Common use of Loss Coverage Clause in Contracts

Loss Coverage. 11.1 The vandalism and theft benefit shall be $5,000 and claims shall be honored every six (6) months. The purpose of such reimbursement of employees is for damage or loss, excluding cash, not covered by the employee’s insurance, such damage or loss to have taken place during the employee’s working hours. All reimbursements will be held until January 1 and the end of the fiscal year, at which times reimbursement will be made in full if the $2500 for each half of the year is sufficient; otherwise prorated reimbursement will be made according to the demands on the fund. If less than the $2500 is expended in the first half of the fiscal year, the balance of such monies will be applied toward the satisfaction of claims occurring in the second half of the fiscal year. Such payment may not duplicate the amount paid by the employee’s insurance.