I am going to post this... This is not an accusation... Just some information I was forwarded anonymously.
I post it here to make up your own minds...
The E-mail claims to be from the Ex-President Mr Runcimann...
This was in response to th“On 03/05/2012, at 2:30 PM, steve runciman <
[email protected]> wrote:
URGENT
Hi Gents,
Bad news I am afraid. The insurance became due on 30 Apr 12. The paperwork was completed and sent to the brokers which was then sent on to the insurance company. We have temporary cover from the expiry of the of the old insurance up until the acceptance of our insurers subject to certain terms and conditions. Basically, on the renewal proposal it asks if there is anything pending that may have an effect on us being re-insured. Obviously at the time the paperwork was signed and sent in we declared that there was nothing pending. However, on renewal date (30 Apr 12) they were informed that we had discovered something. Rob Viney is certain that because this was declared before the renewal time (4pm on 30 Apr 12) we have insurance cover for this incident but he cannot guarantee it.
The really bad news is that as at today he cannot guarantee that we have insurance cover. The reason for this is that when the insurance company are fully briefed on the current circumstance they may refuse to cover us which means that the insurance lapsed at 4pm on 30 Apr 12 and from that time and date we are not covered. However, they may decide to renew in which case we are covered. It is up to you to decide the possibility of them agreeing to cover us.
Bottom line is that, as at today, it cannot be guaranteed that we have Directors liability insurance cover.
No doubt I will be hearing from a number of you very shortly.
Regards,
Steve”
And here now is the Minutes of the AGM... Is this an outright lie or are they just confused???
2. RA-Aus have previously faced difficulties in obtaining liability insurance cover for the Board
and the Staff. With the full knowledge of the previous difficulties, it is alleged the CEO
allowed the insurance cover to get within a few working days of expiry before submitting
the paperwork to the Broker for the renewal process. As might be expected it took around
a month for the insurance cover to be obtained. During that month, there were periods
when the cover was provided only by the good grace of the insurer and there were periods
when there was zero cover. It is further alleged that the lack of insurance and the potential
liability to Board members individually was a significant factor in the resignation of at least
one of the competent Board members and potentially a factor in the resignation of another.
Comment: I am not sure where Mr Isaac got his information from but it will be shown that much of
the information provided by Mr Isaac is wrong. Mr Isaac is correct that RA-Aus has and will
continue to face difficulties in obtaining insurance, it is the nature of our business. As I have
previously explained to the board, the CEO answered the renewal paperwork when it was received
from the insurance broker. There was a period of, from memory, 5 days lapse between receiving it
and answering it but this includes a weekend and the fact that the CEO was not in office for a
number of days. The CEO and Administration Manager have a meeting at least once a year with
our insurance broker to go through the insurance in detail. It was not the fact that the CEO had
made a mistake and had left it too late that the insurance company saw fit to provide a cover note.
The insurance company were considering our insurance in fine detail and while these
considerations were ongoing they provided cover for that period.
There was never a period when cover was not in place.
So... At the AGM the Board tells us "THERE WAS NEVER A PERIOD WHEN COVER WAS NOT IN PLACE"
Yet his own e-mail allegedly tells us that " the insurance lapsed at 4pm on 30 Apr 12 and from that time and date we are not covered...Bottom line is that, as at today, it cannot be guaranteed that we have Directors liability insurance cover."