BOSTON 2024

PARTNERSHIP, INC.

MANAGEMENT & PROFESSIONAL

LIABILITY / SPECIFIED
LIQUIDATED DAMAGES
POLICY SUMMARY

Page 1

January 7, 2015

MEMORANDUM
To:

Boston 2024 Partnership, Inc.

One Marina Park Drive, Boston, MA 02110

From:

Willis Group / Glenn McGrath

Subject:
Date:

Management and Professional Liability & Liquidated Damages Insurance Policy

January 7, 2015

COVERAGE SUMMATION:
Policy Period: January 8, 2015 to October 1, 2017

Carrier
XL
AIG

A.M. Best
A XV (stable)
A XV (stable)

Limit of
Liability
$10,000,000
$10,000,000

Markel

A XIV (stable)

$5,000,000

Totals

$25,000,000

Retention
$500,000

PREMIUM PAID ON JANUARY 7TH, 2015:

PREMIUM BALANCE DUE BY FEBRUARY 6TH, 2015:

Policy Premium
$500,000
$325,000
$162,500

$500,000

$987,500

$75,000
$912,500 (not inclusive of taxes)

Insureds:
First Named Insured: Boston 2024 Partnership, Inc. (Boston 2024) and all past, present and
future directors, officers, employees, etc. (and any foreign equivalent) (collectively, the Bid
Committee)
Additional Insureds: City of Boston and United States Olympic Committee
Insuring Agreements:
Side-A Coverage

Side-A covers the individual directors, officers and employees for defense expenses and
payments of settlements/judgments that arise from claims brought against them, when those
costs cannot be indemnified by the company. The Retention does not apply to the Side-A
coverage which affords protection against individual directors, officers and employees having to
use their own resources to pay the costs of any claims for which they are not indemnified by the
company. In essence, the Side-A provides the final layer of protection for an individual
directors, officers or employees personal assets from the plaintiff(s) in a claim.

Side-B Coverage
Side-B is also often referred to as the company reimbursement coverage. Side-B reimburses the
company for the costs of paying claims against individual directors, officers and employees
when the company is permitted, or required, to indemnify such directors, officers and

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employees. Because the majority of claims against directors and officers are eligible for
indemnification Side-B typically is the primary coverage under which payments are made under
a D&O insurance policy.
Side-C Coverage

Side-C or Entity Coverage provides coverage for

defendant. For example, if a lawsuit names
directors/officers/employees as separate defendants,
any defense costs and/or judgments or settlements
separate alleged liability.

claims when the company itself is a

both the company and individual
Side-C coverage will come into play for
that are attributable to the companys

Coverage Highlights:
Coverage for Claims for Wrongful Acts of the Bid Committee. Wrongful Acts include (but
are not limited to):
any actual or alleged act, error, omission, neglect, misconduct, misstatement, misleading
statement or breach of fiduciary duty or other duty committed or attempted, or allegedly
committed or attempted, by an Insured Person in his or her capacity as such, which shall
include, but not be limited to, his or her activities, duties or obligations arising out of or
related to the Bid Agreement;
any actual or alleged act, error, omission, neglect, misconduct, misstatement, misleading
statement or breach of fiduciary duty or other duty, which shall include, but not be limited
to, any activities, duties or obligations arising out of or related to the Bid Agreement,
committed or attempted, or allegedly committed or attempted, by the Company.
any Investigation Claim, or any written notice of a breach of a representation, warranty or
other provision under the Bid Agreement, or a written notice or demand for indemnification
or liquidated damages under the terms of the Bid Agreement.

Coverage also specifically includes:

a breach of a representation or warranty under the Bid Agreement;
a demand for indemnification or liquidated damages assessed against the Bid Committee,
specifically alighted with the Bid City Agreement by and between the United States Olympic
Committee and Boston 2024;
a civil, criminal, administrative or regulatory investigation by a federal, state local or foreign
government authority;

As in all similar policies, there are several standard exclusions:

fraud or criminal acts or omissions; however, defense shall be provided subject to a final
non-appealable adjudication adverse to the Insures in the underlying action;
bodily injury, sickness, mental anguish, emotional distress, libel, slander and defamation.

CONTACT INFORMATION

Page 3

Glenn McGrath
Senior Vice President
(212) 915-8335
glenn.mcgrath@willis.com

XL Professional
100 Constitution Plaza
17th Floor
Hartford, CT 06103
Phone
860-246-1863
Fax
860-246-1899

MANAGEMENT LIABILITY BINDER

Date:

January 07, 2015

Name:

Glenn McGrath

Company:

Willis of New York, Inc.

From:

Stu Perry

Direct: 860-948-1810

stuart.perry@xlgroup.com

INSURED INFORMATION
Name:

Boston 2024 Partnership Inc.

Address:

One Marina Park Drive

Boston, MA 02110

Policy Number:

ELU137617-15

Carrier:

Indian Harbor Insurance Company

POLICY FORM
Manuscript

Management Liability

LIMIT of LIABILITY
$10,000,000

Aggregate each Policy Period (including defense expenses)

RETENTIONS
$0

Each Insured Person under Insuring Agreement 1 (A)

$500,000

Each Claim under Insuring Agreement 1 (B)

$500,000

Each Claim under Insuring Agreement 1 (C)

POLICY PERIOD
January 08, 2015 to October 01, 2017

PENDING & PRIOR PROCEEDING DATE

January 08, 2015

OPTIONAL EXTENSION PERIOD

One year at 200% of the annual premium

PREMIUM: $500,000.00 (plus Applicable Surplus Lines Tax)

The portion of your annual premium that is attributable to coverage for acts of terrorism is: $ waived.

Commission: 15.00%
Premium Due Date: February 07, 2015

ENDORSEMENTS:

Terrorism Insurance Disclosure

Office of Foreign Asset Control Notice
XL Privacy Notice / XL Fraud Notice
In Witness Endorsement
Terrorism Premium Endorsement (XL 80 24 03 03)
Massachusetts Service of Process Endorsement (XL-MASOP)

THE BINDER IS SUBJECT TO RECEIPT, REVIEW, AND ACCEPTANCE OF THE FOLLOWING ITEMS.

None

IF THE TOTAL PREMIUM IS NOT PAID BY THE PREMIUM DUE DATE SET FORTH ABOVE, THE INSURER WILL CANCEL THE
COVERAGE FOR NON-PAYMENT OF PREMIUM. THE EFFECT OF SUCH CANCELLATION WILL BE THAT THE OFFERED COVERAGE
SHALL NOT INCEPT, AS IF SUCH OFFER OF COVERAGE HAD NEVER BEEN MADE.

National Union Fire Insurance Company of Pittsburgh, Pa.

32 Old Slip
Financial Square
New York, NY 10005(212) 458-5000

TEMPORARY AND CONDITIONAL BINDER OF INSURANCE CONFIRMATION LETTER

January 07, 2015
GLENN MCGRATH
WILLIS OF NEW YORK, INC
200 LIBERTY STREET, 7TH FL ONE WORLD FINANCIAL CENTER
NEW YORK, NY 10281-1003
RE:

BOSTON 2024 PARTNERSHIP INC

Excess Edge

Name of Insurance Carrier: NATIONAL UNION FIRE INSURANCE COMPANY OF

PITTSBURGH, PA.
Address of Insurance Carrier: 175 WATER STREET, NEW YORK, NY, 10038
NOTICE_PARA
Tab#: 1553551, Submission #: 100552449
Policy#: 02-585-00-72
New Line
Policy Period Effective Date From: 01/08/2015 To 10/01/2017
Dear Glenn:
On behalf of National Union Fire Insurance Company of Pittsburgh, Pa. (hereinafter
"Insurer"), I am pleased to confirm the conditional binding of coverage in accordance with
our agreement as set forth below and subject to the conditions set forth herein. Please
review said Conditional Binder for accuracy and contact the Insurer prior to the effective
date of policy coverage of any inaccuracy(ies) found within the issued Conditional Binder.
If the Insurer does not hear from you prior to the effective date of policy coverage it will
be understood that the Conditional Binder has been accepted as an accurate description of
the agreed upon terms of coverage.
PLACE_REBRANDING_TEXT_DISCLA
PLACE_GUARENTEE_FUND_WORDING
***IMPORTANT POLICY ISSUANCE VERIFICATION***
A policy will be issued with the name and address of the Insured exactly as referenced in
the Policy Information Section of this Conditional Binder. If this information is
inaccurate, please advise us immediately.

POLICY INFORMATION
INSURED:

BOSTON 2024 PARTNERSHIP INC

INSUREDS ADDRESS:

ONE MARINA PARK DRIVE 10th Floor

BOSTON, MA 02110

TYPE OF POLICY:

Excess Edge

BASIC FORM:

103224 (02/10)

INSURANCE COMPANY: National Union Fire Insurance Company of Pittsburgh, Pa.

POLICY NUMBER:

02-585-00-72

EFFECTIVE DATE:

01/08/2015

LIMIT OF LIABILITY:

$10,000,000 x/s of $10,000,000

EXPIRATION DATE:

10/01/2017

TOTAL OF UNDERLYING LIMITS: $10,000,000

Per Insurer Quote/Indication Letter dated 01/06/2015 except as
indicated below.

OTHER TERMS:

NOTE: If more space is needed to complete the stated Schedule of

Underlying Coverage and Followed Policy in the base form, an
addendum may be attached to the policy.
PREMIUM:

$325,000

COMMISSION:

16.00%

Important Conditions Of Conditional Binder: See Below

OUTSTANDING SUBJECT TO INFORMATION
1. Receipt, review and acceptance of copy of underlying policy(ies)
2.
ENDORSEMENTS
The following endorsements will be added to the basic policy:
#
1
2

Form #
89644
78859

Ed Dt
06/13
10/01

Title
ECONOMIC SANCTIONS ENDORSEMENT
FORMS INDEX ENDORSEMENT

CONDITIONS OF CONDITIONAL BINDER

When signed by the Insurer, the coverage described above is in effect from 12:01 AM of
the Effective Date listed above to 12:01 AM of the Expiration Date listed above, pursuant
to the terms, conditions and exclusions of the policy form listed above, any policy
endorsements described above, and any modifications of such terms as described in this
Conditional Binder section.Unless otherwise indicated, this Conditional Binder may be
canceled prior to the Effective Date by the Insured, or by the Broker on the behalf of the
Insured, by written notice to the Insurer or by the surrender of this Conditional Binder
stating when thereafter such cancellation shall be effective. Unless otherwise indicated,
this Conditional Binder may be canceled by the Insurer prior to the Effective Date by
sending written notice to the Insured at the address shown above stating when, not less
than thirty days thereafter, such cancellation shall be effective. Unless otherwise
indicated, this Conditional Binder may be canceled by the Insurer or by the Insured on or
after the Effective Date in the same manner and upon the same terms and conditions
applicable to cancellation of the policy form listed above.Issuance by the Insurer and
acceptance by or on the behalf of the Insured of the policy shall render this Conditional
Binder void except as indicated below.
Notwithstanding the payment of any premium or the issuance of any policy pursuant to
this conditional binder, this conditional binder shall be considered to be a TEMPORARY
AND CONDITIONAL BINDER and is conditioned upon receipt, review and written
underwriting approval of the additional information specified in the section entitled
Outstanding Subject To Information. If such information is not received, reviewed and
approved in writing by the Insurer within 90 days from the date that this conditional
binder letter is executed by the Insurer, then this conditional binder and any policy issued
pursuant thereto will be automatically null and void ab initio (void from the beginning) and
have no effect. This conditional binder may be extended only in writing from the Insurer.
A condition precedent to coverage afforded by this Conditional Binder is that no material
change in the risk occurs and no submission is made to the Insurer of a claim or
circumstances that might give rise to a claim between the date of this Conditional Binder
indicated above and the Effective Date.
Please note this Conditional Binder contains only a general description of coverages
provided. For a detailed description of the terms of a policy you must refer to the policy
itself and the endorsements bound herein.
PREMIUM PAYMENT
Our accounting procedures require that payment be remitted within 30 days of the
effective date of coverage or 15 days from the billing date, whichever is later.
We appreciate your compliance with this procedure.

We appreciate your business and hope that we can be of further service to you in the
future.
Sincerely,

KRISTIN JARONCZYK
Senior Underwriter
Executive Liability
646-857-1477
If you have any questions regarding this policy, or for any other service needs, please
contact our AIG Broker Services:
Monday-Friday 9:00 AM - 6:00 PM Eastern
Telephone: 1-877-TO-SERVE or (877)867-3783
E-mail: TOSERVE@aig.com
Fax: (800) 315-3896
Raising the bar with commitment to quality

BINDER
Policy #: MAXA6EL0001963

Producer Name: GlennMcGrath

Underwriter: EricS.Amadori

Company Name: Willis North America, Inc.

Underwriter Phone#: (212) 898-6651

Insurance Company: Alterra America Insurance Company

Underwriter Email: eric.amadori@markelcorp.com

Policy Period: 01/08/2015 To 10/01/2017

Applicant Name: Boston 2024 Partnership Inc.

Retro Date:

Mailing Address: 1 Marina Park Dr 10th Fl

Boston, MA - 02210-1832

Coverage Name: Excess Comm - Private Corporations

EXCESS ADVANTAGE
Terms and Conditions

Option

Limit of Liability

Option 1 $5,000,000

Excess of

Coverage Premium

$20,000,000

$162,500

Excess Comm - Private Corporations

Policy Basis

Commission

Claims Made

16%
UNDERLYING / FOLLOWED POLICIES

Primary Carrier

Limit of Liability

Retention

Indian Harbor Insurance Company

$10,000,000

$500,000

Excess Carrier(s)

Limit of Liability

Excess of

National Union Fire Insurance Company of Pittsburgh, PA

$10,000,000

$10,000,000

FORMS
Edition

Name

MPIL 1007 03 14

PrivacyNotice

AE0005

Schedule A - ScheduleofForms

AE0501

AlterraAmericaInsCoExcessFollowFormDeclarations

AE0502

AlterraAmericaInsCoExcessFollowFormPolicy

AE0508

Schedule B - ScheduleofUnderlyingInsurance

Forms: see attached Schedule

CONTINGENCIES
1. The following Binder is subject to receipt, review and written acceptance of the following information:
All underlying Subjectivities.
Underlying Policies.

CONDITIONS
1. Alterra America Insurance Company Policy has been drafted and will be released upon receipt and acceptable review of the lead / followed Policy.
2. Alterra America Insurance Company Payment Terms - Premium is due 30 days from the effective date of the policy.
3. This Binder is being offered on an admitted basis.

1/7/2015

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Thanks & Regards,

EricS.Amadori
Vice President
Executive Liability
Markel Global Insurance

1/7/2015

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