BOD Meeting Minutes 08_20_2024

SEAGLASS VILLAGE BOD MEETING

August 20, 2024

7:00 PM

MINUTES

The Chair called the meeting to order at 7:00 pm, and a quorum was declared. All Board members present: Sandra Weymouth (in the Chair), Lorraine DeVaux, Judy Moseley, Howard Raff, Mickey Meza. Staff present was Jim Hoyt, General Manager. Also present to consult were subject matter experts Jerry Schlessel, Eric Van Wagoner and Randy Peteros.

Key Takeaways

• GM has been working with our insurance broker since June on our renewal. Bids were finally received this week. 17 companies were contacted. No response except 1, which indicated an increase of our deductible from $10K to $100K.

• Emergency/interim step is to fund this renewal on a month-to-month basis while continuing to solicit other bids and terms. For our commercial insurance, this would require a binder down payment of $31,951 plus the cost of one full month’s payment of $13,336 – for a total of $45,287. For Liability, the cost is $8,363, with liquor liability not included.

• Motion to remove the Grand total of $53,650 from reserves to cover these interim costs, in order for us to remain compliant with our Declaration – passes unanimously.

Action Items

• Liquor liability to be explored this week. The Sandbar will remain closed until this is resolved.

• Owners will be notified in writing as to what they need to do in order to increase their individual HO6 policies to cover the increase in deductible.

Meeting adjourned 7:17pm, while the subject matter experts remained on the meeting for further questions.

Minutes respectfully submitted,Lorraine DeVaux, Secretary