Regarding D&O Insurance

Post date: Jul 22, 2016 7:40:43 PM

From: Chris Riemer [mailto:chrisriemer@verizon.net]

Sent: Thursday, July 21, 2016 4:41 PM

To: Barrett Wilson (bgwilson53@gmail.com) <bgwilson53@gmail.com>; 'Lachowicz, Elizabeth' <e.lachowicz@verizon.net>; 'George' <g_otto@comcast.net>; 'Falco, Lori' <lorif10@yahoo.com>

Subject: Regarding Directors & Officers Insurance

Greetings, folks -

I'll share this thought again this evening, but I decided to put a few ideas down on virtual paper. You may remember that at the last Board meeting, Christine voted against spending $500 on a legal opinion regarding Workers Comp. And her reason was that until we had D&O insurance, we shouldn't be making any decisions with that kind of downside potential. I agree. Here's a useful Wikipedia entry for a foundational understanding.

The kinds of things we usually vote on at board meetings are pretty tame. In fact, if you take a brief stroll through George's 2006 compilation spreadsheet, there's nothing that would raise anyone's eyebrows: Taking out an ad in a folk festival program. Replacing the newsletter's electric stapler. Picking the location for the annual meeting. (Yawn...)

But voting to drop our Workers Comp coverage is something no one should be asked to do, without the backstop of a D&O policy. So whatever recommendation we deliver to the board next month, I think that should be part of the package.

See you later. I got Elizabeth's note about not being able to make it this evening, but found it in my Junk Mail folder. In case that happened to other folks too, it will only be four of us tonight.

Regards,

Chris