Second Layer Clause Samples

The 'Second Layer' clause establishes an additional level of protection, responsibility, or process within an agreement, typically supplementing a primary or first layer. In practice, this clause might require a secondary insurance policy, an extra review step, or a backup system to be in place, depending on the context of the contract. Its core function is to provide redundancy or enhanced security, ensuring that if the first layer fails or is insufficient, the second layer will address the shortfall, thereby mitigating risk and increasing reliability.
Second Layer. FCIC’s participation on this layer shall be one hundred percent (100%) of the amount by which the Company’s aggregate ultimate net losses exceeds five hundred percent (500%) of aggregate net book premium retained by the Company.
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Second Layer. 1. The premium for the reinsurance provided under this Agreement shall be computed at the rate of 5.166% of the Company’s gross net written premium on the business covered hereunder. 2. The annual minimum premium for the reinsurance provided under this Agreement is $354,000. 3. The annual deposit premium for the reinsurance provided under this Agreement is $416,000.
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Second Layer. The Company shall retain the first $250,000 of ultimate net loss each risk, each occurrence. The Reinsurer shall indemnify the Company for 100% of the amount by which the ultimate net loss exceeds the Company’s retention, but the liability of the Reinsurer shall not exceed $750,000 ultimate net loss each risk, each occurrence, and is further subject to the limits set forth below: $1,500,000 ultimate net loss for all risks in any one loss occurrence. $1,500,000 ultimate net loss in the aggregate for all loss occurrences each calendar year.
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Second Layer. The Company shall retain the first $250,000 of ultimate net loss each risk, each occurrence. The Reinsurer shall indemnify the Company for 100% of the amount by which the ultimate net loss exceeds the Company’s retention, but the liability of the Reinsurer shall not exceed $750,000
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Second Layer. FCIC’s participation on this layer shall be one hundred percent (100%) of the amount
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Related to Second Layer

  • Flexible Working Arrangement (a) The Parties recognise the importance of flexible working arrangements and the right of Employees to make requests under section 65 of the Fair Work Act for flexible working arrangements. An Employee may request a flexible working arrangement if any of the following circumstances apply to the Employee: (i) the Employee is pregnant; (ii) the Employee is the parent, or has responsibility for the care, of a child who is of school age or younger; (iii) the Employee is a carer (within the meaning of the Carer Recognition Act 2010); (iv) the Employee has a disability; (v) the Employee is 55 or older; (vi) the Employee is experiencing violence from a member of the Employee’s family; (vii) the Employee provides care or support to a member of the Employee’s immediate family, or a member of the Employee’s household, who requires care or support because the member is experiencing violence from the member’s family.

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