Cession and Limit Sample Clauses

Cession and Limit. The Company shall cede policies up to a maximum aggregate limit of exposure in each of one or more risk zones. The risk zones may comprise distinct classes of business, or as respects property catastrophe business, one or more geographical areas of the world that the Company considers to have low or no correlation with respect to losses from the insured perils. The Company and the Reinsurer shall agree the number and nature of the risk zones and the limit of exposure for each risk zone from time to time.
Sample 1
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Cession and Limit. The Company shall cede policies up to a maximum aggregate limit of exposure in each of one or more risk zones. The risk zones may comprise distinct classes of business, or as respects property catastrophe business, one or more geographical areas of the world that the Company considers to have low or no correlation with respect to losses from the insured perils. The Company and the Reinsurer shall agree to the number and nature of the risk zones and the limit of exposure for each risk zone from time to time. In respect of each program of policies ceded to the Reinsurer, the Company shall retain an amount of limit at least equal to that ceded to the Reinsurer, it being understood and agreed that for the purposes of calculating such amount, the sum of limits relating to the Company’s programs shall include only those of the program(s) being ceded hereto and other program(s) of the Company, if any, attaching at a level below such ceded program(s), provided that the Company shall reasonably decide what constitutes a “program.” In respect of any policy ceded to the Reinsurer, the Company shall retain an amount of limit at least equal to 30.0% of the Reinsurer’s share of the limit of such policy. At the time a program is underwritten by the Company the “expected” mean loss ratio must be less than 50.0% and the annual expected average loss for the subject policy must be equal to or less than 4.0% of its limit. For the purposes of the preceding sentence, “expected” shall mean as calculated by the Company utilizing any third-party or proprietary models which the Company considers credible in each case.
Sample 1

Related to Cession and Limit

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  • Warranty and Limitation of Liability 5.1 Seller warrants that it will give to Buyer good and marketable title to all Concentrates delivered hereunder and that such Concentrates will be delivered free and clear of all liens, claims, charges and encumbrances of any kind and type whatsoever.

  • Compensation and Limitation of Liability 14 Section 1.

  • Indemnification and Limitation of Liability (a) To the fullest extent that limitations on the liability of Trustees and officers are permitted by the DSTA, the officers and Trustees shall not be responsible or liable in any event for any act or omission of: any agent or employee of the Trust; any Investment Adviser or Principal Underwriter of the Trust; or with respect to each Trustee and officer, the act or omission of any other Trustee or officer, respectively. The Trust, out of the Trust Property, shall indemnify and hold harmless each and every officer and Trustee from and against any and all claims and demands whatsoever arising out of or related to such officer’s or Trustee’s performance of his or her duties as an officer or Trustee of the Trust. This limitation on liability applies to events occurring at the time a Person serves as a Trustee or officer of the Trust whether or not such Person is a Trustee or officer at the time of any proceeding in which liability is asserted. Nothing herein contained shall indemnify, hold harmless or protect any officer or Trustee from or against any liability to the Trust or any Shareholder to which such Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Person’s office.

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  • Preservation and Limitation of Remedies Notwithstanding the preceding binding arbitration provisions, the parties agree to preserve, without diminution, certain remedies that any party may exercise before or after an arbitration proceeding is brought. The parties shall have the right to proceed in any court of proper jurisdiction or by self-help to exercise or prosecute the following remedies, as applicable: (i) all rights to foreclose against any real or personal property or other security by exercising a power of sale or under applicable law by judicial foreclosure including a proceeding to confirm the sale; (ii) all rights of self-help including peaceful occupation of real property and collection of rents, set-off, and peaceful possession of personal property; (iii) obtaining provisional or ancillary remedies including injunctive relief, sequestration, garnishment, attachment, appointment of receiver and filing an involuntary bankruptcy proceeding; and (iv) when applicable, a judgment by confession of judgment. Any claim or controversy with regard to any party's entitlement to such remedies is a Dispute.

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