Self-Insurance Reserve definition

Self-Insurance Reserve means a cash backed reserve established in terms of the Council approved borrowing, funding and reserve policy to cover all cost as a result of damage to Municipal owned/controlled property, damage to 3rd party property due to negligence not covered by outsourced external party and bodily harm caused by accidents; and
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Self-Insurance Reserve means a reserve created by the municipality as a risk financing technique to which a contribution is made by departments and is used to pay claims on behalf of the Municipality;
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Self-Insurance Reserve has the meaning specified in Section 4.18(j).
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Related to Self-Insurance Reserve

  • Self-insurance means the licence holder's financial capacity to meet any liability to a third party in respect of which the licence holder does not otherwise have insurance.

  • Self-insurer means any duly qualified individual employer or group self-insurance association authorized by the Commission to self fund its workers' compensation obligations.

  • Self-insured retention means the individual own risk employer's or group self-insurance association's retained amount of risk under a specific excess insurance policy, before the liability is transferred to an insurance carrier.

  • Hazard Insurance A fire and casualty extended coverage insurance policy insuring against loss or damage from fire and other perils covered within the scope of standard extended hazard coverage naming the Servicer, its successors and assigns, as a mortgagee under a standard mortgagee clause, together with all riders and endorsements thereto.

  • Loss Reserve means, on any date, an amount equal to the Loss Percentage multiplied by the Net Receivables Balance as of the close of business of the Servicer on such date.