Insured Retention Sample Clauses
The Insured Retention clause defines the amount of loss or claim that the insured party must pay out of pocket before the insurance coverage begins to pay. In practice, this means that for each covered claim, the insured is responsible for covering costs up to the specified retention amount, after which the insurer will handle additional expenses. This clause ensures that the insured retains some financial responsibility, which can help reduce minor claims and encourage risk management.
Insured Retention. Any self-insured retentions must be declared to and approved by STA prior to execution of this Agreement. STA reserves the right to require that self-insured retentions be lowered, eliminated or replaced by a deductible. Self-insurance or self-insured retentions will not be considered to comply with these specifications unless approved in writing by STA prior to execution of this Agreement.
Insured Retention. Our obligation to indemnify the insured applies only when the amount of loss and claim expense exceeds the Self-Insured Retention amount stated in the Common Policy Declarations per accident.
Insured Retention. The Contractor shall not have a Self-Insured Retention (“SIR”) on any policy greater than $50,000; any and all SIRs shall remain the Contractor’s responsibility. In the event any policy includes an SIR, the Contractor shall provide the additional insured requirements specified herein within the SIR.
Insured Retention. Any self-insured retentions must be declared to and approved by STA prior to execution of this Agreement. STA reserves the right to require that self-insured retentions be lowered, eliminated or replaced by a deductible. Self-insurance or self-insured retentions will not be considered to comply with these specifications unless approved in writing by STA. Primary & Noncontributory. Contractor’s insurance shall be considered primary and noncontributory in the event of a loss, damage or suit. STA’s own comprehensive general liability policy will be considered excess coverage in respect to STA. Additionally, the Contractor’s commercial general liability policy must provide cross-liability coverage as would be achieved under a standard ISO separation of insureds clause.
Insured Retention. The Self-Insured Retention shall be subject to the following provisions:
Insured Retention. Rail Operator shall be responsible, at its own expense, for payment of a self-insured retention, including defense costs and other claim expenses, for losses payable under the PPL Policy that are attributable to Rail Operator’s acts, errors, or omissions, or the acts, errors, or omissions of any person or entity for whom Rail Operator may be responsible. The amount of the self-insured retention shall be based on the amount of Railroad Operator’s annual practice ▇▇▇▇▇▇▇▇, all determined at the time the Agreement is executed, as follows: $50,000 per claim for PPL Insureds whose firms have annual ▇▇▇▇▇▇▇▇ under $20,000,000; $1,000,000 per claim for PPL Insureds whose firms have annual ▇▇▇▇▇▇▇▇ over $20,000,000.
Insured Retention. Under the terms of the OCIP Policy, the only parties who are responsible for payment of the Policy’s self-insured retention are Owner and Contractor. However, in the event of an occurrence which requires Contractor to satisfy its self-insured retention in whole or in part and which arises out of work by or for Subcontractor (or its sub-subcontractors), Subcontractor shall owe Contractor a reasonably allocated share of the self-insured retention (the “contractual share payment”). Contractor shall determine the contractual share payment after careful consideration of the nature of the allegations, potential liability exposure, Subcontractor’s Work and the number of parties with allegations related to their scope of work. The maximum amount of the contractual share payment for Enrolled Parties whose scopes of work or services involve concrete, roofing, framing, siding, plumbing, electrical, sheet metal, stucco, grading, water proofing, HVAC, insulation, and drywall shall be $50,000 unless the claimant (e.g., the injured claimant, homeowner, or homeowners association) asserts or alleges a failure by that Enrolled Party to comply with applicable building codes or to meet the building standards set forth in Civil Code section 896, et seq., at which time the maximum amount of the contractual share payment shall be $100,000. The maximum amount of the contractual share payment for all other Enrolled Parties shall be $25,000. If multiple subcontractors’ obligations to pay contractual share payments are triggered in a single occurrence, then the total amount to be reimbursed to Contractor shall not exceed the total self-insured retention it must satisfy. If the aggregate of contractual share payments collected exceeds Contractor’s self-insured retention, each subcontractor’s contractual share payment shall be reduced pro rata so the aggregate equals Contractor’s self-insured retention amount. Contractor may backcharge Subcontractor (or may withhold from monies otherwise owing to Subcontractor or may collect by any other means provided in the Contract Documents) any contractual share payment owing. This contractual share obligation shall remain uninsured by Subcontractor and will not be covered by the OCIP insurance policies. The OCIP is not intended to provide coverage for routine warranty service during the first 12 months after any home is delivered and the contractual share payment limit discussed above shall not apply to warranty issues, nor does it cover propert...
Insured Retention. Any self-insured retention in excess of $5,000 must be declared to and approved by MST. To apply for approval for a level of retention in excess of $10,000 CONTRACTOR must provide a current financial statement documenting the ability to pay claims falling within the self-insured retention. At the option of MST, either: the insurer shall reduce or eliminate such self-insured retention as respects MST, its officers, officials, employees and volunteers; or the propose/bidder shall procure a bond guaranteeing payment of losses and related investigations, claim administration and defense expenses.