[Board-2017] FW: PYC liability insurance

[Justin Gray]

FYI – see below on our liability insurance.

I requested how much we currently have (3 million), current rate and quotes for an increase to 5, 7.5 or 10 million.



Justin Gray
President
PromoCentric, LLC
5 Forbes Road, Newmarket, NH 03857
Direct: (603) 758-7202
jgray at promocentric.com<mailto:jgray at promocentric.com>
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From: Joseph cunningham [mailto:jcunningham at cunninghaminsure.com]
Sent: Thursday, February 16, 2017 12:58 PM
To: Justin Gray <jgray at promocentric.com>
Subject: RE: PYC liability insurance

Hi Justin

The Umbrella the club has a 3 Million dollar limit.

When writing a marine umbrella it is called a Bumbershoot.

The $3,000,000 bumbershoot is currently $5,130 ($1710 per million).  Tria = Terrorism Coverage cost $257 if chosen.( currently the club has chosen NOT  to have terrorism coverage )

I will get some additional figures for a higher bumbershoot limit Is there something in particular the club has concern with in particular to the liability.

Remember Liability applies when we create a hazard and damage is done.

Quote for higher limits:

$5,000,000  $7,130 ($1426 per million)
$7,500,000  $9,630 ($1284 per million)
$10,000,000  $12,130 ($1213 per million)

I have an application I would have to complete prior to renewal.

I will also need to provide a list of claims we have had in the last 5 years.

The above gives you an indication on the higher limits and the associated cost.


Joseph G. Cunningham –CIC

Cunningham Associates Insurance LLC
295 Maplewood Ave.
Portsmouth NH 03801

(p) 603-334-3343
(f) 603-334-3341

From: Justin Gray [mailto:jgray at promocentric.com]
Sent: Wednesday, February 15, 2017 8:33 PM
To: Joseph cunningham
Subject: Re: PYC liability insurance

Hi Joe,

The board is also wondering how much our current $3 million liability policy is.

Also, how much would it cost per million to increase the liability coverage?  Or if easier how much for a $5, 7.5 or 10 million dollar liability policy?

Thanks in advance!
Justin Gray via mobile
PromoCentric, LLC

On Dec 28, 2016, at 12:57 PM, Joseph cunningham <jcunningham at cunninghaminsure.com<mailto:jcunningham at cunninghaminsure.com>> wrote:
Good Afternoon Justin,

Currently the building is insured for $106,700.00 annual premium is $2,356.00.

If we were to increase the coverage to $150,000 the cost would be an Additional $342.00.

If we increase to $200,000 the cost would increase by $1,214.00.

If we were to increase today to $250,000 the cost would be an Additional $2,561.00.

The rates shown above are for increasing the coverage until the renewal in July 2 2017..

Currently they can’t provide the exact cost to increase the coverage based on the renewal date of June for the following reason.


1.       The government has not set the rates that will be effective in June.





The best guess based on the current rates would be to double to additional cost shown above. We are about half way through the policy tem so if you double the amount to increase to renewal it gives you an idea what it would cost in June if the rates do not change greatly.



In May I will be able to obtain a quote for the entire annual premium based on the above values.



To review Annual Premium



$150,000  ( $2,698.00  )



$200,000  (  $3,570.00 ) )



$250,000  ( $4,917.00 )





Please note the above charges are if you increased the coverage today until the renewal July2, 2017.



Please call with any questions sorry for the delay.





Joseph G. Cunningham –CIC

Cunningham Associates Insurance LLC
295 Maplewood Ave.
Portsmouth NH 03801

(p) 603-334-3343
(f) 603-334-3341

From: Justin Gray [mailto:jgray at promocentric.com]
Sent: Friday, December 09, 2016 9:25 AM
To: jcunningham at cunninghaminsure.com<mailto:jcunningham at cunninghaminsure.com>
Cc: roysail at hotmail.com<mailto:roysail at hotmail.com>
Subject: PYC flood insurance

Hi Joe – I don’t think we have met, but I am a PYC board member.

One of the topics of last night’s meeting was our flood insurance.

We currently have a mortgage balance of $12,000 that will be paid off within the next 30 days or so, with that said, although flood insurance will no longer be a bank/mortgage concern, we still want to check to see what type of coverage we currently have and the costs, and how much would it be if we were to maximize the coverage.

Feel free to give me a call to discuss, or email back our current costs/coverage and a quote for maximum coverage.

Thanks!



Justin Gray
President
PromoCentric, LLC
5 Forbes Road, Newmarket, NH 03857
Direct: (603) 758-7202
jgray at promocentric.com<mailto:jgray at promocentric.com>
promocentric.com<http://www.promocentric.com/>
http://promocentric.brandedpromotions.com/
Twitter<https://twitter.com/PromoCentric> | Facebook<http://www.facebook.com/PromoCentric> | LinkedIn<https://www.linkedin.com/company/promocentric-inc.> | Google+<https://plus.google.com/u/0/b/108439655135730772094/108439655135730772094/posts> | YouTube<https://www.youtube.com/channel/UCTqGyoPUBzvMqKtZ7-CqqTA>

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