Exhibit 10.2
ENDORSEMENT NO. 4
to
CASUALTY EXCESS OF LOSS REINSURANCE
AGREEMENT NO. 6404-07
between
PENN-AMERICA INSURANCE COMPANY
Hatboro, Pennsylvania
(hereinafter referred to as the "COMPANY")
and
NATIONAL REINSURANCE CORPORATION
Stamford, Connecticut
(hereinafter referred to as the "REINSURER")
-2-
IT IS MUTUALLY AGREED that effective at 12:01 a.m., January 1, 1994, this
Agreement is amended as follows:
1. For losses occurring after the effective time and date of this Endorsement,
as respects in force, new and renewal business, ARTICLE 6 - LIABILITY OF
THE REINSURER is deleted and replaced by the following:
ARTICLE 6 - LIABILITY OF THE REINSURER
The REINSURER shall be liable to the COMPANY for the amount of net loss
sustained by the COMPANY in excess of the COMPANY'S Retention, but not
exceeding the Limit of Liability of the REINSURER as stipulated in the
Schedule or Reinsurance.
SCHEDULE OF REINSURANCE
Class of Business COMPANY Limit of Liability
Retention of the REINSURER
Casualty $300,000 $2,700,000
Each Occurrence Each Occurrence
2. ARTICLE 8 - REINSURANCE PREMIUM is deleted in its entirety and replace by
the following:
ARTICLE 8 - REINSURANCE PREMIUM
The COMPANY shall pay to the REINSURER 10.833% of the subject written
premium for each annual period during the term of this Agreement.
3. In consideration of the reduction in rate the REINSURER shall return to the
COMPANY, as soon as practicable after the effective time and date of this
Endorsement 9.167% of the unearned premium as respects policies the subject
matter hereof, in force at such time.
4. ARTICLE 24 - CONTINGENT COMMISSION is deleted in its entirety.
All other terms and conditions remain unchanged.
-3-
IN WITNESS WHEREOF, the parties hereto have caused this Endorsement No. 4 to be
executed in duplicate, in Hatboro, Pennsylvania this day of , 1994.
PENN-AMERICA INSURANCE COMPANY
/s/ Xxx Xxxxxxxx
-------------------------------------
ATTEST: /s/ Xxxxx X. Xxxxxxx
---------------------
And in Stamford Connecticut, this 24th day of February, 1994.
NATIONAL REINSURANCE CORPORATION
/s/ ILLEGIBLE
-------------------------------------
Vice President
ATTEST: /s/ ILLEGIBLE
----------------------
ENDORSEMENT NO. 5
to
CASUALTY EXCESS OF LOSS REINSURANCE
AGREEMENT NO. 6404-07
between
PENN-AMERICA INSURANCE COMPANY
Hatboro, Pennsylvania
(hereinafter referred to as the "COMPANY")
and
NATIONAL REINSURANCE CORPORATION
Stamford, Connecticut
(hereinafter referred to as the "REINSURER")
-2-
IT IS MUTUALLY AGREED that effective at 12:01 a.m., May 1,
1994, EXHIBIT A - EXCLUSIONS of this Agreement is amended as follows:
Item x. of Exclusion 14. is deleted and replaced by the following:
x. Liquor law liability other than the following: host liquor; and,
Liquor law liability when written in conjunction with the COMPANY'S
Restaurant Pak program;
All other terms and conditions remain unchanged.
IN WITNESS WHEREOF, the parties hereto have caused this Endorsement No. 5 to be
executed in duplicate, in Hatboro, Pennsylvania this day of ,1994.
PENN-AMERICA INSURANCE COMPANY
/s/ Xxx Xxxxxxxx
-----------------------------------
ATTEST: /s/ Xxxx XxXxxxx
------------------
And in Stamford Connecticut, this 29th day of April, 1994.
NATIONAL REINSURANCE CORPORATION
/s/ ILLEGIBLE
-----------------------------------
Vice President
ATTEST: /s/ ILLEGIBLE
------------------------
CASUALTY EXCESS OF LOSS
REINSURANCE AGREEMENT
NATIONAL REINSURANCE
CORPORATION
Commercial Liability:
2,700,000 xs 300,000
*Includes: EPL, ECO, and CLASH Coverages
CASUALTY EXCESS OF LOSS REINSURANCE
AGREEMENT NO. 6404-07
between
NATIONAL REINSURANCE CORPORATION
Stamford, Connecticut
(hereinafter referred to as the "REINSURER")
and
PENN-AMERICA INSURANCE COMPANY
Hatboro, Pennsylvania
(hereinafter referred to as the "COMPANY")
ENDORSEMENT NO. 6
(TERMINATION ENDORSEMENT)
to
CASUALTY EXCESS OF LOSS REINSURANCE
AGREEMENT NO. 6404-07
between
PENN-AMERICA INSURANCE COMPANY
Hatboro, Pennsylvania
(hereinafter referred to as the "COMPANY")
and
NATIONAL REINSURANCE CORPORATION
Stamford, Connecticut
(hereinafter referred to as the "REINSURER")
IT IS MUTUALLY AGREED that effective at 12:01 a.m., January 1, 1995, this
Agreement is terminated. The REINSURER shall not be liable for losses taking
place after the effective time and date of termination, in consideration of
which the REINSURER shall return the unearned premium, if any, (less applicable
commission) with respect to business the subject matter hereof, in force at the
effective time and date of termination.
IN WITNESS WHEREOF, the parties hereto have caused this Endorsement No. 6 to be
executed in duplicate, in Hatboro, Pennsylvania this day of ,1995.
PENN-AMERICA INSURANCE COMPANY
/s/ Xxx Xxxxxxxx
-----------------------------------
ATTEST: /s/ Xxxx XxXxxxx
-------------------
And in Stamford Connecticut, this 4th day of January, 1995.
NATIONAL REINSURANCE CORPORATION
/s/ ILLEGIBLE
-----------------------------------
Vice President
ATTEST: /s/ ILLEGIBLE
-------------------
