Replies to post #93354 on World Surveillance Group Inc (fka WSGI)

[Jetmek_03052]

Frank, I think you forgot a sentence in that document in regards to the coverage from Carolina insurance.

Yes. You are correct that the letter says that Carolina will not cover the SEC investigation expenses. The other sentence you forgot CLEARLY STATES:

"Given the the prior letters by thc SEC coupled with the Globetel meeting with the SEC on May 17, 2006, it is difficult to believe that any of Globetel's management was not aware of the SEC investigation prior to the Policy's inception. Consequently, should Globetel or its dirctors and officers seek coverage under the 2006-07 Policy, Carolina expressly reserves its right to rescind the 2006-07 Policy."

See that last sentence Frank?......."should Globetel or its dirctors and officers seek coverage under the 2006-07 Policy, Carolina expressly reserves its right to rescind the 2006-07 Policy."

"SEEK COVERAGE UNDER THE 2006-07 POLICY".

SEEK COVERAGE. In other words, for ANY CLAIM, CAROLINA EXPRESSLY RESERVES ITS RIGHT TO RESCIND THE 2006-07 POLICY.

So much for MAD201's opinion also. He stated....

"Jet, either you know little about business insurance or you are deliberatly trying to mislead people. Ins. companies cannot just drop you for a period for which you have paid premiums."

Apparently he didn't read that sentence either. If GTEM paid it's premiums to Carolina for insurance, too bad. They also defrauded Carolina when they answered questions at the time of the policy renewal, specifically answering in the negative in regards to any ongoing investigation.

It is right here, typed out for all to see:

"Given the the prior letters by thc SEC coupled with the Globetel meeting with the SEC on May 17, 2006, it is difficult to believe that any of Globetel's management was not aware of the SEC investigation prior to the Policy's inception. Consequently, should Globetel or its dirctors and officers seek coverage under the 2006-07 Policy, Carolina expressly reserves its right to rescind the 2006-07 Policy."

This is not to say that GTEM hasn't already gotten another insurance carrier....that is possible I suppose. But it is apparent that Carolina will be not be paying ANY claims in regards GTEM's insurance policy.