Insurance Committee
Charter

The Insurance Committee is a standing committee of the SLWLA Board of Directors (BOD) and advises the Board in the areas of property and liability insurance coverage, fidelity bonds, and other types of insurance as required to limit the risk exposure of the Association and it’s Members. Other tasks may include soliciting bids for insurance coverage, conducting risk management research and analysis, and recommending the best course of action to the Board.  The Community Manager is responsible for maintaining the insurance records of the Association, which may include but not be limited to: policies, invoices, written communications, reports, past meeting agendas, minutes, etc.

Current Members
Chair: John Hoffman (jhoffmann@nc.rr.com)
 
Organization Structures

Chair: Elected by the Committee and subsequently approved by the BOD. 

 

Staffing: Th Chair has complete responsibility for staffing the Committee with individuals possessing the necessary skills and expertise as detailed in the Committee Membership section.

 

Members: Normal Committee composition is 4+ individuals as determined by Chair.

 

Reporting: The Committee reports to the full Board of Directors but liaises with an assigned Director to facilitate communications, interactions, project recommendations, and required approvals.

Operational Structure

Committee Chair: The role of the Committee Chair is to oversee the effective functioning of the Committee and to demonstrating leadership and awareness in ensuring the committee's work is a representation of best practices.

 

Committee Membership: Individuals interested in serving on this committee should ideally have a background in: commercial property and liability insurance sales and/or underwriting and/or claims. It is highly desirable for the Insurance Committee to have members that are knowledgeable in commercial insurance; that the Community Manager or representative be on the Committee; and that current carrier agent(s) be invited as non-voting guests to meetings as desired.  Sitting BOD Directors are not eligible to be on Committees but may attend upon request to the Chair.

Major Committee Responsibilities 
Budgeting and Financial Planning
  • Meet as required to keep insurance coverage current, relevant, and adequate to perceived risk.
  • Periodically bid out insurance coverage to maintain lowest cost relative to quality of insurance carrier, claims service, and general customer service. 
  • Publish coordinated meeting agendas at least one week before meetings, and minutes not more than 30 days after meetings. 
  • Receive annually from the Board a current list of the major assets of the Association and their appraised or estimated values to ensure they are properly insured. 
  • After reviewing new insurance policies and renewals for accuracy, deliver same to Community Manager for safe keeping and payment per premium payment schedule. 
  • Conduct risk analysis for Association assets and operations as prudent
Meeting Frequency

Meetings are called at the discretion of the Chairperson, but not less than annually, or when directed by the Board. Duration: 60-90 minutes. Committee meetings can be open or closed depending on the topics being discussed. If they are open, SLWLA property owners may attend as observers only and may be excused if the subject matter is deemed confidential. Meetings may be attended in person or via electronic means. 

Meeting Communications Minutes of all meetings should be taken as appropriate and approved by the Committee for accuracy and the elimination of any confidential information prior to posting or distribution.
General Communications

Committee Chair must submit a monthly report to the Board for inclusion in the agenda and the final Board meeting minutes. The report should be brief (one page) and include:

  • Summary of current projects or issues including status
  • Current priorities
  • Budget concerns or issues
Budget

N/A

Goals & Objectives

The Committee will establish annual goals and objective that are specific and measurable.