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Common use of Insurance Waiver Clause in Contracts

Insurance Waiver. Any member of the bargaining unit who is covered by his/her spouse’s health insurance and who elects to decline Board insurance coverage shall be eligible for the following options: 1. An employee eligible for family health insurance coverage may decline Board Insurance coverage and receive an annual payment of $2,000 as long the employee takes insurance coverage other than the benefit package offered by the Board. 2. An employee eligible for family health insurance coverage may elect to take single insurance coverage and shall receive an annual payment of $1,000. 3. Employees who participate in the above insurance waiver must notify the Board Treasurer in writing no later than the last day of the open enrollment period of any year that they wish to decline coverage. 4. Any employee who has elected to participate in the insurance waiver and during the year loses insurance coverage through divorce, death, job loss, layoff, etc. shall be provided Board insurance coverage upon notification of the Treasurer. The employee will return a prorated portion of the annual payment. 5. An employee electing to take the insurance option shall receive payment no later than 90 days after days after the close of the open enrollment period. 6. The insurance waiver option shall be annual.

Appears in 4 contracts

Samples: Master Agreement, Master Agreement, Master Agreement