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2 <br />(b) "Board of Directors" or "Board" shall mean the governing <br />body of the Authority <br />(c) "Claims" shall mean demands made against the Authority <br />arising out of occurrences which are within the Authority's Joint <br />Protection Program as developed by the Board of Directors <br />(d) "Excess Insurance" shall mean that insurance purchased on <br />behalf of the Authority to protect the funds of the Authority against <br />catastrophes or an unusual frequency of losses during a single year <br />(e) "Executive Committee" shall mean the Executive Committee of <br />the Board of Directors of the Authority. <br />(f) "Fiscal Year" shall mean that period of twelve months which <br />is established as the fiscal year of the Authority. <br />(g) "Insurance" shall mean and include self- insurance through a <br />funded program and /or any commercial insurance contract. <br />(h) "Executive Director" shall mean that employee of the <br />Authority who is appointed by the Board of Directors, and responsible <br />for the management and administration of the Joint Protection Program <br />of the Authority. <br />ARTICLE 2 <br />Purpose <br />This agreement is entered into by Cities in order to provide more <br />comprehensive and economical liability coverage, to provide for the <br />economical and self insurance pooling of insurance coverage for all <br />forms of insurance available or required by law for municipal <br />corporations and for which State law authorizes the formation of <br />pooling organizations to provide such insurance, to reduce the amount <br />and frequency of Cities losses, and to decrease the cost incurred by <br />Cities in the handling and litigation of claims. This purpose shall <br />be accomplished through the exercise of the powers of Cities jointly <br />in the creation of a separate entity, the Washington Cities Insurance <br />Authority, to administer a Joint Protection Program wherein Cities <br />will pool their losses and claims, jointly purchase excess insurance <br />and administrative and other services including claims adjusting, data <br />processing, risk management consulting, loss prevention, legal and <br />related services. <br />