All news
Board Announcement
Published: January 16, 2025
The RCR Board of Directors is pleased to announce that the lawsuit against the RCR POA has reached a settlement that is satisfactory to both sides. A settlement was reached at the strong urging of Cincinnati Insurance, our former insurance carrier who was responsible for covering the cost of defending the lawsuit. Cincinnati wished to avoid the additional expense of a trial and informed us that RCR would have to pay a significant portion of the trial expenses if we could not reach a settlement. This potential liability for RCR represented a significant new data point that had not been previously known by the Board. In reaching a settlement agreeable to both parties, we avoid the potential costs associated with a trial and any judgements against us had we not prevailed in court, and we are able to bring closure to this matter which has been a distraction.
Key points of this settlement agreement:
1) Neither party admits any wrongdoing.
2) The plaintiffs’ claims against the RCR POA are dismissed with prejudice.
3) Cincinnati Insurance agreed to pay a portion of the plaintiffs’ legal expenses in the amount of $17,000.
4) The RCR POA incurred no additional cost as a result of the settlement.
5) A proper ACC application was submitted for approval.
Although RCR POA incurred no additional costs from the settlement, as a direct result of the expenses Cincinnati Insurance incurred in defending the lawsuit, Cincinnati was unwilling to renew its policy with RCR. Consequently, RCR was forced to procure insurance from a new carrier with significantly increased premiums.
With this matter behind us, we can now turn our focus and energy to other matters concerning the neighborhood in which we all live.
The RCR POA Board of Directors
