EXHIBIT 10.55
ENDORSEMENT NO. 2
to the
PROPERTY EXCESS OF LOSS REINSURANCE BINDING AGREEMENT
between
MERIDIAN INSURANCE COMPANY
of Indianapolis, Indiana
CITIZENS SECURITY GROUP
(hereinafter called "Company")
and the
NAC REINSURANCE CORPORATION
New York, NY
(hereinafter called "Reinsurer")
It is hereby understood and agreed that effective January 1,
1997, the following amendment is made:
Meridian Insurance Company is expanded to also include
Citizens Security Group
Accepted by:
____________________________
Meridian Insurance Company
Date:_______________________
____________________________
NAC Resinsurance Corporation
Date:________________________
ENDORSEMENT NO. 3
to the
PROPERTY EXCESS OF LOSS REINSURANCE BINDING AGREEMENT
between
MERIDIAN INSURANCE COMPANY
of Indianapolis, Indiana
CITIZENS SECURITY GROUP
(hereinafter called "Company")
and the
NAC REINSURANCE CORPORATION
New York, NY
(hereinafter called "Reinsurer")
Effective June 15, 1996, the following amendment is made:
Article 6 - Limit of Liability of the Reinsurer is deleted
in it's entirety and replaced with the following:
Reinsurance Accepted for Protected Risks defined as Meridian
CLUG Classifications 1,2,3 and 4, in ISO Protection Classes
1 through 8 shall be limits up to two times the Company's
maximum net and treaty retention as outlined in the
Commercial Lines Divisional Authority Level section of the
CLUG. Reinsurance limits shall be subject to maximum limit
of $8,000,000 any one risk.
Reinsurance Accepted for Unprotected Risks defined as
Meridian CLUG Classifications 1,2,3 and 4 located in ISO
Protection Classes 9 and 10 shall be limits up to three
times the Company's maximum net and treaty retention as
outlined in the Commercial Lines Divisional Authority Level
section of the CLUG. Reinsurance limits shall be subject to
a maximum limit of $3,750,000 for any one risk.
The reinsurance limits are subject to a $12,000,000
limitation in any one occurrence.
Garage Keepers Legal Liability is included with a maximum
sublimit of $500,000 to be written by Xxxxxxxx.
Accepted by:
_____________________________ ___________________
Meridian Insurance Company Date
_____________________________ ___________________
NAC Reinsurance Corportation Date
