The AMCI Standard

The NEW AMCI Standard of Good Practices - Updated for 2020 Implementation!

Members of AMC Institute have developed a Standard of Good Practices for the Association Management Company industry.  The purpose of this Standard is two-fold: (1) to collectively enhance management practices across Association Management Companies (AMCs) and (2) to assist AMCs in the establishment of internal quality service systems.

The newly updated AMCI Standard of Good Practices for the Association Management Company Industry can be found here.

Download the Standard

 

Revisions to the December 2018 AMCI Standard were submitted to ANSI in December 2019 and approved for immediate implementation in February 2020 by accredited members and AMCs pursuing accreditation.  Revisions are as follows:

6. Financial Management and Internal Controls

 6.7.  AMCs shall propose to Client Boards the need for appropriate insurance coverage for the client association which may include but is not limited to General Liability, Directors & Officers (D&O), Errors & Omissions (E&O, with standard-setting riders as appropriate), Property, Employee Dishonesty, and Cyber insurance coverage for Association Professional Liability Insurance (APLI) to include those component coverages.; if declined, this fact shall be recorded in writing.

7. Insurance Coverage

 7.1.  AMCs shall have in place a comprehensive insurance program that provides the following minimum coverage for the AMC, where such coverage is available.  For all the policy coverages listed below, reasonable exceptions will be allowed for required coverage minimum amounts that arise from currency conversion issues or any other legitimate business justification.  An AMC that does not carry at least the minimum coverage amount noted for any policy must submit a written explanation to justify an exception that details the reasonable business or practical need for the exception (“Exception Request”).  The reviewer must submit the Exception Request with its report.

Policy Coverage Type

Minimum Coverage Amount ($US Dollars)

7.1.1 Commercial General Liability

$1,000,000

7.1.2 Property (including property in transit)

Full value of property

7.1.3 Valuable Papers

Full value to reconstruct

7.1.4 Employee Dishonesty

For both AMC and client property and funds under the control of the AMC

7.1.5 Money and Securities

If applicable based on client activities, for both the AMC and client funds under the control of the AMC (including convention receipts if applicable).

7.1.6 Computer Equipment and Data

Full value of equipment and reconstruction of

7.1.7 Non –Owned and Hired Auto Liability

$1,000,000

7.1.8 Worker’s Compensation

Minimum based on local regulations

7.1.9 Errors and Omissions

$1,000,000

7.1.10 Cyber Liability

$1,000,000

 

Please contact Alisha White at [email protected] for more information.