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Insurance

What insurances do you need?

Where can i get it from?

How much will it cost?

The Arts Law Centre of NSW have prepared a detailed fact sheet on insurance here.

1. Who did you approach as your insurer – was it based on cost, and generally what are the ongoing costs of insurance?

Renew Newcastle uses CRISP, who are insurers for not-for-profit organisations.

CRISP took the time to understand what it is we do. They are a not-for-profit set up to support other not-for-profits. We have spent alot of time working with them to make sure they understood our model and what we needed the policy to do. As they are a small company (rather than a big one where we are just a policy number), we get pretty personalised service.

Not all insurers do, but CRISP allows a stamp-duty exemptions for not for profit organisations. Check with your insurer. You have to apply seperately to the Office of Revenue in your state to get an exemption from paying stamp duty, and then apply to your insurer.

Rnew Newcastle’s insurance covers business, volunteers, association liability ($5,000,000) and public liability ($20,000,000) for Renew Newcastle as an organisation, as well as PLI for each of the projects. But each new project is about $200 to insure. In 2010-11 Renew Newcastle’s total insurance was approximately $7,500  (35-28 projects insured.)

The policy is cover for Renew Newcastle. Once we get a new project we advise the insurers by email of the new project, address, details of the activity and names of key people participating in the project. The insurers confirm that the project is now covered under the Renew Newcastle policy. We pay a premium of $200 per project per annum.

The policy covers glass claims on all of the properties too – which is the one we have had to draw on the most, and gives comfort to both the property owner and the projects.

The existing policy covers damages to the properties under the PLI, which means that if we can prove that a 3rd party was responsible for damage we have coverage – which backs up our ability to “make good” at the end of the license agreement. This is coverage we need, but it makes it potentially messy if the insurer denies that someone else is to blame, or wants to blame the property owner for negligence etc. We want to keep the relationships with the property owner healthy, and for any insurance claim to be easy and “blame” free, especially to the property owner.

From time to time we may need to take out additional specific property insurance for some of the properties which are quite newly fitted out, in order to give the property owners comfort that in the case of accidental damage to a property, we would be able to make good on the property howsoever the damage was caused. This would attract an additional premium.
2. Is it easy to add new properties to the insurance policy, what is the approximate cost of this?

WE have an agreed range of project types (activities such as office usage for creative professionals, studios for visual artists, galleris and shops) and as long as the project isn’t doing something that falls outside of these activities the insurer will simply add them as “sub-tenants” to our policy. We advise by email – the name of the project, location, description of activities, key people involved and when they commence or cease in the space.

For each new project we pay additional premium of $200 each per year.

Activities which require negotiation for coverage and for which we may need to pay additional insurance include arts activities involving machinery or toxic materials and events involving the public, live performance or sale of alcohol