I am pleased to announce that I have negotiated a renewal of our CNA Insurance program sponsored by our broker Jones Deslauriers. I began this process many months ago which culminated in a face-to-face negotiation with the underwriters at CNA in Toronto this past month, along with the expert assistance of the Jones Deslauriers staff.
During the negotiations I outlined the needed improvements to the policy and am glad to report that most, if not all, were agreed upon. Such issues as extended warehouse coverage; transport coverage in Mexico; break bulk coverage; and other expanded coverages, have been agreed to. I do not believe that there will be an increase cost in the program in terms of premiums. In an era where some insurance costs have risen between 10% and 40%, depending on coverage, this would be a great savings.
Scott Irwin of Jones is preparing a sheet outlining the new expanded program which I will send to all of you once I receive and review it. It is also worth mentioning that I am expecting a marketing fee from Jones to the Association in an amount equal to what we received last year. So please stand by for more information. We are currently organizing a trade conference in Las Vegas and those preparations are underway. We expect to announce it in the next month or so and it will be scheduled around SEMA. I will be back to all of you with details as they emerge.
In the meantime, stay safe and healthy and best of luck with your business.
Very truly yours,
Charles S Brofman, Esq., President