Common use of Florida Hurricane Catastrophe Fund Clause in Contracts

Florida Hurricane Catastrophe Fund. A. Any loss reimbursement paid or payable to the Company under the Florida Hurricane Catastrophe Fund (FHCF) as a result of loss occurrences commencing during the term of this Contract shall inure to the benefit of this Contract. Further, any FHCF loss reimbursement shall be deemed to be paid to the Company in accordance with the reimbursement contract between the Company and the State Board of Administration of the State of Florida at the full payout level set forth therein and will be deemed not to be reduced by any reduction or exhaustion of the FHCF’s claims paying capacity. B. Prior to the determination of the Company’s FHCF retention and payout, if any, under the reimbursement contract, the Reinsurer’s liability hereunder will be determined provisionally based on the projected payout, determined in accordance with the provisions of the reimbursement contract. Following determination of the payout under the reimbursement contract, the ultimate net loss under this Contract will be recalculated. If, as a result of such calculation, the loss to the Reinsurer in any one loss occurrence is less than the amount previously paid by the Reinsurer, the Company shall promptly remit the difference to the Reinsurer. If the loss to the Reinsurer in any one loss occurrence is greater than the amount previously paid by the Reinsurer, the Reinsurer shall promptly remit the difference to the Company. C. If an FHCF reimbursement amount is based on the Company’s losses in more than one loss occurrence and the FHCF does not designate the amount allocable to each loss occurrence, the FHCF reimbursement amount shall be prorated in the proportion that the Company’s losses in each loss occurrence bear to the Company’s total losses arising out of all loss occurrences to which the FHCF reimbursement applies. D. Any reimbursement premiums or emergency assessment paid by the Company under the FHCF shall be deemed to be premiums paid for inuring reinsurance.

Florida Hurricane Catastrophe Fund. A. Any loss reimbursement paid or payable to the Company under the Florida Hurricane Catastrophe Fund (FHCF) as a result of loss occurrences commencing during the term of this Contract shall inure to the benefit of this Contract. Further, any FHCF loss reimbursement shall be deemed to be paid to the Company in accordance with the reimbursement contract between the Company and the State Board of Administration of the State of Florida at the full payout level set forth therein and will be deemed not to be reduced by any reduction or exhaustion of the FHCF’s 's claims paying capacity. B. Prior to the determination of the Company’s 's FHCF retention and payout, if any, under the reimbursement contract, the Reinsurer’s 's liability hereunder will be determined provisionally based on the projected payout, determined in accordance with the provisions of the reimbursement contract. Following determination of the payout under the reimbursement contract, the ultimate net loss under this Contract will be recalculated. If, as a result of such calculation, the loss to the Reinsurer under any excess layer of this Contract in any one loss occurrence is less than the amount previously paid by the ReinsurerReinsurer under that excess layer, the Company shall promptly remit the difference to the Reinsurer. If the loss to the Reinsurer under any excess layer in any one loss occurrence is greater than the amount previously paid by the Reinsurer, the Reinsurer shall promptly remit the difference to the Company. C. If an FHCF reimbursement amount is based on the Company’s 's losses in more than one loss occurrence and the FHCF does not designate the amount allocable to each loss occurrence, the FHCF reimbursement amount shall be prorated in the proportion that the Company’s 's losses in each loss occurrence bear to the Company’s 's total losses arising out of all loss occurrences to which the FHCF reimbursement applies. D. Any reimbursement premiums or emergency assessment paid by the Company under the FHCF shall be deemed to be premiums paid for inuring reinsurance.

Florida Hurricane Catastrophe Fund. A. Any loss reimbursement paid or payable to the Company under the Florida Hurricane Catastrophe Fund (“FHCF”) as a result of loss occurrences commencing during the term of this Contract shall inure to the benefit of this Contract. Further, any FHCF loss reimbursement shall be deemed to be paid to the Company in accordance with the reimbursement contract between the Company and the State Board of Administration of the State of Florida at the full payout level set forth therein and will be deemed not to be reduced by any reduction or exhaustion of the FHCF’s claims paying capacity. B. Prior to the determination of the Company’s FHCF retention and payout, if any, under the reimbursement contract, the Reinsurer’s liability hereunder will be determined provisionally based on the projected payout, determined in accordance with the provisions of the reimbursement contract. Following determination of the payout under the reimbursement contract, the ultimate net loss under this Contract will be recalculated. If, as a result of such calculation, the loss to the Reinsurer under any excess layer of this Contract in any one loss occurrence is less than the amount previously paid by the ReinsurerReinsurer under that excess layer, the Company shall promptly remit the difference to the Reinsurer. If the loss to the Reinsurer under any excess layer in any one loss occurrence is greater than the amount previously paid by the Reinsurer, the Reinsurer shall promptly remit the difference to the Company. C. If an FHCF reimbursement amount is based on the Company’s losses in more than one loss occurrence and the FHCF does not designate the amount allocable to each loss occurrence, the FHCF reimbursement amount shall be prorated in the proportion that the Company’s losses in each loss occurrence bear to the Company’s total losses arising out of all loss occurrences to which the FHCF reimbursement applies. D. Any reimbursement premiums or emergency assessment paid by the Company under the FHCF shall be deemed to be premiums paid for inuring reinsurance.

Florida Hurricane Catastrophe Fund. A. Any loss reimbursement paid or payable to the Company under the Florida Hurricane Catastrophe Fund ("FHCF") as a result of loss occurrences commencing during the term of this Contract shall inure to the benefit of this Contract. Further, any FHCF loss reimbursement shall be deemed to be paid to the Company in accordance with the reimbursement contract between the Company and the State Board of Administration of the State of Florida at the full payout level set forth therein and will be deemed not to be reduced by any reduction or exhaustion of the FHCF’s 's claims paying capacity. B. Prior to the determination of the Company’s 's FHCF retention and payout, if any, under the reimbursement contract, the Reinsurer’s 's liability hereunder will be determined provisionally based on the projected payout, determined in accordance with the provisions of the reimbursement contract. Following determination of the payout under the reimbursement contract, the ultimate net loss under this Contract will be recalculated. If, as a result of such calculation, the loss to the Reinsurer under any excess layer of this Contract in any one loss occurrence is less than the amount previously paid by the ReinsurerReinsurer under that excess layer, the Company shall promptly remit the difference to the Reinsurer. If the loss to the Reinsurer under any excess layer in any one loss occurrence is greater than the amount previously paid by the Reinsurer, the Reinsurer shall promptly remit the difference to the Company. C. If an FHCF reimbursement amount is based on the Company’s 's losses in more than one loss occurrence and the FHCF does not designate the amount allocable to each loss occurrence, the FHCF reimbursement amount shall be prorated in the proportion that the Company’s 's losses in each loss occurrence bear to the Company’s 's total losses arising out of all loss occurrences to which the FHCF reimbursement applies. D. Any reimbursement premiums or emergency assessment paid by the Company under the FHCF shall be deemed to be premiums paid for inuring reinsurance.

Florida Hurricane Catastrophe Fund. A. Any loss reimbursement paid or payable to the Company under the Florida Hurricane Catastrophe Fund (FHCF) as a result of loss occurrences commencing during the term of this Contract shall inure to the benefit of this Contract. Further, any FHCF loss reimbursement shall be deemed to be paid to the Company in accordance with the reimbursement contract between the Company and the State Board of Administration of the State of Florida at the full payout level set forth therein and will be deemed not to be reduced by any reduction or exhaustion of the FHCF’s 's claims paying capacity. B. Prior to the determination of the Company’s 's FHCF retention and payout, if any, under the reimbursement contract, the Reinsurer’s 's liability hereunder will be determined provisionally based on the projected payout, determined in accordance with the provisions of the reimbursement contract. Following determination of the payout under the reimbursement contract, the ultimate net loss under this Contract will be recalculated. If, as a result of such calculation, the loss to the Reinsurer in any one loss occurrence is less than the amount previously paid by the Reinsurer, the Company shall promptly remit the difference to the Reinsurer. If the loss to the Reinsurer in any one loss occurrence is greater than the amount previously paid by the Reinsurer, the Reinsurer shall promptly remit the difference to the Company. C. If an FHCF reimbursement amount is based on the Company’s 's losses in more than one loss occurrence and the FHCF does not designate the amount allocable to each loss occurrence, the FHCF reimbursement amount shall be prorated in the proportion that the Company’s 's losses in each loss occurrence bear to the Company’s 's total losses arising out of all loss occurrences to which the FHCF reimbursement applies. D. Any reimbursement premiums or emergency assessment paid by the Company under the FHCF shall be deemed to be premiums paid for inuring reinsurance.

Florida Hurricane Catastrophe Fund. A. Any loss reimbursement paid or payable to the Company under the Florida Hurricane Catastrophe Fund (FHCF) as a result of loss occurrences commencing during the term of this Contract shall inure to the benefit of this Contract. Further, any FHCF loss reimbursement shall be deemed to be paid . B. Prior to the Company in accordance with determination of the Company's FHCF retention and payout, if any, under the reimbursement contract between the Company and the State Board of Administration of the State of Florida at the full payout level set forth therein and will be deemed not to be reduced by any reduction or exhaustion of the FHCF’s claims paying capacity. B. Prior to the determination of the Company’s FHCF retention and payout, if any, under the reimbursement contractFlorida, the Reinsurer’s 's liability hereunder will be determined provisionally based on the projected payout, determined in accordance with the provisions of the reimbursement contract. Following determination of the payout under the reimbursement contract, the ultimate net loss under this Contract will be recalculated. If, as a result of such calculation, the loss to the Reinsurer under any excess layer of this Contract in any one loss occurrence is less than the amount previously paid by the ReinsurerReinsurer under that excess layer, the Company shall promptly remit the difference to the Reinsurer. If the loss to the Reinsurer under any excess layer in any one loss occurrence is greater than the amount previously paid by the Reinsurer, the Reinsurer shall promptly remit the difference to the Company. C. If an FHCF reimbursement amount is based on the Company’s 's losses in more than one loss occurrence and commencing during the FHCF does not designate the amount allocable to each loss occurrenceterm of this Contract, the total FHCF reimbursement received by the Company shall be allocated to individual loss occurrences in chronological order of the dates such loss occurrences commence, beginning with the first such loss occurrence commencing during the term of this Contract, provided that: 1. The portion of the total FHCF reimbursement amount to be allocated by the Company to any individual loss occurrence shall be prorated in the proportion that the Company’s losses in each loss occurrence bear equal to the Company’s total losses arising out lesser of: (a) the amount of all loss occurrences FHCF reimbursement to which the Company would be entitled for that loss occurrence alone, or (b) the remaining FHCF reimbursement applieswhich has not been allocated by the Company to prior loss occurrences; and 2. The total amount allocated by the Company to all such loss occurrences shall be equal to the total FHCF reimbursement received by the Company for such loss occurrences. D. Any reimbursement premiums or emergency assessment paid by the Company under the FHCF shall be deemed to be premiums paid for inuring reinsurance.

Florida Hurricane Catastrophe Fund. A. Any loss reimbursement paid or payable to the Company under the Florida Hurricane Catastrophe Fund (FHCF) as a result of loss occurrences commencing during the term of this Contract shall inure to the benefit of this Contract. Further, any FHCF loss reimbursement shall be deemed to be paid to the Company in accordance with the reimbursement contract between the Company and the State Board of Administration of the State of Florida at the full payout level set forth therein and will be deemed not to be reduced by any reduction or exhaustion of the FHCF’s claims paying capacity. B. Prior to the determination of the Company’s FHCF retention and payout, if any, under the reimbursement contract, the Reinsurer’s liability hereunder will be determined provisionally based on the projected payout, determined in accordance with the provisions of the reimbursement contract. Following determination of the payout under the reimbursement contract, the ultimate net loss under this Contract will be recalculated. If, as a result of such calculation, the loss to the Reinsurer under any excess layer of this Contract in any one loss occurrence is less than the amount previously paid by the ReinsurerReinsurer under that excess layer, the Company shall promptly remit the difference to the Reinsurer. If the loss to the Reinsurer under any excess layer in any one loss occurrence is greater than the amount previously paid by the Reinsurer, the Reinsurer shall promptly remit the difference to the Company. C. If an FHCF reimbursement amount is based on the Company’s losses in more than one loss occurrence and the FHCF does not designate the amount allocable to each loss occurrence, the FHCF reimbursement amount shall be prorated in the proportion that the Company’s losses in each loss occurrence bear to the Company’s total losses arising out of all loss occurrences to which the FHCF reimbursement applies. D. Any reimbursement premiums or emergency assessment paid by the Company under the FHCF shall be deemed to be premiums paid for inuring reinsurance.

Florida Hurricane Catastrophe Fund. A. The Company shall provisionally purchase from the Florida Hurricane Catastrophe Fund (“FHCF”) the following limits and retentions: 1. 90.0% of $166,865,000 excess of $63,085,000 (mandatory layer); and 2. 90.0% of $97,155,000 excess of $229,950,000 (optional Temporary Increase in Coverage Limit). The provisional limits and retentions detailed above may increase or decrease in accordance with the provisions of reimbursement contract between the Company and the State Board of Administration of the State of Florida. B. Any loss reimbursement paid or payable to the Company under the Florida Hurricane Catastrophe Fund (FHCF) mandatory and optional coverage layers provided by the FHCF as set forth in paragraph A above, as a result of loss occurrences commencing during the term of this Contract shall inure to the benefit of this Contract. Further, any FHCF loss reimbursement shall be deemed to be paid to the Company in accordance with the reimbursement contract between the Company and the State Board of Administration of the State of Florida at the full payout level set forth therein and will be therein. It is further deemed that any loss reimbursement shall not to be reduced by any reduction or exhaustion of the FHCF’s actual claims paying capacitycapacity of the FHCF and that the FHCF fund balance is deemed funded to the fullest extent allowable by Florida statute. B. C. Prior to the determination final calculation of the Company’s FHCF retention and payout, if any, under the reimbursement contractmandatory and optional coverage layers set forth between the Company and the State Board of Administration of the State of Florida, the Reinsurer’s liability hereunder will be determined provisionally based on the projected FHCF payout, determined and in accordance with the provisions of the reimbursement contractparagraph B above. Following determination the FHCF’s final calculation of the payout under the coverage layers provided by the reimbursement contract, the ultimate net loss under this Contract will be recalculated. If, as a result of such calculation, the loss to the Reinsurer under any excess layer of this Contract in any one loss occurrence is less than the amount previously paid by the ReinsurerReinsurer under that excess layer, the Company shall promptly remit the difference to the Reinsurer. If the loss to the Reinsurer under any excess layer in any one loss occurrence is greater than the amount previously paid by the Reinsurer, the Reinsurer shall promptly remit the difference to the Company. For the purposes of both the provisional and final calculations of the Reinsurer’s liability referenced above, it is deemed that any FHCF loss reimbursement shall not be reduced by any reduction or exhaustion of the actual claims paying capacity of the FHCF and that the FHCF fund balance is deemed funded to the fullest extent allowable by Florida statute. C. D. If an FHCF reimbursement amount is based on the Company’s losses in more than one loss occurrence and commencing during the FHCF does not designate the amount allocable to each loss occurrenceterm of this Contract, the total such FHCF reimbursement received by the Company shall be allocated to individual loss occurrences in chronological order of the dates such loss occurrences commence, beginning with the first such loss occurrence commencing during the term of this Contract, provided that: 1. The portion of the total FHCF reimbursement amount to be allocated by the Company to any individual loss occurrence shall be prorated in the proportion that the Company’s losses in each loss occurrence bear equal to the Company’s total losses arising out lesser of all loss occurrences (a) the amount of such FHCF reimbursement to which the Company would be entitled for that loss occurrence alone, or (b) the remaining such FHCF reimbursement applies. D. Any reimbursement premiums or emergency assessment paid which has not been allocated by the Company under to prior loss occurrences; and 2. The total amount allocated by the FHCF Company to all such loss occurrences shall be deemed equal to be premiums paid the total FHCF reimbursement received by the Company for inuring reinsurancesuch loss occurrences.

Florida Hurricane Catastrophe Fund. A. Any loss reimbursement paid or payable to the Company under the Florida Hurricane Catastrophe Fund (FHCF) as a result of loss occurrences commencing during the term of this Contract shall inure to the benefit of this Contract. Further, any FHCF loss reimbursement shall be deemed to be paid to the Company in accordance with the reimbursement contract between the Company and the State Board of Administration of the State of Florida at the full payout level set forth therein and will be deemed not to be reduced by any reduction or exhaustion of the FHCF’s claims paying capacity. B. Prior to the determination of the Company’s FHCF retention and payout, if any, under the reimbursement contract, the Reinsurer’s liability hereunder will be determined provisionally based on the projected payout, determined in accordance with the provisions of the reimbursement contract. Following determination of the payout under the reimbursement contract, the ultimate net loss under this Contract will be recalculated. If, as a result of such calculation, the loss to the Reinsurer under this Contract in any one loss occurrence is less than the amount previously paid by the Reinsurer, the Company shall promptly remit the difference to the Reinsurer. If the loss to the Reinsurer in any one loss occurrence is greater than the amount previously paid by the Reinsurer, the Reinsurer shall promptly remit the difference to the Company. C. If an FHCF reimbursement amount is based on the Company’s losses in more than one loss occurrence and the FHCF does not designate the amount allocable to each loss occurrence, the FHCF reimbursement amount shall be prorated in the proportion that the Company’s losses in each loss occurrence bear to the Company’s total losses arising out of all loss occurrences to which the FHCF reimbursement applies. D. Any reimbursement premiums or emergency assessment paid by the Company under the FHCF shall be deemed to be premiums paid for inuring reinsurance.

Florida Hurricane Catastrophe Fund. A. The Company shall provisionally purchase from the FHCF the following limit and retention: 90.0% of $1,598,988 excess of $443,735. The provisional limit and retention detailed above may increase or decrease depending on the Company's actual written premium subject to the FHCF reimbursement coverage during the term of this Contract. The Company and the Reinsurer agree to accept and be bound by the final determination of the FHCF. B. Any loss reimbursement paid or payable to the Company under the Florida Hurricane Catastrophe Fund (FHCF) FHCF as a result of loss occurrences commencing during the term of this Contract shall inure to the benefit of this Contract. Further, any FHCF loss reimbursement shall be deemed to be paid to the Company in accordance with the reimbursement contract between the Company and the State Board of Administration of the State of Florida at the full payout level set forth therein and will be deemed not to be reduced by any reduction or exhaustion of the FHCF’s 's claims paying capacity. B. C. Prior to the determination of the Company’s 's FHCF retention and payout, if any, under the reimbursement contractcontract between the Company and the State Board of Administration of the State of Florida, the Reinsurer’s 's liability hereunder will be determined provisionally based on the projected payout, determined in accordance with the provisions of the reimbursement contract. Following the FHCF's final determination of the payout under the reimbursement contract, the ultimate net loss under this Contract will be recalculated. If, as a result of such calculation, the loss to the Reinsurer under any excess layer of this Contract in any one loss occurrence is less than the amount previously paid by the ReinsurerReinsurer under that excess layer, the Company shall promptly remit the difference to the Reinsurer. If the loss to the Reinsurer under any excess layer in any one loss occurrence is greater than the amount previously paid by the Reinsurer, the Reinsurer shall promptly remit the difference to the Company. C. D. If an FHCF reimbursement amount is based on the Company’s 's losses in more than one loss occurrence and commencing during the FHCF does not designate the amount allocable to each loss occurrenceterm of this Contract, the total FHCF reimbursement received by the Company shall be allocated to individual loss occurrences in chronological order of the dates such loss occurrences commence, beginning with the first such loss occurrence commencing during the term of this Contract, provided that: 1. The portion of the total FHCF reimbursement amount to be allocated by the Company to any individual loss occurrence shall be prorated in the proportion that the Company’s losses in each loss occurrence bear equal to the Company’s total losses arising out lesser of: (a) the amount of all loss occurrences FHCF reimbursement to which the Company would be entitled for that loss occurrence alone, or (b) the remaining FHCF reimbursement applies. D. Any reimbursement premiums or emergency assessment paid which has not been allocated by the Company under to prior loss occurrences; and 2. The total amount allocated by the FHCF Company to all such loss occurrences shall be deemed equal to be premiums paid the total FHCF reimbursement received by the Company for inuring reinsurancesuch loss occurrences.