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Message
From:
on behalf of — Paula Vennel
Paula Vennel
Sent: 21/07/2013
To: Theresa Il
Subject: Fwd: Update after Tuesday's Board meeting - insurance
ppo Chris 121
Sent from my iPad
Begin forwarded message:
From: Charles Colquhoun
Date: 21 July 2013.09:1
> Paula Vennells
Susan Crichton
Subject: Re: Update after Tuesday's Board meeting - insurance
That is correct though Professional Indemnity may also apply. For D&O can confirm excess is
£25k. Also worth stressing your point that we need to be clear with what liability is and where it
might lie before full engagement with insurers to prevent scaring them especially as renewal due
October
oe Original Message -----
From: Chris M Day
Sent: Saturday, July 20, 2013 03:36 PM
To: Paula Vennells
Ce: Alwen Lyons; Susan Crichton; Charles Colquhoun
Subject: Re: Update after Tuesday's Board meeting - insurance
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 insuret/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.
Charles - please confirm my understanding is correct.
Chris
Original Message --
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From: Paula Vennells
Sent: Friday, July 19, 2013 08:34 PM
To: Chris M Day
Ce: Alwen Lyons
Subject: Re: Update after Tuesday's Board meeting
Chris/Alwen, thx. I guessed something similar from the nervous discussion around it.
Chris, your note seems to say two things - sorry should have read it more carefully and asked all
my questions in one go - ie., that there could be an impact re cost of insurance: future premiums
possibly across several policies? And secondly, that we were going to check if we are covered.
(Does that mean we may not be?)
Paula
Sent from my iPad
On 19 Jul 2013, at 18:26, "Chris MDay"? ~~Ss GRO + wrote:
Apologies - Directors' & Officers' Liability
Cc
From: Paula Vennells
Sent: 19 July 2013 18:16
To: Alwen Lyons; Chris M Day
Subject: Re: Update after Tuesday's Board meeting
What is D&O?
Sent from my iPad
On 19 Jul 2013, at 17:35, "Alwen Lyons t
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
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The impact of the Financial Services Junction insurance
changes, and the continued Transitional Support from Fujitsu, on
the strategic 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
<TSS BOARD PAPER_13_07_18_v6 0.doc>
<Implications of update on Financial Services and IT Transitional
Support.doc>
<New_File Strategic _Plan_2013_to_2020 190713 v2.doc>
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