Rotary District 5040 Insurance 2023-24
as of July 1, 2023
For club and District leaders, here are critical risk management tips and a checklist to reduce risks in operations throughout the year. If something bad happens these tips will also help in some cases ensure that the insurance will pay out -- if you can prove you took recommended steps, claims go so much smoother.
Cyber Theft has skyrocketed in the last two years. Even a Rotary Club was hit recently.  The most common current type of theft is by the “cyber bandit”, who intercepts an invoice your club was expecting, perhaps from a vendor for a fundraiser, say for $10,000.  The cyber bandit in this case will simply change the invoice to have their bank information inserted for payment. If the club pays the corrupted invoice it loses $10,000 and will still have to pay the vendor.            
RECOMMENDATION:  Treasurers contact all providers of invoices by phone -- through a known number, not the number on an invoice -- to confirm the e- transfer account information.
Club members may rest assured that insurance covers its normal activities, Those involved in higher risk activities such as fundraisers, however, should consult this tool about the need for separate, additional insurance policies. A club's insurance coverage of normal, ongoing activities, at a fee of under $25 per member, will not include events involving hundreds even thousands of people, such as multi-day festivals, air shows and other community events because smaller clubs, which tend not to hold these larger events, would have to share in covering that much greater risk. So clubs holding larger events, at higher risk, require own separate insurance policies for those events.
A quick checklist when planning any event.
The insurance company has asked that members organizing events use this cash handling checklist to reduce their risk of lost or stolen funds.
If you have any questions, please email Rotary District 5040 Administrator, Nancy Eidsvik (or phone 604 219 9877), who will direct you to the appropriate insurance representative.
Insurance coverage for Rotary District 5040 and its clubs is provided through the following broker. Please do not contact the broker unless our District Administrator cannot assist you.
Wilson M Beck Insurance Services
3-550 Lorne Street
Kamloops, BC, V2C 1W3