IBNR Claim definition

IBNR Claim means an incurred but not reported claim arising under or
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IBNR Claim means any “incurred but not reported” Claim or Liability, including any Claim that relates to pre-Closing occurrences that would or could have been afforded coverage under any Seller Policies, but which is not tendered to the Seller Policies’ insurers prior to the Closing.
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Examples of IBNR Claim in a sentence

  • In addition, as, when, and to the extent set forth in the Administrative Services Agreement, Reinsurer shall handle and pay the claims in its ordinary course of business that were incurred prior to the Effective Date but reported to Reinsurer or Company on or after the Effective Date, such payments to be made out of and to the extent of the IBNR Claim Reserve Fund transferred to Reinsurer pursuant to Section 10.5 below.

  • In addition, Reinsurer shall handle and pay the claims in its ordinary course of business that were incurred prior to the Effective Date but reported to Reinsurer on or after the Effective Date, such payments to be made out of and to the extent of the IBNR Claim Reserve Fund transferred to Reinsurer pursuant to Section 11.5 below.