Page 16 - 2020 October Report

October Report 2022
Audit & Risk Committee minutes (draft) (3)
4. Summary of Insurance Coverage
Dick included this Summary of Insurance Coverage since our new Committee name now includes Audit & Risk. This summary includes the firm and name of our current broker, Starkweather & Shepley and Ruth Leber is our broker in New York City. We went through the various coverages which include Commercial and Business, Workers Compensation, Crime, 401K, Officers and Directors, Life Insurance and Health Insurance with HRA Insurance. Sherry questioned whether we could include all of those coverages under one insurance carrier with one annual premium. Dick did not think that was possible but agreed to check it out with our broker, Ruth Leber. Dick was asked again if we had to provide workers comp insurance for all of our consultants and why we had received a large refund in February, 2022. Dick stated that workers comp insurance is based on how much we pay each consultant each year and the refund is based on the audited payments which actually went down. Dick was asked to show documentation from our broker which he had previously done. Bobby reported that our IT Consultant, PalmTech has advised us to price out cybersecurity insurance which we are in the process of doing and will report back to this committee in our January meeting. PalmTech is also helping us fill out the application and advising us as to whom we should apply. Dick stated that FFOG members have reported back that those who have cybersecurity insurance are paying high premiums and receiving poor results.
5. Schedule of Upcoming Meetings
Our November 1, 2022 meeting will again be held to approve Templeton’s 2021 Audit and 2021 Tax Returns including the 990PF, 990T and 8 State Tax Returns.
The meeting concluded at 3:15 p.m.
Respectfully submitted this 15th day of September, 2022.
Richard A. Krause Chief Financial Officer
Hugh Brown Committee Chairman
14