Runoff Coverage Sample Clauses
Runoff coverage is an insurance provision that extends protection for claims made after a policy has expired, but which arise from incidents that occurred during the policy period. Typically used in professional liability or directors and officers insurance, this clause ensures that if a claim is filed after the insured entity ceases operations, merges, or is acquired, coverage remains in place for past actions. Its core function is to protect insured parties from liabilities that surface after the end of their active policy, thereby addressing the risk of late-arising claims and providing peace of mind during transitions such as mergers or business closures.
Runoff Coverage. If this Agreement is terminated, the reinsurance hereunder shall continue to apply to benefits and/or claims under all Policies (including any lapsed, surrendered, reinstated, renewed or matured Policy) until the Company’s obligations under the Policies cease. The Parties hereto expressly covenant and agree that, in the event of termination of this Agreement, they will cooperate with each other in the handling of all such run-off insurance business until the Company’s obligations under the Policies cease. All costs and expenses associated with the handling of such run-off business shall be borne solely by the Reinsurer. For the avoidance of doubt, in the event this Agreement is terminated, the reinsurance hereunder shall not apply to any insurance policies or annuity contracts, or binders, contracts, certificates, riders, endorsements, supplemental benefits, or other agreements related or attaching to such insurance policies or contracts, that were first issued or assumed by the Company on or after the effective date of any termination of this Agreement.
Runoff Coverage. If this Agreement is terminated, the coinsurance hereunder shall continue to apply to benefits and/or claims under all Reinsured Policies (including any lapsed, surrendered, reinstated, renewed or matured Reinsured Policy) until the Company's obligations under the Reinsured Policies ceases. The parties hereto expressly covenant and agree that, in the event of termination of this Agreement, they will cooperate with each other in the handling of all such runoff insurance business until the Company's obligations under the Reinsured Policies ceases. All costs and expenses associated with the handling of such runoff business shall be borne solely by the Reinsurer.
Runoff Coverage. If this Agreement is terminated, the coinsurance hereunder shall continue to apply to benefits and/or claims under all Reinsured Policies (including any lapsed, surrendered, reinstated, renewed or matured Reinsured Policy) until the Company's obligations under the Reinsured Policies ceases. The parties hereto expressly covenant and agree that, in the event of termination of this Agreement, they will cooperate with each other in the handling of all such run-off insurance business until the Company's obligations under the Reinsured Policies ceases. All costs and expenses associated with the handling of such run-off business shall be borne solely by the Reinsurer. For the avoidance of doubt, in the event this Agreement is terminated, the coinsurance hereunder shall not apply to any life insurance policies or annuity contracts, or binders, contracts, certificates, riders, endorsements, supplemental benefits, or other agreements related or attaching to such insurance policies or contracts, that were first issued or assumed by the Company on or after the effective date of any termination of this Agreement.