|
Thanks for the info! Let me help others who read my original post. I am the Finance Comissioner for the fraternity, not a chapter of the fraternity. So the purpose of the request was to examine the rising costs of our poor behavior together. The above numbers look to be a little more recent than the last FEA report I had. But that data tends to trail the "real time" numbers significantly.
Our overall costs will increase dramatically this year. Kappa Sigma decided about 2 years ago to "Tier" our chapters based on violations. So, like your car insurance, if you've got the fraternal equivalent of speeding tickets or wrecks, your chapter pays more. But our chapters on Tier 1 (no violations, etc) will still pay more in the future.
I also know that many orgs are in the market for a renewal/new policy as I write this. I also know that the last two years have been particularly high claim/award years for greeks, and Kappa Sigma too. We've all seen the articles.
The immature decsions that are being made by each of us, affects the future of the system. I predict that if claims continue at their current level, and if settlements and awards continue to increase at their current rate, that NONE of us will be able to afford insuance in 8 to 10 years.
For those who self insure (everyone does to a degree) it won't take more than 10 average major claims to wipe out the richest reserve currently held.
This is the single largest threat to our existence, and it all boils down to two things: alcohol and hazing. Period. Our insurance should be for accidents. Accidents raise premiums, but accidents don't generate NEAR the number and size of jury awards.
So, you hazing proponents - just keep on killing us all.
Brad
|
Threaded Mode