Large Loss definition
Examples of Large Loss in a sentence
Large Loss protection applies to all incurred amounts arising from the same claim for which the large loss protection is applied.
For routine corrective maintenance that will not reach or exceed the Large Loss Notification Limit specified on the Supplemental Coverage Information Page, there is no preliminary Loss notice requirement.
If You expect the cost to restore the equipment may exceed the Large Loss Notification Limit specified on the Supplemental Coverage Information Page of this Service Agreement You must report the Loss to Us prior to authorizing or commencing any service.
If Corrective Maintenance Charges or Preventative Maintenance Charges may exceed the Large Loss Notification Limit specified on the Supplemental Coverage Information Page of this Agreement, You must report the Loss to Our Engineering Support Hotline at ▇▇▇-▇▇▇-▇▇▇▇ prior to authorizing or commencing any service.
If a claim meets the necessary criteria to qualify as a Large Loss Claim under the Reinsurance Agreement or has a gross reserve in excess of £100,000 but the Member is not the lead or co-lead on the risk and is only a follower it is not expected that the Member should appoint its own Loss Adjuster or procure its own Loss Adjuster reports.
Large Loss Notification) will preclude recovery under this Agreement for only that Loss and the Agreement will otherwise remain in effect as to all other covered Losses..
The Reinsured shall promptly provide the Reinsurer with such information as the Reinsurer may reasonably request in order to verify the Large Loss.
Pursuant to Article 10.1(c) of the Reinsurance Agreement, Members must cooperate fully with Pool Re in respect of any Large Loss Claim.
For a Large Loss Claim below £10 million, Pool Re will endeavour to respond to the Member with either confirmation to proceed or comments, within five days of a request from a Member.
Large Loss Notification) will render this Agreement null and void as to that Loss.