Cash in Lieu of Insurance Clause Samples

The "Cash in Lieu of Insurance" clause allows a party to provide a monetary payment instead of maintaining or purchasing an insurance policy as otherwise required by a contract. In practice, this means that rather than securing an insurance policy for a specified risk, the responsible party pays an agreed-upon sum to the other party, which can be used to cover potential losses or damages. This clause is often used when obtaining insurance is impractical, too costly, or unnecessary for the specific situation. Its core function is to offer flexibility in risk management while ensuring that the party expecting protection still receives financial security.
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Cash in Lieu of Insurance. Eligible full-time employees, electing not to participate in the health insurance benefit, upon demonstration of having alternative group-sponsored health insurance coverage (or other qualifying health coverage as defined in the Section 125 Plan) for themselves and their eligible dependents, may elect to receive $2,400 in lieu of insurance (accrued at a rate of $200/month of eligible coverage). Payment for accrued cash-in-lieu of insurance benefits shall be paid in two installments – one in December and one in June). The sum in lieu of insurance will be an annual option for eligible employees, who must make such election by a date set forth by the Superintendent on a form available from the Superintendent. An employee so electing payment in lieu of insurance who then seeks to reverse their decision during the health plan benefit year may do so subject to the regulations of the carrier. New employees who are also eligible for insurance will also be offered this option (on a prorated basis if working a partial election year). All other terms and conditions shall be as defined in the District’s Section 125 plan document. This cash in lieu of insurance option is not available to the following employees: 1. Employees who are enrolled as a dependent or spouse/partner of another employee within the District. 2. Employees who are enrolled as an employee, dependent or spouse/partner through any other Vermont public school employer.
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Cash in Lieu of Insurance. Eligible full-time teachers, electing not to participate in the health insurance benefit, upon demonstration of having alternative group-sponsored health insurance coverage (or other qualifying health coverage as defined in the Section 125 Plan) for themselves and their eligible dependents, may elect to receive $2,400 in lieu of insurance (accrued at a rate of $200/month of eligible coverage). Payment for accrued cash-in-lieu of insurance benefits shall be paid in two installments – one in December and one in June. Eligible part-time teachers electing not to participate in the health insurance may receive a pro-rated sum equivalent to their FTE. The sum in lieu of insurance will be an annual option for eligible teachers, who must make such an annual election by a deadline date set forth by the Superintendent on a form available from the Superintendent. A teacher so electing payment in lieu of insurance who then seeks to reverse his/her decision during the health plan benefit year may do so subject to the regulations of the carrier. New employees who are also eligible for insurance will also be offered this option (on a pro- rated basis if working a partial election year). All other terms and conditions shall be as defined in the District’s Section 125 plan document. This cash in lieu of insurance option is not available to the following employees: A. Employees who are enrolled as a dependent or spouse/partner of another employee within the District. B. Employees who are enrolled as an employee, dependent or spouse/partner through any other Vermont public school employer.
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Cash in Lieu of Insurance. Administrators that do not participate in the health insurance coverage, will be given a cash in lieu of insurance compensation of at least $310 for singles, $335 for Doubles, and $400 for family, each month, in addition to SET-SEG Vision and Dental and UNUM LTD coverage. The Board reserves the right to change the insurance carrier on any given year.
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Cash in Lieu of Insurance a. Full time employees electing not to take insurance through Tekonsha Community Schools, or fulltime eligible for two-person or full family coverage through Tekonsha Community Schools but, electing not to take insurance, shall receive a monthly payment of: Single = $250 Two person = $450 Full family = $550 b. Those not electing health insurance will be enrolled in PAK B:
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Cash in Lieu of Insurance. All members employed by the District as of June 30, 2008 who decline enrolling in the medical plan provided for in Section One above, the Board will pay $120.00 per month according to the following pro-ration schedule: 0 hours to 6.0 hours Not eligible to receive cash in lieu 6.01 hours to 7.0 hours 87.5 % payment of monthly cash in lieu 7.01 hours to 8.0 hours 100.0% payment of monthly cash in lieu Board shall pay the herein described insurance premiums for the full twelve (12) months of each year to all eligible bargaining unit members. When employment is interrupted by layoff, discharge, quit, retirement, or unpaid leave of absence, all Employer-paid coverage continues only for the balance of the month in which such termination occurs, unless otherwise required by law.
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Cash in Lieu of Insurance. Eligible full-time teachers, electing not to participate in the health insurance benefit, upon demonstration of having alternative group-sponsored health insurance coverage (or other qualifying health coverage as defined in the Section 125 Plan) for themselves and their eligible dependents, may elect to receive $2,400 in lieu of insurance (accrued at a rate of $200/month of eligible coverage). Payment for accrued cash-in-lieu of insurance benefits shall be paid in two installments – one in December and one in June. Eligible part-time teachers electing not to participate in the health insurance may receive a pro-rated sum equivalent to their FTE. The sum in lieu of insurance will be an annual option for eligible teachers, who must make such an annual election by a deadline date set forth by the Superintendent on a form available from the Superintendent. A teacher so electing payment in lieu of insurance who then seeks to reverse his/her decision during the health plan benefit year may do so subject to the regulations of the carrier. New employees who are also eligible for insurance will also be offered this option (on a pro- rated basis if working a partial election year). All other terms and conditions shall be as defined in the District’s Section 125 plan document. This cash in lieu of insurance option is not available to the following employees: A. Employees who are enrolled as a dependent or spouse/partner of another employee within the District.
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Cash in Lieu of Insurance. All members employed by the District as of June 30, 2008 who decline enrolling in neither the health nor the dental plans provided for in Section One above, the Board will pay $120.00 per month according to the following pro-ration schedule: 0 hours to 6.0 hours Not eligible to receive cash in lieu 6.01 hours to 7.0 hours 87.5 % payment of monthly cash in lieu 7.01 hours to 8.0 hours 100.0% payment of monthly cash in lieu All members employed by the District as of June 30, 2008 enrolling in only the dental plan provided for in Section One above, the Board will pay $60.00 per month according to the following pro-ration schedule: 0 hours to 6.0 hours Not eligible to receive cash in lieu 6.01 hours to 7.0 hours 87.5 % payment of monthly cash in lieu 7.01 hours to 8.0 hours 100.0% payment of monthly cash in lieu SECTION SIX – PAYMENT OF PREMIUM Board shall pay the herein described insurance premiums for the full twelve (12) months of each year to all eligible bargaining unit members. When employment is interrupted by layoff, discharge, quit, retirement, or unpaid leave of absence, all Employer-paid coverage continues only for the balance of the month in which such termination occurs, unless otherwise required by law.
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Related to Cash in Lieu of Insurance

  • Cost of Insurance The cost of all insurance required herein to be secured and maintained by Engineer shall be borne solely by Engineer, with certificates of insurance evidencing such minimum coverage in force to be filed with County. Such Certificates of Insurance are evidenced as Exhibit F herein entitled “Certificates of Insurance.”

  • Period of Insurance Period of insurance means the period shown as such on the e-certificate and validation card, which time is taken as Greenwich Mean Time unless otherwise stated.

  • Form of insurance The form of the insurance shall be approved by the Director and the City Attorney; such approval (or lack thereof) shall never: (i) excuse non-compliance with the terms of this Section; or (ii) waive or estop the City from asserting its rights to terminate this Agreement. The policy issuer shall: (i) have a Certificate of Authority to transact insurance business in Texas; or (ii) be an eligible non-admitted insurer in the State of Texas and have a Best’s rating of at least B+, and a Best’s Financial Size Category of Class VI or better, according to the most current Best’s Key Rating Guide.

  • Assignment of Insurance As additional security for the payment and performance of the Obligations, the Borrower hereby assigns to the Lender any and all monies (including, without limitation, proceeds of insurance and refunds of unearned premiums) due or to become due under, and all other rights of the Borrower with respect to, any and all policies of insurance now or at any time hereafter covering the Collateral or any evidence thereof or any business records or valuable papers pertaining thereto, and the Borrower hereby directs the issuer of any such policy to pay all such monies directly to the Lender. At any time, whether or not a Default Period then exists, the Lender may (but need not), in the Lender's name or in the Borrower's name, execute and deliver proof of claim, receive all such monies, endorse checks and other instruments representing payment of such monies, and adjust, litigate, compromise or release any claim against the issuer of any such policy.

  • Evidence of Insurance Receipt by the Administrative Agent of copies of insurance policies or certificates of insurance of the Loan Parties evidencing liability and casualty insurance meeting the requirements set forth in the Loan Documents, including, but not limited to, naming the Administrative Agent as additional insured (in the case of liability insurance) or loss payee (in the case of hazard insurance) on behalf of the Lenders.