[Board-2017] Insurance Review

[Dan Gingras]

David,

 

   I assume you are speaking about a review of our insurance and liability of officers and directors.  If so, I think we should proceed.  Obviously reviewing our indemnification clause would need to be part of an overall review of our exposure.  

 

Dab

 

 

From: Board [mailto:board-bounces at portsmouthyc.org] On Behalf Of dswajda at comcast.net
Sent: Wednesday, March 29, 2017 1:59 PM
To: Board PYC <board at portsmouthyc.org>
Subject: [Board-2017] Insurance Review

 

I have been in contact with the firm of Drummond Woodsum, 84 Marginal Way, Suite 600, Portland, ME 04101-2480. Local telephone number is 603-433-3317. I talked with Atty. Tom Watson who actually lives in Portsmouth on New Castle Avenue. He related that a review could take between 3-5 hours and the firm would be asking for a $1500 retainer. Once the paperwork was received, they would review and make a determination of approximate cost. They would send a letter outlining their scope of work and the cost and then ask if we wanted them to proceed. 

 

I would suggest that they review our Constitution and By-Laws regarding ARTICLE XVII - Indemnification of Directors, Officers, Agents and Employees to determine if it is sufficient.

 

I twice tried contacting the firm of Pierce Atwood at 1 NH Avenue, #350, Portsmouth, NH but was unable to make contact through their automated system.

 

Please advise if you want to proceed - I gather I am requesting permission to spend $1500 to retain the services of Drummond Woodsum to review our insurance/liability coverage and our Constitution regarding Indemnification.

 

David Wajda

Commodore

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