Net Subject Written Premium definition
Net Subject Written Premium means the gross written premium of the company for the policies reinsured hereunder, including any premium paid by original insureds in respect of any extended reporting periods or discovery periods and any reinstatement premium payable by the original insureds, less returned premium for cancellations, premium audits and reductions, and less premium for inuring reinsurance as set forth in the OTHER REINSURANCE ARTICLE.
Net Subject Written Premium as used in this Contract shall mean the gross written premium of the Company for the Business Covered, plus additions, less return premium for cancellations and reductions, and less premium for reinsurance that inures to the benefit of this Contract.
Net Subject Written Premium will mean the gross written premium of the Company for the classes of business reinsured hereunder as specified in the Coverage Article, including any premium paid by original insureds in respect of any Extended Reporting Periods or discovery periods and any reinstatement premium payable by the original insureds, less returned premium for cancellations and reductions, and less premium for reinsurance as set forth in the Other Reinsurance Article. -7- <PAGE> H. "Occurrence," unless defined otherwise in the Policies reinsured hereunder, will mean each and every disaster, casualty, or accident or series of disasters, casualties or accidents arising out of one event. I. "Policies" will mean all policies, binders, contracts, or agreements of insurance or reinsurance, whether written or oral. The maximum Policy period for subject business will be 12 months, plus odd time, not to exceed 18 months in all; however, said limitation will not apply to single project construction risks. J. "Renewed" will include those Policies issued for more than one year (if any) as of their next annual anniversary or annual installment date. K. "Retroactive Date" will mean the date prescribed in a Claims Made Policy, which is the earliest date losses can actually occur for which an insured can claim coverage. REINSURANCE PREMIUM AND CEDING COMMISSION The Company will cede to the Reinsurers their proportionate share of the Net Subject Written Premium on all Policies written or Renewed with an effective date on or after the effective date of this Agreement, less a flat ceding commission of 22.5% on the Net Subject Written Premium ceded. The commission will include premium taxes of all kinds local board assessments, and all other expenses and charges whatsoever based on the premium for business ceded under this Agreement. OTHER REINSURANCE The Company is permitted to have other treaty reinsurance. The premium for any such reinsurance that inures to the benefit of this Agreement will not be included within the subject premium hereunder. Additionally, the Company may purchase facultative reinsurance on any subject risk it deems advisable, and the premium for that portion of the Company's Policy reinsured elsewhere will not be included within the subject premium hereunder. EXTRA CONTRACTUAL OBLIGATIONS AND EXCESS LIMITS LIABILITY This Agreement will extend to cover any claims-related extra contractual obligations and/or excess limits liability arising because of, but not limited to, the f...
Examples of Net Subject Written Premium in a sentence
The Reinsurer shall allow the Company a fixed ceding commission of thirty percent (30%) of the Company’s Net Subject Written Premium ceded to the Reinsurer hereunder during the term of the Contract.
The Company will cede to the Reinsurers their proportionate share of the Net Subject Written Premium on all Policies written or Renewed with an effective date on or after the effective date of this Agreement, less a flat ceding commission of 22.5% on the Net Subject Written Premium ceded.
Ceded Net Subject Written Premium Income accounted for during the quarter; 3.
More Definitions of Net Subject Written Premium
Net Subject Written Premium as used herein shall mean the gross written premium of the Reassured for the Business Covered and reinsured hereunder, plus additional premiums related thereto, less return premium paid for cancellations and reductions, and less written premiums paid for reinsurance, if any, recoveries under which inure to the benefit of this Contract.