Insuring Time Banks A brief overview of the insurance issues faced by Time Banks… –What (I believe) insurers look for –The risks we face –How we can mitigate the risks

What Insurers Like Insurers make money by taking on risk… But they cannot take on an unspecified and possibly unlimited risk. Instead insurers look for risk that is… Clearly identified Limited in its scope Well managed

Time Banking Risks Time Banks introduce participants to one another –One to one meetings –Frequently at home –Sometimes involving vulnerable individuals By making the introduction, the Time Bank is vulnerable to the risk of it going wrong

Time Banking Risks (cont’d) Time Bank participants undertake tasks which can… result in damage to property or to a third party result in injury to the themselves and/or the recipient be badly done and cause financial loss to the recipient

Time Banking Risks (cont’d) Some participants undertake assignments that are outside the scope of the Time Bank’s insurance policy. What can we do to reduce the “risk” ?

Timebanking Risks (cont’d) So what can we do to reduce risk?

Recruitment and Induction Time Banks need rugged procedures in place that ensure and record that we… Vet all participants (check references) Induct them with care including –Ensuring all participants understand the parameters within which we work Abide by the statutory safeguarding regime (currently CRB checks)

Recruitment and Induction (cont’d) Get all volunteers to sign a Time Bank Participant Agreement New participants to be accompanied on first assignments Follow up assignments Check drivers have valid driving licence, insurance, car tax, and MOT Check they have advised their car insurer

Check your Insurance Make sure you know what activities are included in your public liability insurance. If you think there is a problem, talk to your insurance provider urgently. Being covered needn’t cost more but being un-insured could leave the Time Bank vulnerable.

What if….? The assignment is beyond “Good Neighbourliness”? Is a professional response/request? This will be outside of the scope of the insurance policy A signed waiver agreed between participants

What insurance do I need? Public Liability insurance will indemnify you “against legal liability for damages and claimant’s costs and expenses in respect of: Accidental injury sustained by any person Accidental damage to property” I recommend that Time Banks should have this cover.

What insurance do I need? All Time Bank participants work is assigned by the Time Broker and therefore it is likely to be treated in law as if they were employees of the organisation.

What insurance do I need? Therefore I believe Time Banks also need Employers’ Liability cover “against legal liability for damages and claimant’s costs and expenses in respect of injury sustained by any person employed arising out of and in the course of employment by the insured in the course of the business”

How do I go about this? Continue with current insurer? Wait for brokers to contact you? Tell insurers what you want

Produce of schedule What do we need to insure? –Contents – fixed/mobileRecommended –Buildings/tenantsRecommended –Public liabilityRecommended –Employers liabilityRecommended –Business interruptionProbably not –Libel & slanderProbably not –Trustee LiabilityProbably not –Legal expensesMaybe!

Information you’ll need to provide Office address(es) Value of contents –General fixtures & fittings –Computers & office equipment –Mobile equipment Buildings –What are you responsible for?

Public Liability –Usually £5,000,000 Employers Liability –Usually £10,000,000 Number of staff in post (FTE) Number of participants (FTE) Payroll costs List of activities etc Information you’ll need to provide Check with insurer if both of these elements are needed

How many participants? Insurers amy ask for the number of active participants? –But what is “active?” A more accurate measure is the number of hours worked per year. Full-time hours/week x weeks/year –Eg 37 x 48 = 1776 FTE = no. of hours worked/1776

Next Send schedule to several insurers/brokers –Treat it as a tender –Don’t let them lead you! OR Consider/compare a package