The open cover shallstipulatethe scope of cover, the range of propertyinsured, the maximumamount of insuranceeach risk orat each place and the method of settlingpremium, etc.
The way that the maximum benefit for a particular year is calculated is based upon the maximum wage base for the year, as well as the applicable COLAs that would apply after the PIA ( Primary InsuranceAmount) has been calculated for that individual.