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Classic And Collector Car Clubs Insurance Policy Information

Classic And Collector Car Clubs Insurance

Classic And Collector Car Clubs Insurance. Classic and collector cars have a big following, to celebrate the love of these vehicles, you may decide to launch your own club. A classic and collector car club is a great way to get likeminded people who share a common interest together to celebrate their love for, well, classic and collector vehicles.

Car clubs are groups of individuals who own, restore, or have a passion for a particular type of automobile, motorcycle, or other motorized vehicle. Clubs may be dedicated to a particular make, model, year, or era in which the vehicles were manufactured.

Club members meet on a regular basis to discuss the vehicles and share information regarding restoration. Most clubs hold car shows or car cruises, either as the sponsor or as a group attending events organized by others.

Cruises are conducted by members gathering at a specific location, then driving together on a road trip. Events may be held on a local, regional or national basis and may include swap meets.

Activities are funded by membership dues, public admission charges to shows, and vendor fees if the club sponsors events. Some sponsored events are carried out in conjunction with a local charity.

Despite your love for cars and your passion for sharing that love with other enthusiasts, as the organizer and operator of a classic and collector car club, it's important to realize that it isn't all fun and games. There are a lot of things that could potentially go wrong, and if they do, you are liable for paying the related expenses.

How can you protect yourself from the possible excessive fees that could be associated with anything that may go wrong? By investing in the right type of classic and collector car clubs insurance coverage.

Classic and collector car clubs insurance protects your club and its members from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.

Below are some answers to commonly asked car clubs insurance questions:

What Is Classic And Collector Car Clubs Insurance?

Classic and Collector Car Clubs business insurance is a type of insurance coverage designed specifically for car clubs that focus on vintage and collectible vehicles.

This insurance provides protection for the club's assets, such as its vehicles and property, as well as liability coverage for accidents or injuries that occur during club events or activities. It may also cover damage to members' vehicles while they are participating in club events or being stored on club property.

This insurance is designed to meet the unique needs of classic and collector car clubs and provide peace of mind for club owners and members.

How Much Does Classic And Collector Car Clubs Insurance Cost?

The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for car clubs ranges from $37 to $49 per month based on location, number of members, claims history and more.

Why Do Classic And Collector Car Clubs Need Insurance?

Collectors Car

There are several risk that could be associated with a classic and collector car club. A member of your club could claim that you were responsible for damaging their vehicle. Someone could unknowingly enter the location of your club and vandalize vehicles. Someone would suffer an injury while they're attending a meeting.

Those are just a few examples of the things that could go wrong, and as the operator of the club, you are liable for all of them; in other words, you will be responsible for paying the expenses that are associated with any issues that may arise.

With the right type of classic and collector car clubs insurance coverage in place, instead of paying those unexpected expenses yourself, your insurer would cover them for you. Insurance could help to save you from serious financial losses and possible legal issues, too.

What Type Of Insurance Do Classic And Collector Car Clubs Need?

As with any other type of organization or club, the specific type of coverage you'll need depends on the specific details of your classic and collector car club; where it's located, the size of the event, the number of people who are involved, whether or not you pay a staff to assist with operating the club, etc.

Because the coverage options do depend on so many factors, speaking with an experienced insurance agent is highly recommended, as an agent will be able to help you determine exactly what types of classic and collector car clubs insurance coverage you need.

Below are just a few of the different types of insurance coverage that you might need to carry to protect yourself, your members, and your classic and collector car club.

  • General Liability: This coverage protects you and anyone acting on behalf of your club against third-party property damage and personal injury claims. For example, if someone were to claim that you intentionally damaged their vehicle and filed a lawsuit against you, this coverage would help to pay for your legal defense fees, as well as any damages that a court may find you liable for.
  • Commercial Property: If you operate your club out of a specific building or in a particular parking lot, you'll also need to carry commercial property insurance. In the event that your property were to be damaged in a fire, a storm, or an act of vandalism or theft, this type of insurance would help to cover the related repairs.
  • Workers Compensation: Do you employ a staff to assist you with managing your classic and collector car club? If so, you are considered an employer and you'll need to carry a workers' comp policy, too. In the event that one of the members of your staff were to suffer a work-related illness or injury, you would be legally responsible for covering the cost of their medical care and compensating them for lost wages if they are unable to work as a result of their injury or illness. Workers' compensation would help you cover those expenses.

These are a few examples of the type of classic and collector car clubs insurance you'll need to have for your car club.

Car Clubs' Risks & Exposures

Classic Car

Premises liability exposure will vary based on the club's activities. While the club is unlikely to own or rent building space for its ongoing operations, sponsoring events or organizing road cruises on the premises of others can result in injury to club members or the general public.

A list of all public and private events sponsored over the past three to five years should be reviewed along with the events the club may sponsor in the near future. Contracts must be carefully reviewed to determine the liability the club must assume to conduct a show or cruise on the premises of others.

Directors and officers' exposure is moderate due to the sponsorship of public events. Policies and procedures should be published and consistently followed, especially as they relate to membership, membership revocation, the election of officers and removal of officers.

Liquor liability exposure arises when liquor is sold as a part of the club's regular operations. Court interpretations have been inconsistent on the application of the liquor exclusion to clubs. Any group that regularly sells liquor as a part of their normal activities should consider purchasing this coverage to avoid costly litigation following a loss.

Workers compensation exposure is nonexistent because clubs generally have no employees.

Property exposure is very minimal as most clubs own no property. They generally meet at members' homes or locations owned by others. If the club owns property, exposures will depend on the type of property and where it is kept.

Crime exposure comes from employee/volunteer dishonesty and theft of money and securities. As most car clubs have no employees, coverage for volunteers must be included. Clubs are unlikely to perform background checks on members handling money.

Precautions against theft include having more than one person attending the cash drawer at all times and a separation of duties between persons handling money and reconciling bank statements.

Money should be regularly collected and moved away from the collection area, preferably to a safe. Regular deposits must be made to prevent a large buildup of cash.

Inland marine exposure includes accounts receivable from dues and fundraising events and valuable papers and records for members', sponsors', and vendors' information.

While most computer work is handled by members who use their own computers to communicate with members and other car aficionados via websites and email, the club should purchase coverage if it owns a computer.

If the club-owned computer moves between members, there should be a documented lending schedule or system. The club may own mobile equipment for use in parades or special events.

Commercial auto exposure is generally limited to hired and non-owned for members running errands on behalf of the club. All members of the club should be required to have adequate limits of insurance before being allowed to participate in a cruise.

What Does Classic And Collector Car Clubs Insurance Cover & Pay For?

Classic And Collector Car Clubs Insurance Claim Form

Classic and collector car clubs can be sued for a variety of reasons, just like any other organization. Some common reasons include:

Accidents or injuries during club events: Car clubs often host events such as car shows, rallies, and cruises where accidents or injuries might occur. If someone is injured during an event, the club could be held liable.
Insurance solution: General Liability Insurance helps protect the club by covering legal fees, medical expenses, and any awarded damages if the club is found to be at fault in such incidents.

Damage to vehicles during club events: Classic and collector cars are often valuable, and damage to these vehicles during club events could result in lawsuits against the club.
Insurance solution: Property Insurance or Inland Marine Insurance can cover the damages to club members' vehicles during events, protecting the club from potential lawsuits.

Breach of contract: Clubs may enter into contracts with vendors, venues, or other service providers for their events. If a club fails to meet the terms of the contract, they may be sued for breach of contract.
Insurance solution: Professional Liability Insurance (Errors & Omissions) helps cover legal fees and any awarded damages resulting from claims of professional negligence, including breach of contract.

Employment practices disputes: If a car club has employees or volunteers, they may face lawsuits related to employment practices, such as discrimination, harassment, or wrongful termination.
Insurance solution: Employment Practices Liability Insurance (EPLI) provides coverage for legal fees and any awarded damages in cases related to employment practices disputes.

Mismanagement of club funds: If a club's board members or officers are accused of mismanaging funds, they could be held personally liable for their actions.
Insurance solution: Directors and Officers (D&O) Insurance protects club officers and board members from personal liability in cases of alleged mismanagement of club funds, covering legal fees and any awarded damages.

Cyber liability: If a club stores sensitive information, such as member contact details and payment information, they could be at risk of a data breach, which may lead to lawsuits.
Insurance solution: Cyber Liability Insurance helps cover the costs associated with data breaches, including legal fees, notification expenses, and any awarded damages.

By having the appropriate insurance policies in place, classic and collector car clubs can protect themselves from potential lawsuits and the financial strain that comes with them. Each policy can be tailored to meet the specific needs of the club, ensuring comprehensive coverage.

Commercial Insurance And Business Industry Classification

Description for 8699: Membership Organizations, Not Elsewhere Classified

Division I: Services | Major Group 86: Membership Organizations | Industry Group 869: Membership Organizations, Not Elsewhere Classified

8699 Membership Organizations, Not Elsewhere Classified:

  • Art councils
  • Athletic associations-regulatory only
  • Automobile owners'associations and clubs
  • Farm bureaus
  • Farm granges
  • Historical clubs, other than professional
  • Humane societies, animal
  • Poetry associations
  • Reading rooms, religious materials

Classic And Collector Car Clubs Insurance - The Bottom Line

For more information or to find out if there is a comprehensive classic and collector car clubs insurance policy that would combine all of the coverages you need, speak with a reputable and experienced insurance broker.

Additional Resources For Non-Profit Insurance

Find useful articles on business insurance for non-profit 501(c)(3) organizations, charities and associations.

Non-Profit Insurance

The non-profit industry is an essential sector of society that plays a crucial role in addressing social issues, providing vital services, and promoting community development. Non-profits rely on donations, grants, and volunteer work to fund their operations, and any financial loss or liability can significantly impact their ability to serve their mission.

Insurance can protect non-profits from unexpected financial losses, accidents, and legal liabilities that can arise from their operations. For example, a non-profit organization may need insurance to cover damages to their property, injuries to volunteers or employees, or legal costs associated with lawsuits.

Non-profits also face unique risks such as loss of donations, damage to reputation, and loss of funding. Business insurance can help mitigate these risks by providing coverage for financial losses, reputational damage, and other non-tangible losses.

In addition, non-profits often work with vulnerable populations, such as children, the elderly, or individuals with disabilities. Insurance can protect non-profits from liabilities arising from the care and services they provide to these populations.

Overall, commercial insurance is an essential component of risk management for non-profit organizations. It helps protect the organization's financial stability, reputation, and ability to fulfill its mission and serve its community.

Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Computers, Valuable Papers and Records, General Liability, Directors and Officers Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.

Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Fine Arts, Musical Instruments, Commercial Articles Floater, Computers, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.

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