Common use of Loss Reports Clause in Contracts

Loss Reports. 1. At the direction of the SBA, the Company shall report its Ground-up Losses for Covered Policies from each Covered Event to provide information to the SBA in determining any potential liability for possible reimbursable losses under the Contract on the Interim Loss Report, Form FHCF-L1A, as adopted in Rule 19-8.029, F.A.C. 2. No later than December 31 of the Contract Year, the Company shall report to the FHCF its Ultimate Net Loss with respect to each Loss Occurrence from the beginning of the Contract Year on the Proof of Loss Report, Form FHCF-L1B, as adopted in Rule 19-8.029, F.A.C. 3. Quarterly thereafter until all claims and losses resulting from Loss Occurrences commencing during the Contract Year are fully discharged, the Company shall render to the FHCF revised reports of the actual amount of Ultimate Net Loss incurred and paid to date by the Company with respect to each Loss Occurrence commencing during the Contract Year. If the Company’s Retention must be recalculated as the result of an exposure resubmission, and if the recalculated Retention changes the FHCF’s reimbursement obligations, then the Company shall submit additional reports of claims and losses for recalculation of the FHCF’s obligations. 4. Such reports shall include the actual or anticipated reinsurance recoveries from non-affiliated insurers and/or reinsurers on the Company’s Ultimate Net Loss, and a certification that such recoveries, together with the actual or anticipated reimbursement from the FHCF, shall not exceed 100% of the Company’s losses under Covered Policies from Covered Events. 5. The SBA will determine and pay, as soon as practicable after receiving Proof of Loss Reports described and adopted in Rule 19-8.029, F.A.C. the reimbursement amount due based on losses paid by the Company to date and adjustments to this amount based on subsequent quarterly information. The adjustments to reimbursement amounts shall require the SBA to pay, or the Company to return, amounts reflecting the most recent determination of losses. 6. Initial or quarterly reports received on or before the due date for that report will be reimbursed within 30 days following the due date or as soon as practicable after the receipt of the report and verification of the reported losses. Those received after the initial or quarterly reporting due date will be reimbursed within 30 days following the due date or as soon as practicable after the receipt of the report and verification of the reported losses. 7. If a Covered Event occurs during the Contract Year, but after December 31, Companies shall report their losses as soon as practicable thereafter and the FHCF shall begin to reimburse Companies for paid losses as soon as the losses are reported and the FHCF has established the availability of the moneys to pay the reimbursements. The FHCF shall determine the schedule for reporting losses for Covered Events after December 31 by taking into consideration the date or dates of the Covered Event’s occurrence; its size; severity; wind speeds; forward track; occurrence of tornadoes or flooding as a result of the Covered Event; geographical area impacted; and ability of adjusters to assess the damage. 8. All loss reports received will be compared with the FHCF’s exposure data to establish the facial reasonableness of the reports. Preliminarily, the FHCF will examine the reported losses to determine whether reported losses exceed reported exposure in the affected counties; whether the Company has reported a low concentration of exposure in the affected counties; and whether the Ground-up Loss as a percentage of exposure in affected counties is significantly higher than the average. Companies meeting these tests for reasonableness will be scheduled for reimbursement. Companies not meeting these tests for reasonableness will be handled on a case-by-case basis and will be contacted to provide specific information regarding their individual book of business.

Loss Reports. 1. At the direction of the SBA, the Company shall report its projected Ground-up Losses for Covered Policies Ultimate Net Loss from each Covered Event Loss Occurrence to provide information to the SBA in determining any potential liability for possible reimbursable losses under the Contract on the Interim Loss Report, Form FHCF-L1A, as adopted in Rule 19-8.029, F.A.C. 2. No later than December 31 of the Contract Year, the Company shall report to the FHCF its Ultimate Net Loss Loss, incurred and paid, with respect to each Loss Occurrence from the beginning of during the Contract Year on the Proof of Loss Report, Form FHCF-L1B, as adopted in Rule 19-8.029, F.A.C. 3. Quarterly thereafter until all claims and losses resulting from the Loss Occurrences Occurrence(s) commencing during the Contract Year are fully discharged, the Company shall render to the FHCF revised reports of the actual amount of Ultimate Net Loss incurred and paid to date by the Company CompanyProof of Loss Reports with respect to each Loss Occurrence commencing during the Contract Year. If the Company’s Retention must be recalculated as the result of an exposure resubmission, and if the recalculated Retention changes the FHCF’s reimbursement obligations, then the Company shall submit additional reports of claims and losses Proof of Loss Reports for recalculation of the FHCF’s obligations. 4. Such reports shall include the actual or anticipated reinsurance recoveries from non-non- affiliated insurers and/or reinsurers on the Company’s Ultimate Net Loss, and a certification that such recoveriesrecoveries the actual or anticipated reinsurance recoveries from non- affiliated insurers and/or reinsurers, together with the actual or anticipated reimbursement from the FHCF, shall not exceed 100% of the Company’s losses under Covered Policies from Covered Events. 5. The SBA will determine and pay, as soon as practicable after receiving Proof of Loss Reports described and adopted in Rule 19-8.029, F.A.C. the reimbursement amount due based on losses paid by the Company to date and adjustments to this amount based on subsequent quarterly information. The adjustments to reimbursement amounts shall require the SBA to pay, or the Company to return, amounts reflecting the most recent determination of losses. 6. Initial or quarterly reports received on or before the due date for that report will be reimbursed within 30 days following the due date or as soon as practicable after the receipt of the report and verification of the reported losses. Those received after the initial or quarterly reporting due date will be reimbursed within 30 days following the due date or as soon as practicable after the receipt of the report and verification of the reported losses. 7. If a Covered Event occurs during the Contract Year, but after December 31, at the direction of the SBA, Companies shall report their losses as soon as practicable thereafter file an Interim Loss Report within 30 days after the Covered Event and Proof of Loss Reports quarterly thereafter. Subparagraphs 3-6 above regarding Proof of Loss Reports shall apply. and the FHCF shall begin to reimburse Companies for paid losses as soon as the losses are reported and the FHCF has established the availability of the moneys to pay the reimbursements. The FHCF shall determine the schedule for reporting losses for Covered Events after December 31 by taking into consideration the date or dates of the Covered Event’s occurrence; its size; severity; wind speeds; forward track; occurrence of tornadoes or flooding as a result of the Covered Event; geographical area impacted; and ability of adjusters to assess the damage. 8. All loss reports received will be compared with the FHCF’s exposure data to establish the facial reasonableness of the reports. Preliminarily, the FHCF will examine the reported losses to determine whether reported losses exceed reported exposure in the affected counties; whether the Company has reported a low concentration of exposure in the affected counties; and whether the Ground-up Ultimate Net Loss as a percentage of exposure in affected counties is significantly higher than the average. Companies meeting these tests for reasonableness will be scheduled for reimbursement. Companies not meeting these tests for reasonableness will be handled on a case-by-case basis and will be contacted to provide specific information regarding their individual book of business.

Loss Reports. 1. At the direction of the SBA, the Company shall report its Ground-up Losses for Covered Policies projected Ultimate Net Loss from each Covered Event Loss Occurrence to provide information to the SBA in determining any potential liability for possible reimbursable losses under the Contract on the Interim Loss Report, Form FHCF-L1A, as adopted in Rule 19ER04-2 (19-8.029), F.A.C. 2. No later than December 31 of the Contract Year, the Company shall report to the FHCF its Ultimate Net Loss Loss, incurred and paid, with respect to each Loss Occurrence from the beginning of during the Contract Year on the Proof of Loss Report, Form FHCF-L1B, as adopted in Rule 19ER04-2 (19-8.029), F.A.C. 3. Quarterly thereafter until all claims and losses resulting from the Loss Occurrences commencing during the Contract Year Occurrence(s) are fully discharged, the Company shall render to the FHCF revised reports Proof of the actual amount of Ultimate Net Loss incurred and paid to date by the Company Reports with respect to each Loss Occurrence commencing during the Contract YearOccurrence. If the Company’s 's Retention must be recalculated as the result of an exposure resubmission, and if the recalculated Retention changes the FHCF’s 's reimbursement obligations, then the Company shall submit additional reports Proof of claims and losses Loss Reports for recalculation of the FHCF’s 's obligations. 4. Such reports shall include the actual or anticipated reinsurance recoveries from non-affiliated insurers and/or reinsurers on the Company’s Ultimate Net Loss, and a certification that such recoveries, together with the actual or anticipated reimbursement from the FHCF, shall not exceed 100% of the Company’s losses under Covered Policies from Covered Events. 5. The SBA will determine and pay, as soon as practicable after receiving Proof of Loss Reports described and adopted in Rule 19ER04-2 (19-8.029), F.A.C. the reimbursement amount due based on losses paid by the Company to date and adjustments to this amount based on subsequent quarterly information. The adjustments to reimbursement amounts shall require the SBA to pay, or the Company to return, amounts reflecting the most recent determination of losses. 65. Initial or quarterly reports received on or before the due date for that report will be reimbursed within 30 days following the due date or as soon as practicable after the receipt of the report and verification of the reported losses. Those received after the initial or quarterly reporting due date will be reimbursed within 30 days following the due date or as soon as practicable after the receipt of the report and verification of the reported losses. 7. If a Covered Event occurs during the Contract Year, but after December 31, Companies shall report their losses as soon as practicable thereafter and the FHCF shall begin to reimburse Companies for paid losses as soon as the losses are reported and the FHCF has established the availability of the moneys to pay the reimbursements. The FHCF shall determine the schedule for reporting losses for Covered Events after December 31 by taking into consideration the date or dates of the Covered Event’s occurrence; its size; severity; wind speeds; forward track; occurrence of tornadoes or flooding as a result of the Covered Event; geographical area impacted; and ability of adjusters to assess the damage. 8. All loss reports received will be compared with the FHCF’s 's exposure data to establish the facial reasonableness of the reports. Preliminarily, the FHCF will examine the reported losses to determine whether reported losses exceed reported exposure in the affected counties; whether the Company has reported a low concentration of exposure in the affected counties; and whether the Ground-up Ultimate Net Loss as a percentage of exposure in affected counties is significantly higher than the average. Companies meeting these tests for reasonableness will be scheduled for reimbursement. Companies not meeting these tests for reasonableness will be handled on a case-by-case basis and will be contacted to provide specific information regarding their individual book of business.