Loss expense definition
Loss expense will mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation, and defense of claims under policies reinsured hereunder, including court costs, interest accrued prior to judgment if included as part of expense on reinsured policies, and interest accrued after final judgment, but excluding internal office expenses, salaries, per diem, and other remuneration of regular Company employees.
Loss expense means all expenses incurred in the investigation, adjustment, and defense of all claims under the Reassured's Business, including, without limitation, loss expenses, court costs, declaratory judgment expenses, and pre-judgment and post-judgment interest. Loss Expense shall also include any ordinary and reasonable unallocated loss adjustment expense incurred by Reassured in the handling of claims arising out of Reassured's Business.
Loss expense will mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation and/or defense of claims under policies reinsured hereunder, including court costs, interest accrued prior to final judgment if included as part of expense on reinsured policies, and interest accrued after final judgment, but excluding internal office expenses, salaries, per diem, and other remuneration of regular Company employees. Such loss expense, where incurred in connection with claims involving this reinsurance will be apportioned between the Company and the Reinsurers in proportion to their respective interests as finally determined in addition to the retention and limit of this Agreement. However, in the event a verdict or judgment is reduced by an appeal or a settlement, subsequent to the entry of the judgment, resulting in an ultimate saving on such verdict or judgment, or a judgment is reversed outright, the loss expense incurred in securing such final reduction or reversal will be prorated between the Reinsurers and the Company in the proportion that each benefits from such reduction or reversal, and the expenses incurred up to the time of the original verdict or judgment will be prorated in proportion to each party's interest in such verdict or judgment.
Examples of Loss expense in a sentence
The Dealer Manager will reimburse the aforesaid parties for any legal or other expenses reasonably incurred by them in connection with investigating or defending such Loss, expense or action.
Each such Dealer will reimburse each Dealer Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss, expense or action.
Each such Broker will reimburse each Broker Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss, expense or action.
Each such Participating Broker will reimburse each Participating Broker Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss, expense or action.
Each such Offering Participant will reimburse each Offering Participant Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss, expense or action.
More Definitions of Loss expense
Loss expense means all costs incurred by Company in the investigation, adjustment, appraisal, defense or settlements of all claims, alleged claims, or suits, including appeals, under or related to the Policies reinsured hereunder, including legal fees, expenses of determining coverage under a Policy (including declaratory judgment expenses), subrogation, salvage and recovery expenses, both prejudgment and post-judgment interest, and any award of costs by a court of competent jurisdiction, excluding, however, office expenses and salaries of officials and employees of Company not classified as loss adjusters.
Loss expense as used in this Agreement shall mean all expenses incurred by the Retrocedent in the investigation, appraisal, adjustment, litigation and/or defense of claims under original contracts reinsured hereunder, including court costs and interest accrued before and after final judgment, but excluding internal office expenses, salaries, and other remuneration of regular employees (other than staff field adjusters) of the original reinsureds or the Retrocedent. The Retrocessionaires shall bear their pro rata shares of all such loss expense (unless defined as part of loss in reinsured original contracts) and shall benefit pro rata in all salvages, subrogations, discounts, and other recoveries.
Loss expense as used in this Agreement will mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation and/or defense of claims under policies reinsured hereunder, including court costs, interest accrued prior to judgment if included as part of expense on reinsured policies, and interest accrued after final judgment, but excluding internal office expenses, salaries, per diem, and other remuneration of regular Company employees. Loss expense will also include declaratory judgment expense where the Company has paid or has become liable to pay any settlement, award, or judgment under its policy (however, the maximum contribution to loss expense as respects declaratory judgment expense arising from any one declaratory judgment action will be $2,000,000). Loss expense where incurred in connection with claims involving this Agreement will be apportioned between the Company and the Reinsurers in proportion to their respective interests as finally determined. "Declaratory judgment expense" as used in this Agreement will mean all expenses incurred by the Company in connection with declaratory judgment actions brought to determine the Company's defense and/or indemnification obligations that are allocable to specific policies and claims subject to this Agreement. Declaratory judgment expense will be deemed to have been fully incurred by the Company on the date of the actual or alleged loss under the Company's policy giving rise to the action. Should the Company elect to institute proceedings to an appeal subsequent to the entry of a judgment, such action will be referred to the Reinsurers for their approval. In the event a verdict or judgment is appealed or a settlement or other legal remedy, subsequent to the entry of the judgment, results in an ultimate saving on such verdict or judgment, or a judgment is reversed outright, the expense incurred, including interest, in securing a reduction, if any, or reversal will be pro-rated between the Reinsurers and the Company in the proportion as if a reduction or reversal had never occurred; and the expenses incurred up to the time of the original verdict or judgment will be pro-rated in proportion to each party's interest in such original verdict or judgment. Should an appeal instituted with the approval of Reinsurers not result in an ultimate saving or the original verdict or judgment entered is increased, then the expenses incurred, including interest, in the appeal proceedings will be borne pro...
Loss expense will mean expense assignable to the investigation, defense, and settlement of specific claims, including litigation expense, interest on judgments, staff counsel expense, and declaratory judgment expense, but not including salaries and benefits of the Company's directors, officers, and employees, nor the Company's office expenses, overhead, and other fixed expenses of the Company. Any expenses paid to a company that is part of or affiliated with the Company, or to an economically-related enterprise, or to any enterprise which has common ownership with a company or affiliate of the Company, will not be included in loss expense. Any commission or other compensation paid to the Company by a company providing service on the business subject to this Agreement will be deducted from the allowable loss expense hereunder.
Loss expense means Coverage Expenses and all expenses incurred in connection with and allocable to one or more specific claims involving the Policies, including all expenses incurred by the Company in the investigation, adjustment, settlement, litigation and/or defense of claims, uncollected expenses incurred on behalf of the insured, court costs, interest accrued prior to judgment where such interest is not added to the judgment, interest accrued after judgment, costs of lost instrument bonds, costs of all appeals, and third party outside claims supervision, monitoring or supervisory expenses (including an allocable share of the salaries of the Company’s field employees according to time occupied in investigation, adjustment, settlement, litigation and/or defense of claims covered by this Agreement). The Reinsurer will bear its 100% quota share of all such Loss Expense. For the avoidance of doubt, Loss Expense shall include case-specific independent adjuster and independent appraiser costs. Loss Expense is payable by the Reinsurer whether or not the Company has paid or has become liable to pay any Loss under a Policy. Loss Expense shall not in any event include salaries, compensation or employment costs and expenses (including benefits) of the Company’s or its Affiliates’ officials (apart from such specifically allocable costs and expenses addressed immediately above), office or other overhead expenses of the Company or its Affiliates or any other unallocated costs or loss adjustment expenses of the Company, all of which shall be borne by the Company and not reinsured hereunder.
Loss expense will mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation and/or defense of claims under policies reinsured hereunder, including court costs, interest accrued prior to and after final judgment, but excluding internal office expenses, salaries, per diem, and other remuneration of regular Company employees. The Reinsurer will pay its pro rata share of all such Loss Expense, including a pro rata share of Loss Expense in addition to their limit of liability under this Agreement as set forth in the Coverage Article, and the Reinsurer will benefit pro rata in all subrogations, discounts and other recoveries.
Loss expense. Pro rata in addition to Reinsurers' limit of liability unless loss expense is included within the policy limits.