FIRST LAYER definition
FIRST LAYER. Second Layer: Third Layer: The share(s) of the Subscribing Reinsurer in the interests and liabilities of the Reinsurer in respect of said Agreement shall be separate and apart from the participation of the other Reinsurers, and shall not be joined with that of the other Reinsurers and the Subscribing Reinsurer shall in no event participate in the interests and liabilities of the other Reinsurers. This Contract shall be effective at 12:01 A.M. Local Standard Time, January 1, 1998 with respect to losses occurring on and after that date, and it shall continue in force until its expiration in accordance with the terms of the attached Agreement at 12:01 A.M., Local Standard Time, January 1, 1999.
FIRST LAYER. As respects Property business located inside the State of Florida, the Company shall retain and be liable for the first $10,000,000 of ultimate net loss arising out of each loss occurrence. The Reinsurer shall then be liable (subject to the provisions of subparagraph 5 of this paragraph and of paragraphs C and D below) for 25.50% of the amount by which such ultimate net loss exceeds the Company's retention, but the liability of the Reinsurer shall not exceed 25.50% of $16,500,000 (being $4,207,500) as respects any one loss occurrence, nor shall it exceed 25.5% of $16,500,000 (being $4,207,500) in all as respects loss occurrences commencing during any one contract year.
Examples of FIRST LAYER in a sentence
EXHIBIT A FIRST LAYER RETENTION AND LIMIT No claim will be made hereunder unless the Company has first sustained, by reason of any one loss occurrence, an ultimate net loss in excess of $5,000,000.
Amended for Named Perils All Professional Excess $MM Each Occurrence Discrimination & Wrongful Termination ERISA EXCESS UMBRELLA --------------- FIRST LAYER: INSURANCE COMPANY OF STATE OF PA: --------------------------------------------- POL # 4296-4562 (Through ▇.▇.