How Much GL for a National Greek Society?

[iiinycboi]

How much GL would you offer a national greek society? over 30 chapters statewide, over 200 members in each state totaling 6000 people. Not including the "new initiatives"

I came across an opportunity to do a review but they have 1MM/2MM GL.

In my opinion thats too little for the exposure? This is a college greek society that does drinking, pledging, parties, big national events etc...

 

[Guest]

You might need to find out where the home office is located, statewise,
That master policy might need to be written in that state? IDK

They are certainly underinsured.

 

[lifesettlementadvisor]

Doesn't each individual chapter have their own coverage as well as the national office?

 

[iiinycboi]

i think they do but i've only looked at the master policy and they said this is the only insurance in effect.

even if theres 20 active college student members in each state that would still make it 600 kids.

the master policy is written in NY.

 

[Guest]

It may be that they purchase insurance to satisfy insurance requirements in a lease as opposed to purchasing insurance to protect their exposure to loss. A good indication is whether or not this policy was endorsed to provide a per location aggregate, exclusion endorsement(s) and/or additional insured endorsement(s). Also, some schools will offer liability insurance to fraternities and sororities through their insurance program. If so, the local chapter may be accustomed to purchasing insurance, on a as needed basis, when required by the school to conduct their acitivity(s) on campus.

It is risky for the national office to purchase excess liability unless the national office provides the underlying liability insurance for each chapter. A possibility exists that at the time of a liability incident the local chapter failed to obtain insurance, their policy excludes coverage or their liablity limit is less than required underlying liability limit.