Common use of Loss Reimbursement Calculations Clause in Contracts

Loss Reimbursement Calculations. 1. In general, the Company's paid Ultimate Net Losses must exceed its FHCF Retention before any reimbursement is payable from the FHCF. Each Company sustaining reimbursable losses will receive the amount of reimbursement due under the Contract up to the amount of the Company's payout. If more than one Covered Event occurs in any one Contract Year, any reimbursements due from the FHCF shall take into account the Company's Retention for each Covered Event. However, the Company's reimbursements from the FHCF for all Covered Events occurring during the Contract Year shall not exceed, in aggregate, the Projected Payout Multiple or Payout Multiple, as applicable, times the individual Company's Reimbursement Premium for the Contract Year. 2. In determining reimbursements under this Contract, the SBA shall: a. First, reimburse Companies qualified as limited apportionment companies under Section 627.351(2)(b)3., Florida Statutes, for the amount (if any) of reimbursement due under the individual Company's Contract, but not to exceed the lesser of $10 million or an amount equal to 10 times the individual Company's Reimbursement Premium for the Contract Year. This provision does not apply if the projected Balance of the Fund as of December 31 of the Contract Year, exclusive of any bonding capacity of the FHCF, exceeds $2 billion. Further, if the Company is a member of an NAIC group, the Company may not receive reimbursement under this provision if any other member of the NAIC group has received reimbursement under this provision. b. Next, reimburse each of the Companies for the amount (if any) of reimbursement due under the individual Company's Contract, but not to exceed for all Loss Occurrences, an amount equal to the Projected Payout Multiple or the Payout Multiple, as applicable, times the individual Company's Reimbursement Premium for the Contract Year. For a limited apportionment company, any amount payable under this provision shall be reduced by the amount (if any) payable under (a) above. c. Thereafter, pursuant to Section 215.555(4)(d)2.c., Florida Statutes, establish the prorated reimbursement level at the highest level for which any remaining fund balance or bond proceeds (as limited by Section 215.555(4)(c), Florida Statutes) are sufficient to reimburse entities created pursuant to Section 627.351(6), Florida Statutes, for reimbursable losses exceeding the amounts payable pursuant to (b) above for the Contract Year. The proration shall be determined based on each entity's share of their aggregate reimbursable losses exceeding the amounts payable pursuant to (b) above. Any additional reimbursements pursuant to this paragraph shall not include losses under an entity's FHCF Retention and will be at the 90% Reimbursement Percentage. In order to determine the amount available for additional reimbursements, the SBA will review reported loss information from all Companies and determine that all Companies which received payments for reimbursable losses but which did not exceed their projected payout have settled all, or substantially all, of their claims eligible for reimbursement. The SBA will then determine the remaining amount of Claims-Paying Capacity available for such additional reimbursements. Such additional reimbursement amounts shall not be limited due to the transitional provision created for the 2004-2005 Contract Year.

Loss Reimbursement Calculations. 1. In general, the Company's paid Ultimate Net Losses must exceed its full FHCF Retention for a specific Covered Event before any reimbursement is payable from the FHCFFHCF for that Covered Event. As described in Article V(28), Retention adjustments will be made after FHCF-2006K Rule 19-8.010 F.A.C. January 1 of the Contract Year. No interest is payable on additional payments to the Company due to this type of Retention adjustment. Each Company sustaining reimbursable losses will receive the amount of reimbursement due under the Contract up to the amount of the Company's payout. If more than one Covered Event occurs in any one Contract Year, any reimbursements due from the FHCF shall take into account the Company's Retention for each Covered Event. However, the Company's reimbursements from the FHCF for all Covered Events occurring during the Contract Year shall not exceed, in aggregate, the Projected Payout Multiple or Payout Multiple, as applicable, times the individual Company's Reimbursement Premium for the Contract Year. 2. In determining reimbursements under this Contract, the SBA shall: a. First, reimburse Companies qualified as limited apportionment companies under Section 627.351(2)(b)3., Florida Statutes, for the amount (if any) of reimbursement due under the individual Company's Contract, but not to exceed the lesser of $10 million or an amount equal to 10 times the individual Company's Reimbursement Premium for the Contract Year. This provision does not apply if the projected Balance of the Fund as of December 31 of the Contract Year, exclusive of any bonding capacity of the FHCF, exceeds $2 billion. Further, if the Company is a member of an NAIC group, the Company may not receive reimbursement under this provision if any other member of the NAIC group has received reimbursement under this provision. b. Next, reimburse each of the Companies for the amount (if any) of reimbursement due under the individual Company's Contract, but not to exceed for all Loss Occurrences, an amount equal to the Projected Payout Multiple or the Payout Multiple, as applicable, times the individual Company's Reimbursement Premium for the Contract Year. For a limited apportionment company, any amount payable under this provision shall be reduced by the amount (if any) payable under (a) above. c. Thereafter, pursuant to Section 215.555(4)(d)2.c., Florida Statutes, establish the prorated reimbursement level at the highest level for which any remaining fund balance or bond proceeds (as limited by Section 215.555(4)(c), Florida Statutes) are sufficient to reimburse entities created pursuant to Section 627.351(6), Florida Statutes, for reimbursable losses exceeding the amounts payable pursuant to (b) above for the Contract Year. The proration shall be determined based on each entity's share of their aggregate reimbursable losses exceeding the amounts payable pursuant to (b) above. Any additional reimbursements pursuant to this paragraph shall not include losses under an entity's FHCF Retention and will be at the 90% Reimbursement Percentage. In order to determine the amount available for additional reimbursements, the SBA will review reported loss information from all Companies and determine that all Companies which received payments for reimbursable losses but which did not exceed their projected payout have settled all, or substantially all, of their claims eligible for reimbursement. The SBA will then determine the remaining amount of Claims-Paying Capacity available for such additional reimbursements. Such additional reimbursement amounts shall not be limited due to the transitional provision created for the 2004-2005 Contract Year.

Loss Reimbursement Calculations. 1. In general, the Company's ’s paid Ultimate Net Losses must exceed its full FHCF Retention for a specific Covered Event before any reimbursement is payable from the FHCFFHCF for that Covered Event. Each Company sustaining reimbursable losses will receive the amount of reimbursement due under the Contract up to the amount of the Company's ’s payout. If more than one Covered Event occurs in any one Contract Year, any reimbursements due from the FHCF shall take into account the Company's ’s Retention for each Covered Event. However, the Company's ’s reimbursements from the FHCF for all Covered Events occurring during the Contract Year shall not exceed, in aggregate, the Projected Payout Multiple or Payout Multiple, as applicable, times the individual Company's ’s Reimbursement Premium for the Contract Year. 2. In determining reimbursements under this Contract, the SBA shall: a. First, reimburse Companies qualified as limited apportionment companies under Section 627.351(2)(b)3., Florida Statutes, for the amount (if any) of reimbursement due under the individual Company's ’s Contract, but not to exceed the lesser of $10 million or an amount equal to 10 times the individual Company's ’s Reimbursement Premium for the Contract Year. This provision does not apply if the projected Balance of the Fund as of December 31 of the Contract Year, exclusive of any bonding capacity of the FHCF, exceeds $2 billion. Further, if the Company is a member of an NAIC group, the Company may not receive reimbursement under this provision if any other member of the NAIC group has received reimbursement under this provision. b. Next, reimburse each of the Companies for the amount (if any) of reimbursement due under the individual Company's ’s Contract, but not to exceed for all Loss Occurrences, an amount equal to the Projected Payout Multiple or the Payout Multiple, as applicable, times the individual Company's ’s Reimbursement Premium for the Contract Year. For a limited apportionment company, any amount payable under this provision shall be reduced by the amount (if any) payable under (a) above. c. Thereafter, pursuant to Section 215.555(4)(d)2.c., Florida Statutes, establish the prorated reimbursement level at the highest level for which any remaining fund balance or bond proceeds (as limited by Section 215.555(4)(c), Florida Statutes) are sufficient to reimburse entities created pursuant to Section 627.351(6), Florida Statutes, for reimbursable losses exceeding the amounts payable pursuant to (b) above for the Contract Year. The proration shall be determined based on each entity's ’s share of their aggregate reimbursable losses exceeding the amounts payable pursuant to (b) above. Any additional reimbursements pursuant to this paragraph shall not include losses under an entity's ’s FHCF Retention and will be at the 90% Reimbursement Percentage. In order to determine the amount available for additional reimbursements, the SBA will review reported loss information from all Companies and determine that all Companies which received payments for reimbursable losses but which did not exceed their projected payout have settled all, or substantially all, of their claims eligible for reimbursement. The SBA will then determine the remaining amount of Claims-Paying Capacity available for such additional reimbursements. Such additional reimbursement amounts shall not be limited due to the transitional provision created for the 2004-2005 Contract Year.

Loss Reimbursement Calculations. 1. In general, the Company's ’s paid Ultimate Net Losses must exceed its FHCF Retention before any reimbursement is payable from the FHCF. Each Company sustaining reimbursable losses will receive the amount of reimbursement due under the Contract up to the amount of the Company's ’s payout. If more than one Covered Event occurs in any one Contract Year, any reimbursements due from the FHCF shall take into account the Company's ’s Retention for each Covered Event. However, the Company's ’s reimbursements from the FHCF for all Covered Events occurring during the Contract Year shall not exceed, in aggregate, the Projected Payout Multiple or Payout Multiple, as applicable, times the individual Company's ’s Reimbursement Premium for the Contract Year. 2. In determining reimbursements under this Contract, the SBA shall: a. First, reimburse Companies qualified as limited apportionment companies under Section 627.351(2)(b)3., Florida Statutes, for the amount (if any) of reimbursement due under the individual Company's ’s Contract, but not to exceed the lesser of $10 million or an amount equal to 10 times the individual Company's ’s Reimbursement Premium for the Contract Year. This provision does not apply if the projected Balance of the Fund as of December 31 of the Contract Year, exclusive of any bonding capacity of the FHCF, exceeds $2 billion. Further, if the Company is a member of an NAIC group, the Company may not receive reimbursement under this provision if any other member of the NAIC group has received reimbursement under this provision. b. Next, reimburse each of the Companies for the amount (if any) of reimbursement due under the individual Company's ’s Contract, but not to exceed for all Loss Occurrences, an amount equal to the Projected Payout Multiple or the Payout Multiple, as applicable, times the individual Company's ’s Reimbursement Premium for the Contract Year. For a limited apportionment company, any amount payable under this provision shall be reduced by the amount (if any) payable under (a) above. c. Thereafter, pursuant to Section 215.555(4)(d)2.c., Florida Statutes, establish the prorated reimbursement level at the highest level for which any remaining fund balance or bond proceeds (as limited by Section 215.555(4)(c), Florida Statutes) are sufficient to reimburse entities created pursuant to Section 627.351(6), Florida Statutes, for reimbursable losses exceeding the amounts payable pursuant to (b) above for the Contract Year. The proration shall be determined based on each entity's ’s share of their aggregate reimbursable losses exceeding the amounts payable pursuant to (b) above. Any additional reimbursements pursuant to this paragraph shall not include losses under an entity's ’s FHCF Retention and will be at the 90% Reimbursement Percentage. In order to determine the amount available for additional reimbursements, the SBA will review reported loss information from all Companies and determine that all Companies which received payments for reimbursable losses but which did not exceed their projected payout have settled all, or substantially all, of their claims eligible for reimbursement. The SBA will then determine the remaining amount of Claims-Paying Capacity available for such additional reimbursements. Such additional reimbursement amounts shall not be limited due to the transitional provision created for the 2004-2005 Contract Year.