Common use of Staffing Shortages Clause in Contracts

Staffing Shortages. (a) Pricing If the service is unable to be performed due to shortage of actuarial staff that persists longer than two working weeks and is not transitory, the Coverholder will make commercially reasonable efforts to recruit additional actuarial staff with appropriate skills, experience, and qualifications to perform the service or approach a suitably qualified professional services firm where significant lead time is expected to hire FTEs. (b) Capital management and reserving If the service is disrupted due to a shortage of staff, the Underwriter will make commercially reasonable efforts to return the service to normal service levels within one week. If the disruption persists beyond one week, the Coverholder will: ● Redeploy staff with appropriate skills, experience and qualifications from elsewhere within the Coverholder organisation, ● Begin recruitment for FTCs ● Approach a third-party firm with requisite experience to perform the role