Agenda - 08-01-2022; 2 - Ratification of County Manager's Execution of an Insurance Coverage Agreement with Travelers Insurance and Approval of a Letter of Credit Agreement

Browse Search

DocuSign Envelope ID: FCD9FE56-CF01-4E96-B983-B8E8DFE6811C 5 state law or regulation. If an additional amount is determined to be due, you will pay any additional amount following our notice to you that additional funds are required. You agree to pay any additional surcharges, taxes, or other assessments, whether or not known at the time of this Agreement, as required by law. 2. Loss Fund Requirements. The amount of any loss fund requirements is set forth in the applicable Program Exhibit. We reserve the right to increase the amount required, and you agree to pay such additional amount following our notice to you that additional funds are required. 3. Plan Losses, Claim Handling Charges and Other Fees. You agree to pay all Plan Losses, Claim Handling Charges, and annual Premium Tax, Surcharges and Assessments (if any) associated with your Policies pursuant to the Payment Schedule in any applicable Program Exhibit. 4. Plan Adjustments. You agree to pay all Plan Adjustments, subject to any minimum or maximum billed amounts agreed to by the Parties, on the commencement date, and according to the billing frequency and basis, as set forth in the applicable Program Exhibit. 5. Services. You agree to pay all expenses for Supplemental Services provided pursuant to the Supplemental Services section of the applicable Program Exhibit. 6. You agree to the terms and conditions for billing and payment as set forth in all applicable supplements, exhibits and/or schedules. You agree to pay each bill or invoice that is submitted to you within 30 days of the date of such bill or invoice, unless other terms are set forth in the bill or invoice or as otherwise agreed to between you and us. All payments will be in U.S. Dollars. Either of the Parties may offset any balance due to it under this Agreement, or any other property casualty agreements heretofore or hereafter entered into between you and us. C. COLLATERAL AND REMEDIES 1. In order to assure payment and performance of your Obligations to us, you agree to pledge, deliver to us and maintain Collateral in the amount, form, content and issuer acceptable to us and on or before any due date(s) as set forth in the applicable Program Exhibit and pursuant to the terms of the Collateral Exhibit, if any. You acknowledge that we would not provide the Policies or enter into this Agreement without the Collateral. We will hold the Collateral until we determine all of your Obligations to us are final, or until we, in our sole, good faith discretion, decide that we no longer need the Collateral. 2. If you request and we agree in our sole, good faith discretion that Collateral to secure all or a portion of your Obligations will be provided by an entity or entities other than you, and the Collateral is in fact so provided, the entity providing the Collateral acknowledges that it derives direct and substantial benefits from this Agreement, and that we would not provide the Policies or this Agreement without the Collateral. Each entity providing Collateral agrees that it is bound by all of the terms and conditions of this Agreement, including but not limited to the provisions that the Collateral secures all Obligations under this Agreement and under all of the Policies (regardless of the amount of Collateral provided by that entity) and that the duties and TRAVELERS J� Version 11.09.20 Program Agreement-Orange County Page 3 CA Form-WC 99 06 Q6(B) ©(2019)The Travelers Indemnity Company.All rights reserved.