OHIO TRANSIT RISK POOL

MOC Endorsement Procedure

Originally Adopted by OTRP Board:  March 29, 2004

 

PURPOSE

 

As outlined in the by-laws, the OTRP Board may authorize the purchase of reinsurance or excess insurance to protect against catastrophic or aggregate losses and to self-[insure those losses and to self-insure those losses within a retained self-insured layer.  Depending upon the type and nature of the insurance or terms, conditions, and limits of its self-insurance and/or reinsurance.  Generally, a proposed MOC will be reviewed and considered by the Board on an annual basis.  From time to time the MOC may require mofication of the coverage of one or more terms, conditions, and limits.  Any provision adding, deleting, replacing, or modifying the MOC, mid-term, shall be made by endorsement.  The following procedure shall be used by the OTRP Board in considering endorsements.

 

PROCEDURE

 

1. If the need for endorsement is identified by a Named Member or OTRP, a document titled "endorsement"

    shall be prepared at the direction of the CEO.

2.  At the next regular Board Meeting, the Board shall review the endorsement, modify the endorsement language,

     if necessary, and consider its adoption or amendment by formal vote.  A two-thirds majority shall be required

     for adoption or amendment.

3.  Upon adoption of the endorsement by the OTRP Board, the CEO shall execute the endorsement and send copies

     to all Named Members of the affected MOC.  The original endorsement shall be maintained at the offices of OTRP.