ex10_1.htm









Exhibit 10.1


 



	


	
STATE BOARD OF ADMINISTRATION


OF FLORIDA


1801 HERMITAGE BOULEVARD


TALLAHASSEE, FLORIDA 32308


(850) 488-4406


POST OFFICE BOX 13300


32317-3300

	
RICK SCOTT


GOVERNOR


AS CHAIRMAN


JEFF ATWATER


CHIEF FINANCIAL OFFICER


AS TREASURER


PAM BONDI


ATTORNEY GENERAL


AS SECRETARY


ASH WILLIAMS


EXECUTIVE DIRECTOR & CIO









 


ADDENDUM NO. 4


to


REIMBURSEMENT CONTRACT


 


Effective: June 1, 2011


(Contract)


 


between


 


FEDERATED NATIONAL INSURANCE COMPANY


(Company)


 


NAIC # 10790


 


and


 


THE STATE BOARD OF ADMINISTRATION OF THE STATE OF FLORIDA (SBA)


 


WHICH ADMINISTERS THE FLORIDA HURRICANE CATASTROPHE FUND (FHCF)


 


PREAMBLE


 


It is Hereby Agreed, effective at 12:00:01 a.m., Eastern Time, June 1, 2011, that this Contract shall be amended as follows:


 


ARTICLE  V - DEFINITIONS


 


(19)         Loss Occurrence


This term means the sum of individual insured Losses incurred under Covered Policies resulting from the same Covered Event. "Losses" means all incurred losses under Covered Policies, including Additional Living Expenses not to exceed 40 percent of the insured value of a Residential Structure or its contents and amounts paid as fees on behalf of or inuring to the benefit of a policyholder, and excludes allocated or unallocated Loss Adjustment Expenses.


 


(30)         Ultimate Net Loss


 



	
  

	
(a)

	
This term means all Losses of the Company under Covered Policies in force at the time of a Covered Event, as defined under (9) above, prior to the application of the Company's FHCF Retention, as defined under (28) above, and reimbursement percentage, and excluding loss adjustment expense and any exclusions under Article VI herein, arising from each Loss Occurrence during the Contract Year, provided, however, that the Company's Ultimate Net Loss shall be determined in accordance with the deductible level written under the policy sustaining the loss.











  





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Article VI(18), (19), (22), (26), and (29) shall be amended as follows: 


 


ARTICLE VI - EXCLUSIONS


 



	
(18)

	
Any liability of the Company for extra contractual obligations or liabilities in excess of original policy limits. This exclusion includes, but is not limited to, amounts paid as bad faith awards, punitive damage awards, or other court-imposed fines, sanctions, or penalties; or other amounts in excess of the coverage limits under the Covered Policy.








	
(19)

	
Any losses paid in excess of a policy's hurricane limit in force at the time of each Covered Event, including individual coverage limits (i.e., building, appurtenant structures, contents, and additional living expense), or other amounts paid as the result of a voluntary expansion of coverage by the insurer, including, but not limited to, a waiver of an applicable deductible. This exclusion includes overpayments of a specific individual coverage limit even if total payments under the policy are within the aggregate policy limit.








	
(22)

	
Amounts paid to reimburse a policyholder for condominium association loss assessments or under similar coverages for contractual liabilities.








	
(26)

	
Property losses that are proximately caused by any peril other than a Covered Event, including, but not limited to, fire, theft, flood or rising water, or windstorm that does not constitute a Covered Event, or any liability of the Company for loss or damage caused by or resulting from nuclear reaction, nuclear radiation, or radioactive contamination from any cause, whether direct or indirect, proximate or remote, and regardless of any other cause or event contributing concurrently or in any other sequence to the loss.









	
(29)

	
Any losses under liability coverages.









 



Approved by:







Florida Hurricane Catastrophe Fund


By: State Board of Administration of the State of Florida













	By:	 	  	  
	 	
Ashbel C. Williams

	  	
Date


	 	
Executive Director & CIO

	  	  
















	
Approved as to legality:

	  	  
	  	  	  
	  	  	  
	By:	 	  	  
	 	
Gary A. Moreland

	  	
Date


	 	
Assistant General Counsel

	  	  
	 	
FL Bar ID#0702765

	  	  
	 	
Federated National Insurance Company

	  	  











	
Michael H. Braun, President


	
Typed/Printed Name and Title













	
By:  /s/ Michael H. Braun

	  	
7/5/2011


	
Signature

	  	
Date









 


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