Common use of Fatalities Clause in Contracts

Fatalities. Any other serious injury which, in the judgment of the Company, might involve the Reinsurer. The Company shall advise the Reinsurer of the estimated amount of Net Loss in connection with each such claim or loss and of any subsequent changes in such estimates. Promptly upon receipt of a definitive statement of Net Loss from the Company, but within no more than 25 days, the Reinsurer shall pay to the Company the Reinsurer's portion of Net Loss. The Company shall report to the Reinsurer any subsequent changes in the amount of Net Loss, and the amount due either party shall be remitted promptly, but within no more than 25 days.

Appears in 1 contract

Sources: Reinsurance Agreement (Penn America Group Inc)

Fatalities. Any other serious injury which, in the judgment of the Company, might involve the Reinsurer. The Company shall advise the Reinsurer of the estimated amount of Net Loss net loss in connection with each such claim or loss and of any subsequent changes in such estimates. Promptly upon receipt of a definitive statement of Net Loss net loss from the Company, but within no more than 25 days, the Reinsurer shall pay to the Company the Reinsurer's portion of Net Lossnet loss. The Company shall report to the Reinsurer any subsequent changes in the amount of Net Lossnet loss, and the amount due either party shall be remitted promptly, but within no more than 25 days.

Appears in 1 contract

Sources: Reinsurance Agreement (Penn America Group Inc)