Extra-Contractual Damages definition

Extra-Contractual Damages means any actual liabilities not covered under any provision of a Subject Contract, arising from or relating to any alleged or actual act, error or omission, or from any alleged or actual negligence, tortious conduct, reckless conduct, violations of statutes or regulations governing the conduct of insurance companies and/or claims adjusters, or bad faith but only in connection with the handling of any claim under a Subject Contract, such liabilities arising because of the following: failure by an Insurer Subsidiary of Agency Markets to properly investigate a claim under a Subject Contract, settle within the policy limit of a Subject Contract, or by reason of alleged or actual negligence or bad faith of an Insurer Subsidiary of Agency Markets in rejecting an offer of settlement, or in defending litigation, including appeals, arbitration, or any alternative dispute resolution or settlement discussions involving any claim, but only to the extent indemnification under this Agreement for any such Extra-Contractual Damages is permitted by Applicable Law.
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Extra-Contractual Damages means any actual liabilities not covered under any provision of a Subject Contract, arising from or relating to any alleged or actual act, error or omission, or from any alleged or actual negligence, tortious conduct, reckless conduct, violations of statutes or regulations governing the conduct of insurance companies and/or claims adjusters, or bad faith but only in connection with the handling of any claim under a Subject Contract, such liabilities arising because of the following: failure by an Insurer Subsidiary of Agency Markets to properly investigate a claim under a Subject Contract, settle within the policy limit of a Subject Contract, or by reason of alleged or actual negligence or bad faith of an Insurer Subsidiary of Agency Markets in rejecting an offer of settlement, or in defending litigation, including appeals, arbitration, or any alternative dispute resolution or settlement discussions involving any claim, but only to the extent indemnification under this Agreement for any such Extra-Contractual Damages is permitted by Applicable Law. “Governmental Entity” shall mean any federal, state, county, local, foreign or other governmental or public agency, instrumentality, commission, authority, self-regulatory organization, board or body, including any state insurance regulatory authority. “IBNR” shall mean provisions for reserves under Subject Contracts for losses that have occurred but have not been reported to the Insurer Subsidiaries of Agency Markets. “Indemnification Amount” shall have the meaning set forth in Section 2.1(b) hereof. “Insurer Subsidiaries” shall mean all corporations, partnerships, joint ventures, and other entities engaged in the business of underwriting insurance (i) in which a Person owns, directly or indirectly, fifty percent (50%) or more of the outstanding voting stock, voting power, partnership interests or similar ownership interests, (ii) of which such Person otherwise directly or indirectly controls or directs the policies or operations or (iii) which would be considered subsidiaries of the Person within the meaning of Regulation S-K or Regulation S-X; provided, however, the term Insurance Subsidiary when used with regard to LMIC shall not include any of Agency Markets’ Insurer Subsidiaries. “LMIC” shall have the meaning set forth in the preamble to this Agreement. 3
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Extra-Contractual Damages. Any amount in excess of Contractual Damages, including but not limited to compensatory, consequential, exemplary and punitive damages, judicial or statutory interest payments, court costs, or attorney fees. Foreign Life/Lives (as used in Article I and Schedule A): for purposes of this Agreement, Foreign Life/Lives shall mean that the insured was not a resident of the United States, Puerto Rico or Guam at the time the policy was issued, and that insured shall remain a Foreign Life regardless of future residency changes.
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Examples of Extra-Contractual Damages in a sentence

  • With respect to Extra-Contractual Damages, in no event will the REINSURER participate in punitive or compensatory damages or statutory penalties which are awarded against the CEDING COMPANY as a result of an act, omission or course of conduct committed solely by the CEDING COMPANY in connection with the insurance reinsured under this Agreement.

  • In no event will we have any liability for any Extra-Contractual Damages which are rendered against you as a result of acts, omissions or course of conduct committed by you, unless we or one of our affiliated companies were an active party in the act, omission or course of conduct which ultimately resulted in the assessment of such damage in connection with the insurance reinsured under this Agreement.

  • The reinsurance agreement will include the following provisions: Arbitration, Insolvency, Entire Agreement and Amendment, Extra-Contractual Damages, Errors and Omissions, Inspection of Records, OFAC Compliance, Offset, DAC Tax, Insolvency, Non-Transferability, Dispute Resolution, Good Faith, and Confidentiality.

  • With respect to Extra-Contractual Damages, except as otherwise provided below, in no event will the REINSURER participate in punitive or compensatory damages or statutory penalties which are awarded against the CEDING COMPANY as a result of an act, omission or course of conduct committed solely by the CEDING COMPANY in connection with the insurance reinsured under this Agreement.

  • However, for death claim denials, if the Reinsurer was an active party and directed the act, omission, or course of conduct of the Ceding Company which resulted in the assessment of Extra-Contractual Damages, the Reinsurer shall share in the payment of these damages in proportion to the reinsurance provided under this Agreement.

  • The reinsurance agreement will include the following provisions as mutually agreed upon by the Ceding Company and the Reinsurer: Credit for Reinsurance, Good Faith (changes in business practices), Arbitration, Insolvency, Entire Agreement and Amendment, Extra-Contractual Damages, Errors and Omissions, Inspection of Records, OF AC Compliance, Offset, DAC Tax, Misrepresentation or Suicide, Misstatement of Age or Sex, Non-Transferability, Dispute Resolution, and Confidentiality.

  • The Parties agree, however, that such circumstances are limited to those situations in which the Reinsurer agreed to accept participation in the denial, compromise, or litigation of the coverage or claim in advance and in writing, and further agree with the specific act or course of conduct of the Company that ultimately resulted in the assessment of the Extra-Contractual Damages.

  • The Parties recognize that circumstances may arise that, in fairness, would require the Reinsurer to share proportionately in Extra-Contractual Damages to the extent permitted by law.

  • The Reinsurer will not participate in and will not be liable to pay the Company, or any third party, Extra-Contractual Damages.

  • Extra-Contractual Damages may include Punitive Damages, Statutory Penalties, and/or Compensatory Damages.

Related to Extra-Contractual Damages

  • Actual Damages has the meaning set forth in Section 12.4(C).

  • Environmental Damages means all claims, demands, liabilities (including strict liability), losses, damages (including consequential damages), causes of action, judgments, penalties, fines, costs and expenses (including reasonable fees, costs and expenses of attorneys, consultants, contractors, experts and laboratories), of any and every kind or character, contingent or otherwise, matured or unmatured, known or unknown, direct or indirect, foreseeable or unforeseeable, made, incurred, suffered or brought at any time and from time to time and arising in whole or in part from:

  • Special Damages has the meaning set forth in Section 12.

  • Consequential Damages means Losses claimed to have resulted from any indirect, incidental, reliance, special, consequential, punitive, exemplary, multiple or any other Loss, including damages claimed to have resulted from harm to business, loss of anticipated revenues, savings, or profits, or other economic Loss claimed to have been suffered not measured by the prevailing Party’s actual damages, and any other damages typically considered consequential damages under Applicable Law, regardless of whether the Parties knew or had been advised of the possibility that such damages could result in connection with or arising from anything said, omitted, or done hereunder or related hereto, including willful acts or omissions.

  • Punitive Damages are those damages awarded as a penalty, the amount of which is neither governed nor fixed by statute.