Loss Adjustment Expenses definition
Loss Adjustment Expenses means all costs and expenses incurred by the Company in the investigation, adjustment and settlement of claims. Loss adjustment expenses include third-party costs as well as the Company’s internal expenses, including salaries and expenses of loss management personnel and certain administrative costs.
Loss Adjustment Expenses means all expenses incurred by the Company in connection with the investigation, settlement, defense or litigation, including court costs and post-judgment interest, of any claim or loss covered by the Policies reinsured under this Agreement, and shall include Declaratory Judgment Expenses. However, the term "Loss Adjustment Expenses" shall not include the salaries and expenses of Company employees, office expenses and other overhead expenses.
Loss Adjustment Expenses or “LAE” means the expense of settling claims, including certain legal and other fees and the expense of administering the claims adjustment process.
Examples of Loss Adjustment Expenses in a sentence
All communications (including notices, statements, premiums, return premiums, commissions, taxes, losses, Loss Adjustment Expenses, salvages, and loss settlements) relating thereto shall be transmitted to the Company or the Reinsurer through the Intermediary.
The policy must also provide that Defense costs, including the Allocated Loss Adjustment Expenses, will satisfy the SIR or deductible.
Loss Adjustment Expenses in respect of Extra Contractual Obligations will be covered hereunder in the same manner as other Loss Adjustment Expenses.
The Retrocessionaire shall assume, be liable for and pay to or on behalf of the Company, the Ceded Percentage of all Loss and Loss Adjustment Expenses incurred in connection with the Ceded Contracts, including, but not limited to, judgments (including interest thereon), settlements and compromises in connection therewith.
As respects United States dollars and Euros, Losses and Loss Adjustment Expenses as respects any Ceded Contract shall be paid in the original currency in which the Company incurred such Loss or Loss Adjustment Expenses.
More Definitions of Loss Adjustment Expenses
Loss Adjustment Expenses means all costs and expenses incurred by the Company allocable to an occurrence or claim under or in connection with a Ceded Contract (including, without limitation, in relation to any dispute, arbitration or litigation with any Underlying Cedent) in the collateralization, investigation, adjustment, settlement, litigation, defense, or appeal thereof, which shall include without limitation (a) outside retained adjusters’ fees; (b) attorneys’, experts’ and consultants’ fees in connection with coverage investigation or analysis and/or actual, anticipated or threatened actions, suits, or proceedings, whether declaratory, coercive or otherwise; (c) costs taxed in any claim, suit or proceeding; (d) pre-judgment interest; (e) interest accruing after entry of judgment; (f) expenses incurred in unsuccessfully pursuing salvage, subrogation, contribution or indemnity; (g) any out-of-pocket costs paid by the Company with respect to any Extra Contractual Obligations, except for any extra contractual expenses excluded pursuant to the last paragraph of Article 14; and (h) costs and fees for letters of credit and/or trustees/trust accounts required to secure the Company’s obligations to pay Losses. “Loss Adjustment Expenses” shall not include (i) unallocated loss adjustment expenses; (ii) overhead and office expenses of the Company; or (iii) salaries, benefits or expenses of the Company’s employees.
Loss Adjustment Expenses means all expenses which have been paid by the Company in the investigation, adjustment, settlement or defense of specific claims covered under original policies of the Company reinsured hereunder, (also including prejudgment and post-judgment interests and salaries and expenses of salaried adjusters associated therewith), but not including office, administrative or overhead expenses of the Company or salaries and expenses of its officials and employees.
Loss Adjustment Expenses means all costs and expenses incurred by the Company allocable to an occurrence or claim under or in connection with a Policy in the collateralization, investigation, adjustment, settlement, litigation, defense, or appeal thereof, which shall include without limitation (a) outside retained adjusters' fees; (b) attorneys', experts' and consultants' fees in connection with coverage investigation or analysis and/or actual, anticipated or threatened actions, suits, or proceedings, whether declaratory, coercive or otherwise; (c) costs taxed in any claim, suit or proceeding; (d) pre-judgment interest; (e) interest accruing after entry ofjudgment; (f) expenses incurred in unsuccessfully pursuing salvage, subrogation, contribution or indemnity; (g) any out-of-pocket costs paid by the Company with respect to any Extra Contractual Obligations, except for any extra contractual expenses excluded pursuant to the last paragraph of Article 14; and (h) costs and fees for letters of credit and/or trustees/trust accounts required to secure the Company's obligations to pay Loss. "Loss Adjustment Expenses" shall not include (i) unallocated loss adjustment expenses; (ii) overhead and office expenses of the Company; or (iii) salaries, benefits or expenses of the Company's employees.
Loss Adjustment Expenses shall not include the salaries and expenses of Company employees, office expenses and other overhead expenses.
Loss Adjustment Expenses as used in this Agreement shall mean all costs and expenses allocable to a specific claim that are incurred by the Company in the investigation, appraisal, adjustment, settlement, litigation, defense or appeal of a specific claim, including court costs and costs of supersedeas and appeal bonds and including a) pre-judgment interest, unless included as part of the award or judgment; b) post-judgment interest and c) legal expenses and costs incurred in connection with coverage questions and legal actions connected thereto, including pro rata Declaratory Judgment Expenses. Loss Adjustment Expenses shall include in-house adjusters, defense attorneys, and other claims personnel of Tower Insurance Company of New York/Tower Risk Management who ▇▇▇▇ the Company for their services on an hourly basis.
Loss Adjustment Expenses means: (i) claims related expenses sustained in connection with adjustment, including defense, settlement and litigation of specific claims and suits, satisfaction of judgments, resistance to or negotiations concerning a loss which shall include the expenses and the pro rata share of the salaries and the expenses of the Company’s employees temporarily assigned to the actual adjustment of specific claims and loss but shall not include any salaries of employees or normal overhead expenses of the Company; (ii) the allocated salaries and expenses of house counsel dedicated to the defense of claims (iii) Declaratory Judgment Expenses; (iv) all interest on verdicts, awards or judgments except when included in Net Loss; and (v) expenses sustained to obtain recoveries, salvages or other reimbursements, or to secure the reversal or reduction of a verdict, award or judgment.
Loss Adjustment Expenses as used in this Agreement shall mean all loss adjustment expenses incurred by the Company in settling claims including costs and expenses allocable to a specific claim that are incurred by the Company in the investigation, appraisal, adjustment, settlement, litigation, defense or appeal of a specific claim, including court costs and costs of supersedes and appeal bonds and including (i) pre-judgment interest, unless included as part of the award or judgment; (ii) post-judgment interest and (iii) legal expenses and costs incurred in connection with coverage questions and legal actions connected thereto, including pro rata declaratory judgment expenses. Loss Adjustment Expenses shall include in-house adjusters, defense attorneys, and other claims and legal personnel of Tower Insurance Company of New York/Tower Risk Management and other costs allocated to the defense and adjustment of a specific claim.