D & O INSURANCE UPDATE

Director and Officer Liability Insurance and Employment Practices Liability Insurance have been secured for Bayshore Beach Club, Inc. effective July 1, 2009. The term of these policies is 12 months. The premium for this policy is $4673.

On July 18, 2009, the board authorized President Gary Cummins to review with our insurance agent and legal counsel, the need for a supplemental liability policy. This policy is a “look back” for any claims that may come forward from the policy period formally covered by USLIG. Also known as the “tail”, this separate policy will protect officers and directors prior to July 1, 2009.

On the recommendation of our agent and attorney, President Cummins decided on a 2 year term. The premium for this policy is $ 1810.

BAYSHORE LOOP LAWSUIT RESOLVED

After three very long years...everyone took a breath and decided to an agreement where no one was blamed. Mrs. Sanders and Mr. Dahlke serve on the Finance Committee together and that relationship may have helped all parties resolve their differences. As it turns out, Bayshore is a good place for neighbors to respect each other and their rights.. so everyone is moving on and we’re sure all involved are pleased this issue has been put to rest.

Thank you to all Bayshore members and our valued employees for your patience and for letting this situation work itself out…it appears to be DONE.

Your Communications Committee is Larry Dahlke, Linda Wagner and Bob Mowrer. They can be reached through the Bayshore business office at baybeach@peak.org