Retention Levels Sample Clauses
The Retention Levels clause defines the amount of loss or liability that a party must bear before insurance coverage or indemnification obligations begin. In practice, this clause specifies a monetary threshold—such as a deductible or self-insured retention—that applies to each claim or occurrence, requiring the insured or indemnified party to pay up to that amount out of pocket before the insurer or indemnifying party becomes responsible for additional costs. This mechanism ensures that minor losses are handled by the party directly involved, reducing administrative burdens and insurance costs, and clarifies the allocation of risk between the parties.
Retention Levels. The CITY has the option to reduce or eliminate any deductible or self-insured retention maintained by the CONTRACTOR.
Retention Levels. The CITY has the option to reduce or eliminate any deductible or self- insured retention maintained by the CMAR. In the event the CITY chooses to reduce deductibles, the City will be responsible for the difference in premium cost not included in the GMP.
Retention Levels. 28 RIGP........................................................................ 13 Shareholder................................................................. 1
Retention Levels. The Member shall select the low, high or super retention level for each calendar year. Each retention level has a corresponding retention dollar limit, which increases over time as the Statewide Average Weekly Wage increases. The retention levels may be changed annually on January 1. The Member shall notify the Association by certified mail or fax of any change of its retention level selection by December 1 of the year preceding the coverage year. All affiliated insurers within a holding company system shall select the same retention level. If the Association is not notified of the Member’s change of retention level for the next coverage year by December 1, the Member shall be deemed to have chosen for the next coverage year the same retention level (low, high, or super retention level) which was in effect on December 1. Ref: Minn. Stat. § 79.34, subds. 1 and 2. Plan, Article VI.A. A Member selecting the high or super retention level shall not purchase reinsurance for losses below its retention limit except in certain circumstances specified by statute. A Member selecting the low retention level may purchase reinsurance from other organizations to provide indemnification for losses below its retention limit. A Member shall not issue large deductible policies in Minnesota for deductible amounts in excess of its selected retention limit. Ref: Minn. Stat. § 79.34, subd. 2. Minn. Dept. of Commerce, Bulletin 95-7
Retention Levels. The Member shall select the low, high, super, or jumbo retention level for each calendar year. Each retention level has a corresponding retention dollar limit, as determined in accordance with the requirements of Minn. Stat. § 79.34, subd. 2. The retention levels may be changed annually on January 1. The Member shall notify the Association in writing of any change of its retention level selection by December 1 of the year preceding the coverage year. All affiliated Insurers within a holding company system shall select the same retention level. If the Association is not notified of the Member’s change of retention level for the next coverage year by December 1, the Member shall be deemed to have chosen for the next coverage year the same retention level (low, high, super, or jumbo) which was in effect on December 1. Ref: Minn. Stat. § 79.34, subds. 1 and 2. Plan, Article VI.A.
Retention Levels. The CITY has the option to reduce or eliminate any deductible or self- insured retention maintained by the Construction Manager.