About Insurance Coverage for House Corporations
There are three specific insurance coverages that house corporations need to review:
Property insurance coverage provides protection against direct physical loss or damage to property and its contents owned by the Alpha Sigma Phi House Corporation. This is not covered by the Liability Insurance Policy paid by chapters annually. House Corporations should get their own property insurance. Our liability insurance provider is Willis Insurance and they do provide property insurance at a competitive rate.
General Liability insurance coverage provides insurance protection against bodily injury, personal injury, and property damage claims brought against the insured by third parties or members of the public. The basis for such claims is an allegation of negligence against one or more of the insured, which has resulted in damages to the third party. This coverage is for general public liability and not accident insurance covering members and potential members for injuries sustained on the chapter premises and/or in chapter activities.
If a claim or lawsuit is filed against the insured, the insurance company has both the right to settle and a duty to defend the insured against the claim or suit. Alpha Sigma Phi Fraternity provides primary general liability coverage of $1,000,000.00 per occurrence and $2,000,000 in the aggregate annually. If the house corporation has assets over these limits, they are encouraged to purchase additional liability coverage on their own.
It should be noted that the Liability Insurance coverage is only valid if all Risk Management policies were followed during the incident.
DIRECTORS AND OFFICERS LIABILITY
Recognized House Corporations enjoy liability coverage for directors, officers, volunteers, employees, and for the chapter provided that those members are acting within the scope of their responsibility and following all Fraternity Risk Management policies. This insurance protects those mentioned above from claims arising out of the failure or negligence in carrying out fiduciary duties of diligence, obedience, and loyalty to the organization. Claims covered are for financial injury and not bodily injury or property damage of a third party that are insured by the General Liability Coverage.
If a claim or lawsuit is filed against the insured, the insurance company has the right to settle and provides coverage to defend the insured against the claim or suit. Alpha Sigma Phi Fraternity provides directors and officers coverage to all house corporations in the amount of $3,000,000 in the aggregate per policy year.
TO REQUEST INSURANCE COVERAGE
Email firstname.lastname@example.org for additional information about insurance. Alpha Sigma Phi's insurance coverage is brokered through:
10707 Pacific Street, Ste. 200
Omaha, NE 68114