August 4, 1998

Ray Boisse
Department of Business Regulation
Insurance Division
233 Richmond Street
Providence, RI 02903-4233

Dear Mr. Boisse: We operated the business, Cecelia�s West African Restaurant, 488 Friendship Street, Providence since 1981. In the second year of operation our insurance has been provided through: Harold E. Beaudoin Insurance, Inc 81 Taunton Avenue East Providence, RI 02914 434-4000

When we reached an agreement to sell both the business and property the same insuranace Company was maintained. The agreement to sell comprised two parts. We first sold the business in September 1997. The buyer agreed to complete the purchase of the building March 1998. It was agreed that the new business owner would maintain insurance on the building which he was leasing in entirety until completing the purchase. To do this he extended the policy with the same agent. Our policy with Generali, Assicurazioni Generali, One Liberty Plaza, New York, NY 10006 bore the policy number S 001117. The policy extended to Gilbert Fernandes, the owner of the business and buyer of the property, bears the number S005267. Mr. Fernandes purchased the policy from Lori L. Laflamme at Harold E. Beaudoin (address above). Generali list an East Providence office adress: International Excess & Treaty Manager�s, Inc. 400 Massasoit Avenue - Suite 113 East Providence, RI 02914

A fire occurred at 486-488 Friendship Street on December 6, 1997. I met Mr. Fernandes at the site before sunrise. By mid morning we had answered all questions from the investigators. At the site we met Mr. Craig Martin who agreed to do two things: 1) board up and secure the building and 2) compute the damages and represent us during the adjustment of the claim. L�Europa & Martin 240 Chestnut Street Warwick, RI 781-2222

We were told that claims such as this take two to three months. In late February or early March we began to be told that a settlement would occur within a few weeks. Not until I met with Mr. Martin today did I hear any description of any kind of a proposed settlement. While Mr. Martin assessed the damage to the building at four hundred fifty thousand dollars and the insuring company recognizes the damage to be over one hundred thousand dollars (the amount for which the building was insured), the company is offering a settlement of seventy thousand dollars based on some survey that a comparable building in the area could be sold for that amount.

This is an outlandish offer for more than one reason.

It ignores our purchase and sales agreement with Mr. Fernandes which established the purchase price of one hundred thousand. (Which is also the reason we insisted Mr. Fernandes maintain no less than that amount of insurance.)

It does not consider that when marketed agent Deborah A�Vant of Caldwell Banker and JW Riker assessed the building and adjacent property at one hundred thirty thousand dollars.

I have recently been seeking a three unit multifamily in the area and cannot find one at seventy thousand dollars. Further more, 486-488 Friendship housed five dwelling units above the commercial floor and is zoned commercial.

My opinion is that the insurance company is being unfair and using the fact that neither Mr. Fernandes nor we can wait indefinitely. The company has dragged things on using time against us to force us to accept a preposterous offer.

Please direct and assist me in obtaining fair treatment in this matter.


Stan Premy
45 Stanmore Road
Warwick, RI 02889

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