ENDORSEMENT NO. 1 to the CASUALTY CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT (theContract) issued to AMERICAN INTERSTATE INSURANCE COMPANY SILVER OAK CASUALTY, INC. both of Omaha, Nebraska and AMERICANINTERSTATE INSURANCE COMPANY OF TEXAS Austin, Texas and any otherinsurance companies which are now or hereafter come under the ownership, control or management of Amerisafe, Inc. (the Company)
Exhibit 10.2
ENDORSEMENT NO. 1
to the
CASUALTY CATASTROPHE EXCESS OF LOSS
REINSURANCE CONTRACT
(the Contract)
issued to
AMERICAN INTERSTATE INSURANCE COMPANY
SILVER OAK CASUALTY, INC.
both of Omaha, Nebraska
and
AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS
Austin, Texas
and
any other insurance companies which are now or hereafter come under the ownership, control
or management of Amerisafe, Inc.
(the Company)
IT IS HEREBY AGREED, effective June 1, 2015, that Paragraph A. of the BUSINESS COVERED Article shall be amended to clarify that the coverage hereunder shall apply to loss sensitive Policies, including large deductible Policies, to read as follows:
A. | By this Contract the Reinsurer agrees to reinsure the excess liability of the Company under its Policies that are in force at the effective time and date hereof or issued or renewed at or after that time and date, and classified by the Company as Workers Compensation, Employers Liability, including but not limited to coverage provided under the U.S. Longshore and Harbor Workers Compensation Act, Jones Act, Outer Continental Shelf Lands Act and any other Federal Coverage extensions, subject to the terms, conditions and limitations hereafter set forth. Coverage hereunder includes Policies classified as loss sensitive, including but not limited to large deductible Policies. |
IT IS FURTHER AGREED that paragraph F. of the DEFINITIONS ARTICLE shall be amended to read as follows:
F. | Net Earned Premium |
Net Earned Premium as used herein is defined as gross earned premium of the Company for the classes of business reinsured hereunder, less the earned portion of premiums ceded by the Company for reinsurance which inures to the benefit of this Contract and less dividends paid or accrued. As respects large deductible Policies, Net Earned Premium shall be net of any applicable deductible credit.
American Interstate Insurance Company 93948003-15 (Eff: 6-1-15) Casualty Catastrophe XOL Endt 1 | 5-19-15 |
IT IS FURTHER AGREED that paragraph H. of the DEFINITIONS ARTICLE shall be amended to read as follows:
H. | Ultimate Net Loss |
Ultimate Net Loss shall mean the actual loss, including any pre-judgment interest which is included as part of the award or judgment, Second Injury Fund assessments that can be allocated to specific claims, Loss Adjustment Expense, 90% of Loss in Excess of Policy Limits, and 90% of Extra Contractual Obligations, paid or to be paid by the Company on its net retained liability after making deductions for all recoveries, subrogations and all claims on inuring reinsurance, whether collectible or not; provided, however, that in the event of the insolvency of the Company, payment by the Reinsurer shall be made in accordance with the provisions of the INSOLVENCY ARTICLE. Nothing herein shall be construed to mean that losses under this Contract are not recoverable until the Companys Ultimate Net Loss has been ascertained. As respects large deductible Policies, Ultimate Net Loss shall be net of any applicable deductible.
Notwithstanding the definition of Ultimate Net Loss herein, the provisions of paragraph H of the COVERAGE ARTICLE as respects the Minnesota Workers Compensation Reinsurance Association shall apply.
The provisions of this Contract shall remain otherwise unchanged.
IN WITNESS WHEREOF, the Company by its duly authorized representative has executed this Endorsement as of the date specified below:
Signed this 12th day of June, 2015.
AMERICAN INTERSTATE INSURANCE COMPANY
SILVER OAK CASUALTY, INC.
AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS
By | /s/ G. Janelle Frost | |
Printed Name G. Janelle Frost | ||
Title CEO |
American Interstate Insurance Company 93948003-15 (Eff: 6-1-15) Casualty Catastrophe XOL Endt 1 | 5-19-15 |