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Minutes of the  VLCT Property and Casualty Intermunicipal Fund, Inc.
Board of Directors Meeting
Friday, June 23, 2017
VLCT Offices, Montpelier, Vermont

Directors Present: Pat Scheidel (left 1:54 pm), Mel Adams, Pete Johnson, Joshua Powers, John Lawe, Brendan Whittaker, Neal Fox, Aaron Frank, Carl Rogers (left 1:56 pm), Jackie Higgins, Stuart Hurd (by phone)

Staff Present: Joe Damiata, David Sichel, Jeremiah Breer, Maura Carroll, Fred Satink

Others Present: Embry Nichols (JLT Re) (left 11:00 am), Chris Kogut and Allison Van Steensberg (Milliman) (arrived 12:30 pm)

The meeting was called to order by President Scheidel at 10:00 a.m.

Joe Damiata requested to add Appointment of a Nominating Committee to the agenda.

Upon motion (Powers/Rogers) duly adopted, the Board voted unanimously to approve the agenda as amended.

Upon motion (Powers/Frank) duly adopted, the Board voted unanimously to approve the minutes from the May 26, 2017 meeting as presented. 

The Board discussed the resignation letter sent by Board member Walker James.

Upon motion (Johnson/Adams) duly adopted, the Board voted unanimously to accept the resignation of Walker James with regret.

Upon motion (Powers/Fox) duly adopted, the Board voted unanimously to appoint Jackie Higgins to fill the board seat vacated by Walker James.

Fred Satink updated the Board on the current status of the new cyber coverage offering and introduced Embry Nichols from JLT Re who made an educational presentation about cyber liability and the soon to start VLCT PACIF cyber coverage.

The Board next discussed crime coverage.  Joe Damiata led a discussion about steps to mitigate the risk and whether changes should be made in coverage limits or underwriting.

Joe Damiata provided an overview of the progress made with the strategic plan and gave an overview of the underwriting and pricing challenges that will be discussed in detail after lunch.

Upon motion (Frank/Powers) duly adopted, the Board voted unanimously to enter executive session to discuss evaluation of public officials.

The Board entered executive session at 11:30 am and left executive session at 11:48 am.

The Board recessed for lunch at 11:48 am.

The Board meeting resumed at 12:58 pm.

Joe Damiata introduced Chris Kogut from Milliman who led a discussion about PACIF's workers' compensation rating and underwriting.

Options to address pricing for good experience and high loss members ensued.  Staff will analyze potential changes to the underwriting process that help achieve PACIF's strategic goals.

Upon motion (Adams/Powers) duly adopted, the Board adjourned at 2:32 pm.

Respectfully submitted,
David Sichel, Assistant Secretary

Board or Committee: 
PACIF Board of Directors

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