Subject Business definition
Examples of Subject Business in a sentence
Section 3.01 Effective as of the Agreement Effective Date, the Company obligates itself to cede to the Reinsurer, and the Reinsurer obligates itself to accept, 100% of (a) the Company’s gross liability with respect to Losses and Loss Expenses for which the date of loss is on or after the Agreement Effective Date under all Policies in respect of the Section A Subject Business and (b) the Company’s gross liability under all Policies in respect of the Section B Subject Business.
Section 3.03 The liability of the Reinsurer in respect of Losses occurring under the Subject Business hereunder shall commence obligatorily and simultaneously with that of the Company as soon as the Company becomes liable under a Policy comprising the Subject Business, and the premium on account of such liability shall be credited to the Reinsurer from the original date of the Company’s liability.
Likewise, the Company or its duly appointed representatives shall have free access at any and all reasonable times to such books and records of the Reinsurer and/or the General Agent, its departmental or branch offices as shall reflect premium and Loss transactions of the Company and/or the Subject Business, for the purpose of obtaining any and all information concerning this Agreement or the subject matter hereof.
The Reinsurer further agrees that it shall make directly (or, as applicable, direct the General Agent to make) to the applicable parties any payments, arising out of or relating in any way to its obligations and liabilities arising from this Agreement and/or the Subject Business (as hereinafter defined), so that the Company shall not be required to make any such payments and then seek reimbursement from the Reinsurer.
Section 2.02 Subject to Section 15.04(d) hereof, the maximum policy limits for Policies comprising the Section B Subject Business shall be as set forth in the Binding Authority, as may be amended from time to time in accordance with the terms of the General Agency Agreement.