FOR THEM PROFESSIONAL WE LOOK OUT LIABILITY For individual dive - - PowerPoint PPT Presentation

PROFESSIONAL LIABILITY For individual dive pros GROUP PROFESSIONAL LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses

FOR THEM

2020/2021 Liability Insurance Programs For Dive Professionals & Businesses

FOR YOU

YOU LOOK OUT WE LOOK OUT

Professional Liability Group Professional Liability General Liability

PROFESSIONAL LIABILITY For individual dive pros GROUP PROFESSIONAL LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses

Liability Insurance Livestream Agenda

• Liability Insurance Programs Overview
• Program for Current Insureds
• Programs for New Insureds
• Question and Answer Session

PROFESSIONAL LIABILITY For individual dive pros GROUP PROFESSIONAL LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses

What is a Risk Retention Group (RRG)?

An RRG is a state-chartered insurance company that insures commercial businesses and individuals against liability risks. All RRGs are subject to strict financial controls by state insurance regulators.

Why form an RRG?

RRGs provide autonomy, flexibility and long-term rate stability without the cost structure associated with large insurance companies. For us, an RRG ensures that professionals and businesses have access to a stable source of liability coverage.

DAN Risk Retention Group (DAN RRG):

Is wholly owned by DAN and its policyholders and backed by reinsurance from Lloyd’s

• f London. Programs offered include:
• Professional Liability Insurance
• Group Professional Liability Insurance
• General Liability Insurance

PROFESSIONAL LIABILITY For individual dive pros GROUP PROFESSIONAL LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses

DAN dive accident insurance protects against treatment costs and

• ther expenses resulting from a diving

injury.

• Hyperbaric chamber costs
• Physician and hospital fees
• Ambulance charges

Professional, group professional and general liability insurance protects you when a student or customer suffers a covered loss and files a claim against you or your business.

• Legal costs associated with injuries

and/or fatalities

It is important that you carry both dive accident and liability insurance, as each provides different protections, and they are not interchangeable. In

• ther words, the features and coverage benefits do not overlap.

What's the Difference Between Dive Accident & Liability Insurance?

PROFESSIONAL LIABILITY For individual dive pros GROUP PROFESSIONAL LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses

Individual & Group Professional Liability Insurance

• Worldwide Coverage
• Bodily Injury and Property Damage
• Refusal to Train
• Additional Insureds
• Term: Annual
• Policy Limits: $1 Million per Event / $2 Million Aggregate
• Deductible: $0
• Policy Type: “Claims Made”

Endorsement Options

• Technical
• Equipment Liability (IPL only)
• Rebreathers
• Excess Liability $2M / $4M

PROFESSIONAL LIABILITY For individual dive pros GROUP PROFESSIONAL LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses

General Liability Insurance

• Term: Annual
• Policy Limits: $1 Million per Event / $2 Million Aggregate
• Policy Type: Occurrence Based
• Deductible: None

Endorsement Options

• Lakes and Quarries
• Tour and Travel Agent Liability
• Employee Benefits Liability
• Additional Locations
• Terrorism

PROFESSIONAL LIABILITY For individual dive pros GROUP PROFESSIONAL LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses

Current Insureds

PROFESSIONAL LIABILITY

• Your coverage term will be extended by 90 days
• No additional cost to you
• No action required on your part – DAN will notify your training agency
• At 90 days, payment in full is required to renew the policy and maintain continuous coverage

GROUP PROFESSIONAL & GENERAL LIABILITY

• Your coverage term will be extended by 90 days
• No additional cost to you
• At 90 days, your renewal payment can be made in full or

financed to maintain continuous coverage

EXAMPLE If your liability insurance policy is

• riginally due to expire on 8/28/2020,

it will be extended until 11/26/2020.

If you had an ACTIVE liability insurance policy with DAN RRG as of May 1, 2020:

Subject to the terms, conditions, and limitations of DAN Risk Retention Group Policy PL-107 (May 1, 2020) and GL-106 (June 15, 2019). Coverage may vary and may not be available in all states, countries, or territories. Financing subject to loan approval.

PROFESSIONAL LIABILITY For individual dive pros GROUP PROFESSIONAL LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses

New Insureds

PROFESSIONAL LIABILITY

• SPLIT PAYMENT OFFER: Pay 25% of the premium at the time of purchase with your balance

due within 90 days of the effective date of your policy

• Program is valid May 1 – July 31, 2020
• Financing is not available
• Complimentary DAN Membership provided ($35 annual cost subsidized by DAN).
• This includes emergency medical transportation, repatriation, and other valuable travel

assistance services for you when you travel at least 50 miles from home and suffer a medical emergency.

GROUP PROFESSIONAL & GENERAL LIABILITY

• SPECIAL OFFER:
• Pay 25% down
• Your balance can be financed in 9 monthly installments

If you DO NOT hold a liability insurance policy with DAN RRG:

Subject to the terms, conditions, and limitations of DAN Risk Retention Group Policy PL-107 (May 1, 2020) and GL-106 (June 15, 2019). Coverage may vary and may not be available in all states, countries, or territories. Financing subject to loan approval.

PROFESSIONAL LIABILITY For individual dive pros GROUP PROFESSIONAL LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses

Maintaining Continuous Coverage is IMPORTANT

Letting your policy lapse could put you at risk!

• You MUST demonstrate continuous coverage to be

protected against claims for prior acts

• ANY lapse in coverage can disqualify the policyholder

from receiving benefits

PROFESSIONAL LIABILITY For individual dive pros GROUP PROFESSIONAL LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses

Does the 90-day policy term extension affect my coverage in any way?

No, your existing coverage and endorsement(s) remain the same.

What documentation will I receive to show that the term of my policy has been extended?

DAN RRG will provide current Insureds with a policy endorsement to confirm the policy term extension.

Since the term of my policy was extended, what will be the renewal date of my policy next year?

Going forward, the renewal date of your liability insurance policy will be the new later date determined by your 90-day policy term extension. For example, if your

• riginal policy renewal date is June 30, and the 90-day policy term extension is

added, your renewal date this year and in all subsequent years will be September 28.

FAQs | Current Insureds

PROFESSIONAL LIABILITY For individual dive pros GROUP PROFESSIONAL LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses

I just renewed my policy before you announced the 90-day policy term

• extension. Am I eligible to receive the extended policy term?
• Yes. Current Insureds with coverage that expired before May 1, 2020 are eligible to

receive the 90-day policy term extension; the extension would apply at the end of the 2020/2021 policy.

My policy effective date is after May 1, 2020, but I renewed my policy early. Can I cancel the renewal and have my premium refunded?

No, the renewal cannot be cancelled and refunded. However, the expiration date for the policy will be extended by 90 days at the end of the policy so you still receive the same benefit. For example, if you renewed your Liability policy in April but the effective date of your renewal policy is May 15, 2020, the term of your coverage would be extended until August 13, 2021.

FAQs | Current Insureds (cont)

PROFESSIONAL LIABILITY For individual dive pros GROUP PROFESSIONAL LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses

If I choose the split payment option, will I lose coverage if I am unable to pay the full premium cost within the required 90 days? Yes, the policy will be cancelled if DAN RRG does not receive full payment by credit card by the extended premium due date. Checks will not be accepted, and prorated refunds will not be issued. This program is not financing; it is an accommodation in how the payment is made. Am I eligible to receive DAN member pricing on liability insurance if I am not a DAN member? DAN will provide a complimentary membership ($35) to new insureds who have not yet joined DAN. This will allow those customers to enjoy preferred pricing. New insureds who want a family membership would pay only $20; the balance would be paid by DAN RRG. Is there a payment grace period if the full premium cost is not paid in 90 days?

• No. Payment must be received by DAN RRG on or before the date your second

payment is due.

FAQs | New Insureds

PROFESSIONAL LIABILITY For individual dive pros GROUP PROFESSIONAL LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses

Is financing available for new general liability and group professional liability insurance customers? DAN RRG offers financing on general and group professional liability insurance policies for new and renewing customers through FIRST Insurance Funding, the largest premium finance company in North America. Financing terms and conditions are set by FIRST Insurance Funding. Can I finance a DAN RRG general or group professional liability insurance policy through a third-party company?

• No. New customers are required to utilize the financing options that DAN RRG has

established to support the program. Other outside financing is not permissible. Can I add endorsements, teaching staff or additional insureds after I purchase my policy?

• Yes. Changes can be made at any time. You can add or purchase endorsements

and riders, add or remove staff, and add or remove additional named insureds.

FAQs | New Insureds (cont)

PROFESSIONAL LIABILITY For individual dive pros GROUP PROFESSIONAL LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses

Liability Insurance Resources

For assistance with a new or existing policy, contact us at email LiabilityInsurance@dan.org claims LiabilityClaims@dan.org Phone +1 (919) 684-2948, Option 6 Fax +1 (919) 490-2935

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