ENDORSEMENT NO. 1
attached to and made part of the
MULTIPLE LINE EXCESS OF LOSS
REINSURANCE AGREEMENT NO. 3522-01003
between
FIRST CENTRAL INSURANCE COMPANY
Lynbrook, New York
(hereinafter referred to as the "COMPANY")
and
NATIONAL REINSURANCE CORPORATION
Stamford, Connecticut
(hereinafter referred to as the "REINSURER")
IT IS MUTUALLY AGREED that effective at 12:01 a.m., January 1, 1996, as respects
in force, new and renewal business, this Agreement is amended as follows:
1. As respects losses occurring after the effective time and date hereof,
the SCHEDULE OF REINSURANCE, appearing in ARTICLE 6 - LIABILITY OF THE
REINSURER, is deleted and replaced by the following:
SCHEDULE OF REINSURANCE
COMPANY LIMIT OF LIABILITY OF THE
CLASS OF BUSINESS RETENTION REINSURER
Property $250,000 Each Risk $750,000
Each risk, subject to a
maximum of $2,250,000 in
any one Loss Occurrence.
Casualty $250,000 Each Occurrence $750,000 Each Occurrence
Combination of Above $250,000 Each Combination $250,000 Each Combination
Retentions Loss Loss
2. ARTICLE 9 - REINSURANCE PREMIUM is deleted in its entirety and replaced
by the following:
ARTICLE 9 - REINSURANCE PREMIUM
THE COMPANY shall cede to the REINSURER 12.31% of the subject written
premium of the COMPANY during the term of this Agreement on all
business the subject matter of this Agreement.
THE COMPANY shall continue to hold the cash equivalent of the unearned
premium reserve, notwithstanding the fact that the REINSURER shall
assume unearned premium reserve as a liability on its books.
3. As of the effective time and date of this Endorsement, the parties
hereto shall make all necessary entries in their books reflecting the
changes effected by this Endorsement.
All other terms and conditions remain unchanged.
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IN WITNESS WHEREOF, the parties hereto have caused its Endorsement No. 1 to be
executed in duplicate, in Lynbrook, New York this day of , 1996.
FIRST CENTRAL INSURANCE COMPANY
/s/
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ATTEST /s/
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And in Stamford, Connecticut, this 2nd day of October, 1996.
NATIONAL REINSURANCE CORPORATION
/s/
----------------------------------
Senior Vice President
ATTEST /s/
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