Changes

Insurers have found that how late people are drinking correlates strongly to the chance that someone will have an accident (drive home drunk, walk out into traffic while drunk, etc.) resulting in a claim. They set their rates accordingly.

Insurers have found that how late people are drinking correlates strongly to the chance that someone will have an accident (drive home drunk, walk out into traffic while drunk, etc.) resulting in a claim. They set their rates accordingly.

The Board discovered that a prior Board purchased alcohol liability coverage with an application that stated we stop serving at 2 AM. That clearly wasn't true, and if an accident involving alcohol consumption after 2 AM occurred, our policy could have been cancelled because of this. So we needed to take immediate action so that the space's policy now matches what was on that original application.

The Board discovered that a prior Board purchased alcohol liability coverage with an application that stated we don't have drinking after 2 AM. That clearly wasn't true, and if an accident involving alcohol consumption after 2 AM occurred, our policy could have been cancelled because of this, leaving us on the hook to defend against any claims. So we needed to take immediate action so that the space's policy now matches what was on that original application.

At the same time, we inquired about changing the application to a later time or 24 hour. Our current insurer would extend to 5 AM for an extra $5000 per year in premiums. In this case, we would still need a policy ending drinking at 5 AM. Or we could go with a different insurer who will write 24 hour coverage, but the minimum premium they charge is $10,000 per year so we did not request a quote. --[[User:Rdpierce|Rdpierce]] ([[User talk:Rdpierce|talk]]) 10:32, 27 April 2015 (CDT)

At the same time, we inquired about changing the application to a later time or 24 hour. Our current insurer would extend to 5 AM for an extra $5000 per year in premiums. In this case, we would still need a policy ending drinking at 5 AM. Or we could go with a different insurer who will write 24 hour coverage, but the minimum premium they charge is $10,000 per year so we did not request a quote. --[[User:Rdpierce|Rdpierce]] ([[User talk:Rdpierce|talk]]) 10:32, 27 April 2015 (CDT)