Insurance

U3As are covered by the Victorian Managed Insurance Agency (VMIA) under the Community Service Organisations Insurance Program.  Members of U3A Network Victoria are covered under the scheme because U3A Network Victoria has a service agreement with the State Government.  Policies are issued annually in June to each incorporated U3A directly by VMIA.

The following elements are covered by this insurance:

  1. Public Liability – Indemnifies the U3A against claims made for negligence by the U3A and its directors or management team or its officers (such as tutors, activity leaders).
  2. Professional Indemnity – Indemnifies against claims of negligence, error, misstatement or omission leading to economic loss to a third party.
  3. Directors and Officers Liability – For breach of duty, breach of trust, neglect, error, and so on.  This also includes Employment Practices Violation (such as wrongful dismissal, discrimination and harassment claims).
  4. Entity Fidelity –This is up to $100k in staff or volunteer fraud cover.
  5. Volunteer Personal Accident – This provides benefits for injury incurred while performing an authorised activity. Covers: Administrators and management of the U3, the Office, catering, social committees and so on as well as Tutors and activity leaders.

Volunteer Personal Accident benefits include lump sums for catastrophic injuries, income protection (for workers who cannot work due to injuries from volunteering) and non-Medicare medical benefits (such as physio).

This policy does not cover general members of the U3A.  In the event of an accident, general members must use their own medical insurance.  If someone else (such as U3A or owner of the premises) is legally liable for the injury, public liability insurance may be activated.

As VMIA does NOT cover general U3A members, a Network working party in 2010 reviewed the cost and benefit of Network negotiating a group personal accident policy for all general members of all Member U3As.  This working party recommended against Network negotiating such coverage.  It suggested that U3As which want such cover could purchase a policy with an insurer at about the same cost as Network could achieve.