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A Guide to Good Governance and Risk for Clubs & Boards
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In the world of club management, good governance is critical in steering clubs towards a secure and prosperous future. A pivotal element of good governance is regular evaluation of a club’s risk and insurance program to shield the club and safeguard board members from personal liability.
Why is it important to understand your financial risks?
Understanding your risks is crucial. It’s essential to have clarity on the club’s risks, which can fluctuate depending on your activities. Staying abreast of potential risks, such as property damage, liability claims, or operational disruptions, allows you to make informed decisions about managing, mitigating, or transferring those risks to insurance.
With a good understanding of your insurance needs, you can ensure your insurance program offers genuine value for money and protection.
What protective role can insurance play for clubs and boards?
Insurance is a risk transfer mechanism, providing financial protection against unforeseen events. However, simply having insurance isn’t enough; the insurance cover must be suitable for your specific needs. Your insurance adviser can explain the insurance solutions available to you, enabling you to select cover that aligns to the scale and scope of your club’s activities.
How can a club evaluate its insurance cover?
Clubs and boards can consider several factors:
1. Risk Assessment
Clubs and boards can consider several factors:
1. Risk Assessment
Are there new or evolving risks that may impact your insurance?
2. Coverage Scope
Are the policy limits sufficient or do they expose the club or venue to financial losses?
3. Policy Limits
Are the policy limits sufficient or do they expose the club or venue to financial losses?
4. Suitability
Does your insurer understand the unique needs of a club or venue like yours?
Is underinsurance an issue for Clubs?
Underinsurance is an issue for clubs and is a common problem across Australia. We encourage you to take the time to understand your insurance program and sums-insured limits. For example, if a claim exceeds the limit, the club could face considerable out-of-pocket expenses and may expose board members to personal liability. Independent insurance replacement valuations by qualified valuers can determine replacement values, costs of reinstatement, removal of debris and adequate rebuilding time frames to inform sums insured limits.
Underinsurance is an issue for clubs and is a common problem across Australia. We encourage you to take the time to understand your insurance program and sums-insured limits. For example, if a claim exceeds the limit, the club could face considerable out-of-pocket expenses and may expose board members to personal liability. Independent insurance replacement valuations by qualified valuers can determine replacement values, costs of reinstatement, removal of debris and adequate rebuilding time frames to inform sums insured limits.
The Diploma of Insurance Broking is deigned to equip individuals with the skills necessary for managing broking teams, handling new business submissions, and providing quality insurance services and advice to clients.
This unit focuses on teaching the skills and knowledge required to assess clients’ insurance needs and accurately advise them about retail general insurance products and services.
Is underinsurance an issue for Clubs?
Underinsurance is an issue for clubs and is a common problem across Australia. We encourage you to take the time to understand your insurance program and sums-insured limits. For example, if a claim exceeds the limit, the club could face considerable out-of-pocket expenses and may expose board members to personal liability. Independent insurance replacement valuations by qualified valuers can determine replacement values, costs of reinstatement, removal of debris and adequate rebuilding time frames to inform sums insured limits.
Underinsurance is an issue for clubs and is a common problem across Australia. We encourage you to take the time to understand your insurance program and sums-insured limits. For example, if a claim exceeds the limit, the club could face considerable out-of-pocket expenses and may expose board members to personal liability. Independent insurance replacement valuations by qualified valuers can determine replacement values, costs of reinstatement, removal of debris and adequate rebuilding time frames to inform sums insured limits.
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What can you do if you have concerns about your insurance program?
If you have concerns about your insurance cover, we encourage you to consult your insurance adviser promptly. If you feel unsatisfied, Clear Insurance offers a no-obligation risk and insurance review for peace of mind. Contact at lisa.carter@clearinsurance.com.au or call 1300 721 132.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement. Clear Insurance Pty Ltd. ABN. 41 601 916 689. AFSL No. 548953.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
All information above has been provided by the author.
All information above has been provided by the author.
Clear Insurance, ABN 41601916689, AFSL 548953
This article originally appeared on Good Governance & Risk: A Guide for Clubs and Boards and has been published here with permission.
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