[hackerspaces] Insurance Advice (for US hackerspaces)

[Paul Brown]

We saw limited benefit from the Directors & Officers Liability insurance,
so we do not currently have that type of insurance. In Texas, the volunteer
immunity laws seem fairly broad and would cover directors & officers
performing their duties. However, I'm under the impression they would not
be covered if they were sued for something outside of their duties - like
libel/slander.

We probably need to get more quotes for D&O. The only quote we got on D&O
insurance was fairly high at $1237 for $1 million in coverage:
http://dallasmakerspace.org/w/images/6/62/Erindirectors.pdf

Are there more reasons why we should consider it?

On Sat, Dec 8, 2012 at 7:58 PM, James Carlson <james at schoolfactory.org>wrote:

> Thank you for sharing this information! For our space Bucketworks<http://bucketworks.org/> and
> level of insurance we have, here is the cost breakdown which correlates
> with what you shared:
>
> Annual costs:
> Personal Property: $1569 - to protect member gear and stuff
> General Liability: $1326 - $2m coverage
> Computer equipment insurance: $168 - covers up to $25k hardware and $10k
> software
> Directors & Officers Liability: $352 - covers the board from personal
> liability exposure -- I highly recommend every space has this type of
> insurance!
>
>  Paul, would you mind if we document your information and link to it in
> the Space Federation's resources on insurance<https://atrium.schoolfactory.org/spacefed/insurance>
> ?
>
>
>
>
> On Sat, Dec 8, 2012 at 7:51 PM, Paul Brown <paul90brown at gmail.com> wrote:
>
>> Dallas Makerspace has joined the league of US hackerspaces to
>> successfully obtain the correct insurance policy. We took notes about the
>> process and our current policy here:
>> http://dallasmakerspace.org/wiki/Insurance
>>
>> The process started when our ~$500/year insurance policy provider
>> informed us that our claims would be rejected because "the type of
>> activities associated with your risk does not match the policy obtained".
>> This means we were not properly classified. We found during the process
>> that most insurance agents wanted to incorrectly classify us and quickly
>> sell us a policy. However, we did find an agent willing to visit our
>> hackerspace and explain to the insurance underwriters what we did (to
>> confirm and document we were classified correctly). Here's general
>> liability classification info:
>>
>> Class Code 41668: "Clubs- Civic, service or social- having buildings or
>> premises owned or leased- Not for Profit only"
>>
>> All the quotes we received for 1 million $ in general liability (probably
>> required in your lease) were above $1400/year. Number of members and
>> revenue are big factors in how much your insurance will cost, but *you
>> might not have the proper classification if you're only paying ~$500/year.
>> *
>>
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>>
>>
>
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