John,

Matters discussed were ;                                

                                                                             Property  Insurance

Building sum insured increased to 1.8m. euro.   Contents reduced by 70,000 euro (value of computers already covered under Computer Policy).   Above alterations effective 26th May 2006.  

Riot Civil Commotion and Malacious Damage included (1,000 euros excess).

Earthquake included.

Business interuption - increased cost of working sum insured 640,000 euro.

Loss of Revenue 1.m. euro.

 Present Indemnity period is 12 months.   Because rebuilding could exceed 12 months, quotations requested for indemnity periods of 18/24 months.

 Renewal for 2006/7 is 2,300 euro compared 1,850 euro last year.   As the rate are unaltered you are to clarify and explain the increase of 450 euro.  

                                                                               Public  Liability

 All credit union atcivities included.   e.g. Meetings away from officies, information nights, quiz shows ect.

 Liability of Union covered but all contractors/caterers should present details of their insurance

 All social events or nights should be advised to you, along with requests for indemnity e.g. Coolmine Community School, Blanchardstown I.T. etc.

 Personal Indemnity to employees included.   Requested an indemnity to Directors if they are joined in proceedings in a personal injury or property damage claim.

 Await quotations for limits of indemnity of 10m. euro and 13m. euro (present limit is 6.5m. euro).

 Premium for 2006 is reduced from 1,000 euro to 900 euro.

                                                                                Employers   Liability

 All Credit Union Activities included.   2006 Renewal based on estimated wages/salaries;

 Clerical Administrative 300,000 euro (229,000 last year.)

 Domestic Cleaners 2,000 euro.

 Property Repairs/Renovations 10,000 euro.

 I will check these figures with B.O.M.

 Confirmation that stress, bullying, harrassment claims covered.

 2006/7 Premium based on above estimates is 1,552 euro (1,744 last year)

                                                                               24 Hour Personal Accident

 This cover operates on a 24 hour bases for employees, supervisors and board members.

 Cover operates whether Credit Union activities or otherwise.

 No benefit payable for the first 30 days of disability - thereafter at 160 euro a week for 12 months.

 The Death Loss of Limbs/Eyes benefits are very low at 12,700 euro.   Quotations requested for benefits of 25,000 euro, 50,000 euro or 75,000 euro

 The present premium charge is 320 euro and the cover is part of the public liability policy.

                                                                                             Computer

 Confirmationn awaited that temporary and transit cover provided.

 Is increased cost of working included.  If so what limit?

 Maintenance agreement to be clarified with B.O.M.

 2005 renewal premium was 1,040 euro.

 Confirmation of 2006 premium awaited with sums insured.

                                                                                            Professional  Indemnity

 Cover is confined to B.C.U. role as an insurance intermediary with Allianze, A.R.B. or other Insurer.

 Wrongful act is any actual or alleged breach of duty arising from any negligent act, error, or omission.

 Aggregate limit is 1.5m. including costs.   Failure to arrange appropriate cover or pass premium (oversight) could institute claim under the policy.

 Premium for 2006 is reduced from 1,000 euro to 900 euro.

                                                                                                     Bond

 The first 1500 euro of each and every claim excluded except for audit expenses/employees - members property.   Employee/Director dishonesty/fraud included.   Does it also include Supervisors?

 Loss of Money includes cheques, crossed or otherwise, and negotiable instruments/franks.   There are no custodian requirements for the transit of money (employees accompanying the money).

 Money in safes are included, and there no need to specify their details.

 Confirmation awaited as to whether money held in the homes of employees/supervisors  and Directors is covered.

 Cover includes loss or damage to offices/furnishings fixtures and fittings arising from theft, attempted theft or from larceny.

 Extortion Kidnap Ransom included.

 A.T.M. and off premises cover provided.

 Computer fraud included.

 2006 Premium is 6,581 euro as against 6,398 euro because B.C.U. asset increase.

                                                                                Directors Volunteers and Employees Insurance Policy

 First 5000 euro of each and every claim excluded.

 The maximum payable for all claims in any one year is 500,000 euro (including legal costs).

 Quotations to be submitted for limits of 750,000 euro and 1m. euro.

 Wrongful Act is any actual or alleged act error omission breach of duty, mis-statement  committed by a director, employee volunteer in discharge of their duties.

 Cover excludes libel slander defamation, breach of confidentiality, or loss of documents.   Quotations requested to include these covers.   2006 premium 622 euro, an increase from 598 euro as B.C.U. asset base increased.

                                                                            Employers Practice Liability

 Quotation is 1,000 euro premium per cent government levy.

 Aggregate limit of liability is 150,000 euro.   This seems low as it is inclusive of legal costs.

 The first 10,000 euros of each and every claim, is excluded.

 To consider this cover, can you confirm that bullying, harrassment, stress made by employees are covered by the E.L. Policy?

 Are unfair dismissal claims covered?

 What claims have bee paid in access of 10,000 euro, by Credits Unions who have arranged this cover.

                                                                                   Serious  Illness

 Details of cover and policy schedule to be provided by you.

 It includes Employees, Directors and Supervisors.

 2006 premium reduced to 3,312 euro from last years premium of 3,588 euro.

                                                                                   Engineering  Insurance

Response still awaited from Allianze on the limit for "own surrounding property"  to be increased to 1.8m. euro.

 2006 premium remains unaltered

                                                                                        Role of B.C.U. as Insurance Intermediary/Agent

 B.C.U. have agreed that Allianze now pay 4% commission on Home Policies direct to Cuna Mutual.   Previously Allianze paid the full 13% commission to B.C.U. who then the 4% to Cuna Mutual .

 Allianze Home Policy specimen presented for inspection and review.   You are happy that there covers are in line with current market practice.

 We will examine other Home Policies and amount of commission earned view to seeking a fee payment in place of the 4% commission.

 A.R.B. as the Travel Insurers pay 8 euro per policy arranged through B.C.U. with 2 euro payable to Cuna Mutual.   I will review the covers and the number of policies sold.

                                                                                               Health and Safety Statement

 The Board has been presented with a draft Health and Safety Statement by its Health and Safety Advisor.   It is not possible for the Board to sign off this statement because it does contain a Hazard and Risk Assessment on the Boards Premises(a safety audit of all the rooms and areas in B.C.U. offices).

 This is something that Allianze provide as a service to not for profit organisations.

 You feel that such an audit was carried out 12 months ago by an Allianze Surveyor.   You are to check and forward a copy of the survey.

 The Hazard and Risk Assessment suitable for a Health and Safety Statement, has to rate the hazards e.g. trailing telephone computer wires represent a tripping hazard with a high likelihood of serious injury.

                                                                                                Final  Summary

 Thank you for your time and agreement to respond this week (week beginning Monday 18th Sept.) on the outstanding matters particularly on the Health and Safety Audit.

 Regards - Donal 0'Sullivan

 Director B.C.U.