[Board-2017] Insurance Review

[Glenn Michael]

Hi,

Good conversation on this...thank you.  I have to agree with Tony and
others...just increase the coverage.  We could get into lots of money
dubbing around with lawyers (no disrespect meant for any lawyer).  Up the
coverage and let's press on.

Glenn

On Thu, Mar 30, 2017 at 2:02 PM, C. ANTHONY YOUNG <typhoonyoung at comcast.net>
wrote:

> Just  increase  the  coverage. Tony
>
>
>
> On March 30, 2017 at 7:46 PM dswajda at comcast.net wrote:
>
> Nancy,
> Your are correct in your assessment. The firm will be putting the dollar
> amount on their "time".
>
> I just want to remind the board that we did discuss just increasing the
> the coverage. We then conversed as to how much is or would be enough if we
> were sued. I believe I did inform the board that I discuss this with Capt.
> Nadeau and he said if the cost for additional coverage was reasonable then
> increase the amount. I followed the board's request to look into the cost
> of reviewing our coverage and have them make an assessment and
> recommendations. The current cost for $3,000,000 is $5,130.00 and if
> increased to $5,000,000 it would be $7,130.00, a $2,000 increase. Please
> advise which course of action the board wants to take -
>
> David Wajda
> Commodore
>
> ------------------------------
> *From: *"Nancy Gulley" <nancgulley at gmail.com>
> *To: *"Board of Directors" <board at portsmouthyc.org>,
> info at blueberrybayfarm.com
> *Sent: *Wednesday, March 29, 2017 9:03:00 PM
> *Subject: *Re: [Board-2017] Insurance Review
>
> 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 <(603)%20580-1612>
>
> 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
> <(603)%20433-3317>. 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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