EXCESS OF LOSS REINSURANCE Sample Clauses

EXCESS OF LOSS REINSURANCE. ............................... 1 6 Ultimate Net Loss........................................... 1 7 Cash Call Provision......................................... 2 8
Sample 1
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EXCESS OF LOSS REINSURANCE. During currency of this Agreement the Company may subscribe to excess of loss reinsurance for the joint benefit of the Company and the Reinsurer, recoveries under which shall inure to the benefit of each party in proportion to its respective interest in the Company’s gross insurance liability, and the Reinsurer shall bear its pro rata portion of the premiums paid by the Company for such excess of loss reinsurance.
Sample 1
EXCESS OF LOSS REINSURANCE. The REINSURER warrants to obtain and to maintain in effect during the term of this Agreement, reinsurance coverage up to the full limit of liability for all policies covered as defined in Article One of this Agreement, in which the COMPANY is identified as a "named insured" for any paid loss and paid allocated loss adjustment expense arising out of all business covered as defined in Article One of this Agreement. ARTICLE SIX -- ULTIMATE NET LOSS "Ultimate Net Loss" shall mean the actual loss paid or payable by the COMPANY in settlement of losses or liability including any extra contractual obligations loss as defined in Article Eight-Extra Contractual Obligations and/or excess of original policy limits loss as defined in Article Nine-Excess of Policy Limits, after making deduction for all recoveries, all salvages and all claims upon other reinsurances and shall include all allocated loss adjustment expense, legal expense, and all legal expense paid as a result of any declaratory judgement actions brought to determine the COMPANY'S defense and/or indemnification obligations under the Policies subject to this Agreement and all other expenses arising from the handling and/or settlement of claims other than salaries of employees (staff counsel shall not be considered salaried employees for the purposes of this Agreement) and office expenses of the COMPANY. Any declaratory judgment action expenses shall be deemed to have been fully incurred on the same date as the original loss or effective date of the policy giving rise to the action.
Sample 1
EXCESS OF LOSS REINSURANCE. The REINSURER warrants to obtain and to maintain in effect during the term of this Agreement, reinsurance coverage up to the full limit of liability for all policies covered as defined in Article One of this Agreement, in which the COMPANY is identified as a "named insured" for any paid loss and paid allocated loss adjustment expense arising out of all business covered as defined in Article One of this Agreement.
Sample 1

Related to EXCESS OF LOSS REINSURANCE

  • Reinsurance The Contractor shall purchase reinsurance from a commercial reinsurer and shall establish reinsurance agreements meeting the requirements listed below. The Contractor shall submit new policies, renewals or amendments to OMPP for review and approval at least one hundred and twenty (120) calendar days before becoming effective.  Agreements and Coverage  The attachment point shall be equal to or less than $200,000 and shall apply to all services, unless otherwise approved by OMPP. The Contractor electing to establish commercial reinsurance agreements with an attachment point greater than $200,000 must provide a justification in its proposal or submit justification to OMPP in writing at least one hundred and twenty (120) calendar days prior to the policy renewal date or date of the proposed change. The Contractor must receive approval from OMPP before changing the attachment point.  The Contractor’s co-insurance responsibilities above the attachment point shall be no greater than twenty percent (20%).  Reinsurance agreements shall transfer risk from the Contractor to the reinsurer.  The reinsurer's payment to the Contractor shall depend on and vary directly with the amount and timing of claims settled under the reinsured contract. Contractual features that delay timely reimbursement are not acceptable.  The Contractor shall maintain a plan acceptable to the IDOI commissioner for continuation of benefits in the event of receivership. The Contractor must finance the greater of $1,000,000 or total projected costs as calculated by the form set forth in 760 IAC 1-70-8.  The Contractor shall obtain continuation of coverage insurance (insolvency insurance) to continue plan benefits for members until the end of the period for which premiums have been paid. This coverage shall extend to members in acute care hospitals or nursing facility settings when the Contractor’s insolvency occurs during the member’s inpatient stay. The Contractor shall continue to reimburse for its member’s care under those circumstances (i.e., inpatient stays) until the member is discharged from the acute care setting or nursing facility.  Requirements for Reinsurance Companies  The Contractor shall submit documentation that the reinsurer follows the National Association of Insurance Commissioners' (NAIC) Reinsurance Accounting Standards.  The Contractor shall be required to obtain reinsurance from insurance organizations that have Standard and Poor's claims- paying ability ratings of "AA" or higher and a Xxxxx’x bond rating of “A1” or higher, unless otherwise approved by OMPP.  Subcontractors  Subcontractors’ reinsurance coverage requirements must be clearly defined in the reinsurance agreement.  Subcontractors should be encouraged to obtain their own stop-loss coverage with the above-mentioned terms.  If subcontractors do not obtain reinsurance on their own, the Contractor is required to forward appropriate recoveries from stop- loss coverage to applicable subcontractors.

  • Casualty Insurance The Lessor ☐ The Lessee ☐ The Parties (jointly) shall be responsible for obtaining and maintaining casualty insurance for the Premises for losses against fire.

  • ADDITIONAL INSURED ENDORSEMENT AND PRIMARY AND NON-CONTRIBUTORY INSURANCE CLAUSE Supplier agrees to list Sourcewell and its Participating Entities, including their officers, agents, and employees, as an additional insured under the Supplier’s commercial general liability insurance policy with respect to liability arising out of activities, “operations,” or “work” performed by or on behalf of Supplier, and products and completed operations of Supplier. The policy provision(s) or endorsement(s) must further provide that coverage is primary and not excess over or contributory with any other valid, applicable, and collectible insurance or self-insurance in force for the additional insureds.

  • Risk of Loss; Insurance A. Landlord and Tenant shall each be responsible for loss, damage, or injury caused by its own negligence or willful conduct.

  • Boiler and Machinery Insurance The Owner shall have the option of purchasing and maintaining boiler and machinery insurance required by the Contract Documents or by law, which shall specifically cover such insured objects during installation and until final acceptance by the Owner. If purchased this insurance shall include interests of the Owner, Contractor, Subcontractors and Sub-subcontrators in the Work.

  • Excess Insurance All policies providing excess coverage to City shall follow the form of the primary policy or policies including but not limited to all endorsements.

  • FDIC Insurance For any deposit accounts you open, the FDIC requires Bank to disclose, and you hereby acknowledge, that deposits held by Evolve Bank & Trust are insured up to $250,000 federal deposit insurance limit, per depositor for each ownership category.

  • Crime Insurance Contractor shall maintain during the term of the Contract Crime Insurance on a “loss sustained form” or “loss discovered form,” and coverage must include the following:  The policy must allow for reporting of circumstances or incidents that might give rise to future claims.  The policy must include an extended reporting period of no less than one (1) year with respect to events which occurred but were not reported during the term of the policy.  Any warranties required by the Contractor’s insurer as a result of this Contract must be disclosed and complied with. Said insurance shall extend coverage to include the principals (all directors, officers, agents and employees) of the Contractor as a result of this Contract.  The policy shall include coverage for third party fidelity and name “The People of the State of New York, the New York State Office of General Services, any entity authorized by law or regulation to use this Contract as an Authorized User and their officers, agents, and employees” as “Loss Payees” for all third party coverage secured. This requirement applies to both primary and excess liability policies, as applicable.  The policy shall not contain a condition requiring an arrest and conviction.  The policy shall include coverage for computer crime/fraud.

  • Tenant Insurance Landlord shall not be liable to Tenant, Xxxxxx’s family or Xxxxxx’s invitees, licensees, and/or guests for damages not proximately caused by Landlord or Landlord’s agents. Landlord will not compensate Tenant or anyone else for damages proximately caused by any other source whatsoever, or by Acts of God, and Tenant is therefore strongly encouraged to independently purchase insurance to protect Tenant, Xxxxxx’s family, Xxxxxx’s invitees, licensees, and/or guests, and all personal property on the leased premises and/or in any common areas from any and all damages.

  • All Risk Property Insurance (i) During construction, an All Risk Property insurance policy including earthquake and flood (with sublimits as appropriate) shall be maintained during the course of Work being performed and include Start-up and testing for installed equipment and delayed opening coverage. Such policy shall include coverage for materials and equipment while under the care, custody and control of the Seller during the course of Work, at the Site, offsite or while in transit to the Site.

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