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HomeMy WebLinkAboutAgenda GEPB 051414AGENDA CITY OF PALM BEACH GARDENS GENERAL EMPLOYEES' PENSION FUND Wednesday, May 14, 2014 3:30 PM CITY COUNCIL CHAMBERS 1. CALL TO ORDER II. PLEDGE OF ALLEGIANCE III. ROLL CALL: Allan Owens Mary Anderson - Pickle Dindial Laljie IV. ADDITIONS, DELETIONS, MODIFICATIONS V. APPROVAL OF MINUTES a. June 28, 2013 VI. OLD BUSINESS VII. NEW BUSINESS a. Review of Investment Report b. Approval of fiduciary liability insurance policy VIII. COMMENTS BY PUBLIC IX. COMMENTS BY THE BOARD X. ADJORNMENT Travelers Casualty and Surety Company of America QUOTE OPTION #1 LIABILITY CAVFRACFS- TOTAL ANNUAL PREMIUM $3,263.00 (Other term options listed below, if available) COVERAGE DETAILS: Settlement Program Limit of Liability: HIPAA Limit of Liability: 502(c) Penalties Limit of Liability: EXTENDED REPORTING PERIOD AND RUN -OFF: Extended Reporting Period for Liability Coverages: $100,000 for each Settlement Program Notice, which amount is included within, and not in addition to, any applicable limit of liability $100,000 which amount is included within, and not in addition to, any applicable limit of liability $100,000 which amount Is Included within, and not in addition to, any applicable limit of liability Additional Premium Percentage: 75% Additional Months: 12 Run -Off Extended Reporting Period for Liability Coverages: Additional Premium Percentage: NIA Additional Months: N/A CLAIM DEFENSE FOR ASSOCIATION_ MANAGEMENT LIABILITY COVERAGE, LIABILITY COVERAGES AND /OR CYBER COVERAGE: Duty to Defend ANNUAL REINSTATEMENT Liability Coverage Limit of Liability: NIA PREMIUM DETAIL: Term Payment Type Additional Taxes Continuity Prior & Pending Coverage Limit Defense Retention Data Proceeding $3,334.79 $3,334.79 Limit Dote Designated Benefit Plan Fiduciary $1,000.000.for all Claims NIA $5.000(A) for each 07/01/2003 07/01/2003 Liability Claim under Insuring Agreement A TOTAL ANNUAL PREMIUM $3,263.00 (Other term options listed below, if available) COVERAGE DETAILS: Settlement Program Limit of Liability: HIPAA Limit of Liability: 502(c) Penalties Limit of Liability: EXTENDED REPORTING PERIOD AND RUN -OFF: Extended Reporting Period for Liability Coverages: $100,000 for each Settlement Program Notice, which amount is included within, and not in addition to, any applicable limit of liability $100,000 which amount is included within, and not in addition to, any applicable limit of liability $100,000 which amount Is Included within, and not in addition to, any applicable limit of liability Additional Premium Percentage: 75% Additional Months: 12 Run -Off Extended Reporting Period for Liability Coverages: Additional Premium Percentage: NIA Additional Months: N/A CLAIM DEFENSE FOR ASSOCIATION_ MANAGEMENT LIABILITY COVERAGE, LIABILITY COVERAGES AND /OR CYBER COVERAGE: Duty to Defend ANNUAL REINSTATEMENT Liability Coverage Limit of Liability: NIA PREMIUM DETAIL: Term Payment Type Premium Taxes Surcharges Total Premium Total Term Premium 1 Year Prepaid $3,263.00 $0.00 $71.79 $3,334.79 $3,334.79 POLICY FORMS APPLICABLE TO QUOTE OPTION # 1: DBP- 15001 -1112 Designated Benefit Plan Fiduciary Liability Coverage Declarations DBP - 16001 -1112 Designated Benefit Plan Fiduciary Liability Coverage ENDORSEMENTS APPLICABLE TO QUOTE OPTION _ #1: DBP - 17009 -1112 Florida Changes Endorsement DBP - 1 7055 -11 1 2 Table of Contents Florida DBP- 19002 -1112 Waiver of Recourse Endorsement LTR -4000 Rev. 02 -14 Page 2 of 3 © 2014 The Travelers Indemnity Company. All rights reserved. DBP- 19003 -1112 Governmental Plan Endorsement DBP- 19033 -1112 Failure to Fund Exclusion Endorsement DBP- 19071 -1112 Cap on Losses From Certified Acts of Terrorism Endorsement CONTINGENCIES APPLICABLE TO QUOTE OPTION # 1: This quote is contingent on the acceptable underwriting review of the following information prior to the quote expiration date. 1 steps taken to improve funding status 2 please correct the application first named insured's name as it should read on the Dec. Page Valuation report for year 2013. QUOTE NOTES: If funding status falls below 65 %, we will be unable to provide terms at renewal. NOTICES: It is the agent's or broker's responsibility to comply with any applicable laws regarding disclosure to the policyholder of commission or other compensation we pay, if any, in connection with this policy or program. Important Notice Regarding Compensation Disclosure For information about how Travelers compensates independent agents, brokers, or other insurance producers, please visit this website: http: l /www.travelers,com/w3diegal /Producer Compensation_Disclosure.htmi If you prefer, you can call the following toll -free number. 1- 866 - 904 -8348. Or you can write to us at Travelers, Enterprise Development, One Tower Square, Hartford, CT 06163. Coverage Disclaimer: THIS QUOTE DOES NOT AMEND, OR OTHERWISE AFFECT, THE PROVISIONS OR COVERAGE OF ANY RESULTING INSURANCE POLICY ISSUED BY TRAVELERS. IT IS NOT A REPRESENTATION THAT COVERAGE DOES OR DOES NOT EXIST FOR ANY PARTICULAR CLAIM OR LOSS UNDER ANY SUCH POLICY. COVERAGE DEPENDS ON THE APPLICABLE PROVISIONS OF THE ACTUAL POLICY ISSUER, THE FACTS AND CIRCUMSTANCES INVOLVED IN THE CLAIM OR LOSS AND ANY APPLICABLE LAW. THE PRECEDING OUTLINES THE COVERAGE FORMS, LIMITS OF INSURANCE, POLICY ENDORSEMENTS AND OTHER TERMS AND CONDITIONS PROVIDED IN THIS QUOTE. ANY POLICY COVERAGES, LIMITS OF INSURANCE, POLICY ENDORSEMENTS, COVERAGE SPECIFICATIONS, OR OTHER TERMS AND CONDITIONS THAT YOU HAVE REQUESTED THAT ARE NOT INCLUDED IN THIS QUOTE HAVE NOT BEEN AGREED TO BY TRAVELERS. PLEASE REVIEW THIS QUOTE CAREFULLY AND IF YOU HAVE ANY QUESTIONS, PLEASE CONTACT YOUR TRAVELERS REPRESENTATIVE. LTR -4000 Rev. 02 -14 Page 3 of 3 © 2014 The Travelers Indemnity Company. All rights reserved. DISCLOSURE NOTICE - TERRORISM RISK INSURANCE ACT OF 2002 On December 26, 2007, the President of the United States signed into law amendments to the Terrorism Risk Insurance Act of 2002 (the "Act "), which, among other things, extend the Act and expand its scope. The Act establishes a program under which the Federal Government may partially reimburse 'Insured Losses" (as defined in the Act) caused by "acts of terrorism ". An "act of terrorism" is defined in Section 102(1) of the Act to mean any act that is certified by the Secretary of the Treasury - in concurrence with the Secretary of State and the Attorney General of the United States - to be an act of terrorism;to be a violent act or an act that is dangerous to human life, property, or infrastructure; to have resulted in damage within the United States,or outside the United States in the case of certain air carriers or vessels or the premises of a United States Mission; and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion. The Federal Government's share of compensation for Insured Losses is 85% of the amount of Insured Losses in excess of each Insurer's statutorily established deductible, subject to the "Program Trigger", (as defined in the Act). In no event, however, will the Federal Government or any Insurer be required to pay any portion of the amount of aggregate Insured Losses occurring in any one year that exceeds $100,000,000,000, provided that such Insurer has met its deductible. If aggregate Insured Losses exceed $100,000,000,000 in any one year, your coverage may therefore be reduced. Please 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 does not include any charge for the portion of losses covered by the Federal Government under the Act. The charge is no more than one percent of your premium. LTR -4013 Ed. 01 -09 Printed in U.S.A. Page 2 Of 2 02009 The Travelers Companies, Inc. All Rights Reserved THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. FAILURE TO FUND EXCLUSION ENDORSEMENT This endorsement changes the following: Designated Benefit Plan Fiduciary Liability Coverage It is agreed that: The following is added to section 111. EXCLUSIONS, A. EXCLUSIONS APPLICABLE TO ALL LOSS: The Company will not be liable for Loss for any Claim based upon or arising out of any inadequate funding of any Benefit Plan set forth in the Specified Benefit Plan Schedule below. Specified Benefit Plans Schedule Palm Beach Gardens General Employees' Pension Plan Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, exclusions or limitations of the above - mentioned policy, except as expressly stated herein. This endorsement is part of such policy and incorporated therein. Issuing Company: Travelers Casualty and Surety Company of America Policy Number 105959695 DBP -19033 Ed. 11 -12 Page 1 of 1 Q 2012 The Travelers Indemnity Company. All rights reserved. SPECIMEN - QUOTE 1 Page 28 of 29