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Home My WebLink AboutDocumentation_Pension Public Safety_Tab 13_11/08/2005 ~;~ C-~~. To: General Employees Pension Plan Trustees From: Daniel J. Gallagher CC: Public Safety Officers' Pension Plan Trustees Dates 9/27/2005 Re: 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 it. 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 inGudes 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 • 1 STPAUL TRAVELERS August 16, 2005 Pam Nelson ACORDIA SOUTHEAST INC (OVE068) PO BOX 4237 WEST PALM BEACH, FL 33402 Antony X Chinchay 2420 I.akemont Ave. 4th Floor ORLANDO, FL 32814 Phone: (407) 388-3256 Faa: (407) 388-7856 Email: ACHINCHA@stpaultravelers.com RE: VII.,LAGE OF TEQUESTA GENERAL EMPLOYEES PENSION FUND Fiduciary Liability Insurance Policy - uotation 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 NICE: 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 • TERMS: Policy Period: Inception: October O1. 2005, Expiration: October O1. 2006 ~xtended Reporting Period: 12 months at 100% of the annual Premium Commission: 15.00% 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 program 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) • srPnu~ 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 fiuther 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. ILT-1018 (9/04) • noorma ao~wnea~i ram+ uekn P.O.1Bos 201631 Dallas, Taxas 75320.1631 Poke: 56L655.5500 fax: 561.655.5509 xww.avwrdia.com Village Of Tequesta Mr. Dan Gallagher p.q. Box 3273 Tequesta, FL 33469-0273 ~ . VG Amount Pttid IN''VQICE #1565Yt Account Number Invoioa Duc V1LL4pT-01 LO/f-/2005 Place detach Iwxe and remit with payoant. Datc Paid: Check #: Amount Paid: intieict 11: !5658 _~ ~'~' Eff e• 10!1/2005 SO 10/18006 Fidelity Bond Item # 15022 • • ~~ Policy a: 103505325 cctty Producer: Brian Cottrell CSR: Patn efson ~- ~VFLERS P&C OF AMERICA ___ ' Atpoa~t Trans Eff Date Due rfste Trans Description $3 , 961.00 10;1/2005 1013!2005 RENB Fiduciary Ren IO11/05.06 A Wells Fargo Company OCT-1z-2005 10:27AM FAX: ID: TOTAL P.02 PAGE :002 R=%