Insurance & risk issues
Insurance has long been a â€˜necessary evilâ€™ for time banks â€“ â€˜necessaryâ€™ because they can face catastrophe if they donâ€™t have any, and â€˜evilâ€™ because it has traditionally been expensive, complicated in its wording, and a chore to buy. It is also often difficult for insurance companies to grasp the concept of timebanking. We suggest that you get quotes from a number of different insurers prior to taking out your insurance policy.
Timebanking UK has a good relationship with an insurance company who understands timebanking and the sort of exchanges that they might be asked to insure.
They have offered discounted rates to TBUK member time banks.
They have a range of options in addition to public and employer liability for the most common exchanges. The cost of insurance is based on the number of hours exchanged per year.
Time banks that are not members of Timebanking UK or who have not signed the working declaration may be refused insurance by this company.
For TBUK members: further info and contact details for Insurance please log in our members area.
Information regarding joining Timebanking UK please see HERE.1. Helpful documents
- Top tips presentation for community time banks
Type: Submitted by: Fair Shares Gloucester