Where the Reassured definition

Where the Reassured s original policies and/or specific coverage parts of their original policies provide for loss adjustment expenses in addition to limit, all loss adjustment expenses paid by the Reassured shall be apportioned in proportion to the respective interests in the loss of the parties hereto as such interests finally appear, provided that in the event a verdict or judgment is reduced by an appeal or a settlement, subsequent to the entry of the judgment, resulting in an ultimate saving on such verdict or judgment, or a judgment is reversed outright, the expense incurred in securing such final reduction or reversal shall be pro rata between the Reinsurers and the Reassured in the proportion that each benefits from such reduction or reversal; and the expenses incurred up to the time and date of the original verdict or judgment shall be pro-rated in proportion to each party's interest in such verdict or judgment. In the event of external legal or external adjustment expenses, including outside monitoring counsel expenses, which are incurred by the Reassured in connection with a claim or potential claim hereunder and which are not the subject of the Reassured's original policy, then Reinsurers shall also be liable for their proportion of such expenses in addition to their share of the loss recoverable hereunder. The Reinsurers shall also accept additional liability, solely on cessions made hereunder, for legal expenses incurred in respect of coverage questions and legal actions in connection with a claim or potential claim hereunder (hereinafter referred to as "declaratory judgment and/or rescission expenses"). It is understood and agreed that:
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Where the Reassured s original policies and/or specific coverage parts of their original policies provide for loss adjustment expenses in addition to limit, all loss adjustment expenses paid by the Reassured shall be apportioned in proportion to the respective interests in the loss of the parties hereto as such interests finally appear, provided that in the event a verdict or judgment is reduced by an appeal or a settlement, subsequent to the entry of the judgment, resulting in an ultimate saving on such verdict or judgment, or a judgment is reversed outright, the expense incurred in securing such final reduction or reversal shall be pro rata between the Reinsurers and the Reassured in the proportion that each benefits from such reduction or reversal; and the expenses incurred up to the time and date of the original verdict or judgment shall be pro-rated in proportion to each party's interest in such verdict or judgment. In the event of external legal or external adjustment expenses, including outside monitoring counsel expenses, rescission expenses and declaratory judgment expenses, which are incurred by the Reassured in connection with a claim or potential claim hereunder and which are not the subject of the Reassured's original policy, then Reinsurers shall also be liable for their proportion of such expenses in addition to their share of the loss recoverable hereunder. For the purposes of this Contract loss adjustment expenses shall include all expenses of litigation, including post judgment interest, but shall exclude the salaries of regular employees and all office expenses of the Reassured. All salvages, recoveries or payments recovered or received subsequent to a loss settlement under this Contract shall be applied as if recovered or received prior to the aforesaid settlement and all necessary adjustments shall be made by the parties hereto. Paid and outstanding loss bordereaux for all claims with incurred amounts (indemnity, defense and expense combined), established by the Reassured of $2,000,000 or more for to be rendered by the Reassured within 45 days of the end of each calendar quarter, being within 45 days of March 3lst, 2004 and quarterly thereafter. It is understood and agreed, both by the Reassured and Reinsurers, that all paid and outstanding losses shall be advised to Reinsurers solely by quarterly bordereaux and that no individual loss reports are to be provided unless specifically requested by Reinsurers. The bordereaux shall solely comprise numerical de...
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Examples of Where the Reassured in a sentence

  • All intercompany balances and transactions are eliminated in full.The consolidated financial statements are prepared as of December 31, 2014 based on individual company financial statements at the same date.

  • Where the Reassured issues more than one policy to the same original insured covering the same class of business, (such as on a layered basis), then the combination of such policies shall be considered a program for the purposes hereof, as solely determined by the Reassured.

Related to Where the Reassured

  • Reassured shall be understood to mean “Company”, “Reinsured”, “Reassured” or whatever other term is used in the attached reinsurance document to designate the reinsured company or companies.

  • Abandon means the vacating of all or a substantial portion of the Leased Premises by Lessee, whether or not Lessee is in default of the rental payments due under this Lease.

  • UNFCCC means the United Nations Framework Convention on Climate Change or the Kyoto Protocol thereto.

  • Construction management at-risk means a project delivery method in which the District awards separate contracts, one for architectural and engineering services to design an infrastructure facility and the second to a construction manager at-risk for both construction of the infrastructure facility according to the design and construction management services.

  • Lessor means a person who transfers the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, the term includes a sublessor.

  • Inaccessible means an Insured cannot reach his/her Destination by the original mode of transportation.

  • MD&A means management’s discussion and analysis.

  • LBD means any day on which commercial banks are open for general business (including dealing in foreign exchange and foreign currency deposits) in London;

  • Ground Lessor means the lessor under the Ground Lease.

  • Builder means the general contractor.

  • Unsatisfactory The Educator's performance on a standard or overall has not significantly improved following a rating of needs improvement, or the Educator's performance is consistently below the requirements of a standard or overall and is considered inadequate, or both.

  • Uninsured motor vehicle" means a land motor vehicle or trailer of any type:

  • BMR means the EU Benchmarks Regulation (Regulation (EU) 2016/1011). "Non-Approval Event" means, in respect of the Benchmark:

  • Sublessor means one who conveys real property by sublease."

  • Should means that a certain feature, component and/or action is desirable but not mandatory.

  • the Landlord means the party named on the first page of this Agreement and any successor and any person who has an interest as heritable proprietor in The Property, even if not named in this Agreement. The Landlord agrees to inform The Agent, in writing, of any changes to ownership of The Property, contact telephone numbers, postal or e-mail addresses as soon as possible and in any event within 7 days of the change.

  • Lessors means a lessor under a Superior Lease.

  • Landlord shall have the meaning given such term in the preambles to this Agreement and shall also include their respective permitted successors and assigns.

  • Substantial Taking means a Taking of at least 15% of the Land or Improvements which, in Lessee’s and Lessor’s reasonable judgment, will materially and adversely interfere with any development or use of the Premises that Lessee is then conducting or intends in good faith to conduct in the future.