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BICEP BIG INDEPENDENT CITIES EXCESS POOL 3-2006
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BICEP BIG INDEPENDENT CITIES EXCESS POOL 3-2006
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Last modified
1/3/2012 3:18:01 PM
Creation date
7/10/2007 4:33:28 PM
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Contracts
Company Name
BICEP BIG INDEPENDENT CITIES EXCESS POOL
Contract #
A-2006-337
Agency
PERSONNEL SERVICES
Council Approval Date
6/19/2006
Destruction Year
0
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4.1.2.3 Insurance Premium. In a Coverage Period for which <br />BICEP has purchased Insurance on behalf of each Member, each such Member shall <br />be obligated to pay its proportion of the costs of such Insurance in accordance with the <br />Experience Percent Contribution under the Liability Rating Plan, in lieu of all or a portion <br />of Risk Sharing Premium, in addition to the other components of Participation Premium. <br />4.1.2.4 Supplemental Premium. In the sole discretion of each <br />Member, a Member may pay to BICEP a Supplemental Premium that shall be applied <br />and credited to that Member's portion of Retained Earnings. <br />4.1.3 Adjustments to Participation Premium. The Participation Premium may <br />be adjusted as follows: <br />4.1.3.1 Participation Premium Adjustment. Annually beginning <br />after July 1, 2005, the Participation Premium may be adjusted by a Participation <br />Premium Adjustment. <br />BICEP shall give prompt written notice to each Member of the <br />determination of such adjustment. If assessed due to a deficit in a prior Coverage <br />Period, each Member shall be obligated to pay the full amount of the assessment on the <br />Premium Payment Date; unless, at the discretion of the Board, each Member is allowed <br />to pay a portion of the assessment prorated up to five (5) years as authorized by the <br />Board. In the event of an excess in payment in any Coverage Period, each Member <br />shall be credited its proportion of such excess payment in accordance with Exhibit A <br />Liability Rating Plan and attachments thereto, which shall be held by BICEP as <br />Retained Earnings until released in accordance with the provisions of this Program. <br />4.1.3.2 Pure Premium Adjustment. A Pure Premium Adjustment <br />shall be applied to the Participation Premium as applicable to Claims of each Member <br />that occurred during the period from October 1, 1988 up to July 1, 2004. The amount of <br />the Pure Premium Adjustment shall be calculated in accordance with the Liability Risk <br />Coverage Agreement, dated as of October 1, 1988, which shall remain in force and <br />effect for such calculation. Said Liability Risk Coverage Agreement shall automatically <br />expire upon the event that all such Claims have been fully satisfied. Such Pure <br />Premium Adjustment shall be detailed and included in each Member's renewal invoice. <br />4.1.4. Use of Retained Earnings. The Board may, but is not obligated to, <br />authorize the release of Retained Earnings as a dividend to be applied to the <br />Participation Premium of a Member or to be paid to a Member, upon consideration of <br />the Target Retained Earnings Policy Statement (Exhibit B). <br />4.2 Terminated Member's Premium Costs <br />4.2.1. Each Terminated Member shall take such action as may be necessary to <br />Liability Program <br />OSd I-06 <br />-6- <br />
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