Note X – Risk Pools – Excess Insurance Contracts/Reinsurance

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Note X – Risk Pools – Excess Insurance Contracts/Reinsurance [1]

This guidance applies to stand-alone risk pools and governments that manage risk pools.

The Pool maintains excess insurance contracts with several insurance carriers [2] which provide various limits of coverage over the Pool’s self-insured retention limits. The limits provided by these excess insurance contracts are as follows:

Excess Insurance Contracts 20__
   
   
General Liability $_____
Automobile Liability ______
Public Officials Liability ______
Police Professional Liability ______
Gas Liability ______
Workers' Compensation Liability ______
Property 100% Replacement Cost Per Location
Crime ______
All Lines Aggregate ______
Workers' Compensation Aggregate ______
Excess Liability Aggregate ______

Per-occurrence coverage limits provided by the Pool, including the excess insurance limits combined with the Pool’s self-insured retention limits are as follows:

Excess Insurance Contracts 20__
   
General Liability $_____
Automobile Liability ______
Public Officials Liability ______
Police Professional Liability ______
Gas Liability ______
Workers' Compensation Liability ______
Property 100% Replacement Cost Per Location
Crime ______

Reinsurance transactions related to the pool were:

Reinsurance premiums ceded during the year were ________________________. The estimated amounts that are recoverable from excess and reinsurers that reduced the liabilities on the balance sheet were _________________________.

Instructions to preparer:

[1] Disclose:

  • Information regarding solvency of reinsurer,

  • Information regarding policy years of pool,

  • Information on exposure regarding changes in excess limits,

  • Details describing policies as occurrence based, claims paid or claims made.

[2] State the specific carriers used.