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Message
From: Paula Vennells ! GRO
on behalf of — Paula Vennells
Sent: 21/07/201
To: Theresa Iles}
Subject: Fwd: Insuran:
ppo for Chris 121
Sent from my iPad
Begin forwarded message:
From: Alasdair Marnoch ¢
Date: 21 July 2013 10:44:3!
To: Paula Vennells <=
Subject: Re: Insurance reply
I'm afraid Chris's answer does not address the key question as to whether or not we have got
cover. He dropped me a note which suggested we do but seems to suggest it would be under
D&O cover. Like you I'm concemed that we believe this policy would cover us for this sort of
issue - rather I'm sure we will have a PI policy which will cover us for this and any other like
issue.
The follow on issue is that to avoid the underwriters rejecting our claim we need to keep them
abreast of developments and any possible claims (on this and any other issues)Experience tells
me that keeping underwriters updated on this sort of developing issue can be very tricky getting
the balance right in levels of disclosure. Normally I would have expected Chris to have been
involved in discussions with Susan testing the thinking at each stage of the process.
I've gone back to Chris for further clarification but I suggest it's handled in a face to face
conversation (perhaps at your Exec) and/or I will follow up wi him directly. Also will pick up
with Susan on SS.
The issues about any disclosure is that it will affect our premiums even if the underwriters don't
pay out. It's a bit like having to report near misses when you a driving as well as crashes. The
result will be higher premiums ete etc. But turn the issue (hassle/cost) on its head and we can
reverse this problem into an cost saving/process improvement opportunity by combining
necessary reporting to underwriters with improvements on our own processes identifying
mistakes and a tracking mechanism to their resolution.
Regards
Alasdair
Ps haven't forgotten about cycle routes in the borders - lots of opportunities - roughly where will
you be and how long have you got?
Sent from my iPad
On 20 Jul 2013, at 21:24, "Paula Vennells" wrote:
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Hi Alasdair, did you get the clarification you asked for?
I also left a message with Chris as his note on insurance cover raised two
questions for me.
Firstly, that there could be an impact re future costs across several policies. I
understand D&O but which others - may be obvious to the experts but it isn't to
me. And secondly, his note seemed to imply we were going to check if we are
covered - does that mean we may not be/ we don't know?
Chris' reply to my two questions is below. The line which bothers me slightly is
"D&O appears to be the policy which would cover...
Am I being too hawkish? I would have preferred to read 'D&O is the policy which
(if needed) will cover...’
Does Chris' reply to you give more comfort? I don't want to pile the pressure on
Chris by going back again unnecessarily.
Hope your Sat was good.
Paula
Sent from my iPad
From: Chris M Day
Date: 20 July 2013
To: Paula Vennells
Ce: Alwen L
Crichton <1"
>, Susan
Charles Colquhoun
Subject:
insurance
‘e: Update after Tuesday's Board meeting -
Sorry if not clear; there are two points - firstly D + O appears to be
the policy which would cover this eventuality, and our
understanding is the first 25k of any claim is not covered (this is
being verified).
Secondly, our broker (Miller) will meet with RM's (JLT) to
determine the best way to engage with D + O insurer/s which will
enable us to understand the possible impact on this (and possibly
other) policy premia going forward.
The subtlety here is that we need to inform existing insurers of a
potential new risk (in hand) without 'scaring the horses’ into
immediately increasing future costs, and this process is made more
complex by being a joint policy with RM (the only one that is
configured in this way).
Will provide a fuller update when we have established all the facts,
next week.
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Charles - please confirm my understanding is correct.
Chris
Sent from my iPad
On 19 Jul 2013, at 20:09, "Alasdair Marnoch"
wrote:
Fyi No need to broadcast loudly but I don't think C has understood
the question on insurance (or I've misunderstood the answer).
Either way a quick clarification will hopefully avoid more mails.
A
Sent from my iPhone
Begin forwarded message:
To: "Chris Day" <j
Subject: Fwd: Update after Tuesday
meeting
s Board
Chris
Thanks for your msg and do call anytime. As I
mentioned I'm planning to come up Tue pm and be
available for a full day on Wed. If you are around
T'd be happy to buy you a beer / dinner Tue?
On the insurance Q we were keen to know if we
have currently got insurance cover for any claim
arising? Don't think your answer deals with this
point - I'm sure Susan will know though.
Regards
Alasdair
Sent from my iPhone
Begin forwarded message:
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McCausland
Subject: Update after Tuesday's
Board meeting
Dear All
On Tuesday the Board asked for
information on three things this
week:
A paper on Transitional
Support Services with Fujitsu which
we agreed would be considered by
corresponded.
The impact of the Financial
Services Junction insurance changes,
and the continued Transitional
Support from Fujitsu, on the strategic
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plan and bottom line (including the
P&L and cashflow changes)
The impact on
Horizon/Second Sight on our
insurance cover.
The first two points are covered by
the attached and the final one is
explained by Chris below
Insurance
We discussed what impact the
current Horizon issues might have on
our insurance on which we are
advised by our insurance broker,
Miller. Their view is that whilst
other insurance policies may be
impacted the most likely one is D&O
- this has the added complication as
it is the only policy we share with
RM and was placed by their broker,
JLT. The excess on this policy varies
under different criteria but the main
one is £25k on each and every claim.
A meeting is being set up with JLT
and Miller to ensure they are fully
briefed on the issues before JLT
engage with the insurer.
Chris Day
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