6.4 Insurance
Whilst the Council, VCEL and SCVO cannot provide advice in relation to any insurance, it is assessed as essential that management committees are covered by suitable insurance. This is because the management committee are responsible for people attending events/functions and the property of the organisation (ELC) which includes the adequate provision of insurance to comply with relevant legislation. Please note that if you have a lease for a premises with the Council, this may contain insurance requirements that you must adhere to.
As it is independent of the Council, advice cannot be provided however there are a few things that you need to be mindful of:
- The cost of insurance depends on the risk. Insurers will require very detailed information about your organisation, your activities and/or the individuals involved in it to offer a suitable policy and a price.
- Remember that it is essential to disclose all relevant information and answer all of the insurer(s) questions truthfully and fully or you may find you or your organisation are not fully covered.
- Remember too to let your insurers know of any relevant changes to the information you have given them – the frequency of this will be explained by your insurer(s). If in any doubt just ask them.
If groups have any questions about the type of information being requested, they can contact the Financial Conduct Authority (FCA) or their broker for advice.
Under statutory regulations there are constraints on who can provide information and advice about insurance. This is restricted to those authorised to do so by the FCA (the Council, VCEL and SCVO are not authorised). It is recommended that you conduct research or discuss with a broker to ensure that they types of cover that you require for your organisation are in place. The list of potential insurances that may be required could only be assessed by a potential provider, once you have declared all of the activities.