ML20149N083
| ML20149N083 | |
| Person / Time | |
|---|---|
| Site: | Vermont Yankee File:NorthStar Vermont Yankee icon.png |
| Issue date: | 02/25/1988 |
| From: | Vieten M MARSH & MCLENNAN, INC. |
| To: | Dinitz I Office of Nuclear Reactor Regulation |
| References | |
| NUDOCS 8803010159 | |
| Download: ML20149N083 (21) | |
Text
_ _ - _ _
I Varsh&
Wgtennan I
M & M Nuclear Consultants 1221 Avenue of the Americas New York, New York 10020-1011 i
Telephone 212 997-2000 j
February 25, 1988 1
)
Mr. Ira Dinitz Insurance Liability Specialist Office of Nuclear Reactor Regulation Mail Stop 128 U.S. Nuclear Regulatory Commission Washington, D.C.
20555 Re:
Vermont Yankee ANI/MAELU Certificates NW-97/MW-30
Dear Ira:
Enclosed, please find two copies of each of the following:
ANI Certificate NW-97 Endorsements 1/2 to Certificate NW-97 MAELU Certificate MW-30 Endorsements 1/2 to Certificate MW-30 If you should have any quest. ions, please feel free to call.
- Regards, Michael J. Vieten Nuclear Consultant MJV:ef enc.
1 cc:
G. Morgan, w/o enc.
t \\
888 A8sEE !!888?n J
s.,
NUCLEAR ENERGY LIABILITY INSURANCE ASSOCIATION NUCLEAR ENERGY LIABILITY POLICY (Facility Worker Form) herein called the MASTER WORKER POLICY C'ERTIFICATE O F.
INSURANCE Certificate No. NW-97 Date of Issue 'Feb. 15, 19 88 This is to certify that the insureds named in Item 1 of the Declarations
- hereof, hereinafter called the "Named Insureds", have obtained insurance under the Master Worker Policy issued by Nuclear Energy Liability Insurance Associa-tion on behalf of its members. The insurance is subject to all of the provisions of this "Certificate" and the Master Worker Policy.
1 DECLARATIONS Item 1. Named Insureds and Addresses:
Vennont Yankee Nuclear Power Corporation P.O. Box 169 Ferry Road Brattleboro, VT 05301 i
Item 2.
Certificate Coverage Period:
I Beginning at 12:01 a.m.
January 1,
1988 and ending at the close of December 31, 1992, Eastern Standard Time, or at the time and date this certificate is cancelled or terminated, whichever first occurs.
i NMWPC-1 (1/1/88)
Page 1
I Item 3.
Description of the Facility:
Location: All premises including -the, land and all buildings-and structures known as the Vermont Yankee Nuclear Power Station located approximately five (5) miles south' of Brattleboro, Vermont, on the. West bank of the Connecticut River in the town.of Vernon, Vennont.
Type: Power Reactor (Operating)
Operator of the Facility: Vermont Yankee Nuclear Power Corporation Item 4.
Amount of Insurance Available:
The amount of insurance afforded by the Master Worker Policy through this Certificate shall be determined by Section VIII of the Master Worker Policy and all of the other provisions of the policy relating thereto.
Item 5. Advance Premium:
$ 16,663.00 2
APPLICATION OF CERTIFICATE This Certificate applies only to bodily -injury to a new worker (1) which is caused during the Certificate Coverage Period by the nuclear energy hazard and (2) which is dis-covered and for which written claim is first made against an insured under the Certificate within the discovery period of the Master Worker Policy.
3 INDUSTRY RETROSPECTIVE RATING PLAN All insurance under the' Master Worker Policy is subject to the Industry Retrospective Rating Plan in use.by the companies. No insurance is provided under this Certificate unless and until the first Named Insured has accepted in writing the Industry Retrospective Rating Plan Premium En-dorsement and a copy of the signed endorsement has been issued by the companies to form a part of this certificate.
i NMWPC-1 (1/1/88)
Page 2
IN WITNESS WHEREOF, the companics subscribing the Master Worker Policy have caused this certificate to be executed-and attested on their behalf by the President of Nuclear Energy Liability Insurance Association and duly counter-signed by an authorized representative.
l l
For the Subscribing Companies of NUCLEAR ENERGY LIABILITY INSURANCE ASSOCIATION Burt C.
Proom, President BY i
(Authorizerl Agent) 1
\\
Countersigned by:
J
{
(Authorized Representative) j i
Tin; e to enttJy thut this k a true copy of the original C0rtil!cate j
tea ing th.. trmccr de Agnated bercon, forins ranco coverage undtr j
Uw Nuch'.~r En rgy LiabiU:y Po! icy (Faciiity ' xkers Form) herein cdladthou : r V.'orke.r Po' icy. Nc '
efforded by this cop /.
l PrL~en5 ~LIaIi.../. dcrwriting John L. Qucit i*
American Nuclu insurers 4
NMWPC-1 (1/1/88)
Page 3
l 6
Nuclear Energy Liability Insurance f
NUCLEAR ENERGY LIABILITY INSURANCE ASSOCIATION
)
INDUSTRY RETROSPECTIVE RATING PLAN PREMIUM ENDORSEMENT It is agreed that:
1.
DEFINITIONS With reference to the premium for the certificate of which this endorsement forms a part:
"Master Worker Policy" :neans the Master Worker Policy issued by NELIA; "Certificate Holder" means the first Named Insured in a Certificate issued to form a part of the Master Worker Policy; "advance premium", for any calendar year, is the esti-mated standard premium for that calendar year; e
"standard premium", for any calendar year, is the pre-mium for that calendar year computed in accordance with the companies' rules, rates, rating plans (other than the Industry Retrospective Rating Plan), premiums and minimum premiums applicable to this insurance. Standard premium includes elements for premium taxes, expenses, profit and contingencies, guaranteed cost insurance and estimated reserve premium. The elements of standard
- premium, other than for premium taxes and estimated reserve premium, are not subject to retrospective adjustment; "reserve premium" means that portion of the premium for a certificate (including reserve premium charges paid) that is specifically allocated under the Industry Retro-spective Rating Plan for ratable incurred losses; "industry reserve premium", for any period, is the sum of the reserve premiums for that period for all Certifi-cates issued to form a part of the Master Worker Policy; i
"retrospective adjustment ratio", for any period, is the i
ratio of the reserve premium for this Certificate for that period to the industry reserve premium for the same period; "incurred losses" means the sum of all:
(1) losses and expenses paid by NELIA, and (2) reserves for losses and expenses as estimated by
- NELIA, NE-W-1 (1/1/88)
Page 1
because of obligations assumed and' expenses incurred in connection with such obligations by the members of NELIA under the Master Worker Policy; "ratable incurred losses" means 95% of incurred losses.
Ratable incurred losses are the portion of incurred losses which are not covered by the guaranteed cost insurance element of standard premiums; "non-ratable incurred losses" means 5% of incurred losses.
Non-ratable incurred losses are the portion of incurred losses which are covered by the guaranteed cost insurance element of standard premiums; "reser'!e for refunds", as of any date, is the algebraic difference between:
(1) all industry reserve premium for the period from January 1, 1988 through such date, minus (2) the total for the same period of (a) all ratable incurred losses and (b) all industry reserve pre-mium refunds made under the Industry Retrospective Rating Plan by members of NELIA; "industry reserve premium charge", for any period, means the amount determined pursuant to the provisions of Section 4 of this endorsement for payment by the Named Insureds under Certificates; "reserve premium charge" means the portion of an indus-try reserve premium charge payable by the Named Insureds under this Certificate; "industry reserve premium refund", for any period, means the amount determined pursuant to the provisions of Section 4 of this endorsement for return to the Named Insureds under Certificates; "reserve premium refund" means the portion of an indus-try reserve premium refund returnable to the Named In-sureds under this Certificate.
2.
PAYMENT OF ADVANCE AND STANDARD PREMIUMS i
The Named Insureds shall pay the companies the advance premium stated in the declarations, for the period from the ef fective date of this certificate through December 31 following. Thereafter, at the beginning of eagh 1
calendar year while this Certificate is in force, the Named Insureds shall pay the advance premium for such l
year to the companies.
The advance premium for each calendar year shall be stated in the Advance and Standard Premium Endorsement NE-W-1 (1/1/88)
Page 2
._=
+
for the year issued by the companies as soon'as practic-able prior to.or after the beginning of the year, As soon.as practicable after the end of a calendar year or the certificate. Coverage Period, the standard premium for the preceding year shall be finally determined.and
. stated in the Advance and Standard Premium Endorsement
~
for that-year. If the, standard premium exceeds the ad-vance premium' : paid for that year, the. Named Insureds l4 shall pay the excess to the: companies; if less, the com-panies shall return to the - Named Insureds the excess portion paid..
t The. Named Insureds shall maintain records of the inform-i ation necessary for premium computation and shall send
- i copies of such records.to the companies as' directed, at the end of each calendar year,- at the end of the Certi-ficate Coverage Period and at such other times as~the companies may. direct.
3.
SPECIAL RESERVE ACCOUNT; USE OF RESERVE PREMIUMS NELIA shall maintain on behalf of its members a special Reserve Account for holding collectively all reserve premiums paid for all Certificates issued to form a part of the Master Worker Policy.
Such premiums, together with any undistributed net income realized thereon after taxes and investment expenses, shall be used for the following purposes only:
l (1) to pay ratable incurred losses or, in the ' event ratable incurred losses are paid under the Master Worker Policy from funds advanced by the members of i
NELIA subscribing the policy, to reimburse such.
members as a matter of first priority for the funds advanced; (2) to refund any amounts so held to the Named Insureds, as provided in Section 4.
No members of NELIA and no Named Insureds shall have any individual interest in-or claim upon amounts held in the Special Reserve Account, except to participate ' propor-tionally in any refund or reimbursement provided for above.
All reserve premiums paid or payable for this certifi-cate may be used by NELIA to discharge the obligations of its members under the Master Worker Policy with re-spect to the above purposes and arising cut of claims made under any Certificate issued to form a part of the Master Worker Policy.
l NE-W-1 (1/1/88)
Page 3
)
i i
I I
4.
PAYMENT OF RESERVE PREMIUM CHARGES AND REFUNDS As soon as practicable af ter each December 31 the com-panies will revier the status of the reserve for refunds and report their findings to all Certificate Holders.
If, at any time, the companies find that there is a negative balance in the reserve for refunds and that such condition is likely to prevail, they shall deter-mine an appropriate industry reserve premium charge.
similarly, if the companies find that there is a surplus positive balance, they shall determine an appropriate industry reserve premium refund.
The portion of an industry reserve premium charge or an industry reserve premium refund that is:
(1) payable by the Named Insureds as a reserve premium charge, or (2) due such insureds as a reserve premium refund, shall be determined by multiplying the industry reserve premium charge or the industry reserve premium refund by the retrospective adjustment ratio applicable to this certificate.
The amount of any reserve premium charge shall be stated in a Retrospective Reserve Premium Charge Endorsement.
The charge shall be paid promptly after receipt of the endorsement.
When all claims covered by the Master Worker Policy are closed the companies shall make a final review and re-port, and shall determine a final industry reserve premium charge or industry reserve premium refund equal to the amount of the balance.
S.
FINAL PREMIUM The final premium for this Certificate shall be (a) the sum of the standard premiums for each calendar year, or portion thereof, during which the certificate remains in force plus (b) the sum of all reserve premiums, includ-ing all reserve premium charges, minus (c) the sum of all reserve premium refunds.
6.
RESERVE PREMIUM CHARGE AGREEMENT In consideration of (a) the participation of Named Insureds in other certificates subject to the Industry Retrospective Rating Plan, (b) the undertaking of such Named Insureds to pay their appropriate share of any industry reserve premium charge and (c) the obligations assumed by the members of NELIA under the Master Worker NE-W-1 (1/1/88)
Page 4
~
'l I-Policy, the Named Insureds, by acceptance of the Mastor Worker Policy, agree:
(1)
That-the insurance provided by.the Master Worker l
Policy applies collectively to all claims -covered by the policy through any and all Certificates issued to form a part of the policy.
(2)
That the right of each Named Insured under a Cert-ificate to receive reserve premium refunds and the obligation of ~ each such, insured to pay reserve premiums charges applies to all claims covered by the Master Worker Policy and continues until all t
such claims.are closed, whether or'not such claims were before the inception of the certificate or after its termination.
(3)
To pay all reserve premium charges due promptly after receipt of the Retrospective Reserve Premium Charge Endorsement, whether or not the Certificate is terminated. Any reserve premium charge shall be overdue if not paid within 60 days of tne date of the invoice for the charge.
overdue reserve premium charges shall bear interest from the due date until paid at an annual rate equal to the sum of (a) 34 plus (b) a rate of.in-terest equal to Moody's Average Public Utility Bond l
Yield described in the issue of Moody's Pond Survey current on the due date.
Any reserve pre-mium refund due. to Nimed Insureds under a
3 Certificate shall be used to pay any overdue reserve premium chargcc to such Named Insureds.
7.
RESERVE PREMIUM REFUND AGREEMENT Each member of NELIA subscribing the Master Worker Policy for any calendar year, or portion thereof, with respect to which an industry reserve premium refund is determined to. be payable thereby agrees for itself, severally and not jointly, and in the respective pro-portion of its liability assumed under the Master Worker Policy for that calendar year, to return promptly to the Named Insureds that portion of such refund due such Insureds, as determined in accordance with the provi-sions of this endorsement.
t i
NE-W-1 (1/1/88)
Page 5
P2g3 6 Accepted and agreed by the first Named-Insured in behalf of itself and every other Named Insured stated in the Declara-tions of the Certificate of which this endorsement forms a part.
_ Vermont Yankee Nuclear Power Corporation (F4xst Named sured - Print or Type)
///b3/d?? By Yi!Nj/db]'v1 Date
/
ignature of Authorized Officer)
Jnb6 T. Paarenn; viro prati riant - Financo e aam (Print or Type Name and Titl'e of Of ficer)' Treasurer Thb b to certify that this la a truo copy cf the original Endorsement hav!a'.; the cnc0 ement number and being rnade part of the Cer d hereon for insurance of inecanto tcisting the number decignc ccverage t m ine thictcar Eneroy Uab y Policy (Facility Werkers Fcenj. No user ac d
ccchi, Vico President - Liacmiy Underwriting ochn L. Ot.
Amencen Nudcar insurers Effective Date of To form a part of this Endorsement January 1, 1988 of certificate No. NW-97 12:01 A.M. Standard Time Issued to Vermont Yankee Nuclear Power Corporation Date of Issue October 19, 1987 For the scribing onpanies i
By
.)
, General Managar O
l
.f Endorsement No.
I Countersigned by NE-W-1 (1/1/88)
Nuclear Energy Liability Insurance NUCLEAR ENERGY LIABILITY INSURANCE ASSOCIATION ADVANCE PREMIUM AND STANDARD PREMIUM ENDORSEMENT CALENDAR YEAR 1988 1.
ADVANCE PREMIUM:
It is agreed that the Advance Premium cue tne companies for the period designated above is:
S 16,663.00 i
l 1
r 2.
STANDARD PREMIUM AND RESERVE PREM!UM:
In the abs'ence of a enange in tne Advance Premium indicated sbove, it is agreed that, subject to the provisions of the incus-l try Retrospective Rating Plan, the Standard Premium is said Advance Premium and the estimated Reserve Premium element of the Standard Pr W - is:
13.330,00 I
This is to cart;fy that this is a true copy of the original Endorsement h wirg the t,adorocment number and being modo part@he Cortificato cf insuracc tea"ing the number designated he reon for incuranc ceverage order P.o Nucbar Fncrgy Uab!!ity P,cy (Facility Workers Fcrm). Wo incu 'nc? im "fi de Jchn L Cuattr. < n. $ct hu Fres ent - Liabili cr"iriting Artierican Nuo' car insurers Effective Oate of I
this Endorse =ent January 1. 1988 To form a part of Certificate No. NW-97 12:01 A.M. Standard Time Issuod to Vermont Yankee Nuclear Power Corporation Dcte of Issue Tchy.pa ry 15, 1988 For the Su ribing Co anies, By M
PRFULE Endorsement No.
2 countersigned by vW NE 41-2 (1/1/88)
MUTUAL ATOMIC ENERGY. LIABILITY TJNDERWRITERS NUCLEAR ENERGY LIABILITY POLICY (Facility Worker Form) herein called the MASTER WORKER POLICY-CERTIFICATE OF INSURANCE Certificate No. MW-30 Date of Issue Feb. 15, 19 88 This is to certify that the insureds named in Item 1 of the Declarations
- hereof, hereinafter called the "Named Insureds", have obtained insurance under the Master Worker Policy issued by Mutual Atomic Energy Liability Underwriters on behalf of its members. The insurance is-subject to all of the provisions of this "Certificate" and the Master Worker Policy.
1 i
DECLARATIONS Item 1. Named Insureds and Addresses:
Vennont Yankee Nuclear Power Corporation P.O. Box 169 Ferry Road Brattleboro, VT 05301 It Item 2.
Certificate Coverage Period:
Beginning at 12:01 a.m.
January 1, 1988 and ending at the close of December 31, 1992, Eastern Standard Time, or at the time and date this Certificate is cancelled or terminated, whichever first occurs.
i MMWPC-1 (1/1/88)
Page 1
Item 3.
Description cf the Facility:
Location: All.irem1ses including the land and all buildings and structures known as the Vermont Yankee Nuclear Power Station located approximately five (5) miles south of Brattleboro, Vemont, on the West bank of the Coinecticut River in the town of Vernon, Vermont.
Type: Power Reactor (Operating)
Operator of the Facility: Vermont Yankee Nuclear Power Corporation Item 4.
Amount of Insurance Available:
The amount of insurance afforded by the Master Worker Policy through this Certificate shall be determined by Section VIII of the Master Worker Policy and all of the other provisions of the policy relating thereto.
Item 5. Advance Premium:
S 97.00 2
APPLICATION OF CERTIFICATE This Certificate applies only to bodily injury to a new worker (1) which is caused during the Certificate Coverage Period by the nuclear energy hazard and (2) which is dis-covered and for which written claim is first made against an insured under the certificate within the discovery period of the Master Worker Policy.
3 INDUSTRY RETROSPECTIVE RATING PLAN All insurance under the Master Worker Policy is subject to the Industry Retrospective Rating Plan in use by the*
companies. No insurance is provided under this certificate unless and until the first Named Insured has accepted in writing the Industry Retrospective Rating Plan Premium En-dorsement and a copy of the signed endorsement has been issued by the companies to form a part of this certificate.
MMWPC-1 (1/1/88)
Page 2 i
IN WITNESS WHEREOF, the companies. subscribing the Master Worker Policy have caused this certificate to be _ executed and attested on their behalf by the Manager of Mutual Atomic Energy Liablity Underwriters and duly countersigned by an authorized representative.
For the Subscribi.1g Companies of MUTUAL ATOMIC I;.JRGY LIABILITY UNDERWRITERS J. Michael O'Connell, Manager By (Authorized Agent) h j
Countersigned by:
M (Autnorized Representative) i nel i
p, g h in certify '.h:1 this is a Wo ecpy of t to riN ti,o number dr,i;;riatedptcon,,
g t t $.k-r 8""'"
c Ochl. VIco precident - Liability Underwriting John L Cuato Amoccan tju;! ear Insurers MMWFC-1 (1/1/88) page 3 L
c Nuclear Energy Liability Insurance j
MUTUAL ATOMIC ENERGY LIABILITY UNDERWRITERS INDUSTRY RETROSPECTIVE RATING PLAN PREMIUM ENDORSEMENT I
It is agreed that 1.
DEFINITIONS With reference to the premium for the Certifica',e of which this endorsement forms a part; "Master Worker Policy" means the Master Worker Policy issued by MAELU; "Certificate Holder" means the first Named Insured in a Certificate issued to form a part of the Master Worker Policy; "advance premium", for any calendar year, is the esti-mated standard premium for that calendar year; "standard premium",
for any calendar year, is the premium for that calendar year computer in accordance with the companies' rules, rates, rating plans (other than the Industry Retrospective Rating Plan), premiums and minimum premiums applicable to this insurance.
Standard preLium includes elements for premium taxes, expenses, profit and contingencies, guaranteed cost insurance and estimated reserve premium. The elements of standard premium, other than for premium taxes and estimated reserve premium, are not subject to retrospec-tive adjustment; "reserve premium" means that portion of the premium for a certificate (including reserve premium charges paid)
I that is specifically allocated under the Industry Retro-spective Rating Plan for ratable '.ncurred losses; "industry reserve premium", for any r'riod, is the sum of the reserve premiums for that period for all Certifi-cates issued to form a part of the Master Worker Policy; "retrospective adjustment ratio", for any period, is the 4
ratio of the reserve premium for this Certificate for that period to the industry reserve premium for the same period; "incurred losses" means the sum of all:
(1) losses and expenses paid by MAELU, and (2) reserves for losses and expenses as estimated by
- MAELU, ME-W-1 (1/1/88)
Page 1 4
-i I
.a 4-l
-because'of_ obligations assumed and expenses. incurred in-connection with such. obligations by_the members of MAEG under the Master Worker Policy; q
"ratable incurred lossesk means 95%.of_ incurred losses.
Ratable incurred losses are the portion of-incurred losses which are not covered by the guaranteed cost insurance element _of standard premiums; "non-ratable ' incurred' losses" means 5% of incurred' losses.
Non-ratable incurred losses are the portion of a
incurred losses _which-are-covered by the guaranteed ~ cost insurance element of standard premiums; "reserve for refunds", as of any date', is the algebraic difference between:
(1) all industry reserve premium for the period from January 1, 1988 through such date, minus' (2) the to,tal for the same period of (a) all ratable 4
incurrei losses and (b) all-industry reserve pre-mium refunds made under the Industry ' Retrospective Rating Plan by members of MAELU; l
"industry reserve premium charge", for any period, means the amount determined pursua.it to the provisions of Section 4 of this endorsement for payment by the Named Insureds under Certificates; "reserve premium charge" means the portion of an indus-try reserve premium charge payable by the Named Insureds under this Certificate; t
"industry reserve premium refund", for any period, means the amount determined pursuant to the provisions of Section 4 of this endorsement for return to the Named Irurects under Certificater;
-(
"reserve premium refund" means=the portion of an indus-try reserve premium refurd returnable to the Named Insureds under this certificate, j
2.
PAYMENT OF ADVANCE AND STANDARD PREMIUMS i
The Named Insureds shall pay the complaies the advance premium stated in the declarations, for the period from i
the effective date of this Certificate through December 4
1 31 following. Thereafter, at the beginning of each calendar year while this certificate is in force, the Named Insureds shall pay the advance premium for such l'
year to the companies.
j 1
- i l
4 l
1 i
ME-W-1 (1/1/88) page 2 i
The advance premium for each calendar year shall be stated in the Advance and Standard Premium Endorsement for the year issued by the companies as soon as practic-able prior to er after the beginning of the year.
As soon as practicable after the end of a calendar year or the certificate Coverage Period, the standard premium for the preceding year shall be finally determined and stated in the Advance and Standard Premium Endorsement for that year. If the standard premium _ exceeds the ad-vance premium paid for that year, the Named Insureds shall pay the excess to the companies; if less, the com-panies shall return to the Named Insureds the excess portion paid.
The Named Insureds shall maintain re.:ords of the inform-ation necessary for premium computation and shall send copies of such records to the companies as directed, at the end of each calendar year, at the end of the Certi-ficate Coverage Period and at such other times as the companies may direct.
3.
SPECIAL RESERVE ACCOUNT; USE OF RESERVE PREMIUMS MAELU shall maintain on behalf of its members a Special Reserve Account for holding collectively all reserve premiums paid for all Certificates issued to form a part of the Master Worker Policy.
Such premiums, together with any undistributed net income realized thereon after taxes and investment expenses, shall be used for the following purposes only:
(1) to pay ratable incurred losses or, in the event ratable incurred losses are paid under the Master Worker Policy from funds advanced by the members of MAELU subscribing the policy, to reimburse such members as a matter of first priority for the funds advanced; (2) to refund any amounts so held to the Named Insureds, as provided in Section 4.
No members of MAELU and no Named Insureds shall have any individual interest in or claim upon amounts held in the Special Reserve Account, except to participate propor-tionally in any refund or reimbursement provided for above.
All reserve premiums paid or payable for this Certifi-cate may be used by MAELU to discharge the obligations of its members under the Maiter Worker Policy with re-spect to the above purposes and arising out of claims made under any Certificate issued to form a part of the Master Worker Policy.
ME-W-1 (1/1/88)
Page 3
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4.
PAYMENT OF RESERVE PREMIUM CHARGES AND REFUNDS As soon as practicable af ter each December 31 the com-panies will review the status of the reserve for refunds and report their findings to all Certificate Holtlers.
If, at any time, ' the companies find that chere is a negative balance in the reserve for refunds and that such condition is likely to prevail, they'shall deter-mine an appropriate industry reserve premium charge.
Similarly, if the companies find that there is a surplus positive balance, they shall deterr.ine an appropriate industry reserve premium refund.
The portion of an industry reserve pumium charge or an industry reserve premium refund that is:
(1) payable by the Named Insureds as a~ reserve premium charge, or (2) due such insureds as u reserve premium refund, l
shall be determined by multiplying the industry reserve premium charge or the industry reserve premium refund by the retrospective adjustment ratio applicable to this Certificate.
The amount of any reserve premium charge shall be stated in a Retrospective Reserve Premium Charge Endorsemer.t.
The charge shall be paid promptly after receipt of the endorsement.
When all claims covered by the Master Worker Policy are closed the companies shall make a final review and report, and shall determine a final industry resene premium charge or industry reserve premium refund equal to the amount of the balance.
5.
FINAL PREMIUM The final premium for this Certificate shall be (a) the sum o' the standard premiums for each calendar year, or portion thereof, during which the certificate remains in
.e plus (b) the sum of all reserve premiums, includ-ng all reserve premium charges, minus (c) the sum of e.11 reserve premium refunds.
1 5.
RESERVE PREMIUM CHARGE AGREEMENT In consideration of (a) the participation of Named Insureds in other Certificates subject to the Industry-1 Retrospective Rating Plan, (b) the undertaking of such Named Insureds to pay their appropriate share of any industry reserve premium charge and (c) the obligations assumed by the members of MAELU under the Master Worker i
ME-W-1 (1/1/88)
Page 4
Policy, the Named Insureds, by acceptance of the Master Worker Policy, agree:
(1)
That the insurance provided by the Master Worker Policy applies collectively to all claims covered by the policy through any and all Certificates issued to form a part of the policy.
(2)
That the right of each Named Insured under a Cert-ificate to receive reserve premium refunds and the oblig'. tion of each such insured to pay reserve premiums charges applies to all claims covered by the Master Worker Policy and continues until all such claims are closed, whether or not such claims were beiore the inception of the Certificate or after its termination.
(3)
To pay all reserve premium charges due promptly af ter receipt of the Retrospective Reserve Premium Charge Endorsement, whether or not the Certificate is terminated. Any reserve premium charge shall be overdue if not paid within 60 days of the date of the invoice for the charge.
Ovedue reserva premium charctes shall bear interest from the due date until paid at an annual rate equal to the sum of (a) 3% plus (b) a rate of in-terest equal to Moody's Average Public Utility Bond Yield descrited in the issue of Moody's Bond Survey current on the due date.
Any reserve premium refund due to Named Insureds under a certi-ficate shall be used to pay any overdue reserve premium charges to such Named Insureds.
7.
RECERVE PREMIUM REFUND AGREEMENT Each member of MAELU subscribing hhe Master Worker Policy for any calendar year, or portion thereof, with respect to which an industry reserve premium refund is determined to be payable thereby agrees for itself, several".s and not jointly, and in the recpactive pro-portien of its liability assumed under tho Master Worker Policy for that calendar year, to return promptly to the Named Insureds that portion of such refund due such
- Insureds, as determined in accordance with the provisionr. of this endorsement.
ME-W-1 (1/1/88)
Page 5
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PE93 6 Accepted and agreed by the first Named Insured in behalf of itself and every other Named Insured stated in the Declara-tions of the certificate of which this endorsement forms a part.
Vermont Yankee Nuclear Power Corporation (F
st-Named naured - Print or Type)
Date
///d3 / 7 By O!h
$WW i
/
ignature of Authorized Officer) hn T. Pearson, Vice President, Finance & Adm., Treasurer (Print or Type Name and Title of Officer)
Tin is to cu Sy '.h:1inM !c a true ccoy of the odginal Eridorternent hcnn; tr:e erdortc:rer,.nurnte cod being mado part cf the Cort!!icr.to of fn:orsca binring it.c numbcr dc5fgnMod ' arecn for insurance covmga ers! r tna Nu;' car Energy Liabiiity clicy (Facility Workers Forrn). No !n3 ran tffe m 1.
John L. Quatt.
'M, Vice'ProwJcnt - LJ&iny undenvriting American Nuclbar insurcrs Effective Date of To form a part of this Endorsement January 1. 1988 of Certificate No. MW-30 12:01 A.M. Standard Time Issued to Vermont Yankee Nuclear Power Corporation Date of Issue October 19, 1987 For the Subscribing Companies MUTUAL ATOMIC ENERGY LIABILITT ERGITERS
.,.a By
-m Endorsement No.
I Countersigned by
_ M Authorized Representative ME-w-1 (1/1/88)
Nucl:ar Energy LI:bility Insuranc?
MUTUAL ATOMIC ENERGY LIABILITY UNDERWRITERS ADVANCE PREMIUM AND STANDARD PREMIUM ENDORSEMENT CALENDAR YEAR 1988 1.
ADVANCE PREMIUM:
It is agreed that the Advance Premium cue the companies for the period designated above is:
4,837.00 2.
STANDARD PREMIUM AND RESERVE PREMIUM:
In the absence of a cnange in the Acyance Premium indicated above, it is agreed that, subject to the provisions of the Indus-try Retrospective Rating Plan, the Standard Premium is said Advance Premium and the estimated Reserve Premium element of the Standard Premium is:
T"'A.$ :% ccrtify that this b a true ecpy of th 3.870.00 i t tcne[ tcst:nc the number dnignated hercon fo n)r,I t 1r ing ;Ec'cnr Energ / Llabai Policy (Facility Workers u rm is af f 0. ' '
Form)[ ta 1 yJn L Cu s c' t'c I. '.u n t - La. Underwriting Americzn t,ucmar 1:'turc:s Effective.7 ate of this Endorsecent January 1. 1988 To form a part of Certificate No.
MW-30 12:0i A.M. Standard Time V _ry:nt Yankee Nuclear Power Corporation Issusd to f
Dato of Issue February 15, 1988 For the Subscribing Companies MUTUAL ATONIC ENERGY LIABILITY UNDERWRITERS A
By 9
Endorsement No.
2 countersigned by w
ME-W.2 (1/1/88) l