Peter Pan serves over 100 communities throughout the northeast corridor, with daily express service including Boston, New York, Philadelphia, Baltimore and Washington, DC. The company transports over three million passengers a year and its fleet of more than 300 buses travels over 25 million miles annually.
Definition of EXCESS OF LOSS (XOL) AGREEMENT: A REINSURANCE arrangement where a REINSURER assumes RISKS and returns in specific horizontal or vertical layers; depending on the magnitude of losses and t
Some companies make the decision to self insure workersâ compensation claims. Because an extremely large claim could cause financial damage to a small business, it is typical for a self-insured company to use an excess carrier and to take out excess carrier insurance. A predetermined cutoff is defined, and the excess carrier reimburses the claim expenses above that point, up to the policy limit. Determining the need for an excess insurer is based on the number of employees and the ability of the employer to meet the financial obligations defined by workersâ compensation laws.