Club insurance

B

Barometer Soup

New Member
We are organizing a fleet in Utah. We got permission from the State yesterday to proceed, however we are facing some difficulty acquiring the necessary insurance policy. We are preparing to file our 501-C3(non-profit) but it appears that may take a while to get. I can have our articles of incorporation filed in 24 hours.

What insurance is out there? I've checked with U.S. sailing and their ins. co. requires a 501-C3.

Any help is appreciated

John
 
You may want to consider a "not for profit" status rather than "non profit". I think its easier to qualify for and allows you to put excess funds into reserve accounts for future use as opposed to showing a profit. Many clubs use this format but you should talk to your accountant about it.

In addition to US Sailing, you can also look at ACE which provides insurance to many yacht clubs and has been around a lot longer than US Sailing's program. http://www.acemarineinsurance.com/AceinaRoot/ACEMarine/
 
Thanks for the help! We are studying the difference between a501c3 and a 501c7. I finally found insurance. Looks like were on our way! We are still working on our bylaws. If anyone could PM me with a copy of your clubs bylaws to model after I'd appreciate it. The bylaws I have are for a PERF fleet and I have to change everything.

Thanks,

John
Park City Laser
 
Well….I think if you wait for some more time… you can get a lot better suggestions that this…I am out of any ideas for this!!!!
 
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