Losses Occurring Sample Clauses
Losses Occurring basis: The Scheme will provide cover on a “losses occurring” basis i.e., all losses arising from a certified Act of Terrorism that commences during the relevant 12- month Underwriting Period will fall for cover under the Reinsurance Agreement. By contrast, the Scheme currently operates on a “risks attaching” basis i.e., all relevant insurance policies that incept or renew during the Underwriting Period attach to the Reinsurance Agreement.
Losses Occurring. All losses that occur within the period of the treaty are covered, no matter when the original policy was issued. The ratio of claims incurred (i.e., both paid and outstanding) to premiums earned. The sum of claims which have occurred but not been settled. This is reinsurance agreements for loss transfer where reinsures are not liable for all losses suffered by insurer. The liability of reinsurer starts only when the loss exceeds the underlying. The transfer of liability to reinsurer does not form a pro rata part of the underlying direct insurance.