Cut Through Clause Sample Clauses

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Cut Through Clause. This clause is more common in Aviation facultative placement. The clause provides that in the event of loss the original insured have right to recover the claim from participating reinsurers although they are not party to the contract of reinsurance. That part of premium that relates to the expired part of the policies.
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Cut Through Clause. A form of direct contractual relafionship with a policyholder with a cut-through clause in the reinsurance contract. A cut-through clause or assumpfion cerfificate is an agreement between the reinsurer and the primary or ceding insurer. • Spells out circumstances the insurer shall go into the hands of a receiver, assignee, trustee or successor or the purpose of liquidafion, or on account of insolvency. This will detail what the reinsurer will pay to a third party, other than the reinsured insurer, any amounts that the reinsurer may become liability to pay under the contract of reinsurance. • A specific cut-through clause permifting direct recourse by a policyholders is rarely found in reinsurance contractors, unless there is a group under the same controlling ownership. • Contracts of indemnity not in favor of the Insured • Not easily obtained- normally needed due to lack of financial stability • Some courts have invalidated due to they create a privileged class of creditors terms and usually separate claims bordereaux. Would suggest becoming familiar with some of the basic terms including quota share, excess of loss, treaty, facultafive, gross and net lines, retrocession.
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Cut Through Clause. All insurance policies covering Vessels shall provide a “cut through” clause in the following form (or a form otherwise reasonably satisfactory to the Collateral Agent):
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Related to Cut Through Clause

  • CONTRACT CLAUSES  A SOLICITATION/CONTRACT FORM 1  I CONTRACT CLAUSES 58  B SUPPLIES OR SERVICES AND PRICES/COSTS 2 PART III - LIST OF DOCUMENTS, EXHIBITS & ATTACHMENTS  C DESCRIPTION/SPECS./WORK STATEMENT 25  J LIST OF ATTACHMENTS 74  D PACKAGING AND MARKING 26 PART IV - REPRESENTATIONS AND INSTRUCTIONS  E INSPECTION AND ACCEPTANCE 27 K REPRESENTATIONS, CERTIFICATIONS OTHER STATEMENTS OF OFFERORS  F DELIVERIES OR PERFORMANCE 29  G CONTRACT ADMINISTRATION DATA 32 L INSTRS., CONDS., AND NOTICES TO  H SPECIAL CONTRACT REQUIREMENTS 34 M EVALUATION FACTORS FOR AWARD

  • Sunset Clause Notice of disciplinary action which may have been placed on the personnel file of an employee shall be destroyed after two (2) years have elapsed since the disciplinary action was taken provided that no further disciplinary action has been recorded during this period. The employee shall be notified orally when such notice has been destroyed.

  • Additional Clauses 31.13.1 The Parties expressly agree that if any limitation or provision contained or expressly referred to in this Clause 31 (Indemnities and Liability) is held to be invalid under any Law, it will be deemed omitted to that extent, and if any party becomes liable for loss or damage to which that limitation or provision applied, that liability will be subject to the remaining limitations and provisions set out in this Clause 31 (Indemnities and Liability). 31.13.2 Nothing in this Clause 31 (Indemnities and Liability) will act to reduce or affect a Party's general duty to mitigate its loss and for the avoidance of doubt including any circumstances under which a party has the benefit of an indemnity under this Agreement.

  • Final Clauses This Agreement will enter into force upon signature by both Parties and shall remain in force until completion of all obligations of the Parties under this Agreement.

  • BREAK CLAUSE IF YOU HAVE OPTED FOR A FIXED TERM CONTRACT YOU WILL NOT HAVE THE DETAILS OF A BREAK CLAUSE NOTED IN YOUR PARTICULARS. 5.1. The Landlord shall be entitled to serve upon the Tenant Statutory Notice of not less than two calendar months to break this tenancy. Such Notice: 5.1.1. Shall be at least 2 months’ notice to break this Tenancy 5.1.2. Shall not expire before the end of the «D0000_401C_0#Landlord_notice_take_effect» month of the term 5.