Time banks are simply organisations which facilitate an exchange of time which can be used to perform many different tasks or activities.
Because these can be so varied, there are very few insurers who want to take the risk of covering such a varied range. A typical insurer likes to see a risk that they can understand – take, for example, running a shop. The same types of activity are repeated day in and day out, and insurers are able to see a pattern and understand the risk. When it comes to a time bank they are less able to define just what will occur as a pattern and tend to avoid the risk.
This is where we come in. We have arranged a special scheme – you can download the application for your insurance for timebanks and submit it to us for a quotation. The policy covers you for Employers Liability [£10M], Public & Products Liability [£5M], All Risks Equipment [£2,000], Trustee Indemnity [£250,000] and Professional Indemnity [£250,000] as standard. if you need additional cover please let us know.
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020 8651 7420
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Our brokers are knowledgeable and friendly. They’re specialists who can provide the advice and help you need.
Timebanking UK has a section for members where you will find more details of the insurance arrangements available. We ask for information about the time bank, including the number of hours exchanged, the categories of activities in which you operate followed by some general definitions to help you decide the type of additional covers you may require. If you have any questions, please do not hesitate to call us on 020 8651 7420.