Captive Insurance Clause Samples

The Captive Insurance clause establishes the right or requirement for a party to obtain insurance coverage through a captive insurance company, which is an insurer owned and controlled by the insured party. In practice, this clause may specify the types of risks to be covered, the standards the captive insurer must meet, and any reporting or regulatory compliance obligations. Its core function is to provide flexibility in risk management and potentially reduce insurance costs, while ensuring that adequate coverage is maintained for the benefit of all parties involved.
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Captive Insurance. Notwithstanding anything to the contrary set forth in the Lease, but subject to the following terms and conditions, Tenant may self-insure, in full or in part, with respect to all or a substantial portion of the risks commonly insured against under the various types of insurance as are required to be carried herein through its Captive, Senior Service Insurance Limited, a wholly owned captive of Tenant (“Insurance Captive”). Throughout the Agreement Term, Insurance Captive shall continue to be fully funded annually, based on an actuarial review process approved by the board of directors of Insurance Captive, external auditor and any applicable Governmental Authority. Insurance Captive shall certify every twelve (12) months from the Effective Date of this Lease that Tenant's Captive Insurance program is materially true, accurate and correct by two members of the board of directors of the Insurance Captive, and that its financial position is sufficient from a claims-paying ability.
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Captive Insurance. Shareholders shall have used their best efforts to sell to an A-rated insurance carrier all liabilities and obligations, including but not limited to Incurred But Not Recorded liabilities in connection with worker's compensation claims that are processed through the Captive Insurance. In the event the Shareholders are unable to sell said liabilities in connection with the Capture Insurance to an A-rated insurance carrier by the Closing Date, Shareholders shall increase the Escrow Deposit referenced in Section 2.3 to such amount that is mutually satisfactory to Buyer and Principal Sellers.
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Captive Insurance. (a) On or before the Effective Time, the Parties shall transfer, or retain, as applicable, the respective interests in the Captive Insurers, as follows: (i) the assets and liabilities of Westcoast Indemnity Company Limited shall be retained by Westcoast Indemnity Company Limited (which shall be a member of the Spectra Energy Group); (ii) the assets and liabilities of Cinergy Risk Solutions Ltd. shall be retained by Cinergy Risk Solutions Ltd. (which shall be a member of the Duke Energy Group); (iii) the assets and liabilities of Bison Insurance Company Limited shall be allocated between Bison Insurance Company Limited and Spectra Energy Captive as set forth in Section 10.9(b), and Bison Insurance Company Limited shall be a member of the Duke Energy Group; and (iv) the assets and liabilities of NorthSouth Insurance Company Limited shall be retained by NorthSouth Insurance Company Limited (which shall be a member of the Duke Energy Group). (b) At the Effective Time (or such earlier time as the Parties may agree): (i) Duke Energy or any of its Affiliates will transfer assets to Spectra Energy Captive in an amount sufficient to allow Spectra Energy Captive to meet its minimum regulatory capital requirement. (ii) Bison Insurance Company Limited and Spectra Energy Captive will enter into a 100% Quota Share Reinsurance Agreement substantially in the form attached as Exhibit D hereto (the “100% Quota Share Reinsurance Agreement”), pursuant to which Bison Insurance Company will cede, and Spectra Energy Captive will reinsure, on an indemnity basis, all risks incurred by Bison Insurance Company Limited under Captive Gas Policies and certain workers’ compensation reimbursement policies, net of any collectible recoverables under the Third Party Shared Policies, in exchange for Bison Insurance Company Limited transferring assets to Spectra Energy Captive, on the Distribution Date, in an amount equal to the total amount of loss and expense reserves reasonably estimated by Bison Insurance Company Limited as of the Effective Time with respect to claims for which coverage is available under the Captive Gas Policies and certain workers’ compensation reimbursement policies, subject to the limitations set forth in this ARTICLE X, less the amount Bison Insurance Company Limited reasonably estimates to recover under the Third Party Shared Policies to satisfy such claims; (iii) Bison Insurance Company Limited and Spectra Energy Captive will enter into a Trust Agreement substantia...
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Captive Insurance. Investments made in the ordinary course of business by any Restricted Subsidiary which is a captive insurance company or retirement plan of the Company and its Restricted Subsidiaries;
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Captive Insurance. Lessor consents to Lessee insuring the coverages required by Sections 13.2.4 and 13.2.5 through a “segregated cell” captive under common control with Lessee, which may not meet the AmBest rating requirement set forth in Section 13.1, provided that (a) such captive will be licensed in any state in which such captive does business to the extent required by law, (b) the organization and capitalization of such captive is reasonably acceptable to Lessor, and (c) the insurance coverages otherwise comply with this Article. If at any time Lessee is providing the coverages required by Sections 13.2.4 and 13.2.5 through a captive insurance company, Lessor shall be entitled (but not required) to appoint one member to the advisory board of such captive insurance company.
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Captive Insurance. Lessor consents to Lessee insuring the coverages required by Sections 13.2.4 and 13.2.5 through a pure captive under common control with Lessee, which may not meet the AmBest rating requirement set forth in Section 13.1, provided that (a) such captive will be licensed in the State of Ohio to the extent required by law, (b) the organization and capitalization of such captive is reasonably acceptable to Lessor, and (c) the insurance coverages otherwise comply with this Article. If at any time Lessee is providing the coverages required by Sections 13.2.4 and 13.2.5 through a captive insurance company, Lessor shall be entitled (but not required) to appoint one member to the advisory board of such captive insurance company.
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Related to Captive Insurance

  • Fire Insurance The LESSEE shall not permit any use of the leased premises which will make voidable any insurance on the property of which the leased premises are a part, or on the contents of said property or which shall be contrary to any law or regulation from time to time established by the New England Fire Insurance Rating Association, or any similar body succeeding to its powers. The LESSEE shall on demand reimburse the LESSOR, and all other tenants, all extra insurance premiums caused by the LESSEE's use of the premises.

  • Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

  • Separate Insurance Borrower shall not take out separate insurance contributing in the event of loss with that required to be maintained pursuant to this Section 6.1 unless such insurance complies with this Section 6.1.

  • Risk of Loss; Insurance a) The State shall not be liable to Contractor for any risk of Deliverable loss or damage while Deliverable is in transit, or while in the Department’s possession, except when such loss or damage is due directly to the Department’s negligence or intentional misconduct. Nothing in this Section is intended nor shall it be construed, in any manner, as waiving or compromising the sovereign immunity of the State. b) Throughout the Term, Contractor shall maintain, at Contractor’s sole cost and expense, a policy or policies of commercial general liability insurance, including contractual liability coverage, in an amount not less than $1,000,000.00 for all damages arising out of bodily injuries to, or death of, all persons and injuries to or destruction of property, in any one accident or occurrence, and, subject to that limit per accident, a total (or aggregate) limit of $2,000,000.00 per occurrence for all damages arising out of bodily injuries to, or death of, all persons and injuries to or destruction of property per policy period. Such insurance policy or policies shall name the State and State’s officials, agents and employees as additional insureds. Contractor shall provide the State a certificate of insurance evidencing the above coverage upon written request on an annual basis and shall not begin performance of the Services until such a certificate has been provided to DAS and, if requested, the Department. c) During the Term, and for a period of three (3) years thereafter, the Contractor shall carry Professional Liability Insurance in the amount of $1,000,000 per Claim and Annual Aggregate. Contractor shall provide the State a certificate of insurance evidencing such Professional Liability Insurance coverage upon written request on an annual basis and shall not begin Performance of the Services until such a certificate has been provided to the Department. d) All insurance with the exception of the professional liability insurance required under (c) above must be written on an occurrence basis as opposed to “claims made” basis.

  • Group Insurance All employees covered by this Agreement shall receive the same group insurance benefits as provided to other County employees in accordance with the County Benefit Program.