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HomeMy WebLinkAboutAgenda Fire Pension 110216THE RESOURCE CENTERS , LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone (561) 624-3277 Fax (561) 624-3278 WWW .RESOURCE CENTERS .COM NOTICE OF CLOSED SESSION ATTORNEY-CLIENT MEETING OF THE BOARD OF TRUSTEES OF THE CITY OF PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND Pursuant to F.S. 286.011(8), notice is hereby given that the Board of Trustees of the above named pension board will hold a closed attorney-client session on Wednesday, November 2, 2016 at 1PM at: Palm Beach Gardens City Hall Council Chambers 10500 North Military Trial Palm Beach Gardens, FL 33410 The meeting will be confined to discussion of pending litigation in the matter of: BOARD OF TRUSTEES OF THE CITY OF PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND; on behalf of themselves and all others similarly situated v. BancorpSouth, Inc. (Case No. 3:14-cv-01564) The closed session meeting will be attended by the Trustees of the Board of Trustees: Richard Rhodes; Eduardo Morejon; Jonathan Currier; Martin Cohen; and Thomas Murphy; Board of Trustees Legal Counsel Pedro Herrera; Board of Trustees Administrator Denise McNeill; and Christopher Wood with Robbins Geller Rudman & Dowd LLP. A certified court reporter will be present to transcribe the meeting. The transcript will be made public upon the conclusion of the above cited pending litigation. THE RESOURCE CENTERS , LLC 4360 Northlake Boulevard, Suite 206 Palm Beach Gardens, FL 33410 Phone (561) 624-3277 Fax (561) 624-3278 WWW .RESOURCE CENTERS .COM PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND Meeting of Wednesday November 2, 2016 Location: City Hall, Council Chambers Palm Beach Gardens City Hall 10500 North Military Trail Palm Beach Gardens, FL 33410 Time: 1 PM AGENDA 1. Call Meeting to Order 2. Public Comments 3. Minutes: • Regular Meeting Held on August 3, 2016 4. Investment Manager Presentation: Franklin Templeton (Brian Kahley) 5. Investment Monitor Report: The Bogdahn Group (Dan Johnson) • 2015 State Money & 10/1/2016 City Contribution Allocation 6. Attorney Report: Sugarman & Susskind, P.A. (Pedro Herrera) • BanCorpSouth, Inc. Litigation Update 7. Administrative Report: Resource Centers (Denise McNeill) • Disbursements • Benefit Approvals • Custodial RFP Responses 8. Old Business 9. New Business • Ordinance 9, 2016 10. Next Meeting Previously Scheduled Monday January 9, 2017 at 1PM 11. Adjourn PLEASE NOTE: Should any interested party seek to appeal any decision made by the Board with respect to any matter considered at such meeting or hearing, he will need a record of the proceedings, and for such purpose he may need to insure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be based. In accordance with the Americans With Disabilities Act of 1990, persons needing a special accommodation to participate in this meeting should contact The Resource Centers, LLC no later than four days prior to the meeting. PALM BEACH GARDENS FIREFIGHTERS’ PENSION FUND MINUTES OF MEETING HELD AUGUST 3, 2016 A meeting of the Board of Trustees was called to order at 1:04PM in the Lobby Conference, Palm Beach Gardens, Florida. Those persons’ present were: TRUSTEES OTHERS Rick Rhodes, Chair Audrey Ross, Administrator Martin Cohen, Vice Chair Dan Johnson, Investment Consultant Jon Currier Pedro Herrera, Attorney (via telephone) It was noted that this meeting was held in the Lobby Conference room last minute due to recording issues in the Council Chambers. PUBLIC COMMENTS N/A MINUTES The Trustees reviewed the minutes of the July 11, 2016 regular meeting. Marty Cohen made a motion to approve the July 11, 2016 minutes. The motion was seconded by Jon Currier and it carried 3-0. INVESTMENT MONITOR REPORT: THE BOGDAHN GROUP (DAN JOHNSON) Mr. Johnson presented the Board with the June 30, 2016 ICMA DROP report. He noted that all is well here and there are no changes or recommendations. Mr. Johnson reviewed the June 30, 2016 quarterly report. He noted that the big event during the quarter was the BREXIT, which did slightly affect the RBC portfolio because they are invested in international funds. He reviewed the Plan’s asset allocation and noted that they are in line with their relative targets and there is no recommendation for rebalancing at this time. The Plan ended the quarter with $78M in assets and Mr. Johnson commented that overall the Plan has more money coming in than going out which is a positive. For the quarter ending June 30, 2016 the total fund was slightly behind the index net of fees at 1.18% versus 2.11%. For the fiscal year to date the total fund is up 5.43%, but still trailing the index at 7.73%. Mr. Johnson briefly reviewed each manager’s performance during the quarter and noted that the total equities were the largest detractor and “other assets” (BlackRock) was the largest contributor. All domestic equity and fixed income managers were positive for the quarter but trailing their respective indexes. Both international equity mangers were negative, but EuroPacific outperformed their index and RBC did not. Real estate is doing well and remains positive. Lastly he discussed the Templeton Global Bond fund which is still negative and trailing the index and he will discuss this more in detail shortly. Mr. Johnson gave a brief fund update as of July 31, 2016. The Plan’s assets have increased to $79M and they are up 2.01% for the quarter and 7.5% for the fiscal year to date. 2 Mr. Johnson discussed the Templeton Global Bond fund. He explained that they are looking to either compliment this fund with another manager or replace it altogether. He stated that the Bogdahn Group is still comfortable with their firm and product because he thinks it is more the market place affecting them and things will turn around for them soon, but ultimately it is the Board’s decision. Mr. Johnson stated that nothing stands out to him in the investment policy guidelines that they are violating either. The Board tabled this discussion for when all the Trustees are present and to also give Templeton a change to rebound as the market environment is starting to turn around as well. ATTORNEY REPORT: SUGERMAN & SUSSKIND (PEDRO HERRERA) Mr. Herrera gave a brief update on the BankCorpSouth Litigation case. The defendants appealed the motion but another court date has not been scheduled as of yet. Mr. Herrera commented that he will update the Board as more information becomes available. Mr. Herrera reminded the Trustees that their annual Form 1 Disclosure forms were due July 1, 2016. If any Trustees have not filed their forms yet, they need to do so quickly because the State will start assessing fees effective September 1, 2016. Mr. Herrera stated that there are some Trustee educational opportunities coming up such as the fall FPPTA School, the Division of Retirement conference and the IFFA school. ADMINISTRATIVE REPORT: RESOURCE CENTERS (AUDREY ROSS) DISBURSEMENTS The Board reviewed the disbursements presented for approval by the Administrator. A motion was made by Marty Cohen to approve the disbursements as presented by the Administrator. The motion was seconded by Jon Currier and carried 3-0. Ms. Ross presented the Board with the 2017 meeting dates, which remain on the same schedule as this year. Ms. Ross presented the Board with the proposed administrative budget for the fiscal year beginning October 1, 2016 as required under the new State Law. This budget will be filed with the Plan Sponsor for compliance purposes. A motion was made by Jon Currier to approve the fiscal year 2016-2017 administrative budget as presented. The motion was seconded by Marty Cohen and carried 3-0. Ms. Ross stated that at the last meeting the Board made a motion to issue a Custodial RFP. She presented the Trustees with the RFP and the list of Custodians that it will be sent to. The Trustees concurred and Ms. Ross stated that she will have the responses back for the Board to review at their next meeting. OLD BUSINESS Mr. Cohen explained that back in November 2013 the Board changed some of their assumptions and one was the assumed rate of return. The assumed rate of return is being lowered from 7.85% to 7.25% over time (currently they are at 7.65%). Mr. Cohen stated that he would like to see the assumed rate of return go down even more to 6.5%. The 3 Trustees had a very lengthy discussion regarding this change and ultimately tabled this discussion for when the Actuary is present at one of the meetings in early 2017. OTHER BUSINESS Ms. Ross stated that the June 30, 2016 GHA report is available in the Plan’s drop box. Ms. Ross presented the Board with the September 30, 2016 audit engagement letter from Steve Gordon’s firm KSDT. She noted that the audit fee this year increased by $280 for a total fee of $7,280. The Trustees noted that the total fee still remains relatively low compared to other firms and they are pleased with his services. A motion was made by Marty Cohen to approve the September 30, 2016 Audit Engagement Letter as presented by KSDT. The motion was seconded by Jon Currier and carried 4-0. There being no further business, the meeting adjourned at 2:24PM. Respectfully submitted, Tom Murphy, Secretary 1 Audrey Ross From:Audrey Ross Sent:Tuesday, October 18, 2016 5:25 PM To:Ed Morejon-PBGFF; 'jcurrier@pbgfl.com'; Marty Cohen-PBGFF; 'TMurphy@pbgfl.com'; Tom Murphy-PBGFF ; Rick Rhodes; Rick Rhodes-PBGFF Subject:PBG Fire - 9/30/15 State Money & 10/1/16 City Contribution Good afternoon, Just as an update. We received the 2015 State Money in the amount of $454,031.56 and we also received the City’s 10/1/2016 total contribution for the fiscal year in the amount of $2,882,604.00 (this does not include any additional amount from the City, just their minimum required amount for the entire FY). After the standing letter that is on file with Regions Bank regarding the cash flow, we had an additional $3.2M that we wired out for investment. Per Dan’s recommendation here is how it was invested: • Transferred $500,000 to the Agincourt Account • Transferred $500,000 to the GHA Account • Purchased $2,200,000 of the Vanguard Total Stock Market Index Fund “VITSX” Please let me know if you have any questions. Thank you, Audrey Ross Resource Centers, LLC 4360 Northlake Blvd, Suite 206, Palm Beach Gardens, FL 33410 | Direct 561.459.3007 | Office 561.624.3277 or 800.206.0116 | Fax 561.624.3278 Audrey@resourcecenters.com | Please visit: http://www.resourcecenters.com NOTICE OF CONFIDENTIALITY: This transmission contains information that may be confidential and that may also be privileged. Unless you are the intended recipient of the message (or authorized to receive it for the intended recipient), you may not copy, forward, or otherwise use it, or disclose its contents to anyone else. If you have received this transmission in error, please notify us immediately and delete it from your system. Please keep in mind that any communication sent to our office may become public record by way of the client being referenced. IRS CIRCULAR 230 NOTICE : To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Please consider the environment before printing this e-mail. Copyright © 2015 USI Insurance Services LLC October 19, 2016 This is a coverage summary, not a legal contract. This summary is provided to assist in your understanding of your insurance program. Please refer to the actual policies for specific terms, conditions, limitations and exclusions that will govern in the event of a loss. Specimen copies of all policies are available for review prior to the binding of coverage. Higher limits and additional coverage may be available. Please contact us if you are interested in additional quotes. Palm Beach Gardens Firefighters' Pensio 4360 Northlake Bv #206 Palm Beach Gardens, FL 33410 USI Insurance Services, LLC 1715 N. Westshore Blvd., Suite 700 Tampa, FL 33607 Account Manager: Lisa Johnston Phone: 813.321.7539 Fax: 610.362.8547 Named Insured: Palm Beach Gardens Firefighters' Pensio Policy Type: Crime Proposed Policy Term: 11/21/16 – 11/21/17 Quote Expires: 11/17/16 Insurance Carrier: Travelers Casualty and Surety Company of America Carrier Financial Rating: A++ X Carrier Admitted Carrier Non-Admitted Minimum Earned Premium, if applicable $ N/A Policy Subject to Audit Summary of Proposed: See Attached Carrier Proposal Total Estimated Premium: $ 231.00 Terrorism included Requirements to Effect Coverage Signed Application Signed Terrorism Disclosure Notice Signed Carrier Rating Notification if financial rating is less than A- X Payment in full X Make check payable to: USI Insurance Services, LLC X Authorization to order coverage and verification of Named Insured Other Information Other exclusions and policy limitations may apply. Please refer to the actual policies for specific terms, conditions, limitations and exclusions that will govern in the event of a loss. In evaluating your exposure to loss, we have been dependent upon information provided by you. If there are other areas that need to be evaluated prior to binding of coverage, please bring these areas to our attention. Should any of y our exposures change after coverage is bound, such as your beginning new operation, hiring employees in new states, buying additional property, etc., please let us know so proper coverage(s) can be discussed. Copyright © 2015 USI Insurance Services LLC USI Disclosures COMMISSION DISCLOSURE POLICY: As a licensed insu rance producer, USI is authorized to confer with or advise our clients and prospective clients concerning substantive benefits, terms or conditions of insurance contracts, to sell insurance and to obtain insurance coverages for our clients. Our compensation for placement of insurance coverage, unless otherwise specifically negotiated and agreed to with our client, is customarily based on commission calculated as a percentage of the premium collected by the insurer and is paid to us by the insurer. We may also receive from insurers and insurance intermediaries (which may include USI affiliated companies) additional compensation (monetary and non- monetary) based in whole or in part on the insurance contract we sell, which is contingent on volume of business and/or profitability of insurance contracts we supply to them and/or other factors pursuant to agreements we may have with them relating to all or part of the business we place with those insurers or through those intermediaries. Some of these agreements with insurers and/or intermediaries include financial incentives for USI to grow its business or otherwise strengthen the distribution relationship with the insurer or intermediary. Such agreements may be in effect with one or more of the insurers with whom your insurance is placed, or with the insurance intermediary we use to place your insurance. You may obtain information about the nature and source of such compensation expected to be received by us, and, if applicable, compensation expected to be received on any alternative quotes pertinent to your placement upon your request. Copyright © 2015 USI Insurance Services LLC Insurance Carrier Ratings As a service to our clients, USI is furnishing an assessment by a financial rating service of the insurance companies included in our proposal. We are including the legends used by this service. All ratings are subject to periodic review, therefore, it is important to obtain updated ratings from each service. Should you desire further information concerning the financial statements of any of the insurance companies being proposed, so that you can make your own assessment of the financial strength of the companies being offered, it is available from USI at your request. USI has made no attempt to determine independently the financial capacity of the insurance companies that we are including in our proposal as we believe the nationally recognized services are better equipped to comment. A. M. BEST RATINGS A++ and A+ Superior B and B- Fair A and A- Excellent C++, C+ Marginal B++, B+ Very Good C and C- Weak D Poor F In Liquidation E Under Regulatory Supervision S Rating Suspended FINANCIAL SIZE CATEGORY (In $ Thousands) Class I Less than 1,000 Class II 1,000 to 2,000 Class III 2,000 to 5,000 Class IV 5,000 to 10,000 Class V 10,000 to 25,000 Class VI 25,000 to 50,000 Class VII 50,000 to 100,000 Class VIII 100,000 to 250,000 Class IX 250,000 to 500,000 Class X 500,000 to 750,000 Class XI 750,000 to 1,000,000 Class XII 1,000,000 to 1,250,000 Class XIII 1,250,000 to 1,500,000 Class XIV 1,500,000 to 2,000,000 Class XV 2,000,000 or greater RATING "NOT ASSIGNED" CLASSIFICATIONS NR-1 Insufficient Data NR-2 Insufficient Size and/or Operating Experience NR-3 Rating Procedure Inapplicable NR-4 Company Request NR-5 Not Formally Followed Copyright © 2015 USI Insurance Services LLC Client Authorization to Bind Important Information: Please keep in mind coverage cannot be bound when severe weather is threatening regardless of the expiration date. After careful consideration of your proposal dated October 19, 2016, we accept your insurance program as presented with the following exceptions, changes, and/or recommendations: Client Signature Date Signed PALMBEA19 What’s the issue? The international regulatory landscape is growing in complexity with an increased focus on foreign non- admitted insurance laws. Regulators have become more active in monitoring compliance with these laws, having an impact on insurers, insureds, and brokers. As the business operations and associated insurance risks of Travelers’ insureds continue to expand outside of the United States, attention to these laws, which vary from country to country, is increasingly important. In an effort to clearly address these legal challenges, Travelers will be adding the Global Coverage Compliance Endorsement to primary Management Liability policies that extend coverage beyond the United States. travelers.com The Travelers Casualty and Surety Company of America and its property casualty affiliates. One Tower Square, Hartford, CT 06183 This material does not amend, or otherwise affect, the provisions of any 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 facts and circumstances involved in the claim or loss, all applicable policy provisions, and any applicable law. © 2015 The Travelers Indemnity Company. All rights reserved. Travelers and the Travelers Umbrella logo are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries. CP-8802 New 5-15 Travelers Management Liability - Global Risk Update In situations where a foreign country’s non-admitted insurance restrictions would not permit “Financial Interest” coverage, such as for losses sustained by foreign individuals that are not indemnified by an insured organization, including Side-A losses under a Directors & Officers (D&O) policy, Travelers can help procure a local policy. Travelers has the ability to place locally admitted D&O policies in over 100 countries. How is this helpful to you and your customers? The goal in attaching this new endorsement is to be transparent about Travelers’ intent to remain compliant with foreign non-admitted insurance and trade and economic sanctions laws. With the “Financial Interest” coverage provided in this endorsement, Travelers has an express contractual obligation to pay the first named insured in the U.S. when the loss is sustained by a foreign insured organization in a country that prohibits non-admitted insurance. Who should I contact for more information? To learn more, please contact your local Travelers underwriter. This endorsement will: 1. Clarify that Travelers cannot legally pay claims in foreign jurisdictions when foreign non-admitted insurance laws prohibit such payments; 2. Clarify Travelers’ inability to provide insurance in the event that doing so would violate an applicable trade and economic sanctions law; and 3. Add “Financial Interest” coverage, which provides a solution in those foreign jurisdictions where Travelers is not legally permitted to provide coverage to a foreign insured organization, but is able to make payment in the U.S. based on the U.S. named insured’s interest in the foreign insured organization. What are the key endorsement features? Foreign non-admitted insurance refers to insurance that provides coverage for persons, companies, and property located in a foreign jurisdiction in which the issuing insurer is not licensed or otherwise authorized by the local regulatory authority to provide insurance. Under the “Financial Interest” coverage, payment is made to the first named insured in the U.S. for the covered loss sustained by the foreign entity. Financial Interest coverage recognizes that a loss sustained by a foreign insured organization impacts the balance sheet of the U.S. named insured, and the payment made in the U.S. to the first named insured is the full amount of the otherwise covered loss. LTR-4000 Rev. 07-16 © 2016 The Travelers Indemnity Company. All rights reserved. Page 1 of 3 Lisa Craig 2420 Lakemont Ave. ORLANDO, FL 32814 Phone: (407) 388-3257 Fax: (800) 330-3109 Email: LCRAIG@travelers.com October 18, 2016 Lisa Johnston USI INS SERVICES LLC 1715 N WESTSHORE BLVD STE 700 TAMPA, FL 33607 RE: Insured Name:CITY OF PALM BEACH GARDENS FIREFIGHTERS' PENSION FUND 4360 NORTHLAKE BOULEVARD, SUITE 206 PALM BEACH GARDENS, FL 33410 Expiring Policy Number:103733118 Policy Period:November 21, 2016 to November 21, 2017 Dear Lisa Johnston: On behalf of Travelers Casualty and Surety Company of America we are pleased to provide the attached proposal of insurance for your review. The quotes contained in this document are valid for 30 days, and are subject to the provision of, and Travelers' review and acceptance of, the required underwriting information noted in the Contingencies section. Travelers reserves the right to change the quotes in this document, or to refuse to bind coverage entirely, based on review of the required underwriting information or based on adverse change in the risk(s) to be insured prior to the quote expiration date noted in this document. Please note that we require a response to this document within 30 days in order to facilitate policy renewal. The insured's current policy will expire and not be renewed in the absence of a request, and Travelers' agreement, to bind coverage. Travelers is pleased to offer Risk Management PLUS+ Online®, the industry's most comprehensive program for mitigating your management liability exposures, which is available to you at no additional cost. Please visit www.rmplusonline.com to view the services that are available. If you have additional questions about the site please contact your Underwriter. Travelers Casualty and Surety Company of America, a subsidiary of The Travelers Companies, Inc., has consistently earned high ratings for financial strength and claims-paying ability from independent rating services, including a current A.M. Best rating of A++*. Founded in 1853, The Travelers Companies, Inc. is a Fortune 500 company, a component of the Dow Jones Industrial Average, and a leading provider of property casualty insurance for businesses. Thank you for considering Travelers for your client's insurance coverages. We look forward to discussing this opportunity with you. Sincerely, Lisa Craig Travelers Bond & Specialty Insurance *A.M. Best's rating of A++ applies to Travelers Casualty and Surety Company of America as well as to certain insurance subsidiaries of Travelers that are members of the Travelers Insurance Companies pool; other subsidiaries are included in another rating pool or are separately rated. For a listing of companies rated by A.M. Best and other rating services visit www.travelers.com. Ratings listed herein are as of May 2014, are used with permission, and are subject to changes by the rating services. For the latest rating, access www.ambest.com. LTR-4000 Rev. 07-16 © 2016 The Travelers Indemnity Company. All rights reserved. Page 2 of 3 Travelers Casualty and Surety Company of America QUOTE OPTION #1 CRIME COVERAGES: Crime Insuring Agreements Single Loss Limit of Insurance Single Loss Retention Crime Insuring Agreements Single Loss Limit of Insurance Single Loss Retention A - Fidelity F - Computer Crime 1. Employee Theft See Endorsement 1. Computer Fraud Not Covered 2. ERISA Fidelity Not Covered 2. Computer Program and Electronic Not Covered 3. Employee Theft of Client Property Not Covered Data Restoration Expense B - Forgery or Alteration Not Covered G - Funds Transfer Fraud Not Covered C - On Premises Not Covered H - Personal Accounts Protection 1. Personal Accounts Forgery or Alteration Not Covered 2. Identity Fraud Expense Reimbursement Not Covered D - In Transit Not Covered I - Claim Expense $5,000 $0 E - Money Orders and Counterfeit Money Not Covered Insured's Premises Covered: Worldwide, except TOTAL ANNUAL PREMIUM -$213.00 (Other term options listed below, if available) LIMIT DETAIL: Shared Additional Defense Limit of Liability:N/A Crime Policy Aggregate Limit of Insurance:N/A PREMIUM DETAIL: Term Payment Type Premium Taxes Surcharges Total Premium Total Term Premium 3 Year Installment $213.00 $0.00 $0.00 $213.00 $639.00 POLICY FORMS APPLICABLE TO QUOTE OPTION # 1: CRI-2001-0109 Crime Declarations Page CRI-3001-0109 Crime Policy Form ENDORSEMENTS APPLICABLE TO QUOTE OPTION # 1: ACF-7006-0511 Removal of Short-Rate Cancellation Endorsement CRI-19072-0315 Global Coverage Compliance Endorsement – Adding Financial Interest Coverage and Sanctions Condition and Amending Territory Condition CRI-19076-0116 Replace Insuring Agreement A.2. ERISA Fidelity Endorsement CRI-4029-0210 Florida Changes Endorsement CRI-4031-0109 Table of Contents Florida CRI-5010-0613 Florida Cancellation or Termination Endorsement CRI-7125-0109 Government Entity Crime Endorsement CONTINGENCIES APPLICABLE TO QUOTE OPTION # 1: LTR-4000 Rev. 07-16 © 2016 The Travelers Indemnity Company. All rights reserved. Page 3 of 3 This quote is contingent on the acceptable underwriting review of the following information prior to the quote expiration date. 1 NONE COMMISSION: 20.00% QUOTE NOTES: 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://www.travelers.com/w3c/legal/Producer_Compensation_Disclosure.html If you prefer, you can call the following toll-free number: 1-866-904-8348. Or you can write to us at Travelers, Agency Compensation, One Tower Square, Hartford, CT 06183. 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 ISSUED, 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. Copyright © 2015 USI Insurance Services LLC