Re: [AGA-mcm] Invoiced and confused

[" Mike Hellweg" <mhellweg511@charter.net>]

Those prices are VERY high for bonding.  I suggest we shop around a bit. 
The ALA purchased bonding for our money handlers (up to 5 people) for up to 
$100,000 for 3 years for about $250.  We also purchased a million dollar 
liability policy to protect us at the conventions and from anything else we 
might be exposed to the rest of the year for $500 per year.

Mike


----- Original Message ----- 
From: "S. Hieber" <shieber@yahoo.com>
To: "AGA Advisory Committee" <aga-mcm@thekrib.com>
Sent: Thursday, August 10, 2006 8:41 AM
Subject: [AGA-mcm] Invoiced and confused


> Hi folks, in what follows I might sound cynical, but I'm just trying to 
> perform due diligience.
>
> I have an invoice for about $500 from a vendor for an insurance company. 
> David was kind enough to forward the invoice to me when he received it in 
> the mail, along with a note that it might be for "employee bond" (or 
> perhaps the word was "fund")
>
> I do remember that we discussed insurance a few times over the last few 
> years. I thought we had decided to stop purchasing the insurance because 
> it was too expensive. Otoh, perhaps I am forgetting nearly as much as I 
> ever knew about any of this.
>
> The best I could determine over the phone with a person representing the 
> party that sent the invoice, this payment would be compensation for the 
> provision of a bond but it's not clear exactly what the bond covers. 
> Perhaps a surety bond to mitigate harm to the corporation if the Treasurer 
> (or some other party or perhaps some specific named person) commits some 
> wrongful act.
>
> I don't recall seeing a bond or insurance policy statement in my 
> paperwork. I don't recall ever ordering, or issuing a payment for, 
> insurance or for a bond. However, according to the person I spoke with 
> representing the vendor, the vendor automatically renews each year by 
> paying the insurance company and and then sending us a bill -- they said 
> that is their policy. I advised them that it is not mine and I cannot make 
> any payment without documentation of what the payment is for -- I also 
> advised that I cannot be automatically and repeatedly charged in 
> perpetuity -- since prior notice was sent of the intention to charge, we 
> may cancel if we so wish.
>
> I'll know the specific obligations of the AGA in this regard once I see 
> the documentation.
>
> I asked them to forward me a copy of the bond or other documentation of 
> the services being provided in consideration for the invoiced payment.
>
> I will be away until about Aug 30, after which time I can take a look the 
> documentation the vendor sends me. It could be that, if this is regarding 
> a surety bond and the bond has been lost, then we could not collect on the 
> bond and payment would be imprudent. Whether a new bond is sought is 
> another discussion. Meanwhile, if anyone knows more than I do about this, 
> feel free to make recommendations.
>
>
> sh
>
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