YOU LOOK OUT FOR THEM PROFESSIONAL WE LOOK OUT LIABILITY For individual dive pros FOR YOU GROUP PROFESSIONAL LIABILITY For all dive pros on staff 2020/2021 Liability Insurance Programs General Professional Group Professional Liability Liability Liability GENERAL For Dive Professionals & Businesses LIABILITY For dive centers & businesses
Liability Insurance Livestream Agenda • Liability Insurance Programs Overview • Program for Current Insureds • Programs for New Insureds PROFESSIONAL LIABILITY • Question and Answer Session 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. PROFESSIONAL LIABILITY For individual dive pros DAN Risk Retention Group (DAN RRG): Is wholly owned by DAN and its policyholders and backed by reinsurance from Lloyd’s GROUP PROFESSIONAL of London. Programs offered include: LIABILITY For all dive pros on staff • Professional Liability Insurance • Group Professional Liability Insurance • GENERAL General Liability Insurance LIABILITY For dive centers & businesses
What's the Difference Between Dive Accident & Liability Insurance? It is important that you carry both dive accident and liability insurance, as each provides different protections, and they are not interchangeable. In other words, the features and coverage benefits do not overlap. DAN dive accident insurance Professional, group professional and general liability insurance protects protects against treatment costs and other expenses resulting from a diving you when a student or customer injury. suffers a covered loss and files a claim PROFESSIONAL LIABILITY against you or your business. • Hyperbaric chamber costs For individual dive pros • Legal costs associated with injuries • Physician and hospital fees and/or fatalities • GROUP PROFESSIONAL Ambulance charges LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses
Individual & Group Professional Liability Insurance • Worldwide Coverage o Bodily Injury and Property Damage o Refusal to Train o Additional Insureds • Term: Annual • Policy Limits: $1 Million per Event / $2 Million Aggregate • Deductible: $0 • Policy Type: “Claims Made” PROFESSIONAL LIABILITY For individual dive pros Endorsement Options • Technical • Equipment Liability (IPL only) GROUP PROFESSIONAL LIABILITY • Rebreathers For all dive pros on staff • Excess Liability $2M / $4M 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 • PROFESSIONAL Employee Benefits Liability LIABILITY For individual dive pros • Additional Locations • Terrorism GROUP PROFESSIONAL LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses
Current Insureds If you had an ACTIVE liability insurance policy with DAN RRG as of May 1, 2020: 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 PROFESSIONAL LIABILITY • Your coverage term will be extended by 90 days For individual dive pros • No additional cost to you EXAMPLE • GROUP PROFESSIONAL At 90 days, your renewal payment can be made in full or LIABILITY If your liability insurance policy is financed to maintain continuous coverage For all dive pros on staff originally due to expire on 8/28/2020, it will be extended until 11/26/2020. GENERAL LIABILITY For dive centers & businesses 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.
New Insureds If you DO NOT hold a liability insurance policy with DAN RRG: 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). o 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 PROFESSIONAL medical emergency. LIABILITY For individual dive pros GROUP PROFESSIONAL & GENERAL LIABILITY GROUP PROFESSIONAL • LIABILITY SPECIAL OFFER: For all dive pros on staff o Pay 25% down o Your balance can be financed in 9 monthly installments GENERAL LIABILITY For dive centers & businesses 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.
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 PROFESSIONAL LIABILITY • ANY lapse in coverage can disqualify the policyholder For individual dive pros from receiving benefits GROUP PROFESSIONAL LIABILITY For all dive pros on staff GENERAL LIABILITY For dive centers & businesses
FAQs | Current Insureds 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. PROFESSIONAL Since the term of my policy was extended, what will be the renewal date of my LIABILITY For individual dive pros policy next year? Going forward, the renewal date of your liability insurance policy will be the new GROUP PROFESSIONAL later date determined by your 90-day policy term extension. For example, if your LIABILITY For all dive pros on staff original 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. GENERAL LIABILITY For dive centers & businesses
FAQs | Current Insureds (cont) 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? PROFESSIONAL No, the renewal cannot be cancelled and refunded. However, the expiration date LIABILITY For individual dive pros 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 GROUP PROFESSIONAL but the effective date of your renewal policy is May 15, 2020, the term of your LIABILITY For all dive pros on staff coverage would be extended until August 13, 2021. GENERAL LIABILITY For dive centers & businesses
FAQs | New Insureds 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? PROFESSIONAL LIABILITY DAN will provide a complimentary membership ($35) to new insureds who have For individual dive pros 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 GROUP PROFESSIONAL LIABILITY would be paid by DAN RRG. For all dive pros on staff Is there a payment grace period if the full premium cost is not paid in 90 days? GENERAL LIABILITY No. Payment must be received by DAN RRG on or before the date your second For dive centers & businesses payment is due.
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