Agenda 06-03-2025; 8-q - Approval to Increase in the Letter of Credit Required from Travelers Indemnity Company for Secure Payment of Workers Compensation Deductibles

Browse Search

DocuSign Envelope ID: FCD9FE56-CF01-4E96-B983-B8E8DFE6811C 15 connection with a court application for a preliminary remedy, a judicial challenge to an award or its enforcement, or unless otherwise required by law or judicial decision. h. Each Party shall bear the initial expense of its own arbitrator and shall jointly and equally bear with the other Party all expenses of the umpire and of the arbitration. In arbitrations and related actions required in connection with the collection or enforcement of any of your Obligations to us, the arbitrator(s) may award costs and attorneys' fees reasonably incurred by us in connection with the arbitration as well as interest on those Obligations. 5. Large Risk Alternative Rating Option; Consent to Rate. You acknowledge and agree that your Obligations under this Agreement are rated and priced in accordance with the terms of the National Council on Compensation Insurance ("NCCI") Large Risk Alternative Rating Option (Filing Memorandum R-1295), the Travelers large risk filings and any amendments of either, as filed in the applicable state(s). The Parties recognize and acknowledge that you are paying certain rates and charges for your Obligations that may be more or less than the sum of charges that would be part of filed and approved rating plans for the underlying insurance coverages. You acknowledge that you have negotiated and consented to the prices and rates set forth in this Agreement 6. Audit; Review of Books and Records. We will audit your records on either a physical or statement basis, at our option and as otherwise required by law, to (i) determine your actual exposure base and (ii) calculate those charges which are subject to audit on the applicable Program Exhibit. We may also conduct periodic review of your financial condition. You will furnish us with such financial information and other books and records as we may reasonably request, including but not limited to certified financial statements. 7. Conflict with Laws or Regulations/Severability. Nothing in this Agreement shall be construed to require the commission of any act contrary to law. In the event of a conflict between any provision herein and any applicable law or regulation, the latter shall prevail. But, the provision so affected shall be limited only to the extent necessary to permit compliance with the minimum applicable legal requirement, and all other provisions of this Agreement shall continue in full force and effect. In the event of a conflict between any provision of this Agreement and any provision of any Policy, the Policy shall control. 8. Failure of Enforcement. Any failure by us to enforce any provision, exercise any option, or require any performance by you of any of the provisions of the Agreement shall in no way be construed to be a waiver, nor shall such failure in any way affect the validity of this Agreement or any part of it, or our right to thereafter enforce any provision of this Agreement or to exercise any right or remedy available to us under applicable law. TRAVELERS J� Version 11.09.20 Program Agreement-Orange County Page 8 CA Form-WC 99 06 Q6(B) ©(2019)The Travelers Indemnity Company.All rights reserved.