The Insurance Committee is a standing advisory committee created by the Leisure World Board of Directors. It shall consist of residents of the Community, representatives of Leisure World organizations, and management. Members are recommended by the president of each Mutual and appointed by the Chair of the Leisure World Board of Directors. The Committee shall: advise the Leisure World Board of Directors and management as appropriate on insurance matters. The Committee shall: periodically review insurance specifications (other than employee benefits) to insure compliance with Mutual and Trust requirements. The Committee shall: review and formulate a position with respect to changes in the insurance industry and legislation that may affect coverages and costs and make recommendations to management and the Leisure World Board of Directors. The Committee shall: review with management submitted bids and make recommendations to management and the Leisure World Board of Directors concerning the selection of both a broker and insurance carrier. The Committee shall: determine that incurred premium costs are the best obtainable under existing market conditions. The Committee shall: review safety and hazard reports submitted to management from the insurance carrier. The Committee shall: act as observers in the Community with respect to safety and make recommendations to the full Committee from result of personal observations. The Committee shall: review all loss claims reports submitted by the insurance carrier. The Committee shall: interface with representatives of the insurance company, the insurance broker, and management concerning suggestions or recommendations relating to claims. The Committee shall: prepare, as requested, reports to the Chairperson of the Board of Directors, outlining the committee’s status regarding the Community’s Strategic Plan, summarizing the committee’s accomplishments during the report period, and recommending areas of improvement and goals for the future. | 
Insurance