Dear Member,
As Treasurer of the Sub Aqua Association I wish to advise you, that we, the Executive, are looking to keep the annual membership fees the same or to only make a slight increase to cover costs.
We are aware of the economic crisis hitting all of our pockets both personally and in our work environments. Unfortunately we are a business and trade has also had an effect on us. With this in mind we need to trade within our income and not to incur any overspend.
We are currently looking at the insurance cover we have for the membership, firstly the 3rd party indemnity for £ 5M We will retain this cover at this level, as our Insurers have indicated that the cost is likely to remain the same.
Secondly, we also have personal accident cover, which is at an annual cost of £27,000. Unfortunately we had three fatalities last year which the Insurers paid out £30,000. We also have currently a further three fatalities which are being addressed for payment. I have contacted the Insurers and the underwriters but as yet they cannot advise us what the likely premium is to be this year.
With this in mind, I would like to ask you all to consider that there is likely to be a huge rise in this premium and this will be reflected in your subscriptions for 2010. Consequently, I have asked the Insurers to give me a quote on the current membership numbers, with the same cover of £10,000 and also to give me quotes on a reduced personal accident payout of £5,000.
These figures will not be available till the middle of December and we, the Executive and the National Council, will make the decision which way we will take this matter forward.
I assure you that we will only increase the fees if necessary to ensure a stable cash flow balance.
Maureen Pillinger
SAA Treasurer |