REINSURANCE PREMIUM. A. As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer a premium equal to the product of the following (or a pro rata portion thereof in the event the term of this Contract is less than 12 months), subject to a minimum premium of the amount, shown as "Minimum Premium" for that excess layer in Schedule A attached hereto (or a pro rata portion thereof in the event the term of this Contract is less than 12 months): 1. The amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto; times 2. The percentage calculated by dividing (a) the actual Average Annual Loss ("AAL") determined by the Company's wind insurance in force on September 30, 2016, by (b) the original AAL of the amount, shown as "AAL" for that excess layer in Schedule A attached hereto. However, if the difference between the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, and the premium calculated in accordance with this paragraph A for the excess layer is less than a 10.0% increase or decrease, the premium due the Reinsurer will equal the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto. The Company's AAL shall be derived by averaging the applicable data produced by Applied Insurance Research (AIR) Touchstone v3.1 and Risk Management Solutions (RMS) RiskLink v15 catastrophe modeling software, in the long-term perspective, including secondary uncertainty and loss amplification, but excluding storm surge. It is understood that the calculation of the actual AAL shall be based on the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, net of (1) the FHCF mandatory layer of coverage purchased by the Company using the current estimates of the mandatory FHCF coverage of 75% of ***** excess of *****, and of (2) the Company's FHCF Supplement Layer Reinsurance Contract (16\F7V1085), which shall be deemed to be placed at 15%. B. The Company shall pay the Reinsurer an annual deposit premium for each excess layer of the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, in four equal installments of the amount, shown as "Deposit Premium Installment" for that excess layer in Schedule A attached hereto, on July 1 and October 1 of 2016, and on January 1 and April 1 of 2017. However, in the event this Contract is terminated, there shall be no deposit premium installments due after the effective date of termination. C. On or before June 30, 2017, the Company shall provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer for the term of this Contract, computed in accordance with paragraph A above, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptly.
Appears in 2 contracts
Samples: Excess Catastrophe Reinsurance Contract (Federated National Holding Co), Excess Catastrophe Reinsurance Contract (Federated National Holding Co)
REINSURANCE PREMIUM. A. As respects the first contract year, the Company shall pay the Reinsurer an annual deposit premium for each excess layer of the amount, shown as "First Contract Year Deposit Premium" for that excess layer in Schedule A attached hereto, in four equal installments of the amount, shown as "First Contract Year Deposit Premium Installment" for that excess layer in Schedule A attached hereto, on July 1, October 1, January 1 and April 1 of that contract year. However, in the event this Contract is terminated, there shall be no deposit premium installments due after the effective date of termination.
B. As respects the first contract year, as premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer a premium equal to the product of the following (or a pro rata portion thereof in the event the term of this Contract first contract year is less than 12 months), subject to a an annual minimum premium of the amount, shown as "First Contract Year Minimum Premium" for that excess layer in Schedule A attached hereto (or a pro rata portion thereof in the event the term of this Contract first contract year is less than 12 months):
1. The amount, shown as "Annual First Contract Year Deposit Premium" for that excess layer in Schedule A attached hereto; times
2. The percentage calculated by dividing (a) the actual Average Annual Loss ("AAL") determined by the Company's wind insurance in force on September 30, 2016, by (b) the original AAL of the amount, shown as "AAL" for that excess layer in Schedule A attached hereto. However, if the difference between the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, and the premium calculated in accordance with this paragraph A for the excess layer is less than a 10.0% increase or decrease, the premium due the Reinsurer will equal the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto.
C. The Company's AAL shall be derived by averaging the applicable data produced by Applied Insurance Research (AIR) Touchstone v3.1 catastrophe modeling software, in the long term perspective, including demand surge, but excluding storm surge, and Risk Management Solutions (RMS) RiskLink v15 catastrophe modeling software, in the long-term perspective, including secondary uncertainty and loss amplification, but excluding storm surge. It is understood that the calculation of the actual AAL shall be based on the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, net of (1) the FHCF mandatory layer of coverage purchased by the Company using for the current estimates of the mandatory FHCF coverage of 75% of ***** excess of *****first contract year, and of (2) the Company's FHCF Supplement Layer Reinsurance Contract (16\F7V1085)Contract, which shall be deemed to be placed at 1515.0%.
B. The Company shall pay D. However, if the Reinsurer an annual deposit premium for each excess layer of difference between the amount, shown as "Annual First Contract Year Deposit Premium" for that excess layer in Schedule A attached hereto, and the premium calculated in four accordance with paragraph B above for the excess layer is less than a 10.0% increase or decrease, the premium due the Reinsurer will equal installments of the amount, shown as "First Contract Year Deposit Premium InstallmentPremium" for that excess layer in Schedule A attached hereto.
E. As respects the second contract year, the Company shall pay the Reinsurer an annual deposit premium for each excess layer, as calculated below ("Second Contract Year Deposit Premium"), in four equal installments on July 1 and 1, October 1 of 20161, and on January 1 and April 1 of 2017that contract year. However, in the event this Contract is terminated, there shall be no deposit premium installments due after the effective date of termination. *****
C. On or before June 30F. As respects the second contract year, 2017as premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall provide pay the Reinsurer a report premium equal to the Reinsurer setting forth product of the following (or a pro rata portion thereof in the event the final contract year is less than 12 months), subject to an annual minimum premium due hereunder of the amount equal to 80.0% of the Second Contract Year Deposit Premium for each excess layer for (or a pro rata portion thereof in the term of this Contract, computed in accordance with paragraph A above, and any additional premium due event the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptly. final contract year is less than 12 months): *****
Appears in 2 contracts
Samples: Reinsurance Contract (Federated National Holding Co), Reinsurance Contract (Federated National Holding Co)
REINSURANCE PREMIUM. A. As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer a premium equal to the product of the following (or a pro rata portion thereof in the event the term of this Contract is less than 12 months), subject to a minimum premium of the amount, shown as "Minimum Premium" for that excess layer in Schedule A attached hereto (or a pro rata portion thereof in the event the term of this Contract is less than 12 months): ):
1. The amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto; times times
2. The percentage calculated by dividing (a) the actual Average Annual Loss ("AAL") determined by the Company's wind insurance in force on September 30, 20162015, by (b) the original AAL of the amount, shown as "AAL" for that excess layer in Schedule A attached hereto. However, if the difference between the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, and the premium calculated in accordance with this paragraph A for the excess layer is less than a 10.0% increase or decrease, the premium due the Reinsurer will equal the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto. The Company's AAL shall be derived by averaging the applicable data produced by Applied Insurance Research (AIR) Touchstone v3.1 v2.0 and Risk Management Solutions (RMS) RiskLink v15 catastrophe modeling software, in the long-term perspective, including secondary uncertainty and loss amplification, but excluding storm surge. It is understood that the calculation of the actual AAL shall be based on the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, net of (1) the FHCF mandatory layer of coverage purchased by the Company using the current estimates of the mandatory FHCF coverage of 75% of ***** $775,000,000 excess of *****$265,000,000, and of (2) the Company's FHCF Supplement Layer Reinsurance Contract (16\F7V108515\F7V1085), which shall be deemed to be placed at 1515.0%. .
B. The Company shall pay the Reinsurer an annual deposit premium for each excess layer of the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, in four equal installments of the amount, shown as "Deposit Premium Installment" for that excess layer in Schedule A attached hereto, on July 1 and October 1 of 20162015, and on January 1 and April 1 of 20172016. However, in the event this Contract is terminated, there shall be no deposit premium installments due after the effective date of termination. .
C. On or before June 30, 20172016, the Company shall provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer for the term of this Contract, computed in accordance with paragraph A above, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptly. .
Appears in 2 contracts
Samples: Excess Catastrophe Reinsurance Contract, Excess Catastrophe Reinsurance Contract (Federated National Holding Co)
REINSURANCE PREMIUM. A. As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer a premium equal to the product of the following (or a pro rata portion thereof in the event the term of this Contract is less than 12 months), subject to a minimum premium of the amount, shown as "Minimum Premium" for that excess layer in Schedule A attached hereto (or a pro rata portion thereof in the event the term of this Contract is less than 12 months): ):
1. The amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto; times times
2. The percentage calculated by dividing (a) the actual Average Annual Loss ("AAL") determined by the Company's wind insurance in force on September 30, 20162013, by (b) the original AAL of the amount, shown as "AAL" for that excess layer in Schedule A attached hereto. However, if the difference between the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, and the premium calculated in accordance with this paragraph A for the excess layer is less than a 10.0% increase or decrease, the premium due the Reinsurer will equal the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto. The Company's AAL shall be derived by averaging the applicable data from results produced by Applied Insurance Research (AIR) Touchstone v3.1 and Risk Management Solutions (RMS) RMS RiskLink v15 Version 11.0 catastrophe modeling software, in the long-term perspective, including secondary uncertainty and loss amplification, but excluding storm surge. It is understood that the calculation of the actual AAL shall be based on the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, net of (1) the FHCF mandatory layer of coverage purchased by the Company using the current estimates of the mandatory FHCF coverage of 7590.0% of ***** $258,128,782 excess of *****, and of (2) the Company's FHCF Supplement Layer Reinsurance Contract (16\F7V1085), which shall be deemed to be placed at 15%. $98,470,089.
B. The Company shall pay the Reinsurer an annual deposit premium for each excess layer of the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, in four equal installments of the amount, shown as "Deposit Premium Installment" for that excess layer in Schedule A attached hereto, on July 1 and October 1 of 20162013, and on January 1 and April 1 of 20172014. However, in the event this Contract is terminated, there shall be no deposit premium installments due after the effective date of termination. .
C. On or before June 30, 20172014, the Company shall provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer for the term of this Contract, computed in accordance with paragraph A above, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptly. .
Appears in 1 contract
Samples: Excess Catastrophe Reinsurance Contract (Federated National Holding Co)
REINSURANCE PREMIUM. A. As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer a premium equal to the product of the following (or a pro rata portion thereof in the event the term of this Contract is less than 12 months), subject to a minimum premium of the amount, shown as "Minimum Premium" for that excess layer in Schedule A attached hereto (or a pro rata portion thereof in the event the term of this Contract is less than 12 months): ):
1. The amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto; times times
2. The percentage calculated by dividing (a) the actual Average Annual Probable Maximum Loss ("AALPML") determined by the Company's wind insurance in force on September 30, 20162021, by (b) the original AAL PML of the amount, shown as "AAL" for that excess layer in Schedule A attached hereto$[***]. However, if the difference between the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, and the premium calculated in accordance with this paragraph A for the excess layer is less than a 10.05.0% increase or decrease, the premium due the Reinsurer will shall equal the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto. .
B. The Company's AAL PML shall be derived by averaging the applicable data for the 20-year and 100-year return period produced by Applied Insurance Research (AIR) Touchstone v3.1 v8.2 and Risk Management Solutions (RMS) RiskLink v15 v18.1 catastrophe modeling software, in the long-term perspective, including secondary uncertainty and loss amplification, but excluding storm surge. It is understood that the calculation of the actual AAL PML shall be based on the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto. 21\F7V1138 Page 10 For informational purposes, net of (1) to follow is the FHCF mandatory layer of coverage purchased by estimated PML based on the Company using the current estimates of the mandatory FHCF coverage of 75% of estimated 9-30-2021 PML: AIR v8.2 $[***** excess of ] $[***] $[**, and of *] RMS v18.1 $[***] $[***] $[***] Estimated PML at 9-30-2021 (2) the Company's FHCF Supplement Layer Reinsurance Contract (16\F7V1085), which shall be deemed to be placed at 15%. average AIR & RMS): $[***]
B. C. The Company shall pay the Reinsurer an annual deposit premium for each excess layer of the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, in four equal installments of the amount, shown as "Deposit Premium Installment" for that excess layer in Schedule A attached hereto, on July 1 and October 1 of 20162021, and on January 1 and April 1 of 20172022. However, in the event this Contract is terminated, there shall be no deposit premium installments due after the effective date of termination. .
C. D. On or before June 30, 20172022, the Company shall provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer for the term of this Contract, computed in accordance with paragraph A above, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptly. .
Appears in 1 contract
Samples: Excess Catastrophe Reinsurance Contract (FedNat Holding Co)
REINSURANCE PREMIUM. A. As respects the first contract year, the Company shall pay the Reinsurer an annual deposit premium for each excess layer of the amount, shown as "First Contract Year Deposit Premium" for that excess layer in Schedule A attached hereto, in four equal installments of the amount, shown as "First Contract Year Deposit Premium Installment" for that excess layer in Schedule A attached hereto, on July 1, October 1, January 1 and April 1 of that contract year. However, in the event this Contract is terminated, there shall be no deposit premium installments due after the effective date of termination.
B. As respects the first contract year, as premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer a premium equal to the product of the following (or a pro rata portion thereof in the event the term of this Contract first contract year is less than 12 months), subject to a an annual minimum premium of the amount, shown as "First Contract Year Minimum Premium" for that excess layer in Schedule A attached hereto (or a pro rata portion thereof in the event the term of this Contract first contract year is less than 12 months):
1. The amount, shown as "Annual First Contract Year Deposit Premium" for that excess layer in Schedule A attached hereto; times
2. The percentage calculated by dividing (a) the actual Average Annual Loss ("AAL") determined by the Company's wind insurance in force on September 30, 20162017, by (b) the original AAL of the amount, shown as "AAL" for that excess layer in Schedule A attached hereto. However, if the difference between the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, and the premium calculated in accordance with this paragraph A for the excess layer is less than a 10.0% increase or decrease, the premium due the Reinsurer will equal the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto.
C. The Company's AAL shall be derived by averaging the applicable data produced by Applied Insurance Research (AIR) Touchstone v3.1 v4 catastrophe modeling software, in the long term perspective, including demand surge, but excluding storm surge, and Risk Management Solutions (RMS) RiskLink v15 v16 catastrophe modeling software, in the long-term perspective, including secondary uncertainty and loss amplification, but excluding storm surge. It is understood that the calculation of the actual AAL shall be based on the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, net of (1) the FHCF mandatory layer of coverage purchased by the Company using for the current estimates of the mandatory FHCF coverage of 75% of ***** excess of *****first contract year, and of (2) the 11 17\F7V1088 Page 11 Company's FHCF Supplement Layer Reinsurance Contract (16\F7V1085)Contract, which shall be deemed to be placed at 1515.0%.
B. The Company shall pay D. However, if the Reinsurer an annual deposit premium for each excess layer of difference between the amount, shown as "Annual First Contract Year Deposit Premium" for that excess layer in Schedule A attached hereto, and the premium calculated in four accordance with paragraph B above for the excess layer is less than a 10.0% increase or decrease, the premium due the Reinsurer shall equal installments of the amount, shown as "First Contract Year Deposit Premium InstallmentPremium" for that excess layer in Schedule A attached hereto. If the difference between the amount, shown as "First Contract Year Deposit Premium" for that excess layer in Schedule A attached hereto, and the premium calculated above for the excess layer is greater than a 10.0% increase or 10.0% decrease, the premium due the Reinsurer for the excess layer shall equal the following:
1. For an increase of more than 10.0% the premium due for that excess layer shall be equal to the amount, shown as "First Contract Year Deposit Premium" for that excess layer in Schedule A attached hereto, plus an additional premium equal to the amount by which the premium computed in accordance with paragraph B above for that excess layer exceeds 110% of the amount shown as "First Contract Year Deposit Premium" for that excess layer in Schedule A attached hereto; or
2. For a decrease of more than 10.0% the premium due for that excess layer shall be equal to the amount, shown as "First Contract Year Deposit Premium" for that excess layer in Schedule A attached hereto, less the difference between 90.0% of the amount shown as "First Contract Year Deposit Premium" for that excess layer in Schedule A attached hereto, and the premium computed in accordance with paragraph B above for that excess layer, subject to the amount shown as "Minimum Premium" for that excess layer in Schedule A attached hereto.
E. As respects the second contract year, the Company shall pay the Reinsurer an annual deposit premium for each excess layer, as calculated below ("Second Contract Year Deposit Premium"), in four equal installments on July 1 and 1, October 1 of 20161, and on January 1 and April 1 of 2017that contract year. However, in the event this Contract is terminated, there shall be no deposit premium installments due after the effective date of termination. As respects each excess layer, the Second Contract Year Deposit Premium shall equal:
C. On or before June 30, 2017, the Company shall provide a report 1. The average of:
a. Projected Loss on Line" to the Reinsurer setting forth exponential power of 0.5832, times 0.6833, using Risk Management Solutions (RMS) RiskLink v16 catastrophe modeling software, in the premium due hereunder long-term perspective, including loss amplification, but excluding storm surge; and
b. Projected Loss on Line" to the exponential power of 0.655, times 0.6883, using Applied Insurance Research (AIR) Touchstone v4 catastrophe modeling software, in the long term perspective, including demand surge, but excluding storm surge. Multiplied by:
2. The amount, shown as "Reinsurer's Per Occurrence Limit" for each that excess layer for the term of this Contract, computed in accordance with paragraph Schedule A above, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptlyattached hereto.
Appears in 1 contract
Samples: Reinsurance Contract (Federated National Holding Co)
REINSURANCE PREMIUM. A. As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer a premium equal to the product of the following (or a pro rata portion thereof in the event the term of this Contract is less than 12 months), subject to a minimum premium of the amount, shown as "Minimum Premium" for that excess layer in Schedule A attached hereto (or a pro rata portion thereof in the event the term of this Contract is less than 12 months): ):
1. The amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto; times times
2. The percentage calculated by dividing (a) the actual Average Annual Loss ("AAL") determined by the Company's wind insurance in force on September 30, 20162014, by (b) the original AAL of the amount, shown as "AAL" for that excess layer in Schedule A attached hereto. However, if the difference between the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, and the premium calculated in accordance with this paragraph A for the excess layer is less than a 10.0% increase or decrease, the premium due the Reinsurer will equal the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto. The Company's AAL shall be derived by averaging the applicable data produced by Applied Insurance Research (AIR) Touchstone v3.1 CLASIC\2 v15 and Risk Management Solutions (RMS) RiskLink v15 v13.1 catastrophe modeling software, in the long-term perspective, including secondary uncertainty and loss amplification, but excluding storm surge. It is understood that the calculation of the actual AAL shall be based on the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, net of (1) the FHCF mandatory layer of coverage purchased by the Company using the current estimates of the mandatory FHCF coverage of 7590.0% of ***** $607,000,000 excess of *****, and of (2) the Company's FHCF Supplement Layer Reinsurance Contract (16\F7V1085), which shall be deemed to be placed at 15%. $227,000,000.
B. The Company shall pay the Reinsurer an annual deposit premium for each excess layer of the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, in four equal installments of the amount, shown as "Deposit Premium Installment" for that excess layer in Schedule A attached hereto, on July 1 and October 1 of 20162014, and on January 1 and April 1 of 20172015. However, in the event this Contract is terminated, there shall be no deposit premium installments due after the effective date of termination. .
C. On or before June 30, 20172015, the Company shall provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer for the term of this Contract, computed in accordance with paragraph A above, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptly. .
Appears in 1 contract
Samples: Excess Catastrophe Reinsurance Contract (Federated National Holding Co)
REINSURANCE PREMIUM. A. As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer a premium equal to the product of the following (or a pro rata portion thereof in the event the term of this Contract is less than 12 months), subject to a minimum premium of the amount, shown as "Minimum Premium" for that excess layer in Schedule A attached hereto (or a pro rata portion thereof in the event the term of this Contract is less than 12 months): ):
1. The amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto; times times
2. The percentage calculated by dividing (a) the actual Average Annual Probable Maximum Loss ("AALPML") determined by the Company's wind insurance in force on September 30, 20162021, by (b) the original AAL PML of the amount, shown as "AAL" for that excess layer in Schedule A attached hereto$[***]. However, if the difference between the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, and the premium calculated in accordance with this paragraph A for the excess layer is less than a 10.05.0% increase or decrease, the premium due the Reinsurer will shall equal the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto. .
B. The Company's AAL PML shall be derived by averaging the applicable data for the 20-year and 100-year return period produced by Applied Insurance Research (AIR) Touchstone v3.1 v8.2 and Risk Management Solutions (RMS) RiskLink v15 v18.1 catastrophe modeling software, in the long-term perspective, including secondary uncertainty and loss amplification, but excluding storm surge. It is understood that the calculation of the actual AAL PML shall be based on the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto. 21\F7V1141 Page 10 For informational purposes, net of (1) to follow is the FHCF mandatory layer of coverage purchased by estimated PML based on the Company using the current estimates of the mandatory FHCF coverage of 75% of estimated 9-30-2021 PML: AIR v8.2 $[***** excess of ] $[***] $[**, and of *] RMS v18.1 $[***] $[***] $[***] Estimated PML at 9-30-2021 (2) the Company's FHCF Supplement Layer Reinsurance Contract (16\F7V1085), which shall be deemed to be placed at 15%. average AIR & RMS): $[***]
B. C. The Company shall pay the Reinsurer an annual deposit premium for each excess layer of the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, in four equal installments of the amount, shown as "Deposit Premium Installment" for that excess layer in Schedule A attached hereto, on July 1 and October 1 of 20162021, and on January 1 and April 1 of 20172022. However, in the event this Contract is terminated, there shall be no deposit premium installments due after the effective date of termination. .
C. D. On or before June 30, 20172022, the Company shall provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer for the term of this Contract, computed in accordance with paragraph A above, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptly. .
Appears in 1 contract
REINSURANCE PREMIUM. A. As premium for each respects the first and second excess layer layers of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer a premium for the first and second excess layers equal to the product of the following (or a pro rata portion thereof in the event the term of this Contract is less than 12 months), subject to a minimum premium of the amount, shown as "Minimum ‘Contract Reinsurance Premium" for that excess layer in Schedule A attached hereto (or a pro rata portion thereof in the event the term of this Contract is less than 12 months):
1. The amount, shown as "Annual Deposit Premium" ’ for that excess layer in Schedule A attached hereto; times
2, payable in four installments. The percentage calculated by dividing (a) the actual Average Annual Loss ("AAL") determined by the Company's wind insurance in force on September 30, 2016, by (b) the original AAL first and second installments shall each be an amount equal to 20.0% of the amount, shown as "AAL" for that excess layer in Schedule A attached hereto. However, if the difference between the amount, shown as "Annual Deposit ‘Contract Reinsurance Premium" ’ for that excess layer in Schedule A attached hereto, and the premium calculated in accordance with this paragraph A for the excess layer is less than a 10.0are due on June 1 and September 1 of 2008. The third and fourth installments shall each be an amount equal to 30.0% increase or decrease, the premium due the Reinsurer will equal the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto. The Company's AAL shall be derived by averaging the applicable data produced by Applied Insurance Research (AIR) Touchstone v3.1 and Risk Management Solutions (RMS) RiskLink v15 catastrophe modeling software, in the long-term perspective, including secondary uncertainty and loss amplification, but excluding storm surge. It is understood that the calculation of the actual AAL shall be based on the amount, shown as "Reinsurer's Per Occurrence Limit" ‘Contract Reinsurance Premium’ for that excess layer in Schedule A attached hereto, net and are due on December 1, 2008 and March 1, 2009. In the event this Contract is terminated in accordance with the provisions of (1) paragraph B of the FHCF mandatory Commencement and Termination Article, no premium installments shall be due after the effective date of termination; however, notwithstanding the foregoing and subject to no known losses for any excess layer hereunder, the Reinsurer shall be due a pro rata portion of coverage purchased the ‘Contract Reinsurance Premium’ for that excess layer in Schedule A attached hereto as of the effective date of termination. Notwithstanding the provisions above, in the event of a loss to the first or second excess layer hereunder and as respects any offset provided herein for the loss paid by the Company using the current estimates Reinsurer for that excess layer, in lieu of the mandatory FHCF coverage of 75‘Contract Reinsurance Premium’ percentages set forth above, the four installments shall be due on the aforementioned dates and shall be an amount equal to 25.0% of ***** excess of *****, and of (2) the Company's FHCF Supplement Layer ‘Contract Reinsurance Contract (16\F7V1085), which shall be deemed to be placed at 15%.
B. The Company shall pay the Reinsurer an annual deposit premium for each excess layer of the amount, shown as "Annual Deposit Premium" ’ for that excess layer in Schedule A attached hereto.
B. As respects the third and fourth excess layers of reinsurance coverage provided by this Contract, in four equal installments the following shall apply:
1. The Company shall pay the Reinsurer the greater of the amount, following:
a. The amount shown as "Deposit Premium Installment" ‘Contract Minimum Premium’ (or a pro rata portion thereof if this Contract is terminated prior to May 31, 2009, subject to no known losses) for that excess layer in Schedule A attached hereto, ; or
b. The sum of the Company’s aggregate total insured value for policies that include wind coverage in force on July 1 and October 1 of 2016, and on January 1 and April 1 of 2017. However, in the event this Contract is terminated, there shall be no deposit premium installments due after the effective date of termination.
C. On or before June September 30, 20172008, multiplied by the Company shall provide a report to the Reinsurer setting forth the premium due hereunder percentage shown as ‘Adjustment Rate’ for each that excess layer for the term of this Contract, computed in accordance with paragraph Schedule A above, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptly. attached hereto.
Appears in 1 contract
Samples: Excess Catastrophe Reinsurance Contract (Homeowners Choice, Inc.)
REINSURANCE PREMIUM. A. As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer a premium equal to the product of the following (or a pro rata portion thereof in the event the term of this Contract is less than 12 months), subject to a minimum premium of the amount, shown as "Minimum Premium" for that excess layer in Schedule A attached hereto (or a pro rata portion thereof in the event the term of this Contract is less than 12 months): ):
1. The amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto; times times
2. The percentage calculated by dividing (a) the actual Average Annual Loss ("AAL") determined by the Company's wind insurance in force on September 30, 20162012, by (b) the original AAL of the amount, shown as "AAL" for that excess layer in Schedule A attached hereto. However, if the difference between the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, and the premium calculated in accordance with this paragraph A for the excess layer is less than a 10.0% increase or decrease, the premium due the Reinsurer will equal the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto. The Company's AAL shall be derived by averaging the applicable data from results produced by Applied Insurance Research (AIR) Touchstone v3.1 and Risk Management Solutions (RMS) RMS RiskLink v15 Version 11.0 catastrophe modeling software, in the long-term perspective, including secondary uncertainty and loss amplification, but excluding storm surge. It is understood that the calculation of the actual AAL shall be based on the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, net of (1) the FHCF mandatory layer of coverage purchased by the Company using the current estimates of the mandatory FHCF coverage of 7590.0% of ***** $137,738,291 excess of *****, and of (2) the Company's FHCF Supplement Layer Reinsurance Contract (16\F7V1085), which shall be deemed to be placed at 15%. $53,830,924.
B. The Company shall pay the Reinsurer an annual deposit premium for each excess layer of the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, in four equal installments of the amount, shown as "Deposit Premium Installment" for that excess layer in Schedule A attached hereto, on July 1 and October 1 of 20162012, and on January 1 and April 1 of 20172013. However, in the event this Contract is terminated, there shall be no deposit premium installments due after the effective date of termination. .
C. On or before June 30, 20172013, the Company shall provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer for the term of this Contract, computed in accordance with paragraph A above, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptly. .
Appears in 1 contract
Samples: Excess Catastrophe Reinsurance Contract (Federated National Holding Co)
REINSURANCE PREMIUM. A. As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer a premium equal to the product of the following (or a pro rata portion thereof in the event the term of this Contract is less than 12 months), subject to a minimum premium of the amount, shown as "Minimum Premium" for that excess layer in Schedule A attached hereto (or a pro rata portion thereof in the event the term of this Contract is less than 12 months):
1. The amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto; times
2. The percentage calculated by dividing (a) the actual Average Annual Loss ("AAL") determined by the Company's wind insurance in force on September 30, 20162017, by (b) the original AAL of the amount, shown as "AAL" for that excess layer in Schedule A attached hereto. However, if the difference between the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, and the premium calculated in accordance with this paragraph A for the excess layer is less than a 10.0% increase or decrease, the premium due the Reinsurer will shall equal the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto. If the difference between the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, and the premium calculated above for the excess layer is greater than a 10.0% increase or 10.0% decrease, the premium due the Reinsurer for the excess layer shall equal the following:
1. For an increase of more than 10.0% the premium due for that excess layer shall be equal to the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, plus an additional premium equal to the amount by which the premium computed in accordance with paragraph A above for that excess layer exceeds 110% of the amount shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto; or
2. For a decrease of more than 10.0% the premium due for that excess layer shall be equal to the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, less the difference between 90.0% of the amount shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, and the premium computed in accordance with paragraph A above for that excess layer, subject to the amount shown as "Minimum Premium" for that excess layer in Schedule A attached hereto. The Company's AAL shall be derived by averaging the applicable data produced by Applied Insurance Research (AIR) Touchstone v3.1 v4 and Risk Management Solutions (RMS) RiskLink v15 v16 catastrophe modeling software, in the long-term perspective, including secondary uncertainty and loss amplification, but excluding storm surge. It is understood that the calculation of the actual AAL shall be based on the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, net of (1) the FHCF mandatory layer of coverage purchased by the Company using the current estimates of the mandatory FHCF coverage of 7575.0% of ***** $1,024,755,000 excess of *****$317,055,000, 17\F7V1054 Page 11 and of (2) the Company's FHCF Supplement Layer Reinsurance Contract (16\F7V108517\F7V1085), which shall be deemed to be placed at 1515.771%.
B. The Company shall pay the Reinsurer an annual deposit premium for each excess layer of the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, in four equal installments of the amount, shown as "Deposit Premium Installment" for that excess layer in Schedule A attached hereto, on July 1 and October 1 of 20162017, and on January 1 and April 1 of 20172018. However, in the event this Contract is terminated, there shall be no deposit premium installments due after the effective date of termination.
C. On or before June 30, 20172018, the Company shall provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer for the term of this Contract, computed in accordance with paragraph A above, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptly.
Appears in 1 contract
Samples: Excess Catastrophe Reinsurance Contract (Federated National Holding Co)
REINSURANCE PREMIUM. A. As premium for each respects the first and second excess layer layers of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer a premium for the first and second excess layers equal to the product of the following (or a pro rata portion thereof in the event the term of this Contract is less than 12 months), subject to a minimum premium of the amount, shown as "Minimum ‘Contract Reinsurance Premium" for that excess layer in Schedule A attached hereto (or a pro rata portion thereof in the event the term of this Contract is less than 12 months):
1. The amount, shown as "Annual Deposit Premium" ’ for that excess layer in Schedule A attached hereto; times
2, payable in four installments. The percentage calculated by dividing (a) the actual Average Annual Loss ("AAL") determined by the Company's wind insurance in force on September 30, 2016, by (b) the original AAL first and second installments shall each be an amount equal to 20.0% of the amount, shown as "AAL" for that excess layer in Schedule A attached hereto. However, if the difference between the amount, shown as "Annual Deposit ‘Contract Reinsurance Premium" ’ for that excess layer in Schedule A attached hereto, and the premium calculated in accordance with this paragraph A for the excess layer is less than a 10.0are due on June 1 and September 1 of 2008. The third and fourth installments shall each be an amount equal to 30.0% increase or decrease, the premium due the Reinsurer will equal the amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto. The Company's AAL shall be derived by averaging the applicable data produced by Applied Insurance Research (AIR) Touchstone v3.1 and Risk Management Solutions (RMS) RiskLink v15 catastrophe modeling software, in the long-term perspective, including secondary uncertainty and loss amplification, but excluding storm surge. It is understood that the calculation of the actual AAL shall be based on the amount, shown as "Reinsurer's Per Occurrence Limit" ‘Contract Reinsurance Premium’ for that excess layer in Schedule A attached hereto, net and are due on December 1, 2008 and March 1, 2009. In the event this Contract is terminated in accordance with the provisions of (1) paragraph B of the FHCF mandatory Commencement and Termination Article, no premium installments shall be due after the effective date of termination; however, notwithstanding the foregoing and subject to no known losses for any excess layer hereunder, the Reinsurer shall be due a pro rata portion of coverage purchased the ‘Contract Reinsurance Premium’ for that excess layer in Schedule A attached hereto as of the effective date of termination. Notwithstanding the provisions above, in the event of a loss to the first or second excess layer hereunder and as respects any offset provided herein for the loss paid by the Company using the current estimates Reinsurer for that excess layer, in lieu of the mandatory FHCF coverage of 75‘Contract Reinsurance Premium’ percentages set forth above, the four installments shall be due on the aforementioned dates and shall be an amount equal to 25.0% of ***** the ‘Contract Reinsurance Premium’ for that excess of *****, and of (2) the Company's FHCF Supplement Layer Reinsurance Contract (16\F7V1085), which shall be deemed to be placed at 15%. layer in Schedule A attached hereto.
B. As respects the third and fourth excess layers of reinsurance coverage provided by this Contract, the following shall apply:
1. The Company shall pay the Reinsurer an annual the greater of the following:
a. The amount shown as ‘Contract Minimum Premium’ (or a pro rata portion thereof if this Contract is terminated prior to May 31, 2009, subject to no known losses) for that excess layer in Schedule A attached hereto; or
b. The sum of the Company’s aggregate total insured value for policies that include wind coverage in force on September 30, 2008, multiplied by the percentage shown as ‘Adjustment Rate’ for that excess layer in Schedule A attached hereto.
2. The Company shall pay the Reinsurer a deposit premium for each the third and fourth excess layer of layers equal to the amount, shown as "Annual ‘Contract Deposit Premium" ’ for that excess layer in Schedule A attached hereto, payable in four installments. The first and second installments shall each be an amount equal installments to 20.0% of the amount, shown as "‘Contract Deposit Premium Installment" Premium’ for that excess layer in Schedule A attached hereto, and are due on July June 1 and October September 1 of 20162008. The third and fourth installments shall each be an amount equal to 30.0% of the ‘Contract Deposit Premium’ for that excess layer in Schedule A attached hereto, and are due on January 1 December 1, 2008 and April 1 of 2017March 1, 2009. However, in In the event this Contract is terminatedterminated in accordance with the provisions of paragraph B of the Commencement and Termination Article, there shall be no deposit premium installments shall be due after the effective date of termination; however, notwithstanding the foregoing and subject to no known losses for any excess layer hereunder, the Reinsurer shall be due a pro rata portion of the ‘Contract Deposit Premium’ for that excess layer in Schedule A attached hereto as of the effective date of termination. Notwithstanding the provisions above, in the event of a loss to the third or fourth excess layer hereunder and as respects any offset provided herein for the loss paid by the Reinsurer for that excess layer, in lieu of the ‘Contract Deposit Premium’ percentages set forth above, the four installments shall be due on the aforementioned dates and shall be an amount equal to 25.0% of the ‘Contract Deposit Premium’ for that excess layer in Schedule A attached hereto.
C. On 3. Within 30 days after the effective date of termination or before June expiration, or within 30 days after September 30, 20172008 (the date to be selected by the Company), the Company shall provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer for the term of this Contractthird and fourth layer, computed in accordance with paragraph A subparagraph 1 above, and any additional premium due the Reinsurer or return premium due the Company for each such the third and fourth excess layer shall be remitted promptlypromptly remitted.”
3. Schedule A attached to the Contract shall be deleted and replaced by Schedule A (Revised: June 1, 2008) attached to and forming part of this Addendum. The provisions of this Contract shall remain otherwise unchanged.
Appears in 1 contract
Samples: Excess Catastrophe Reinsurance Contract (Homeowners Choice, Inc.)