The Paper Trail - Introduction - Pre-Indictment Documents
24
 
May 1998

Partial Release and Assignment

WHEREAS, FEDERAL INSURANCE COMPANY (FEDERAL) is the insurer and KOREAN WAR VETERANíS ASSOCIATION (KWVA) is the insured on Crime Insurance Policy No. 8145-38-48 which provides coverage for, among other things, direct losses of money sustained by KWVA caused by theft committed by any identifiable KWVA employee, acting alone or in collusion with others; and

WHEREAS, the employee theft coverage of Crime Insurance Policy No. 8145-38-48 has a limit of liability of $500,000, subject to a $1,000 deductible; and

WHEREAS, KWVA has submitted a Proof of Loss to FEDERAL representing that it has sustained a direct loss in an amount of $132,879.19 due to theft committed by JOAN [sic] MAISON (MAISON) which thefts were committed while MAISON was an employee of KWVA; and

WHEREAS, FEDERAL has conducted an independent investigation into the facts which are the subject of the Proof of Loss described above; and

WHEREAS, FEDERAL and KWVA concur that KWVA has sustained a direct loss of money caused by thefts committed by MAISON in the amount of $132,879.19; and

WHEREAS, FEDERAL and KWVA have agreed to partially settle and compromise the claim described above against Crime Insurance Policy No. 8145-38-48.

NOW, THEREFORE, in consideration of the payment or $131,879.19 by FEDERAL to KWVA and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged:

I, KWVA, for itself and its successors and assigns, hereby released and discharges and forever releases and discharges FEDERAL INSURANCE COMPANY and its successors and assigns of and from any and all claims, liabilities and causes of action of any nature whatsoever which in any way arise out of or derive from any act or omission of MAISON or which are in any way whatsoever related to the facts which are the subject of the Proof of Loss described above;

2. KWVA hereby sells, assigns, transfers and conveys to FEDERAL all claims, rights and causes of action which it has or may have against MAISON and/or any other person or entity which may be liable, in whole or in part, for the loss sustained by KWVA as the result of the thefts of MAISON;

3. KWVA hereby appoints FEDERAL as its attorney in fact to ask, demand, receive or sue for and in the name of KWVA and to take any and all lawful ways and means for the recovery of the payment of $131,879.19 by FEDERAL to KWVA.

4. KWVA hereby agrees that all recoveries, less the actual cost of recovery shall be distributed first in reimbursement to FEDERAL to the extent of its payment of $131,879.19 and any remainder pay to KWVA.

IN WITNESS WHEREOF, KOREAN WAR VETERANS ASSOCIATION has caused this Release and Assignment to be executed this ____ day of ____, 1998.

By: ______________ (KOREAN WAR VETERANS ASSOCIATION) Title: ________________

WITNESSES: _________________ ________________________

 

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