[ SHOWGSD-L ] Re: the Hunte membership / responsible?
- From: Darbdan@xxxxxxx
- To: Pinehillgsds@xxxxxxx
- Date: Tue, 6 Feb 2007 12:37:50 EST
Hi Kathy,
I read your post regarding the D&O coverage of the GSDCA, Inc.
The last I heard you were in the insurance business and I sincerely hope
it's going well for you. Being in the business you should understand very
clearly
what I am going to tell you.
The Parent Club's agent, Diversified Insurance Services, Inc. was directed
to quote a D&O policy with the limits of $2,000,000 so we could compare the
difference in cost to the $1,000,000 policy we now have. Karen Birkey at
Diversified sent us a quote as follows:
Limit- $1,000,000- deductable $2500- Premium $2005
Limit- $2,000,000- deductable-$3500-Premium $3200
The board, in October, aproved the $2,000,000 policy.
In early November, Karen Birkey informed me that Executive Risk Indemnity,
Inc., the insurance company that carries our D&O coverage, would not go to the
$2,000,000 limit because the assets of the Parent Club
did not exceed $1,000,000. In other words, Kathy, the Parent club did not
meet the underwriting guidelines for their $2,000,000 policy at Executive Risk.
This you should understand since you are in the business...this is just one
company that won't go to the $2,000,000 limit. There are other companies that
will, however.
I was on the phone this morning with my office in York, Pa. talking with
our commercial lines manager and she told me that Great American Insurance
Co.could write the Parent Club a $2,000,000 policy for $1,000 a year. So for
God's
sake please stop telling our members we are having problems acquiring coverage!
During my 7 years on the Board we were sued twice. Do you remember that? We
never had a problem getting D&O coverage, and as a matter of fact , the
insuring company never raised our premiums.
I hope this clears this up for you and some of the members who are very
concerned about your post.
Sincerely,
Dan Smith
Insurance Chair
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