Umbrella SIR definition

Umbrella SIR means the Policies issued or assumed by Old Lyme under Existing Programs and New Programs pursuant to which Old Lyme "buys back" an insured's deductible or self-insured retention under an umbrella policy.
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Examples of Umbrella SIR in a sentence

  • If the net payment due for all lines and Accident Years combined (with respect to both property insurance and Umbrella SIR business and casualty insurance), valued at December 31, is less than the payments previously paid by Fairfax Inc.

  • If, at any time, the net payment due for all lines and Accident Years combined (with respect to both property insurance and Umbrella SIR business and casualty insurance), valued at any December 31, is greater than the aggregate amount of the Contingent Compensation payments previously paid by Fairfax Inc.

  • The information necessary to prepare the Contingent Compensation Statement in respect of each Accident Year (with respect to both property insurance and Umbrella SIR business and casualty insurance) shall be delivered to Old Lyme, or to such affiliate of Old Lyme as Fairfax Inc.