[Board-2017] Insurance Review

[Nancy Gulley]

Quick question... The $1500 is a retainer.  As I read your info Dave - I
understand that once they see the. info they will then inform us how much
more It could cost.  Is this correct?  I think I agree with Ron.  Perhaps
just increasing the board and clubs coverage to $5 million would work.
Nanc

On Wed, Mar 29, 2017 at 4:39 PM Ron Laurence - Blueberry Bay Farm <
info at blueberrybayfarm.com> wrote:

> Dave:
>
> I very much appreciate your pursuing and efforts so far in this matter,
> that I brought up. However, while I am not an insurance expert, or an
> attorney, I’m not sure that a review of our liability insurance by an
> attorney is money well spent. According to paperwork from Joe Cunningham,
>  I’m confident that the club and its officers and directors are protected
> on liability claims up to $3million.  What I’m deeply worried about is a
> claim, and later an award by a judge or jury, *exceeding $3M*,  in a case
> where particularly a child, but even an adult for that matter, lost his/her
> life, because ambulance-chasing personal liability lawyers for the
> plaintiff convinced them that the club was negligent.  Remember, a yacht
> club, and its officers and directors are *perceived* to be wealthy and
> this would no doubt enter into a judge’s decision into making an award.  I
> believe, in the case of whomever of the officers and directors have net
> worth over $3M, that it’s a simple fact that these individuals *are not
> adequately protected* and that their assets are at risk.  While most
> likely no one wants to reveal their personal  wealth, perhaps if we simply
> polled the board to find out if increasing our coverage to say $5M or some
> other number is adequate, and with a unanimous vote, then ask Joe what the
> cost would be.  [and by the way, I have a suggestion as to how we could pay
> for the increase]. I think the club has an obligation to both its current
> and future officers and directors that they are protected in the case of
> such an unlikely event.
>
> Ron Laurence
>
> Blueberry Bay Farm
>
> 38 Depot Road
>
> Stratham, NH 03885
>
> 603-580-1612
>
> www.blueberrybayfarm.com
>
>
>
> *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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