The need for insurance to cover risk associated with the activities of young, adolescent fraternity men is self-evident. When there is house corporation owned real estate and member’s personal property involved the need is increased. And finally, when there are chapter hosted social activities on chapter premises, the need is profound.
Managing the risk associated with all chapter related activities is the subject and purpose of SAE’s Minerva Shield. A properly managed chapter that uses sound judgement, recommended methods while executing social activities reduces the probability that a claim for insurance will be submitted.
Still, the insurance needs of a chapter and a house corporation must be carefully assessed.
General Liability Insurance
Important in the assessment, is the fact that SAE fraternity carries commercial general liability insurance that covers chapter members and alumni volunteers. Underwritten by James Favor Co, this insurance is described in the General Lability tab below. Generally, this liability insurance covers chapters and colonies, their undergraduate members, housing and alumni organizations, as well as directors and officers who are covered while performing the duties assigned and that the activities are not illegal or counter to fraternity law.
Usually the concern of the house corporation or entity that owns the chapter house, this insurance, with appropriate deductibles, covers direct physical loss or damage to property.
Tenants personal property in their rooms or brought into the house or property such as cars and bikes are not covered under the Property Insurance Policies. These items are usually covered by a separate rental insurance policy purchased by the tenant or their parent’s homeowners insurance.