Issue link: http://read.uberflip.com/i/1051049
are greater than any settlement or judg- ment. In some respects, the Commercial General Liability policy can be viewed as a "pre-paid legal" policy, since allegations of negligence will be investigated by the carrier, and defended, provided that the occurrence meets the definitions within the policy, and is not subject to any of the exclusions contained within the policy. The operator that leases the rink will have the obligation to 'defend, indem- nify, and hold harmless' the building owner through a contractual arrangement between the two parties. The agreement will also stipulate what other insurance obligations the lessee must assume. Re- gardless, the lessee will need to name the lessor as an Additional Insured under the policy, preferably for allegations of negli- gence resulting from the lessee's operation of the premises. In either case above, any number of other parties may need to be provided with a certificate of insurance, named as an Additional Insured, or both. Munici- palities, colleges or universities, school districts, banks, mortgage holders, spon- sors, vendors, lessors of leased equipment, etc. may all require some form of proof of insurance before they agree to enter into a business arrangement with the rink owner or operator. In light of the weather occurrences of the past year, rink owner/operators may want to take inventory of their insurance coverage with their insurance agent or broker. "Learning the hard way" is not an acceptable risk management practice. Let's take a look at some insurance products that are available in the industry that the rink owner/operator may want to consider adding to their policies: • Flood – W hether the rink is locat- ed in a certified f lood plain or not, f lood coverage should definitely be a consideration. • Wind – Wind is a covered peril under the standard property policy, unless the rink is located in a 'wind zone.' Some standard insurers are will- ing to include wind coverage as a part of their policy. • Time Element – Better known to many as Business Income and/or Extra Expense coverage, these cover- ages are a critical component to the property policy. • Building Ordinance – Munici- palities may have passed ordinances related to new construction that you or your agent may not be familiar with. For example, at the time of a loss, you may be required to rebuild your rink to standards that are now in place, but for which you are not properly insured. • Event Cancellation – For the rink that has planned for over a year to host their biggest hockey or skating event ever, the rink owner/operator should take a close look at purchas- ing coverage that will protect their investment in the unforeseen event of a cancellation, for whatever the rea- son. The price for this coverage can be surprisingly inexpensive, relative to what's at stake. This is just an overview of a handful of items to be mindful of when your next in- surance renewal approaches. The cost to your company to add these benefits will pale in comparison to a resulting loss for which no coverage is afforded. Your long term relationship with your insurance representative will be solidified when, at that untimely moment, he or she looks you in the eye and says, "don't worry, you're covered." J This story originally ran in the Nov./Dec. 2011 issue of RINK. USICERINKS.COM NOVEMBER.DECEMBER.2018 / 35 "LIABILITY INSURANCE IS A MUST FOR THE RINK OWNER/OPERATOR. IF THE RINK IS OWNED, THE ASSETS OF THE OWNER AND HIS OR HER PARTNERS, IF ANY, ARE AT RISK IN THE EVENT OF A LOSS RESULTING FROM THEIR ALLEGED NEGLIGENCE."