April 30, 1998
Letter
to Nick Pappas from Chubb Group of Insurance Companies:
[KWE Note: Insurance company says it will give a partial settlement
of claim.]
Chubb Group of Insurance Companies
Fifth Avenue Place
120 Fifth Avenue
Pittsburgh, PA 15222-3008
Ph. (412) 456-8000
Fax: (412) 456-8009
To: Nick Pappas
Re:
- Insured: Korean War Veterans Association
- Policy No. 8145-38-48
- Claim: Employee Theft (John Maison)
- Company: Federal Insurance Company
Dear Mr. Pappas:
Please be advised that I have completed my review of the Proof
of Loss materials forwarded in support of the above-referenced
claim. Accordingly, I propose the below settlement offer.
As you are aware, Korean War Veterans Association ("KWVA")
alleges that former elected treasurer John Maison engaged in a
number of schemes to defraud the Veterans Association. To date,
although KWVA claims that Maison embezzled more than $300,000,
KWVA has only submitted documentation substantiating $132,879.19
of the claim. Accordingly, I am willing to partially settle this
matter for $131,879.19, which takes into consideration KWVA’s
$1,000 deductible. I have taken the liberty of enclosing a Partial
Release & Assignment. Please execute the same and return it
to my attention. Upon receipt of an executed Partial Release & Assignment,
I will immediately forward the proceeds of the claim.
Most importantly, please be mindful, that KWVA must submit the
required documentation, which may substantiate the remaining portion
of the claim. Should we not receive the required documentation
on or before June 15, 1998, I will have no other choice than to
close my file on this matter.
Respectfully,
Greg A. Ray, Esq
Bond Claim Attorney
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