Both Layers Clause Samples
Both Layers. It is understood and agreed that the Terrorist Activity Aggregate Limit shall be the Reinsurer’s maximum liability for each calendar year hereunder for all loss, cost or expense caused directly or indirectly by Terrorist Activity, as defined in the Agreement, including any action in hindering or defending against an actual or expected incident of Terrorist Activity and regardless of any other cause or event that in any way contributes concurrently or in any sequence to the loss, cost or expense.
Both Layers. Regardless of the option chosen by the Company at expiration or cancellation, in the event the Company is bound by statute or regulation to continue coverage, the Reinsurers will continue to receive premium as set forth above on such policies quarterly as earned. Ceding Commission –Coverage B (cessions layer): As respects Coverage B, the Reinsurer shall allow the Company a 22.5% commission on all premiums ceded to the Reinsurer hereunder. The Company shall allow the Reinsurer return commission on return premiums at the same rate.
Both Layers. Regardless of the option chosen by the Company at expiration or cancellation, in the event the Company is bound by statute or regulation to continue coverage, the Reinsurers will continue to receive premium as set forth above on such policies quarterly as earned. CEDING COMMISSION: SECOND LAYER 22.5% of GNWP ceded. CONTINGENT PROFIT COMMISSION: FIRST LAYER ONLY 35%, in accordance with the following formula:
Both Layers. The Company warrants that all Professional Liability coverage subject to this Agreement will be issued on Claims Made forms.