Written as Time Element Coverage Sample Clauses
The 'Written as Time Element Coverage' clause defines insurance coverage that is triggered by the passage of time rather than by a specific event or loss to property. This type of coverage typically applies to losses such as business interruption, extra expense, or loss of rental income, where the insured is compensated for financial losses incurred over a period due to a covered peril. By structuring coverage in this way, the clause ensures that the insured is protected against ongoing financial impacts resulting from an interruption, rather than just the immediate physical damage, thereby addressing the risk of sustained losses over time.
Written as Time Element Coverage. If your Company writes Covered Policies that provide ALE coverage on a time element basis (i.e., coverage is based on a specific period of time as opposed to a stated dollar limit), you must initial the ‘Yes – Time Element ALE’ box below. If your Company does not write time element ALE coverage, initial ‘No – Time Element ALE’ box below.
Written as Time Element Coverage. If your Company writes Covered Policies that provide ALE coverage on a time element basis (i.e., coverage is based on a specific period of time as opposed to a stated dollar limit), you must initial the 'Yes - Time Element ALE' box below. If your Company does not write time element ALE coverage, initial 'No - Time Element ALE' box below. Florida Hurricane Catastrophe Fund By: State Board of Administration of the State of Florida By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Date: 7/8/11 ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Executive Director & CIO Approved as to legality: By: /s/ E. ▇▇▇▇▇ ▇▇▇▇▇▇ Date: _____ E. ▇▇▇▇▇ ▇▇▇▇▇▇ Deputy General Counsel Typed/Printed Name and Title By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Date: 2/17/11 Signature It is Hereby Agreed, effective at 12:00:01 a.m., Eastern Time, June 1, 2011, that this Contract shall be amended as follows: Pursuant to Section 215.555(4)(b)4., Florida Statutes, certain Companies may select additional FHCF reimbursement coverage of up to $10 million dollars. The additional premium to be charged for this additional reimbursement coverage shall be 50 percent of the additional reimbursement coverage provided, which shall include one prepaid full reinstatement. The additional premium shall be due and payable in three equal installments on August 1, 2011, on October 1, 2011, and on December 1, 2011. The minimum retention level that must be retained associated with this additional coverage layer is 30 percent of the insurer's surplus as of December 31, 2010, for each Covered Event. For an insurer which began writing property insurance in 2011 and did not have a surplus as of December 31, 2010, surplus shall be deemed to be the surplus reported to the Office of Insurance Regulation at the time the insurer received its Certificate of Authority. This coverage is designed to apply a retention that triggers coverage prior to the insurer reaching its retention under the mandatory coverage level. The SBA will determine and pay, within 30 days or as soon as practicable after receiving Proof of Loss Reports, the reimbursement amount due under this optional coverage based on losses paid by the Company. The reimbursement percentage applicable to this additional coverage shall be 100 percent, which includes reimbursement for loss adjustment expense as provided under the Reimbursement Contract. Once the limit of coverage under this option is exhausted, the insurer's retention under the mandatory coverage will apply. This additional reimbursement coverage shall be in addition...
Written as Time Element Coverage. If your Company writes Covered Policies that provide ALE coverage on a time element basis (i.e., coverage is based on a specific period of time as opposed to a stated dollar limit), you must initial the 'Yes - Time Element ALE' box below. If your Company does not write time element ALE coverage, initial 'No - Time Element ALE' box below. Florida Hurricane Catastrophe Fund By: State Board of Administration of the State of Florida By: __________________________________________ ______________________________ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Date Executive Director & CIO Approved as to legality: By: __________________________________________ _____________________________ Date _____________________________________________________________________ United Property and Casualty Insurance Company Typed/Printed Name and Title Signature Date It is Hereby Agreed, effective at 12:00:01 a.m., Eastern Time, June 1, 2012, that this Contract shall be amended as follows: Pursuant to Section 215.555(17), Florida Statutes, the Temporary Increase in Coverage Limit (TICL) Options provision allows the Company to select additional FHCF reimbursement coverage above its mandatory FHCF coverage layer under the Reimbursement Contract. The optional coverage selections provided in this Addendum No. 1 expires on May 31, 2013. Coverage provided under TICL shall otherwise be consistent with terms and conditions as relates to the Reimbursement Contract including, but not limited to, definitions, coverage for Covered Policies as defined, exclusions, loss reporting, and examination procedures. To be eligible for this optional coverage, the Company must return a fully executed Addendum No. 1 (two originals) no later than 5 p.m., Central Time, March 1, 2012. New Participants, as defined in Article V of the Contract, must return a fully executed Addendum No. 1 (two originals) within thirty days of writing its first Covered Policy and prior to a Loss Occurrence, as both terms are defined in Article V of the Contract, under which the Company would be eligible for reimbursements under the Contract. Any Company failing to meet the applicable deadline shall not be eligible for optional coverage under Addendum No. 1.
Written as Time Element Coverage. If your Company writes Covered Policies that provide ALE coverage on a time element basis (i.e., coverage is based on a specific period of time as opposed to a stated dollar limit), you must initial the ‘Yes – Time Element ALE’ box below. If your Company does not write time element ALE coverage, initial ‘No – Time Element ALE’ box below. Florida Hurricane Catastrophe Fund By: State Board of Administration of the State of Florida By: