Insurance

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Costs

$1200/year, via Blake HalvestonMcGriff, Seibel & Williams. Signed contract in top drawer of office filing cabinet, Operations.

When renewal due

July

What is covered

Currently, liability
Need to add replacement of key operational equipment and tools once inventory complete

What we provide to the insurance broker

We have liability insurance. We have not yet provided a complete document set as we're still developing the docs.

A full business plan with projected expenses and income for an entire year (revised plan - 2015 - 2017).
A full list of staff (real or projected), their salaries (zip!), and a rough division of how much time they spend doing what kinds of tasks. (see Board CVs)
An expected number of members and students that will make use of the space in the coming year. (see business plan)
A copy of the membership agreement you have all members and students sign before using your space. (nooooooo - may need to provide in 2016)
A full inventory of machine tools, their dollar value, their age, their model numbers, their serial numbers, and their operators’ manuals. (we are pulling one together Nov - Dec 2015)
A full set of training and testing syllabi used to train incoming members on said tools. -- Russell - doesn't exist yet.
Exact details on any alarm or door access system you use, how it’s triggered, and how said alarms connect or are monitored by the outside world. - Need to provide for 2016
A full architectural plan showing all improvements planned for the next year. - No improvements planned for this next year. - Need to provide changes with 2016 application
Any and all plans for storage of hazardous materials, chemicals, and the like. - Russell - see SDS page
A full safety plan, including evacuation routes, actions to take in various emergencies, incident report processes, and so on. - Russell - in development
The age, construction, and general character of your building

Still need to provide

The availability and coverage of security cameras, and policies regarding how long you save the data from them. - Mykel & Rick Curl.
A dollar value for all improvements you have made or are planning on making to the building (electrical, mechanical, ventilation, etc.).

July 1, 2014. - Supplemental information sent to Matt Miller (insurance inspector)

  • Last date of roof repairs/replacement - Landlord's estimate 2005/2006
  • Age of wiring & plumbing (Andrew? Landlord?) - dates back to last work on clinic (at the latest) seventies?
  • Dates of last addition to space electrical system & wiring, dates of last modification to plumbing. Many plumbing drains switched to PVC - seventies? eighties?

This was the initial inspection of the space we rent. We subsequently added emergency exit signage and new fire extinguishers to comply with the City of Birmingham Fire Code.

We still need to install smoke detectors and alarms for user safety.

Notes for insurance

Article in Makezine focusing on Insurance for Makerspaces recommends having:
General Liability & Property, also known as a businessowners policy
$1,000,000 per occurence, $2,000,000 in aggregate damages
Umbrella Policy. A common limit is $3 million per occurrence, $3 million in aggregate (to cover both a per-occurrence and aggregate overage situation).
15-25% of the price of general liability & property insurance.
Include the landlord as additional insured.
Worker's compensation and disability insurance - not needed as we have no employees.
Runs from 0.61% of total yearly salary for clerical to 3.17% of total yearly salary for trade and vocational instruction.
Directors and Officers Liability: .2-.5% of your gross income over the course of a year.
Business Income Liability - a small percentage of your annual income, but keeps you operational.
Decision made that we do not need this for now. (lower priority)
June 29, 2016 - Broker recommends that we report all incidents/injuries that may become claimable at a later date. So, slips, falls, injuries while working on equipment.