Probable Maximum Loss. The value of the largest monetary loss within one area that may be expected to result from a single fire, assuming the normal functioning of passive protective features and proper functioning of most active suppression systems.
Probable Maximum Loss means the probable maximum loss (i.e. repair and reprocurement expenses) that would be incurred should the largest earthquake that has a 10% probability of occurring during a 50 year assumed service life of a building (i.e. an earthquake of the type that has a probability of occurrence once every 475 years) occur. Probable Maximum Loss is commonly utilised in the Japanese real estate industry for the purpose of asset securitisation. Traditionally in the Japanese real estate investment trust industry, unless Probably Maximum Loss is in excess of 15%, buildings are not insured for earthquake due to the relatively high insurance premium and the high deductible amount.
Probable Maximum Loss has the meaning specified and as used by each applicable Insurance Regulatory Authority.
Examples of Probable Maximum Loss in a sentence
The frequency distribution and the individual event severity distribution, or information about the formulation of events, underlying Form A-8, Hurricane Probable Maximum Loss for Florida, will be reviewed.
Interrogatory 6.2 The Company employs industry recognized catastrophe modeling software to estimate the Probable Maximum Loss.
SM suggested that a meeting with interested parties should be expedited quickly due to the approaching implementation date which would flag as a high risk on the REC project.
The amount of coverage shall be purchased on a full replacement cost basis, except for earthquake, windstorm and flood perils which shall be provided as sublimits and aggregate limits supported by a Probable Maximum Loss (PML) study and/or Catastrophe (CAT) Modeling report, if such insurance amounts are appropriate and available on commercially reasonable terms.
The data and methods used for hurricane probable maximum loss levels for Form A-8, Hurricane Probable Maximum Loss for Florida, will be reviewed.
More Definitions of Probable Maximum Loss
Probable Maximum Loss means the sum of the product of (A) the scenario expected loss as determined by an approved seismic engineering firm and (B) the sum of the full replacement cost of the Improvements of the Property inclusive of furniture, fixtures and equipment and twelve (12) months of business interruption insurance increased each year commencing on the first (1st) anniversary of the Closing Date by the percentage increase in the Consumer Price Index for All Urban Consumers that is published by the Bureau of Labor Statistics for the city in which the Property is located. Proceeds shall mean amounts, awards or payments payable to Borrower (including, without limitation, amounts payable under any title insurance policies covering Borrower’s ownership interest in the Property) or Administrative Agent with respect to any insurance required to be maintained hereunder (after the deduction therefrom and payment to Borrower and Administrative Agent, respectively, of any and all reasonable expenses incurred by Borrower and Administrative Agent in the recovery thereof, including all attorneys’ fees and disbursements, the fees of insurance experts and adjusters and the costs incurred in any litigation or arbitration with respect to any claim under such insurance policies).
Probable Maximum Loss means, for any date, the "probable maximum loss" as most recently calculated prior to such date by Risk Management Solutions, Inc., Applied Insurance Research, EQECAT Inc., Tillinghast (a Towers Perrin Company) or another independexx xxxxxxxxg firm satixxxxxxry to the Agent (each, a "MODELLING FIRM") and "THUNDERSTORM PERIL" shall mean peril caused by lightning, straight line wind, rain, hail and/or tornado.
Probable Maximum Loss. ’ or ‘‘PML’’ means, with respect to any Mortgaged Property, the estimated loss as a percentage of Mortgaged Property’s replacement cost in the event of an earthquake having a magnitude calculated assuming a 10% exceedance probability and a 50-year return period (a ‘‘475-year event’’).
Probable Maximum Loss is defined in Section 7.6(F). --------------
Probable Maximum Loss means the product of (1) the then estimated replacement cost of the Improvements as determined by Lender in its sole discretion and (2) the "90% Confidence Damage Ratio" calculated in such Seismic Review based upon a 475 year return interval. As used herein, "Average Loss" shall mean the product of (1) the estimated replacement cost of the improvements as determined by Lender in its sole discretion and (2) the "Average Damage Ratio" calculated in such Seismic Review based upon a 475 year return interval. As used herein, "Replacement Cost" shall mean, at any given time, the replacement cost of the Project as determined at such time by Lender in its sole discretion.
Probable Maximum Loss means, for any date, the "probable maximum loss" as most recently calculated prior to such date by Risk Management Solutions, Inc., Applied Insurance Research, EQECAT Inc., Tillxxxxxxx (x Towers Perrxx Xxxpany) or another independent modelling firm satisfactory to the Administrative Agent (each, a "MODELLING FIRM").
Probable Maximum Loss means, for any date, the "probable maximum loss" as most recently calculated prior to such date by Risk Management Solutions, Inc., Applied Insurance Research, EQECAT Inc., Xxxxxxxxxxx (a Towers Xxxxxx Company) or another independent modelling firm satisfactory to the Agent (each, a "Modelling Firm") and "thunderstorm peril" shall mean peril caused by lightning, straight line wind, rain, hail and/or tornado.