Shock Losses definition

Shock Losses as used herein shall mean only Net Liability resulting from a Loss Occurrence which is greater than $1,000,000 for property or $500,000 for Casualty or any loss which results from two or more risks involved in the same Loss Occurrence or any loss resulting from Terrorism, Class Actions, Extra Contractual Obligations or Excess of Policy Limits.
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Examples of Shock Losses in a sentence

  • California ceded Ultimate Net Loss limited to 80% (excluding Shock Losses) of California Ceded Net Earned Premium associated with California business.

  • Texas ceded Ultimate Net Loss limited to 70% (excluding Shock Losses) of Texas Ceded Net Earned Premium associated with Texas business.

  • The Liability of the Reinsurer for ceded Ultimate Net Losses arising out of Shock Losses occurring between July 1, 2004 and November 30, 2004, both days inclusive, shall not exceed $17,000,000.

  • The liability of the Reinsurer for loss and Loss Adjustment Expense for the Contract Year arising out of all Shock Losses shall not exceed 25.0% of ceded Net Earned Premium actually received by the Reinsurer for the Contract Year.

  • Furthermore, the Liability of the Reinsurer for ceded Ultimate Net Losses arising out of all Shock Losses shall not exceed 10% of Ceded Net Earned Premium subject to a maximum of $26,500,000 for the Agreement Year.

  • The Liability of the Reinsurer for Ultimate Net Losses arising out of all Shock Losses shall not exceed 10% of Ceded Net Earned Premium subject to a maximum of $23,000,000.