Understanding Insurance Coverage

MakeWay provides insurance for all Projects. Projects must advise their Project Specialist of all activities they are actively engaged in and any activities are planning to carry out. This is particularly important if activities pose additional risk, e.g. they involve minors, take place in remote locations, involve watercraft, etc.

MakeWay allocates annual insurance costs to Projects based on a proportionate share of the premium, that considers revenues, leased space, liability exposure, and various other underwriting criteria.

Types of insurance include:

Commercial general liability insurance

This type of insurance covers legal liability for bodily injury and property damage as the result of the business operations of the Named Insured. Projects may be interested in the following limits:

  • Limit of Liability: $5,000,000
  • Aggregate Limit: $20,000,000
  • Non-Owned Automobile: $5,000,000

The Limit of Liability may include sub-limits, policy exclusions, and extensions.

Claims may be subject to a $1,000 deductible.

Property insurance

This type of insurance covers All Risks of direct physical loss or damage, except as specifically excluded. Claims may be subject to a minimum $2,500 deductible and 90% Co-Insurance Clause.

Note: Laptops are frequently targeted by thieves. Projects should take all reasonable precautions to secure laptops and protect the data contained on them. The cost of replacing stolen laptops is covered under Property insurance, but the cost of replacing laptops due to gradual deterioration and wear and tear is not covered.

Crime insurance

This type of insurance covers losses arising from employee dishonesty, theft, counterfeit currency, forgery, and fraud.

Volunteer insurance

This type of insurance covers Project volunteers against bodily injury in the course of performing volunteer work for MakeWay.

Network security or privacy breach liability insurance

This type of insurance covers claims brought by third parties due to network security and privacy breaches. Claims may subject to a $10,000 deductible, as well as the costs of actions taken as required by law following the privacy breach.

Professional liability insurance

This type of insurance covers claims resulting from errors and emissions while providing professional services as part of usual programmatic activities. Claims may be subject to a $2,500 self-insured retention.

Note: Some things, such as office space and equipment, must be “scheduled” in order to be “covered” by insurance. Projects should consult with their Project Specialist about what may need to be "scheduled" for coverage.