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Insurance
Rick, thanks again for assisting in going after this insurance business.
I did discuss board members insurance with the State Farm agent. They call
it "directors and officers" ins. We concluded that it would be
prohibitively expensive ($800 +/year)
and probably unnecessary as it is mainly "board misbehavior" insurance.
General liability is what we focused on. For $1 million liability plus
property damage amounting to $15k with State Farm and about the same with
Allstate the premiums and deductibles would be as follows:
State Farm $300 annual premium, $500 deductable. Allstate $350 annual
premium, $250 deductable.
I don't know if we're covered for liability right now under the aquarium's
insurance.I would hope so. Think I'll call Kelly Mon. and find out.
The State Farm agent and I partially filled out an insurance application
form which I brought home to continue working on (if we decide to go with
Allstate) because some information I didn't have with me; They want to know
the board members' names, duties and social security numbers. When I balked
at the SS# requirement he said that maybe he could find a way around that
with the underwriters. That's extremely personal info to be passing around.
This is as far as I've gotten with this project.
Bob
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