Extract to table

In addition, the Policy's $500,000 self-insured retention ("SIR") must erode first — that is, Vantage must bear the first $500,000 of combined defense costs and indemnity payments — before Ridgeway's funding obligation under the Policy commences

This creates a material uninsured exposure gap that VMS and its private equity sponsor, Ashgrove Equity Partners Industrial Partners, LP, must account for in financial planning and exit preparation

We have not yet obtained the complete Policy form with all endorsements and must do so promptly to confirm that the claim is within the Policy period and to assess any issues relating to the retroactive date

In practical terms, this means that Vantage must pay the first $500,000 of combined defense costs and indemnity payments out of pocket

" This is the standard tripartite structure of an EPL insuring agreement: (i) there must be a "Claim" (as defined in the Policy); (ii) the Claim must allege a "Wrongful Employment Practice" (as defined in the Policy); and (iii) the Claim must result in a "Loss" (as defined in the Policy)

The precise scope of the wage-and-hour exclusion in Vantage's Policy — including whether it contains any carve-back or sub-limit — is critical and must be determined by reviewing the actual Policy language