Insurance Summary

· Insurance would be purchased as an extension of the Association’s policy at 2.0 percent, the Association’s current rate.

· The cost of obtaining $5,000,000 to $10,000,000 in coverage would cost $100,000 to $200,000.

· The Association’s current policy is based on limited terrorism coverage centered around the Men’s and Women’s Final Fours.

· Timeline:

April 2005: Budget Committee meets via conference call to decide on insurance coverage.

July 2005: Management and President’s Councils approve insurance coverage.

Fall 2005: Finance staff attach the Division III policy to the Association’s policy and begin a search for insurers through American Specialty Underwriters.

January 2006: Association’s policy including Division III coverage is finalized.

February 2006: Division III insurance premium due.

· For future years, insurance would be obtained on a year to year basis (as a multi-year policy is not feasible).