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Meeting Agenda - September 26, 2024
In the May meeting the membership voted in favor of D&O insurance. After that meeting, it was determined that the actual cost was $653.26, which was significantly higher than the $250 presented to the membership for that meeting.
This meeting is to review the merits of the policy and gain approval for the higher expense.
Click here for more details about our insurances coverage.
The related minutes from the May meeting are listed below:
Mike Greaney discussed an overview of the Club’s insurance arrangements that had been circulated in advance of the meeting, in connection with the Board’s consideration as to whether to acquire a directors and officers liability policy, as recommended by our agent. A discussion of the reasons that a D&O policy could be protective of the directors and of volunteer members ensued. The cost for policies with liability limits of $1 million and $2 million were discussed; there was consensus that a $1 million policy would be sufficient. Mike noted that there were a few questions that had been discussed with our agent regarding the various policies that the Board would seek to confirm, including whether ride leaders would be covered as volunteers (the policy indicates that they would), that peer-led rides would meet the criteria under the Club’s general liability policy, and that there are no specific qualifications for ride leaders or peers that are required for the rides to be covered. It was noted that our agent indicated that for riders to be covered that an executed release is required to be obtained, and that the release would be effective for as long as the relationship between the Club and the rider was not severed. Pat made a motion to authorize the Board to acquire a D&O policy with a liability limit of $1 million, which was seconded by Steve Schwartz and approved on a voice vote with no objections or abstentions. It was noted that the Board would seek a pro-rated policy so that the D&O policy expiration date matches that of the general liability policy.
Mike Greaney discussed an overview of the Club’s insurance arrangements that had been circulated in advance of the meeting, in connection with the Board’s consideration as to whether to acquire a directors and officers liability policy, as recommended by our agent. A discussion of the reasons that a D&O policy could be protective of the directors and of volunteer members ensued.
Jersey Shore Touring Society is a 501(c)(7) non-profit organization. P.O. Box 8581, Red Bank, NJ 07701
