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1.15 "Risk Sharing Premium" means the amount necessary to fund expected losses <br />required to be established to pay Settlements of the Members for a Coverage Period as <br />determined in accordance with the Liability Rating Plan. <br />1.16 "Risk Sharing Layer" means a specific layer of coverage per occurrence <br />applicable to one or more Members. BICEP may establish one or more levels of self- <br />insured retention in compliance with Section 2.1 hereof as approved by the Board <br />annually. <br />1.17 "Settlement(s)" means the settlement by BICEP or a Member, in accordance with <br />Insurance in effect or the Memorandum, of a Claim against such Member, or the final <br />adjudication of such Claim. The amount of any Settlement may include any costs or <br />expenses deemed appropriate by BICEP in connection therewith including DEFENSE <br />COSTS as described in the Memorandum or as covered by Insurance. <br />1.18 "Supplemental Premium" means the amount new Members must deposit with <br />BICEP if the new Member will participate in BICEP's Retained Earnings on ah equal <br />footing with Charter Members. <br />1.19 "Terminated Member" means a Member permitted to withdraw from Coverage <br />pursuant to Article VII of the Bylaws or a Member expelled pursuant to Article VIII of the <br />Bylaws. <br />ARTICLE II <br />COVERAGE PROGRAMS <br />2.1 Coverage <br />In accordance with Article V of the Bylaws, BICEP hereby provides and the <br />Member hereby accepts the Coverage and shall participate in the Risk Sharing Layer as <br />set forth in the Declaration for each year's Coverage Period. <br />2.1.1 BICEP may provide Coverage, or a portion of Coverage, to the Members <br />by purchase of insurance ("Insurance") from a commercial insurer or reinsures, upon the <br />approval of the Board. BICEP shall be obligated to assist and cooperate with each <br />Member in collecting for covered Claims from such insurers to the fullest extent. <br />2.1.2 BICEP shall pay any covered Claims in each Coverage Period in <br />accordance with the Memorandum. However, prior to each Coverage Period, BICEP <br />may also determine whether or not to suspend the Memorandum and to approve and <br />accept a Reverse Following Form as the basis for liability coverage of Claims. <br />2.1.3 Notwithstanding any recoveries through reinsurance or insurance, in no <br />Liability Program <br />OS-31-06 <br />-3- <br />