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Exhibit 10.1
STATE BOARD OF
ADMINISTRATION
OF FLORIDA
1801 HERMITAGE
BOULEVARD
TALLAHASSEE, FLORIDA
32308
(850) 488-4406
POST OFFICE BOX
13300
32317-3300
RICK SCOTT
GOVERNOR
AS CHAIRMAN
JEFF ATWATER
CHIEF FINANCIAL OFFICER
AS TREASURER
PAM BONDI
ATTORNEY GENERAL
AS SECRETARY
ASH WILLIAMS
EXECUTIVE DIRECTOR &
CIO
ADDENDUM NO. 4
to
REIMBURSEMENT
CONTRACT
Effective: June 1,
2011
(Contract)
between
FEDERATED NATIONAL INSURANCE
COMPANY
(Company)
NAIC # 10790
and
THE STATE BOARD OF ADMINISTRATION
OF THE STATE OF FLORIDA (SBA)
WHICH ADMINISTERS THE FLORIDA
HURRICANE CATASTROPHE FUND (FHCF)
PREAMBLE
It is Hereby
Agreed, effective at 12:00:01 a.m., Eastern Time, June 1, 2011,
that this Contract shall be amended as follows:
ARTICLE V -
DEFINITIONS
(19)
Loss Occurrence
This term means
the sum of individual insured Losses incurred under Covered
Policies resulting from the same Covered Event. "Losses" means all
incurred losses under Covered Policies, including Additional Living
Expenses not to exceed 40 percent of the insured value of a
Residential Structure or its contents and amounts paid as fees on
behalf of or inuring to the benefit of a policyholder, and excludes
allocated or unallocated Loss Adjustment Expenses.
(30)
Ultimate Net Loss
(a)
This term means
all Losses of the Company under Covered Policies in force at the
time of a Covered Event, as defined under (9) above, prior to the
application of the Company's FHCF Retention, as defined under (28)
above, and reimbursement percentage, and excluding loss adjustment
expense and any exc
