Trustee Indemnity Insurance
TRUSTEE INDEMNITY INSURANCE
U3A committees are covered by Trustee Indemnity Insurance provided through the Third Age Trust. The insurance protects U3A Trustees both individually and as a board, against a genuine mistake or error of judgement providing that they have acted responsibly and followed their U3As constitution. Where this is deemed not to be the case, Trustees risk being held personally responsible and not being covered by indemnity insurance. Trustees should also be aware that even if an allowable claim is made, an excess will apply. The indemnity insurance will not protect against criminal law.
In the event of any irregularity at either main committee or group level, the Trustees are potentially liable if they have not taken all reasonable steps to minimise risks. Trustees must follow the requirements of the appropriate regulatory authority for their country in relation to any reporting requirements. It is not possible for an individual Trustee to opt out of collective responsibility.
Responsibility must never be given to a Group Leader/Convenor or Group Coordinator to operate a group that is in any way detached from the U3A. All money collected is the property of the U3A and it must all be accounted for to the membership at the AGM and to the appropriate regulatory authority, as required.