Payment in Lieu of Insurance Coverage Sample Clauses

Payment in Lieu of Insurance Coverage. An Employee, who was receiving Board covered medical and prescription insurances under Section 1 or an employee who was eligible for partial or full medical insurance coverage and who was receiving payment in lieu of insurance coverage under Section 3, as of June 30, 2006 and any subsequent current employee who uses the healthcare insurance as of June 30, 2006 or new employee may elect not to receive the Health Insurance coverage provided in Section 1 and instead elect to receive additional compensation, less applicable payroll deductions, according to the following table: 7+ hour employees $5000 (Family), $1,500 (Single) 5 - 6.9 hour employees $2,500 (Family), $1,000 (Single) 4 - 4.9 hour employees $1,000 (Family), $350 (Single) In order to elect this option and receive this additional compensation, the employee must, by April 30th (June 15th in the first year of the contract), prior to the year for which they want to be paid, complete, sign and file with the Treasurer of the Board a letter indicating his/her election. Payment will be made one year later in the following July (i.e. Notice June, 2019, payment July, 2020). Once this election is made, it shall remain in effect and the Employee shall not be entitled to receive the coverage provided above for the duration of the one-year period. In the event of a change in the Employee’s circumstances (e.g., divorce, death of spouse, spouse loses insurance coverage) after this election has been made, the Employee may elect to receive the insurance coverage. The employee must notify the Treasurer’s Office in writing of the change in circumstance. The employee must provide documentation of the change of circumstances at the time of notice. Coverage will commence within seven (7) days of the receipt of the notice in the Treasurer’s Office. There shall be no pre-existing condition exclusion for any Employee who re-enters the insurance program provided above after originally electing not to participate in said program. Newly hired employees who are eligible for healthcare benefits may, at the time of hire, elect not to take health coverage by submitting a letter and filing it with the Treasurer’s Office. The newly hired employee would be eligible for a prorated amount of the above table based on their service (i.e. a new employee hired October 1st would work 9 out of 12 months, 75% and, if they declined health insurance, they would receive 75% of the qualifying amount in July).
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Payment in Lieu of Insurance Coverage. 1. Any bargaining unit member currently covered under either the single or family coverage of the District’s insurance plan(s), or any newly hired employee who declares in writing to the Treasurer that he/she is covered under another insurance plan and/or elects not to be covered by the Board plan for the entire year may opt out of the Board plan(s) and shall be paid $1,500.00 for medical insurance, and/or $350 for dental insurance, and/or $100 for vision insurance (prorated for persons who have prorated insurance to the same percentage as paid by the Board for prorated insurance). This amount, less applicable payroll deductions, will be paid to eligible and qualifying individuals with the first pay in October the following year, through the Board’s qualified Section 125 Plan. 2. In order to elect any of these options and receive this additional compensation, an employee must have on file a form indicating his/her election. Once this election is made, it shall remain in effect and the employee shall not be entitled to receive the Board insurance coverage(s) that s/he elected not to receive for the duration of the one-year period, unless there is a qualifying event as described in paragraph 5., below. In the event of a change in the teacher’s circumstances after the election is made (other than a qualifying event), the teacher may elect to receive the insurance coverage after a three (3) month waiting period. They would forfeit all of the payment in lieu payments for that particular year. There shall be no pre-existing condition exclusion for any teacher who re-enters any of the insurance programs after originally electing not to participate in said programs. 3. For current employees with election forms already on file, no further action will be required in order to receive the in-lieu of payment(s). Current employees not presently participating in the opt-out payment may enroll during the open enrollment period (September 1st – September 21st each school year) by completing, signing and filing a form indicating this election with the Treasurer of the Board. It is the employee’s responsibility to get a waiver form (during open enrollment period) from the Treasurer’s office and return it by the designated date. Failure of current employees not already participating in payment in-lieu of insurance payment program to submit the required form by the designated date (end of business on the third Friday in September) shall result in a disqualification from paymen...
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Payment in Lieu of Insurance Coverage. The City will pay to eligible Employees, under the condi- tions herein set forth, an annual amount in lieu of insurance coverage. The first payment, to be made on or before December 15, shall be for the twelve (12) billing periods immediately prior to December 1. The payment shall be made as an adjustment to a regular pay check, and only those Employees who are entitled to a regular pay check the first pay day in December shall be entitled to the payment in lieu of insurance coverage. An Employee shall be entitled to a regular pay check if the Employee has not quit, resigned or been discharged on the date the check is paid (i.e., the date shown on the check). For example, an Employee who is on approved leave of absence, suspension, layoff or WO will be determined to be "on the payroll" for the purpose of payment in lieu of insurance coverage. If an otherwise eligi- ble Employee is not at work on the date the check is paid, the check shall be sent to the Employee's last-known address. If the check is returned to the City, the Employee must claim the check from the City within sixty (60) days or the check shall be voided, and the Employee shall forfeit any right to payment in lieu of insurance coverage for that period. In case of Employees who retire, the Employee will be sent his check, provided such amount shall not be computed in the Employee's final average pay. Any Employee who is eligible for hospitalization insurance, at City expense, pursuant to the Article entitled "Hospitaliza- tion Insurance", but who elects not to be covered by said insurance, shall be entitled to a payment of $20.00 per billing period for any billing period during which hospitalization insurance was not provided for said Employee at City expense. Any Employee who is eligible for dental insurance, at City expense, pursuant to the Article entitled "Dental Insurance", but who elects not to be covered by said insurance, shall be entitled to a payment of $5.00 per billing period for any billing period during which dental insurance was not provided for said Employee at City expense.
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Payment in Lieu of Insurance Coverage. Administrative Team members who waive health insurance coverage are entitled to a cash payment of $2,000 payable no later than the last paycheck in June. In order to execute his/her right under this option, the employee must fully execute the “Waiver of Health Insurance Benefit Form”, (Appendix 8). A Team member who had obtained other coverage and had waived coverage shall be entitled to reinstate his/her insurance coverage as provided for in Section 125 of the Internal Revenue Code and/or subject to the insurance plan enrollment period. Once the insurance coverage is reinstated, the extra payment, which will be paid with the June paycheck, shall be pro-rated for the amount of time the employee did not have insurance. The District shall establish this provision in a manner consistent with and to meet all requirements of Section125 of the Internal Revenue Code as amended.
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Payment in Lieu of Insurance Coverage. The City will pay to eligible Employees, under the conditions herein set forth, an annual amount in lieu of insurance coverage. All payments shall be for the twelve (12) billing periods immediately prior to December 1. The payment shall be made as an adjustment to a regular pay check, and only those Employees who are entitled to a regular pay check the first day in December shall be entitled to the payment In lieu of insurance coverage. Any Employee who Is eligible for hospitalization insurance, at City expense, pursuant to the Article entitled Hospitalization Insurance, but who elects not to be covered by said insurance, shall be entitled to a payment of $20.00 per billing period during which hospitalization insurance was not provided for said Employee at City expense. Effective February 1, 1994, payment in lieu of hospitalization insurance coverage shall increase to $50 per billing period. Effective July 1, 1995, increase to $100 per billing period. Any Employee who is eligible for dental insurance, at City expense, pursuant to the Article entitled Dental Insurance, but who elects not to be covered by said insurance, shall be entitled to a payment of $5.00 per billing period for any billing period during which dental insurance was not provided for said Employee at City expense.
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Payment in Lieu of Insurance Coverage. An employee currently enrolled in and otherwise eligible for Board payment for health insurance coverages may elect to have no such coverages (with the exception of life insurance) for an entire school year and so receive an annual payment, subject to appropriate withholdings, as follows: 1. Six Hundred Fifty Dollars ($650.00) for seven-eight (7-8) hour employees. 2. Four Hundred Fifty Dollars ($450.00) for six (6) hour employees. 3. Three Hundred Fifty Dollars ($350.00) for four-five (4-5) hour employees.
Sample 1
Payment in Lieu of Insurance Coverage. The City will pay to eligible Employees, under the conditions herein set forth, an annual amount in lieu of insurance coverage. The first payment, to be made on or before December 15, shall be for the twelve (12) billing periods immediately prior to December
Sample 1
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Related to Payment in Lieu of Insurance Coverage

  • Proof of Insurance Coverage As preliminary evidence of compliance with the insurance required by the contract, the company will furnish the Authority with a certificate(s) of insurance satisfactory to the Authority. This certificate must be signed by an authorized representative of the insurer. If requested by the Authority, the company will, within 15 days after receipt of written request from the Authority, provide the Authority, or make available for review, certificates of insurance, copies of required endorsements and/or a certified complete copy of the policies of STANDARD PROCEDURE Number: S250.06 Effective: 05/31/02 Aviation Authority Revised: 12/11/14 Page: 4 of 7 Subject: CONTRACTUAL INSURANCE TERMS AND CONDITIONS insurance. The company may redact those portions of the insurance policies that are not relevant to the coverage required by the contract. The company will provide the Authority with renewal or replacement evidence of insurance, acceptable to the Authority, prior to expiration or termination of such insurance. The insurance certificate must: a. Indicate that, to the extent required by the contract: i. the Authority, members of the Authority's governing body, and the Authority's officers, volunteers and employees are included as Additional Insureds on all policies other than workers compensation and professional liability, and ii. the insurers for all policies have waived their subrogation rights against the Authority; b. Indicate that the certificate has been issued in connection with the contract; c. Indicate the amount of any deductible or self-insured retention applicable to all coverages; d. Identify the name and address of the certificate holder as: Hillsborough County Aviation Authority Attn.: Chief Executive Officer Tampa International Airport Post Office Box 22287 Xxxxx, Xxxxxxx 00000 and; e. Be signed and dated using approved methods by an individual who is an authorized representative of each insurer, whose insurance is the subject of STANDARD PROCEDURE Number: S250.06 Effective: 05/31/02 Aviation Authority Revised: 12/11/14 Page: 5 of 7 Subject: CONTRACTUAL INSURANCE TERMS AND CONDITIONS the certificate and who is authorized by each such insurer to issue the certificate of insurance as modified. Facsimile signatures are acceptable.

  • Insurance Coverages (a) Borrower will maintain such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its sole discretion, from time to time except to the extent such coverages and endorsements are not reasonably commercially available and further provided such coverages and endorsements are not more onerous to Borrower than the types and amounts Lender requires for other properties that are similar in type or location as the Property. Until Lender notifies Borrower of changes in Lender’s requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan except to the extent such coverages and endorsements are not commercially available and are more onerous to Borrower than the types and amounts Lender requires for other properties that are similar in type or location as the Property. (b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "Policies"). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide that Lender will receive not less than 30 days’ prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee. (c) The insurance companies issuing the Policies (the "Insurers") must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policy holder rating of A-or better and an A.M. Best Company, Inc. financial category rating of (i) Class X or better for all primary liability coverage and the first 80% of liability coverage and (ii) Class VIII or better for all secondary and remaining liability coverage and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Xxxxxx’s right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer. (d) Notwithstanding Xxxxxx’s rights under this Article, Xxxxxx will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage. (e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property. (f) Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "Paid" not less than 15 days prior to the expiration date of the Policy being replaced or renewed. Borrower shall have the right to pay Insurance Premiums pursuant to an arrangement with one or more finance companies for the financing of certain blanket insurance policies maintained by Borrower under a Property Insurance Sharing Agreement among Borrower and certain of its affiliates (a "Blanket Insurance Premium Financing Arrangement"). Pursuant to such an arrangement Borrower will pay to such finance companies Borrower’s allocable share of the annual initial deposit for the applicable Insurance Premiums (the "Deposit") and Borrower’s allocable share of ten (10) regular monthly payments (the "Regular Payments") due for each blanket policy. The term "Financing Installment" as used herein means 1/12th of the aggregate of the Deposit and the Regular Payments for each annual period, as such amounts may be adjusted as hereafter set forth. Not less than twenty (20) days prior to each renewal date of each blanket policy, Borrower will provide Beneficiary in writing the estimated premium for such blanket policy for the following renewal period, and not less than ten (10) days after the renewal date, Borrower will provide Beneficiary in writing the actual amount of such premium. Borrower will also notify Beneficiary in writing within ten (10) days after any change in the amounts allocated to the Property under the Blanket Insurance Premium Financing Arrangement or any other change in premiums or amounts due from Borrower under the Blanket Insurance Premium Financing Arrangement. Thereafter, the "Financing Installment" shall be adjusted as reasonably determined by Beneficiary. In the event of any material change in the Blanket Insurance Premium Financing Arrangement, the foregoing provisions shall be modified as reasonably determined by Beneficiary in order to carry out the intent and purposes thereof.

  • Evidence of Insurance Cover All insurances obtained by the Concessionaire in accordance with this Article 32 shall be maintained with insurers on terms consistent with Good Industry Practice. Within 15 (fifteen) days of obtaining any insurance cover, the Concessionaire shall furnish to the Authority, notarised true copies of the certificate(s) of insurance, copies of insurance policies and premia payment receipts in respect of such insurance, and no such insurance shall be cancelled, modified, or allowed to expire or lapse until the expiration of at least 45 (forty five) days after notice of such proposed cancellation, modification or non-renewal has been delivered by the Concessionaire to the Authority.

  • Insurance Coverage The Company and each Subsidiary maintains in full force and effect insurance coverage that is customary for comparably situated companies for the business being conducted and properties owned or leased by the Company and each Subsidiary, and the Company reasonably believes such insurance coverage to be adequate against all liabilities, claims and risks against which it is customary for comparably situated companies to insure.

  • Required Insurance Coverages The Contractor also agrees to purchase insurance and have the authorized agent state on the insurance certificate that the Contractor has purchased the following types of insurance coverages, consistent with the policies and requirements of O.C.G.A. §50-21-37. The minimum required coverages and liability limits are as follows:

  • Life Insurance Coverage a. Forty Thousand ($40,000) Dollars life insurance policy with AD&D from an insurance carrier selected by the Board, subject to the provisions of this section. b. Employees who have Board-provided term life insurance shall have a thirty- one (31) day conversion right upon termination of employment. Any employee electing the right to conversion in order to keep term life insurance in force, must contact the insurance carrier within thirty-one (31) days of the last day of employment. c. The life insurance policy shall pay to the employee’s beneficiary the aforementioned sum within the underwriting rules and regulations as set forth by the insurance carrier.

  • REINSURANCE COVERAGE Reinsurance under this Agreement will apply to insurance issued by Ceding Company on the Plans of Insurance shown in Schedule A. Such Plans of Insurance shall be reinsured with the Reinsurer on an automatic basis, subject to the requirements set forth in Section A below. The specifications for all reinsurance under this Agreement are provided in Schedule A. A. Requirements for Automatic Reinsurance For risks which meet the requirements for automatic reinsurance as set forth below, Reinsurer will participate in a reinsurance Pool whereby Reinsurer will automatically reinsure a portion of the insurance risks as indicated in Schedule A. The requirements for automatic reinsurance are as follows: 1. The individual risk must be a resident of the United States or Canada at the time of application. 2. The individual risk must be underwritten according to the Ceding Company's standard underwriting practices and guidelines. This individual risk will be determined to be a true Table 1,2,3 or 4 based on the Ceding Company's normal underwriting guidelines and will be issued as a Standard Risk. 3. Any risk offered on a facultative basis by the Ceding Company to the Reinsurer or any other company will not qualify for automatic reinsurance under this Agreement for the same risk and same life. 4. The minimum issue age on any risk will be age 5 and the maximum issue age on any risk will be age 75. B. Basis of Reinsurance Reinsurance under this Agreement will be on the basis as stated in Schedule B. C. Policy Forms When requested, the Ceding Company will furnish the Reinsurer with a copy of each policy, rider, rate book, and applicable sales or marketing material that applies to the life insurance reinsured hereunder.

  • Required Insurance Coverage As a condition of this Contract with DIR, Vendor shall provide the listed insurance coverage within 5 business days of execution of the Contract if the Vendor is awarded services which require that Vendor’s employees perform work at any Customer premises and/or use employer vehicles to conduct work on behalf of Customers. In addition, when engaged by a Customer to provide services on Customer premises, the Vendor shall, at its own expense, secure and maintain the insurance coverage specified herein, and shall provide proof of such insurance coverage to the related Customer within five (5) business days following the execution of the Purchase Order. Vendor may not begin performance under the Contract and/or a Purchase Order until such proof of insurance coverage is provided to, and approved by, DIR and the Customer. All required insurance must be issued by companies that have an A rating and a Financial Size Category Class of VII from A.M. Best, and are licensed in the State of Texas and authorized to provide the corresponding coverage. The Customer and DIR will be named as Additional Insureds on all required coverage. Required coverage must remain in effect through the term of the Contract and each Purchase Order issued to Vendor there under. The minimum acceptable insurance provisions are as follows:

  • Maintenance of Insurance Coverage Each party agrees to maintain throughout the term of this Agreement professional liability insurance coverage of the type and amount reasonably customary in its industry. Upon request, a party shall furnish the other party with pertinent information concerning the professional liability insurance coverage that it maintains. Such information shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.

  • Certificate of Insurer – Insurance Coverage Concurrently with any delivery of financial statements under Section 8.01(a), a certificate of insurance coverage from each insurer with respect to the insurance required by Section 8.07, in form and substance satisfactory to the Administrative Agent, and, if requested by the Administrative Agent or any Lender, all copies of the applicable policies.

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