Understanding Your Dollars for Scholars Insurance Needs
Many Dollars for Scholars chapters and affiliates ask about what type of insurance coverage is needed to protect their members and their money.  Here you will find a list of coverage you are required to have and some of the optional coverage you may choose to purchase.

Quick Links:
Fidelity Bond
Officer's Liability Insurance
General Liability Insurance
Accident Medical Insurance
Property Insurance

Dollars for Scholars chapters and affiliates may purchase insurance coverage through the company of their choice.  Specific company information provided below should be used only as a guide to available coverage; Scholarship America does not endorse these companies or their products.  AIM (Association Insurance Management, Inc.) and Patriot Insurance Agency, Inc. have submitted proposals to Scholarship America for chapter/affiliate coverage which Scholarship America has agreed to pass on for informational purposes only.

• Fidelity Bond - This is the only insurance coverage that Dollars for Scholars chapters and affiliates are required to obtain to remain in compliance with Scholarship America.  If you are a new chapter you are not required to purchase a fidelity bond until after your first anniversary.
  
  Fidelity Bonds protect your funds against embezzlement or theft.  If you discover that some or all of your chapter funds have been embezzled or stolen, the bond insurance will replace your missing funds and avoid having your chapter turned over to a collection agency.  Scholarship America requires all Dollars for Scholars chapters and affiliates to be bonded for a minimum of $10,000.
  
  AIM:  You may purchase a $10,000 bond with a $250 deductible for $50 a year.
  Patriot:  You may purchase a $10,000 bond with a $250 deductible for $57 a year.

• Officer's Liability Insurance - This coverage will provide protection to the officers on your board of directors from substantial legal fees if they are accused of misrepresenting or mismanaging your organization.
  
  AIM offers a policy limit of $1,000,000 with a $1,500 deductible for $55 a year.
  Patriot offers a policy limit of $1,000,000; please contact Patriot for an individual quote.

• General Liability Insurance - If your Dollars for Scholars chapter is sued because of an injury that occurred at one of your Dollars for Scholars events or activities, General Liability Insurance will protect your chapter members and volunteers against lawsuits arising from these activities.
  
  AIM: You may purchase a policy with a $1,000,000 limit and no deductible for $235 a year.
  Patriot: You may purchase a policy with a $1,000,000 limit and a $2,500 deductible for $300 a year

• Accident Medical Insurance - This policy is designed to compliment your General Liability policy.  It provides medical coverage for activities that are excluded from your General Liability policy such as automobile, mechanical rides, watercraft and fireworks coverage and also provides additional medical payment coverage to help deter lawsuits.  This policy may be purchased if your chapter plans on hosting an event with activities not covered by your General Liability policy, but should in no way replace your General Liability coverage.
  
  AIM offers Accident Medical limits of $10,000, $25,000 and $50,000 with no deductible.  The annual premium is $100, $105 and $110 respectively.
  Patriot:  Please contact Patriot to see if your chapter is eligible for this coverage.

• Property Insurance - This insurance will replace your chapter's property, such as raffle merchandise, auction items, fundraising merchandise and other property that may be damaged or lost due to theft or natural hazard.
  
  AIM:  You may purchase a policy with a $10,000 limit and a $250 deductible for $110 a year.
  Patriot:  Please contact Patriot to see if your chapter is eligible for this coverage.

To request an application or quote, please contact the company you would like to purchase your coverage through:

AIM/Association Insurance Management, Inc.
P.O. Box 830956, Drawer #1089
Birmingham, AL 35283-0956
Phone: 800-876-4044
Fax: 214-360-0802
Email: aim@aim-companies.com

Patriot Insurance Agency, Inc.
P.O. Box 1298
Sonoita, AZ 85637-1298
Phone: 800-859-2724
Fax: 520-455-9358
Email: PatriotInsAgency@aol.com

Please Note:  All policies offered through AIM run annually from the day AIM receives your completed application and premium.

Patriot offers program effective dates of September 1 to September 1 of each year.  You may apply for coverage through Patriot at any time, but if you join after September 1 you will still pay for one year's coverage (even if you are covered for less than one year).