INSURANCE FOR MAKERSPACE ORGANIZATIONS, TINKERING LABS & OTHERS
SPECIALTY ACCIDENT & LIABILITY INSURANCE COVERAGE
In the past, insurance coverage for makerspaces and similar organizations was either too costly, too limited or not available at all. These organizations were either forced to pay extremely high insurance premiums, or to operate without the proper insurance protection, therefore running the risk of personal exposure to lawsuits or a participant's injury claim.
However, this specialty insurance program has recently been developed to cover the inherent risks involved for the organization, directors and participants of today’s makerspace sites. Accident and liability insurance coverage is offered as a standard product with optional coverage also available such as equipment, hired and non-owned automobile, and additional higher liability insurance limits.
THE ACCIDENT COVERAGE
(Pays the medical bills of an injured student or staff member)
MEDICAL EXPENSE BENEFIT
If the Covered Person incurs eligible expenses as the direct result of a covered injury and independent of all other causes, the Company will pay the charges incurred for such expense within 365 days, beginning on the date of the accident. Payment will be made for eligible expenses in excess of the applicable $100 Deductible Amount, not to exceed the Maximum Medical Benefit.
The first such expense must be incurred within 90 days after the date of the accident.
"Eligible expense" means charges for the following necessary treatment and service, not to exceed the usual and customary charges in the area where provided.
- Medical and surgical care by a physician
- Radiology (X-rays)
- Prescription drugs and medicines
- Dental treatment of sound natural teeth
- Hospital care and service in semiprivate accommodations, or as an outpatient
- Ambulance service from the scene of the accident to the nearest hospital
- Orthopedic appliances necessary to promote healing
Excess coverage: This plan does not cover treatment or service for which benefits are payable or service is available under any other insurance or medical service plan available to the Covered Person.
ACCIDENTAL DEATH AND DISMEMBERMENT BENEFIT
Benefit amount is $2,500. If a covered injury results in any of the losses specified below within 365 days after the date of the accident, the Company will pay the applicable amount:
- Full Principal Sum for loss of life
- Full Principal Sum for double dismemberment
- Full Principal Sum for loss of sight of both eyes
- 50% of the Principal Sum for loss of one hand, one foot, or sight of one eye
- 25% of the Principal Sum for loss of index finger and thumb of same hand
"Member" means hand, foot, or eye. Loss of hand or foot means complete severance above the wrist or ankle joint. Loss of eye means the total, permanent loss of sight.
We will not pay more than the Principal Sum for this Benefit for all losses due to the same accident.
THE LIABILITY COVERAGE
(Protects you in the event of a lawsuit or property damage)
WHO IS COVERED
This $1,000,000 occurrence form general liability program provides protection for your organization, directors, instructors, and employees against claims of bodily injury liability, property damage liability, personal and advertising injury liability, and the litigation costs to defend against such claims. There is no deductible amount for this coverage. Coverage is offered through the Sports and Recreation Providers Purchasing Group, pursuant to the Federal Risk Retention Act of 1986.
COVERAGE INCLUDES SUITS ARISING OUT OF:
- Injury or death of participants
- Injury or death of spectators
- Injury or death of volunteers
- Property damage liability
- Host liquor liability (nonprofit)
- General negligence claims
- All activities necessary or incidental to conduct of activities
- Cost of investigation and defense of claims, even if groundless
- Ownership, use, or maintenance of gyms, fields, or practice areas
Additional Insured parties may be added at no charge.
Fully Earned Minimum premium is $1,200.00 for annual policies. The minimum premium does not include the optional coverages (see below).
* Higher premiums (15% - 25%) apply for Organizations located in the following states: CT, FL, MS, NV, NY, RI, SC. Please note that a $15.00 Administrative Fee will be added to all orders.
THE OPTIONAL COVERAGES
HIRED AND NON-OWNED AUTOMOBILE LIABILITY COVERAGE
This liability coverage provides protection for rented, borrowed and other non-owned vehicles driven on Organization business.
EXCESS LIABILITY COVERAGE
This coverage provides additional liability limits increasing the liability coverage per each occurrence.
This option increases the aggregate limit of liability insurance from $2,000,000 to larger amounts.
SEXUAL ABUSE AND MOLESTATION
Liability coverage is provided for claims arising out of alleged sexual abuse and/or molestation.
$5,000 MEDICAL EXPENSE BENEFIT
This coverage will reimburse an injured spectator or guest for medical and/or funeral expenses incurred as a result of bodily injury or death, regardless of whether you are liable or not.
The General Liability and Accident coverage are provided by U.S. Fire Insurance Company, "A" (Excellent) rated by A.M. Best Company.