HSBC Rugby Business Network Meeting at USA 7s, Las Vegas, BABY!

Please attend the HSBC Rugby Business Network meeting, 2.9.13, 9pm in Las Vegas, NV.  After the Saturday matches, we'll be at the Pub and Keg Room, Monte Carlo Casino!

HSBC and The Rugby Business Network: Vegas 7s KICKOFF Meeting!

HSBC and The Rugby Business Network group on LinkedIn have partnered for a US kickoff event at the USA 7s in Las Vegas.  Saturday night, February 9th at 9pm, in the Pub and Keg Room at the Monte Carlo Casino.  Beers, networking with Rugby-Playing Business Owners, and Beers.  More details to follow...

Governor Jerry Brown, Insurance Agent

If you have employee sponsored health insurance, here's what will happen in 2014.

I'm curious to see if General Liability Carriers will begin quoting contact sports again (Only 2 markets remain), now that we ALL have health insurance... or, at least... should have.

I predict:

1. Massive Increase in sales of Supplemental Policies like VBA's 24h Accident Medical Cover.  The Feds will make you pay, deductibles, co insurance... got $5,000 lying around?
2. Prop-sized changes in Workers Comp, since everybody has Health Insurance, right?
3. Scrum-sized Increases in Health Insurance Premiums... sick people, old people.

I wouldn't be surprised if all Excess A&H (policies for sports leagues to provide EXCESS, not primary, health coverage for injuries related to the sport) disappear.

Playing Fields: Satisfying Parks'n'Rec, ISDs, and Municipalities...

To get a field to play on, you typically need to present of Certificate of Insurance, or COI, to the entity that owns/maintains the field.  Most venue operators want to know that there is an Additional Insured endorsement on the policy, thus extending coverage to both the renter and venue.  Example is the classic "Slip and Fall", they sue everybody, but the renter's insurance covers both the Rugby Team and the Venue/Field operator.

99% of the time, no problem.  Most Sports General Liability Packages have some form of Additional Insured.  AIG asks for a written contract to extend Additional Insured statues to the venue.

Additional Named Insured is NOT the same, even though some places require this wording.  Why?

Additional Insured vs Additional Named Insured, best pdf on it here.

Sports GLs are hesitant to extend Additional Named Insured to a venue, if they'll do it at all.  Risk.  Of course, while you're on the field, the venue should be protected.  But, if you're NOT using the pitch, why should the venue be covered?  (Additional Named Insured tend to be needed for fiduciary reasons...)  Insurance companies, while they take on risk for a premium, they still don't like it...

If your field/pitch administrator is asking for special language, call us... We'll at least walk you through it.

Ins Cos Collect Premiums, NOT Pay Claims

If you have General Liability for your business, or professional career, expect a rate increase in 2013.

The poor, and destitute, insurance companies didn't make DOUBLE DIGIT returns on their investments, so...

...expect YOUR costs to increase to make up the difference.

Solution:  Make your broker/agent market your risk, aggressively... Very Aggressively.

...Like a Rugby Player.

Bonded and Insured: What's the Bond for? Performance Anxiety!

Do you suffer from Performance Anxiety?  Heh heh...

From Wikipedia:

A performance bond is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor.

If the contractor doesn't complete the work, usually because of bankruptcy, then some money can be recouped.  In CA, Contractor's bonds are for $12,500 usually.  You give a contractor $20,000, but he goes out of business, and doesn't complete the job.  You could could collect $12,500 from the bond.  More complicated, but that's the gist of it...

Performance anxiety... but...

Though normally associated with Contractor's, performance bonds are needed in other industries, like Pest Control.  I had client who's employee was signing subcontractor contracts in the owner's name.  Total forgery, and illegal.  The Bad Employee then took CASH.  The work obviously was never performed, so the GC's went after the Business Owner.  His Bond company had to get involved.  (Luckily, it worked out for the Business Owner...)

This is DIFFERENT than negligence and liability... the "Insured" part. 

If you hire a contractor, or subcontractor to perform work, and you are worried about that work actually getting done, then make sure the company/individual you hire has a bond.  Ask for the bond#.

So, remember, with a bond...it's all performance!  (^_~)

Getting a Pitch: COIs, Additional Insureds, and Named Additional Insureds

If you're a club administrator, read.

Here's Wikipedia's definition of Additional Insured.

In order to secure a pitch to play/train on, Municipalities, Park'n'Rec Departments, Churches, and 100s of other entities who have dirt to rent, what some form of Commercial General Liability in place for the renter, and want to be an "Additional Insured."  Some even go so far as to demand specific language for the endorsement on the Named Insured's policy. 

Lot's of confusion between this language, Additional Insurance, and Named Additional Insured.  All a Club Admin cares about is having a fricking area of grass to play/train on, right?

Wrong.

Liability Insurance is all about paying a sum that the insured is legally obligated to pay, or that the insurer has agreed to pay, as damages to others as a result of the insured's negligence.

If the insurer hasn't agreed to pay, you're hosed. 

Most Sports CGL policies have a provision called "Blanket Additional Insured by Written Contract", meaning you sign a contract with the venue, and your CGL covers the Venue.

Simple question:  Does yours?

Tomorrow:  Why a COI (Certificate of Insurance) tells you pretty much nothing...