LOSS AND LOSS ADJUSTMENT EXPENSE. The Retrocessionaire shall assume, be liable for and pay to or on behalf of the Company, the Ceded Percentage of all Loss and Loss Adjustment Expenses incurred in connection with the Ceded Contracts, including, but not limited to, judgments (including interest thereon), settlements and compromises in connection therewith. As respects United States dollars and Euros, Losses and Loss Adjustment Expenses as respects any Ceded Contract shall be paid in the original currency in which the Company incurred such Loss or Loss Adjustment Expenses. As respects other currencies, the Loss and Loss Adjustment Expenses as respect any Ceded Contract shall be paid in United States Dollars or other original currency per Article 15. The Retrocessionaire shall also be liable for the Ceded Percentage of Extra Contractual Obligations as set forth in Article 14. The Company in its full discretion shall investigate, defend, and resolve claims or proceedings relating to the Ceded Contracts. Without prejudice to the foregoing and to the Original Conditions Article of this Agreement, while the Retrocessionaire does not undertake to investigate or defend claims or proceedings, it shall nevertheless have the right and be given the opportunity, at its request and with the full cooperation of the Company, to appoint representatives at its own expense and to become associated with the Company and the Company’s representatives in the investigation or control of any claims or proceedings involving this Agreement.
LOSS AND LOSS ADJUSTMENT EXPENSE. The Reinsurer shall assume, be liable for and pay to or on behalf of the Company, the Ceded Percentage of all Loss and Loss Adjustment Expenses incurred in connection with each Policy, including, but not limited to, judgments (including interest thereon), settlements and compromises in connection therewith, in each case net of collectable Inuring Reinsurance. The Reinsurer shall also be liable for the Ceded Percentage of Extra Contractual Obligations as set forth in Article 14, net of collectable Inuring Reinsurance. The Company in its full discretion shall investigate, defend, and resolve claims or proceedings relating to the Policies. Without prejudice to the foregoing and to the Original Conditions Article of this Agreement, while the Reinsurer does not undertake to investigate or defend claims or proceedings, it shall nevertheless have the right and be given the opportunity, at its request and with the full cooperation of the Company, to appoint representatives at its own expense and to become associated with the Company and the Company's representatives in the investigation or control of any claims or proceedings involving this Agreement.
LOSS AND LOSS ADJUSTMENT EXPENSE. 4.01 All loss settlements made by the Company or the General Agent under the terms of this Agreement, whether under strict policy conditions or by way of compromise, shall be unconditionally binding upon the Reinsurer in proportion to its participation, and the Reinsurer shall benefit proportionately in all salvage and recoveries. The Reinsurer shall assume and be liable for and pay on behalf of the Company, all losses incurred in connection with the risks covered by this Agreement, including, but not limited to, judgments (including interest thereon) and settlements in connection therewith. The Reinsurer shall also be liable for and pay on behalf of the Company all costs, expenses, and fees (including, but not limited to, attorney's fees) incurred by the Company in connection with the investigation or settlement or contesting the validity of claims or losses covered under this Agreement (this shall include but, of course, is not limited to, costs, expenses and fees resulting from a declaratory judgment or injunctive action brought by an insured or other person).
LOSS AND LOSS ADJUSTMENT EXPENSE. 7.1 All loss settlements, judgments and all interest on said judgments, including losses in excess of policy limits (XPL) and extra contractual obligations (ECO) made by the Company or the Company's designee under the terms of this Agreement, whether under strict policy conditions or by way of compromise, shall be unconditionally binding upon the Reinsurer. The Reinsurer shall be credited with all salvage or recoveries by the Company on business reinsured hereunder.
LOSS AND LOSS ADJUSTMENT EXPENSE. The Retrocessionaire shall assume, be liable for and pay to or on behalf of the Company, the Ceded Percentage of all Loss and Loss Adjustment Expenses incurred in connection with the Ceded Contracts, including, but not limited to, judgments (including interest thereon), settlements and compromises in connection therewith. The Retrocessionaire shall also be liable for the Ceded Percentage of Extra Contractual Obligations as set forth in Article 14. The Company in its full discretion shall investigate, defend, and resolve claims or proceedings relating to the Ceded Contracts. Without prejudice to the foregoing and to the Original Conditions Article of this Agreement, while the Retrocessionaire does not undertake to investigate or defend claims or proceedings, it shall nevertheless have the right and be given the opportunity, at its request and with the full cooperation of the Company, to appoint representatives at its own expense and to become associated with the Company and the Company’s representatives in the investigation or control of any claims or proceedings involving this Agreement.
LOSS AND LOSS ADJUSTMENT EXPENSE. 16 20 Offset.......................................................16 21 Currency.....................................................16 22
LOSS AND LOSS ADJUSTMENT EXPENSE. A. All loss settlements, judgments, and all interest on said judgments (including extra contractual obligations awards and loss in excess of policy limits judgments made against the Company, including interest on said judgments) made by the Company, or the Company’s designated representative, whether under strict policy conditions or by way of compromise, shall be unconditionally binding upon the Reinsurer.
LOSS AND LOSS ADJUSTMENT EXPENSE. Allocated Loss Adjustment Expense to be included in the limit. OTHER PROVISIONS: Additional Reinsured Article (in the event any Assumption Liability Endorsements are used). The net retention of the Company to be indemnified on those policies with Assumption Liability Endorsements by the Reinsurer issuing the actual ALE paper, however the ceded liability on those policies shall be shared proportionately by Reinsurers hereunder in the event of the Company's insolvency. It is noted that Reinsurers hereunder agree to proportionately pay any RML or assessment for which the Additional Reinsured becomes liable to pay as a result of issuing ALEs.
LOSS AND LOSS ADJUSTMENT EXPENSE. Subject to the terms and conditions of this Contract, any Loss settlement made by the Company within the terms and conditions of the Policy shall be unconditionally binding upon the Reinsurer in proportion to its participation, and the Reinsurer shall benefit proportionally in all salvages and recoveries. As an allowance for Loss Adjustment Expense (including Declaratory Judgment Expenses), the Reinsurer shall be liable for an amount equal to 6% of the ceded Gross Net Earned Premium hereunder. The Reinsurer shall also reimburse the Company for a pro rata share of any outside legal expenses incurred, but the Reinsurer's liability for such expenses under this Contract and the Companion Contract combined shall not exceed 2.5% of ceded Gross Net Earned Premium under both contracts.
LOSS AND LOSS ADJUSTMENT EXPENSE. 11.01 The Reinsurer shall assume the Reinsurer’s Quota Share of the risks covered by this Agreement and shall be liable for and pay or cause to be paid on behalf of the Company the Reinsurer’s Quota Share of all losses, judgments, interest on judgments, settlements whether under strict policy conditions or because of compromise or settlement, and Loss Adjustment Expenses, Extra Contractual Obligations or Loss in Excess of Policy Limits incurred by the Company in connection with the Policies or the investigation or settlement or contesting the validity of claims or losses covered under this Agreement; the Reinsurer shall, on the other hand, be credited with the Reinsurer’ Quota Share of any amount received by the Company as salvage or recovery. Nothing in the previous sentence shall be deemed or construed to require the Company to first pay the claims or losses under the reinsured policies, then to seek reimbursement for such claims or losses from the Reinsurer; rather, the Reinsurer has assumed sole responsibility for the payment of the claims, losses, Loss Adjustment Expenses, Extra Contractual Obligations and Loss in Excess of Policy Limits under the Policies reinsured hereunder, to be performed in accordance with applicable law and the terms and conditions of the Policies and this Agreement.
