HomeMy WebLinkAboutPension General_Documentation_Tab 06_11/28/2005•
Memo
To: General Employees Pension Plan Trustees
Frorrc Daniel J. Gallagher
CC: Public Safety Officers' Pension Plan Trustees
Datee 9/27/2005
Ree Fiduciary Insurance
As you are aware I have spent a great deal of effort attempting to obtain quotes for Fiduciary Insurance
with little to show for ft.
As of today, I have received a second quote which was from AIG; the following limits and premiums
were presented. These quotes all include a $5,000.00 retention.
$1,000,000 $ 4,898.00
• $2,000,000 $ 8,817.00
$3,000,000 $10,000.00
The other quote was received from Traveler, the following limits and premiums were presented. This
quote includes a $5,000.00 retention and covers both Pension Plans
$2,000,000 $ 3,961.00
If we prorate the premium as we did last year based on the asset value of each plan, the breakdown
would be as follows:
Value of General $600,000.00 Value of Public Safety $2,600,000 Total Value $3,200,000
Percent of Total 18.75% 81,25% 100.00%
Amount $ 743.00 $ 3,218.00 $3,961.00
Note: The premium for the the fiscal year 2004 - 2005 was $ 3,947.00
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57PAUL
TRAVELERS
August 16, 2005
Pam Nelson
ACOR.DIA SOUTHEAST INC (OVE068)
PO BOX 4237
WEST PALM BEACH, FL 33402
Antony x chlnchay
2420 Lakemont Ave. 4th Floor
ORLANDO, FL 32814
Phone: (407) 388-3256
Faa: (407) 388-7856
Email: ACHINCHA(a3stpaultravelers.com
RE: VII..LAGE OF TEQUESTA GENERAL EMPLOYEES PENSION FUND
Fiduciary Liability Insurance Policy - notation
Form F-1191-B (05/98)
Dear Pam Nelson,
On behalf Of Travelers Casualty and Surety Company of America we are pleased to offer this quotation for Fiduciary
Liability Insurance pursuant to the following terms & conditions:
No. Annual Aggregate
Limit of Liabili Deductible
Per Claim Annual
Premium
$2,000,000.00 $5,000.00 $3,961.00
TICE: A state surcharge may apply. Please refer to your billing statement.
Premium for this policy is paid by the Trust or Plan. The non-binding indication of premium above includes $25.00 for each
Trustee. Endorsement to eliminate recourse will be added.
ENDORSEMENTS (The titles & headings are for convenience only. Please refer to the policy and
endorsements for a description of coverage):
Applicable to Option No. 1
F-2817 09-98 Florida Amendatory Endorsement
F-2849 09-98 Amended Extension Clause Endorsement
ILT-5103 02-02 Nonrenewal Advisement
F-1280 02-95 Elimination of Recourse
F-2043 11-89 Government Plan
F-2100 07-90 Defense Within
F-2600 09-98 Amended Extension Clause
F-1197B - OS-98 Change Endorsement
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TERMS:
Policy Period: Inception: October O 1. 2005, Expiration: October O 1. 2006
~xtended Reporting Period: 12 months at 100% of the annual Premium
Commission: ls.oo%
Quotation Expiration Date: 30 days from date of this letter
This quotation is conditioned upon there being no material change in risk between the date of this letter and the
inception date of the proposed coverage. In the event of such change, the Underwriter may, at its sole
discretion, modify or withdraw this quotation. The coverage offered hereunder may not be accepted after
quotation expiration date set forth above.
This quote automatically includes at no additional cost Travelers Bond's Risk Management PLUS Online for
Plan Fiduciaries, a loss control program for administrators and fiduciaries of employee benefit plans. This
progam combines online reference material and best practices audits with access to ERISA attorneys via a toll
free number.
Thank you for the opportunity to offer this insurance proposal for VII.LAGE OF TEQUESTA GENERAL
EMPLOYEES PENSION FUND. We look forward to discussing this opportunity with. you further.
Sincerely,
•
Antony X Chinchay
FF-QL001 (09-00)
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srPauL
~~ TRAVELERS
IMPORTANT DISCLOSURE NOTICE OF TERRORISM INSURANCE COVERAGE
On November 26, 2002, President Bush signed into law the Terrorism Risk
Insurance Act of 2002 (the "Act"}. The Act establishes ashort-term program
under which the Federal Government will share in the payment of covered losses
caused by certain acts of international terrorism We are providing you with this
notice to inform you of the key features of the Act, and to let you know what
effect, if any, the Act will have on your premium.
Under the Act, insurers are required to provide coverage for .certain losses
caused by international acts of terrorism. as defined in the Act. The Act further
provides that the Federal Government will pay a share of such losses.
Specifically, the Federal Government will pay 90% of the amount of covered
losses caused by certain acts of terrorism which is in excess of an insurer's
• statutorily established deductible for that year. The Act also caps the amount of
terrorism-related losses for which the Federal Government or an insurer can be
responsible at $100,000,000,000.00, provided that the insurer has met its
deductible.
Please note that passage of the Act does not result in any change in coverage
under the attached policy or bond (or the policy or bond being quoted). Please
also note that no separate additional premium charge has been made for the
terrorism coverage required by the Act. The premium charge that is allocable to
such coverage is inseparable from and imbedded in your overall premium, and is
no more than one percent of your premium.
IL.T-1018 (9/04)
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P.O. $ox 201631
Dallas, Taxaa 75320.1631 AmOU»L 1'eid
Yaioe: 561.655.5500
>Fa::561.65s.5so9 IN''VOICE #1$65It
xww.acardia.com AcCOUnt Number ]nypi~y pats 3
• V1LL01:'T-Ol LO/612005
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Village Of requests
Mr. Dan Gallagher
P,Q. Box 3273
requests, FL 33469-0273
Pla.ae detach here sod remit with paywn~
Date Paid: Check #: Amount Psid:
invoice M: l565R ,~~ - ~~' Effective: 10/112005 to 1p/1/Z006
Fidelity Bond Policy #: 103505325
producer: Brian Cottrell CSR: Pam Nelson
Cum~f~R3 P&C OF AMERICA __
Atttor~t
Item p Trans Eff Date Due )'fate Trans Description g3 , 961.00
15022 l0; 1/2005 1O/512005 ItENB Fiduciary Ren 1011/05.06
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A Wells Fargo Compartiy
TOTAL P.02
OCT-12-2005 10:27AM FAX: ID: PAGE:002 R=%