Re: [93 Tenison Road Freehold Ltd] Fwd: Residents Association Directors & Officers Insurance Quotation

[Heather Kara]

Dear All,

Further to this insurance which I am hoping to put into place today...

I discussed with Faruk who is happy with the terms outlined in the Key Facts (see previous email).

We both felt the £1 million coverage was not necessary, but that £500,000 coverage should be adequate - this is cover for legal fees, not fines and penalties!  £500,000 will buy a lot of legal time.  

Shien felt that £400 / yr to have £1 million coverage was good value.  This might be the case, but considering we are trying to build up our funds so that we can get a survey and start saving for some potential big ticket items, I feel that £400 is just too much of a dent.

The full price for £500k coverage would be £263.50 - an amount I feel more comfortable to part with.  

Please send your opinions, even if it's to say you have none.  

Thank you,

Heather.

On 5 February 2013 22:45, Shien-Shin Tham <shie...@yahoo.com> wrote:

Thanks! Then for me, I have no issues if it is £400 for the three of us to cover £1m!

---

From: Heather Kara <hea...@kara.org.uk>;

To: Shien-Shin Tham <shie...@yahoo.com>;
Subject: Re: [93 Tenison Road Freehold Ltd] Fwd: Residents Association Directors & Officers Insurance Quotation
Sent: Tue, Feb 5, 2013 10:42:39 PM

The insurance would cover all directors and officers - I'm assuming whomever is named at Companies House, so at the moment, that would be all three of us. Heather. On 5 February 2013 22:03, Shien-Shin Tham <shie...@yahoo.com> wrote: Hi Heather, Is this for you and Helen? Shien From: Heather Kara <hea...@kara.org.uk>; To: 93tenisonroadfr...@googlegroups.com <93tenisonroadfr...@googlegroups.com>; Subject: [93 Tenison Road Freehold Ltd] Fwd: Residents Association Directors & Officers Insurance Quotation Sent: Tue, Feb 5, 2013 4:23:31 PM Dear All, I'm looking into much overdue Director's and Officer's Liability Insurance and I have received a quote from a broker I use and trust.  I'm forwarding the quote.  The quote they give is for coverage up to £1 million.  I feel it's a bit steep and maybe we only need up to £250k or £500k, but I wanted to ask your opinion.  I need to purchase tomorrow at latest as I am preparing responses for Laura and Phin's buyers and wish to be covered.   Please look at the ClientQuotation_Markel_563560.pdf.pdf for quotes based on lesser coverage. The insurance quote covers all directors and officers of the company.   Please let me know what you think.  We have discussed getting this insurance, but as we have people selling their flats now, I don't wish to wait any longer on this. Yours, Heather. ---------- Forwarded message ---------- From: Steven Larman <steve...@turnerrawlinson.co.uk> Date: 5 February 2013 15:20 Subject: Residents Association Directors & Officers Insurance Quotation To: "hea...@kara.org.uk" <hea...@kara.org.uk> 5th February 2013       Mrs H Kara 65 Canterbury Street Cambridge CB4 3QG     Dear Mrs Kara,     Residents Association Directors & Officers Insurance Quotation   As requested, I now have pleasure in attaching a  quotation in respect of the above.   Also attached is a risk profile. Can I please ask you to check this document and let me know if any changes need to be made.   The premium inclusive of Government Tax and our £25.00 Administration Fee is £396.00 (£1,000,000 Indemnity Limit). This can be paid by cheque, debit or credit card. If you wish to pay by cheque, please make this payable to Turner Rawlinson & Co Ltd. If you would prefer to pay by debit or credit card, please contact this office with details. Payments by credit card will be subject to a surcharge of 2%.   Please note that all the attached premiums are subject to Insurance Premium Tax (6%) & our £25.00 Administration Fee.   Terms of Business   I have attached our latest terms of business for your retention and perusal. These are important as they outline our business relationship and how we act on your behalf. I should particularly draw attention to your “Duty of Disclosure” and our own “Complaints Procedure”.   Demands & Needs   You would have indicated your basic Commercial insurance needs at the outset of this New Business process either very recently or in the past, and as appropriate we would normally have given advice as necessary, on your exposure to loss as we see it and cover availability in the Market.   Given the circumstances of your risk, our quotation meets these needs as far as possible with any variation being clearly pointed out. In addition, almost all policies are subject to certain standard & non-standard restrictions which can include specifically imposed warranties/endorsements. These will have been explained and highlighted within our quotation especially as regards any bearing on your original needs as expressed.   We are reliant on you keeping us fully abreast as to any “material changes” to your circumstances. A “material change” is one that may influence an Underwriters decision to accept a risk &/or charge a commensurate premium. Non-disclosure or Misrepresentation of “material” information can prejudice future cover and/or claims. As this is such an important matter it is worth providing you with a few examples where notification must be made;   A change in business activities/acquisitions or disposals; Additional premises/risks/processes undertaken/insurable items; Onerous contract terms; Criminal prosecution/proceedings (past or present) against the company or any directors/partners. This list is by no means exhaustive but may act as a guide and assist your understanding regarding full disclosure. If in any doubt, please contact us immediately.   In addition, you may from time to time be asked to complete a Proposal Form or acknowledge a “Statement of Fact” to provide/confirm the information which will form the basis of any insurance contract. When providing such, it is important to understand that all answers or statements made are your responsibility and that if incorrect information is supplied it could result in the policy being repudiated on the basis of non-disclosure or misrepresentation. If you are aware of any material facts (whether requested or not on the proposal form) these must be disclosed as above.   Alternative Markets   We have obtained terms from a range of Insurers to test the cover and pricing of the current chosen market.   Turner Rawlinson Remuneration   In accordance with our T.O.B.A. you are entitled at any time, to request information regarding commission and any other form of remuneration (incl possible Premium Finance & Insurer Profit Shares), which we may receive as a result of placing your insurance business.   Other Available Covers   If we have limited our attention to the current policy/policies only and thus the current subject matter as quoted, can we point out the availability & your possible need for some of the following separate insurances which should compliment your portfolio and further expand the levels of overall protection afforded. Please contact us at any time for either a quotation or an explanation of the covers and their purpose:   All Commercial Insurance Professional Indemnity Insurance Commercial Legal Expenses Tax Investigation Fees Insurance Motor Fleets All Types of Motor and Household Insurance     I trust that you find this all to be in order, and I look forward to hearing from you.     Kind Regards   Yours sincerely     Steve Larman   for and on behalf of Turner Rawlinson & Company Limited T 020 8450 5336 F 020 8450 0761 steve...@turnerrawlinson.co.uk   “Our business grows by referral and we will be grateful for your recommendation if you know of anyone who requires our services?”   Please follow us on Facebook and Twitter   Turner Rawlinson is a member of the Willis Commercial Network.   This email is from Turner Rawlinson & Company Limited. Its contents are confidential to the intended recipient (s) at the email address (Es) to which it has been addressed. It may not be disclosed to or used by anyone other than the addressee (s) nor may it be copied or stored  in any way. If received in error, please contact Turner Rawlinson & Company Limited on 020 8450 5336 quoting the name of the sender and the addressee (s) then delete it from your system. Although this email and attachments are believed to be free of any virus, or any other defect which may affect any computer or IT system into which they are received and opened, it is the responsibility of the recipient to ensure that they are virus free and no responsibility is accepted by Turner Rawlinson & Company Limited for any loss or damage arising in any way from receipt or use thereof.   Turner Rawlinson & Company Limited are authorised and regulated by the Financial Services Authority. Turner Rawlinson & Co Ltd are registered in London under number 1528601 Registered office: Suites 2 and 3 Britannia Business Centre Cricklewood Lane London NW2 1EZ   P Please consider the environment before printing this document   -- Read inspirational blogs on http://whitelotusgirl.blogspot.com/ or http://blogs.myspace.com/whitelotusgirl Find me on Facebook - Heather Kara --   --- You received this message because you are subscribed to the Google Groups "93 Tenison Road Freehold Company Ltd" group. To unsubscribe from this group and stop receiving emails from it, send an email to 93tenisonroadfreehold...@googlegroups.com. For more options, visit https://groups.google.com/groups/opt_out.     -- Read inspirational blogs on http://whitelotusgirl.blogspot.com/ or http://blogs.myspace.com/whitelotusgirl Find me on Facebook - Heather Kara

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Read inspirational blogs on http://whitelotusgirl.blogspot.com/ or http://blogs.myspace.com/whitelotusgirl

Find me on Facebook - Heather Kara

[Graham Hart]

The cheaper option looks sufficient.

Graham