BUIP212: B.U. Key Person Self-insurance Policy
Submitted by Andrew Clifford
9 March 2025
Background
BU has functioned as a development organization for 9.5 years. For much of that time it has relied upon the services of long-serving consultants, i.e. key staff.
With the launch of Nexa in June 2022, the profile and responsibilities of the organization has massively increased, so the reliance on key staff has deepened.
Long-term Development Consultancies
The importance of long-term developers has long been recognized. BUIP176: Flexibility for Long-term Developers. Hence, to help maintain continuity and retain key staff, the following benefit is proposed for the case of permanent employees (if any) and long-term consultants.
Key Person self-insurance Policy
This BUIP proposes that the elected officers may set up a life insurance group policy which is self-insured by the organization without the requirement for premium payments.
The B.U. President, Lead Developer and Secretary will maintain a list of key persons and offer an appropriate life insurance policy to those staff. Their dependents would receive an income (based upon the average of recent earnings by the key-person) for a transitional period in the event of the death of the key-person.
The list will be reviewed annually on the anniversary of the policy first taking effect. Anyone resigning or no longer working will be dropped off the list at the next review.
No budget is required, however, necessary funds will be ring-fenced for a partial percentage of the total cover.