Insurance Cost Differential definition

Insurance Cost Differential means an amount, based on the Joint Insurance Cost Report, equal to (ARIC – BRIC) ± PIC where: ARIC is the Actual Relevant Insurance Cost; BRIC is the Base Relevant Insurance Cost; and PIC is any Project Insurance Change.For the purpose of determining the Insurance Cost Differential, in the event that there is a net increase in the ARIC relative to the BRIC, the Project Insurance Change shall have a negative value and, in the event that there is a net decrease in the ARIC relative to the BRIC, the Project Insurance Change shall have a positive value.
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Insurance Cost Differential means an amount, based on the Insurance Cost Report, equal to the Actual Insurance Cost minus the Base Insurance Cost;
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Insurance Cost Differential has the meaning given in Section 7.1(c) of Schedule 25 – Insurance and Performance Security Requirements.
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Examples of Insurance Cost Differential in a sentence

  • Following the completion of the Insurance Review Procedure, if it is agreed or determined that there is neither an Exceptional Cost nor an Exceptional Saving, any Insurance Cost Differential shall be borne by or benefit the Contractor.

  • Management of the club shall be in accordance with Xxxxxx’s Rules of Order.


More Definitions of Insurance Cost Differential

Insurance Cost Differential has the meaning set out in Section 3.2 of Schedule 5 [Insurance]; “Insurance Cost Report” has the meaning set out in Section 3.3 of Schedule 5 [Insurance];
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Insurance Cost Differential shall, subject to the Insurance Review Procedure, be determined as follows:- Insurance Cost Differential = (XXXX – BRIC) – (+/- PIC) where:- XXXX is the Actual Relevant Insurance Cost BRIC is the Base Relevant Insurance Cost PIC is any Project Insurance Change “Insurance Cost Increase” the Insurance Cost Differential if the value thereof is greater than zero (0);
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Related to Insurance Cost Differential

  • Loss Adjustment Expenses means all costs and expenses incurred by the Company in the investigation, adjustment and settlement of claims. Loss adjustment expenses include third-party costs as well as the Company’s internal expenses, including salaries and expenses of loss management personnel and certain administrative costs.

  • Replacement Costs means the expenditures for obtaining and installing equipment, accessories or appurtenances which are necessary during the useful life of the treatment works to maintain the capacity and performance for which such works were designed and constructed.

  • Improvement Costs means any additional expenditure on a fixed asset that materially increases the capacity of the asset or materially improves its functioning or represents more than 10% of the initial depreciation base of the asset;

  • Start-Up Costs means all fees, costs, and expenses incurred in connection with establishing the State Mitigation Trust and the Indian Tribe Mitigation Trust and setting them up for operation. Start-up costs shall not include the cost of premiums for insurance policies.

  • Adjusted gross income means that term as defined in section 62 of the internal revenue code of 1986.