurance. Our venue is the stage at the middle school.
We would need some type of performance insurance and I also read that it's recommended to have directors and officers insurance- Not sure where to look first. Hoping you can share who you use for insurance, ie: coverage, price... Thanks so much! ------------- What day is it? |
Replies:
Posted By: John Luzaich
Date Posted: 3/14/08 at 2:41pm
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Wow, there is way too much to cover in the insurance area. Basically, get with an insurance agent that you like and supports your theatre. The insurance agent should bid out different policies for you and you go with the best coverage for the best price.
We own our own building so ours is more complex. But, basically, we have an insurance policy for:
(1) commercial property (building, contents, business income/extra expense)
(2) general liability (each occurance, general aggregate, products and complete operations, personal and advertising, fire damage, medical expense)
(3) workers compensation
(4) excess liability
(5) Inland marine (a separate equipment floater covering expensive pieces like light board, sound board, piano, follow spots, movie projectors)
(6) boiler policy
(7) officers & directors policy
Of course there are various premium costs associated with these coverages. The officers & directors policy cost about $1000. a year and has up to a $1. million coverage if someone would sue the organization.
Our insurance agent contracts most of our coverages through Security Insurance. Like any insurance, various coverages have electable deductables and they all have different coverages. For instance, you want business and extra income expense coverage under your commercial property because in the case of catastrophy and you lose your building, most insurance policies will cover the building, but the business income feature kicks in to cover your normal business expenses and would pay to rent an office space for a few months while you get back on your feet. Plus, when you don't have a building and you're not in business for awhile, you're losing money. This would replace some funding that would normally be coming in.
Like I said, insurance gets really detailed and complex, but get the correct policies for your organization. ------------- John cfct@cfu.net http://www.osterregent.org http://www.facebook.com/osterregent |
Posted By: JoeMc
Date Posted: 3/14/08 at 8:38pm
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Check out the resources of the American Association of Community Theaters;-
Insurance package offered thru your American Association of Community Theatre [Membership I assume would be required];-
Theatre Insurance AACT Summit Global Partners, Inc. http://theatre.mysgp.com/jsp/template.jsp?menu=about&content=/jsp/aboutus2.jsp - http://theatre.mysgp.com/jsp/template.jsp?menu=about&content=/jsp/aboutus2.jsp
------------- [western] Gondawandaland "Hear the light & see the sound! TOI TOI CHOOKAS {may you always play to a full house!} |
Posted By: John Luzaich
Date Posted: 3/17/08 at 3:54pm
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Yes, that is true. The AACT does have an insurance program offered to members. When we benchmarked and looked at comparable policies and exact detail of what they offered, the AACT program was more expensive. We ended up going with the best coverage for the lowest premium cost to us. ------------- John cfct@cfu.net http://www.osterregent.org http://www.facebook.com/osterregent |
Posted By: JoeMc
Date Posted: 3/17/08 at 10:05pm
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Good onya John - if you are a member group, did you advise the AACT that thier insurance was rubbish?
Might help them working out future deals - I know they will only give you the political double speak, but it may work or add to other disgruntled members concerns list?
Although what would help the poster, is if they grabbed a AACT/Global prospectus & tout it about, to get a more competaive coverage.  ------------- [western] Gondawandaland "Hear the light & see the sound! TOI TOI CHOOKAS {may you always play to a full house!} |
Posted By: Dan Castle
Date Posted: 1/27/09 at 8:33pm
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Hi, I can help you, for free, design a risk management stradegy for your group. I agree with Johns comments, theatre insurance is complex. Let me know if you need help.
------------- Daniel J. Castle CIC,LIC is a 33 year community theatre member and, founder of the National Coalition of Community Theatres Insurance Program in 1985. |