LIMIT AND RETENTION definition

LIMIT AND RETENTION. This Quota Share Agreement is subject to a maximum cession limit of $750,000 Ultimate Net Liability each Occurrence (10% share of the Company's Ultimate Net Liability of $7,500,000 each occurrence). If the Company's Accident Year Loss Ratio for the period exceeds 77.0%, the Company will retain as a loss corridor deductible, loss and Loss Adjustment Expense for which the Reinsurer would otherwise be liable for the difference between the actual Accident Year Loss Ratio and 77.0%, calculated per the following paragraph. The Loss Ratio percentage points comprising the loss corridor deductible shall be 13.0 Loss Ratio percentage points adjusted by the difference in the cumulative trend percent less cumulative rate change percent from January 1, 2002 until the Inception Date, subject to a minimum loss corridor deductible of 13.0 Loss Ratio percentage points. The Reinsurer will then be liable for its 10% share of the next 15.0 Loss Ratio percentage points in excess of the number of loss corridor deductible Loss Ratio percentage points, and shall have no liability excess of such amount of Accident Year Loss Ratio percentage points.
Sample 1

Examples of LIMIT AND RETENTION in a sentence

  • In addition to the coverage afforded under COVER, LIMIT AND RETENTION should the Reassured incur additional liability as the result of an award in respect of any extra-contractual obligations, as defined below, the Reinsurers shall accept the additional liability incurred solely on cessions made hereunder, up to an additional cession limit for Extra Contractual Obligations and Excess of Original Policy Limits combined, in addition to any contractual loss hereunder.

  • In addition to the coverage afforded under COVER, LIMIT AND RETENTION should the Reassured incur additional liability as the result of an award in excess of their original policy limit as defined below, the Reinsurers shall accept the additional liability incurred solely on cessions made hereunder, up to an additional cession limit for Excess of Original Policy Limits and Extra Contractual Obligations combined, in addition to any contractual loss hereunder.

  • LIMIT AND RETENTION: A.1. $5,000,000 each and every loss in excess of $5,000,000 each and every loss.

  • The Reinsurers agree that the liability so incurred, plus the Reassured's contractual loss if any, shall be considered as one combined loss for the purposes of the Reassured's retention and of the recovery under this Contract subject always, however, to the amount recoverable hereunder not exceeding the limit of recovery under this Contract as provided in ARTICLE 2, COVER LIMIT AND RETENTION.

  • The Reinsurers agree that the said 90% of the additional liability so incurred, plus the Reassured's contractual loss, shall be considered as one combined loss for the purposes of the Reassured's retention and of the recovery under this Contract subject always, however, to the amount recoverable hereunder not exceeding the limit of recovery under this Contract as provided in COVER, LIMIT, AND RETENTION, Sections A and B, as applicable.

  • SEC:vs 1/7/97 4 REINSURANCE COVER NOTE Agreement No: 970018/19/35 EXHIBIT A SECOND COMMERCIAL AUTOMOBILE LIABILITY EXCESS OF LOSS REINSURANCE AGREEMENT ------------------------------------ (BN970018) LIMIT AND RETENTION: 100% of $400,000 each and every loss occurrence in excess --------- of $100,000 each and every loss occurrence.

  • LIMIT AND RETENTION will be as follows and not as heretofore: The Reassured may cede and the Reinsurers shall accept by way of reinsurance under this Agreement, 25% Quota Share of all cessions coming within the scope of this Agreement, subject to a maximum Quota Share of cessions hereto of (Pounds)2,000,000 or US$3,000,000 for any one programme.

  • REINSURANCE COVER NOTE Agreement No. BN970028/71/72/73 EXHIBIT A PENNSYLVANIA MEDICAL AND REHABILITATION EXPENSES EXCESS OF LOSS REINSURANCE AGREEMENT ------------------------------------ (BN970028) LIMIT AND RETENTION: $1,000,000 ultimate net loss each and every person in --------- excess of $100,000 ultimate net loss each and every person.

  • All salvages and recoveries, including recoveries under all reinsurances which inure to the benefit of this Contract as warranted in ARTICLE 3, COVER LIMIT AND RETENTION, whether collected or not, shall first be deducted from such loss to arrive at the amount of the Reassured's Ultimate Net Loss for the purposes of this Contract.

  • The Reinsurers agree that the said 90% of the additional liability so incurred, plus the Reassured's contractual loss, shall be considered as one combined loss for the purpose of the Reassured's retention and of the recovery under this Contract subject always, however, to the amount recoverable hereunder not exceeding the limit of recovery under this Contact as provided in COVER, LIMIT, AND RETENTION, Sections A and B, as applicable.

Related to LIMIT AND RETENTION

  • Stormwater management system means any equipment, plants,

  • Property management system means the Contractor’s system or systems for managing and controlling Government property.

  • Construction Management Agreement means the Construction Management Agreement, dated as of the date of the Common Agreement, between Construction Manager and the Project Company.

  • Safety Management System has the meaning given to it in the ISM Code.

  • Property Management Agreement means any Property Management Agreement between the Company and the Property Manager.

  • Stormwater management means the programs to maintain quality and quantity of stormwater runoff to pre-development levels.

  • Palliative and supportive care means care and support aimed mainly at lessening or controlling pain or symptoms; it makes no attempt to cure the Covered Person's terminal Illness or terminal Injury.

  • Management Letter means formal communications from the auditor to the client management in accordance with the International Standard on Auditing 265 (communicating deficiencies in internal control to those charged with governance and management), which is not required to be provided separately as it is equivalent to the Audit Findings and Recommendations prepared by the Project auditor and submitted to ADB;

  • Auto-Reinstatement Letter of Credit has the meaning specified in Section 2.03(b)(iv).

  • Construction management at-risk means a project delivery method in which the District awards separate contracts, one for architectural and engineering services to design an infrastructure facility and the second to a construction manager at-risk for both construction of the infrastructure facility according to the design and construction management services.

  • Nursing facility means an institution as defined in Iowa Code chapter 135C. This definition does not include acute care settings.

  • Construction management contract means a contract in which a party is retained by the owner to

  • Palliative care means medical service rendered to reduce or moderate temporarily the intensity of an otherwise stable medical condition, but does not include those medical services ren- dered to diagnose, heal or permanently alleviate or eliminate a medical condition.

  • Property management means leasing or renting, or offering to lease or rent, real property of others for a fee, commission, compensation, or other valuable consideration pursuant to a property management employment contract.