Frontier Communications 2013 Annual Report Download - page 106
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At December 31, 2013, we have outstanding performance letters of credit as follows:
($ in thousands) Amount
CNA Financial Corporation (CNA). ..... $45,659
All other. .............................. 1,186
Total . ................................. $46,845
CNA serves as our agent with respect to general liability claims (auto, workers compensation and other
insured perils of the Company). As our agent, they administer all claims and make payments for claims on our
behalf. We reimburse CNA for such services upon presentation of their invoice. To serve as our agent and
make payments on our behalf, CNA requires that we establish a letter of credit in their favor. CNA could
potentially draw against this letter of credit if we failed to reimburse CNA in accordance with the terms of our
agreement. The amount of the letter of credit is reviewed annually and adjusted based on claims history.
None of the above letters of credit restrict our cash balances.
F-44
FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements