In Lieu of Insurance Sample Clauses
The "In Lieu of Insurance" clause allows a party to provide an alternative form of financial security instead of traditional insurance coverage. Typically, this means that rather than purchasing an insurance policy, the party may post a bond, letter of credit, or other acceptable guarantee to cover potential liabilities. This clause is often used when insurance is unavailable, prohibitively expensive, or when the party has sufficient resources to self-insure. Its core function is to ensure that financial protection is in place for potential risks, even if standard insurance is not used, thereby maintaining risk allocation and contractual security.
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In Lieu of Insurance. Each bargaining unit employee eligible for District health care coverage and enrolled for the District health care coverage on November 1, 2013 shall receive an annual payment “in lieu of” taking said coverage prorated to a full time employee as set forth in Sections 26.3.1 and
In Lieu of Insurance. The District shall make a monthly payment equal to $175.55, representing half of the lowest 2006-2007 health insurance premium, to those eligible unit employees electing not to enroll in any of the major health insurance plans offered by the District. It is the employee’s responsibility that he/she has adequate health insurance before undertaking this option and must provide proof of coverage to the Benefits Department.
In Lieu of Insurance. 10.11.5.1 Effective July 1, 2007, the employee payment in lieu of medical insurance coverage shall be capped at the 2006/2007 rate. The District shall make a monthly payment equal to half of the lowest health insurance premium in effect on July 1, 2006, ($175.17) to those eligible unit employees electing not to enroll in any of the major health insurance plans offered by the District. It is the employee’s responsibility that they have adequate health insurance before undertaking this option.
In Lieu of Insurance. Employees not electing health insurance will receive: Full-family subscribers, Three Hundred Thirty Dollars and 16/100 ($330.16), two-party subscribers, two Hundred Eighty-Two Dollars and 98/100 ($282.98), single subscribers, One Hundred Thirty-Four and 74/100 ($134.74) each month. This option is not available when both husband and wife are Employees of Alpena Community College and one spouse is receiving health insurance through a group plan of the Employer The Employee must annually sign a document stating that they have other health insurance coverage and indemnifying the Employer from any liability in connection with medical costs. The Employee may elect to retain this amount in cash or apply this amount to tax sheltered annuities, or non-taxable variable options available through MEA Financial Services, MESSA, or other companies available through the College. Any contribution amounts exceeding the College subsidy shall be payroll deducted pursuant to the authority in MCLA 408.477. An open enrollment period shall be provided whenever contribution subsidy amounts change for the groups.
In Lieu of Insurance. Employees hired prior to 1/1/08 and retirees who retired prior to 1/1/08 may currently elect to opt out of the County’s health insurance coverage and receive a cash payment in lieu of health insurance coverage if they are eligible for the County’s health insurance coverage and have health insurance coverage through a secondary source, excluding Medicare.
In Lieu of Insurance. Employees not electing health insurance will receive: Full-family subscribers, Three Hundred Thirty Dollars and 16/100 ($330.16), two-party subscribers, two Hundred Eighty-Two Dollars and 98/100 ($282.98), single subscribers, One Hundred Thirty-Four and 74/100 ($134.74) each month. This option is not available when both husband and wife are Employees of Alpena Community College and one spouse is receiving health insurance through a group plan of the Employer The Employee must The Employee may elect to retain this amount in cash or apply this amount to tax sheltered annuities, or non-taxable variable options available through MEA Financial Services, MESSA, or other companies available through the College. Any contribution amounts exceeding the College subsidy shall be payroll deducted pursuant to the authority in MCLA 408.477. An open enrollment period shall be provided whenever contribution subsidy amounts change for the groups.
In Lieu of Insurance and Medical Benefits as provided under Articles 11 and 12 of this agreement, a temporary member shall receive five percent (5%) of their hourly rate of pay in addition to the member’s straight time hourly rate, to be paid bi-weekly.
In Lieu of Insurance. Section 1. The Board agrees to provide to each employee an amount of Four Hundred Dollars ($400). One
Section 2. The Board will establish a Flex-Spending Account for all members covered by this contract. The Board will fund each account as described above. Employees may enroll for payroll withholding to fund the accounts at a higher level. Unused funding shall default to the Board.
In Lieu of Insurance. Each bargaining unit employee eligible for District health care coverage and enrolled for the District health care coverage on November 1, 2013 shall receive an annual payment "in lieu of taking said coverage prorated to a full time employee as set forth in Sections 26.3.1 and 26.3.2 in the maximum amount of $3,000 based on current employment at the time of open enrollment if the bargaining unit employee opts not to participate in the District health care coverage. This does not apply to spouses in cases where both the husband and wife are employees of the District. These payments will be made in two (2) equal installments on the second pay in January and the second pay in July. If circumstances necessitate a bargaining unit employee to re-enroll in the District health care coverage, the bargaining unit employee is responsible for repayment of the "in lieu of money and waives her or his right to any previously paid "seed" money into the HSA, if HSA insurance is elected.
In Lieu of Insurance. 10.11.5.1. Effective July 1, 2007, the employee payment in lieu of medical insurance coverage shall be capped at the 2006/2007 rate. The District shall make a monthly payment equal to half of the lowest health insurance premium in effect on July 1, 2006, ($175.17) to those eligible unit employees electing not to enroll in any of the major health insurance plans offered by the District. The employee must provide proof of adequate health insurance coverage to be eligible for this option.
10.11.5.1.1. Limitations:
10.11.5.1.1.1. Eligible employees may contribute, in compliance with law, moneys in Tax Shelter Annuities, with any of the companies who have TSA contracts established with the District.
10.11.5.1.1.2. Some of the District’s master contracts with health insurance companies prohibit enrollment of eligible employees of the employer as family members, dependents. Employees must have adequate health insurance coverage prior to electing the TSA plan.
10.11.5.1.1.3. Employees requesting TSA option must have all required forms and procedures completed with the District Accounting/Payroll Department.