Loss expense as used in this Agreement shall mean all expenses incurred by the Retrocedent in the investigation, appraisal, adjustment, litigation and/or defense of claims under original contracts reinsured hereunder, including court costs and interest accrued before and after final judgment, but excluding internal office expenses, salaries, and other remuneration of regular employees (other than staff field adjusters) of the original reinsureds or the Retrocedent. The Retrocessionaires shall bear their pro rata shares of all such loss expense (unless defined as part of loss in reinsured original contracts) and shall benefit pro rata in all salvages, subrogations, discounts, and other recoveries.
Loss expense will mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation, and defense of claims under policies reinsured hereunder, including court costs, interest accrued prior to judgment if included as part of expense on reinsured policies, and interest accrued after final judgment, but excluding internal office expenses, salaries, per diem, and other remuneration of regular Company employees.
Loss expense means all expenses incurred in the investigation, adjustment, and defense of all claims under the Reassured's Business, including, without limitation, loss expenses, court costs, declaratory judgment expenses, and pre-judgment and post-judgment interest. Loss Expense shall also include any ordinary and reasonable unallocated loss adjustment expense incurred by Reassured in the handling of claims arising out of Reassured's Business.
Examples of Loss expense in a sentence
The Dealer Manager will reimburse the aforesaid parties for any legal or other expenses reasonably incurred by them in connection with investigating or defending such Loss, expense or action.
Loss expense as used in this Agreement will mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation and/or defense of claims under policies reinsured hereunder, including court costs, interest accrued prior to final judgment if included as expense on reinsured policies, and interest accrued after final judgment, but excluding internal office expenses, salaries, per diem, and other remuneration of regular Company employees.
Each such Dealer will reimburse each Dealer Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss, expense or action.
Loss expense will be apportioned between the Company and the Reinsurers in proportion to their respective interests as finally determined in addition to the retentions and limits set forth in Exhibits B, C and G.
The term "Loss expense" includes all payments for legal expenses, including attorney's and witness fees and court costs, salaries and expenses of investigators, adjustors and field men, rents, stationery, telegraph and telephone charges, postage, salaries and expenses of office employees, home office expenses and all other payments under or on account of such injuries, whether the payments are allocated to specific claims or are unallocated.
More Definitions of Loss expense
Loss expense means all costs incurred by Company in the investigation, adjustment, appraisal, defense or settlements of all claims, alleged claims, or suits, including appeals, under or related to the Policies reinsured hereunder, including legal fees, expenses of determining coverage under a Policy (including declaratory judgment expenses), subrogation, salvage and recovery expenses, both prejudgment and post-judgment interest, and any award of costs by a court of competent jurisdiction, excluding, however, office expenses and salaries of officials and employees of Company not classified as loss adjusters.
Loss expense will mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation and/or defense of claims under policies reinsured hereunder, including court costs, interest accrued prior to final judgment if included as part of expense on reinsured policies, and interest accrued after final judgment, but excluding internal office expenses, salaries, per diem, and other remuneration of regular Company employees. Such loss expense, where incurred in connection with claims involving this reinsurance will be apportioned between the Company and the Reinsurers in proportion to their respective interests as finally determined in addition to the retention and limit of this Agreement. However, 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 loss expense incurred in securing such final reduction or reversal will be prorated between the Reinsurers and the Company in the proportion that each benefits from such reduction or reversal, and the expenses incurred up to the time of the original verdict or judgment will be prorated in proportion to each party's interest in such verdict or judgment.
Loss expense will mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation and/or defense of claims under policies reinsured hereunder, including court costs, interest accrued prior to final judgment if included as part of expense on reinsured policies, and interest accrued after final judgment, but excluding internal office expenses, salaries, per diem, and other remuneration of regular Company employees. Such loss expense, where incurred in connection with claims involving this reinsurance will be apportioned between the Company and the Reinsurers in proportion to their respective interests as finally determined in addition to the retention and limit of this Contract. However, 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 loss expense incurred in securing such final reduction or reversal will be prorated between the Reinsurers and the Company in the proportion that each benefits from such reduction or reversal, and the expenses incurred up to the time of the original verdict or judgment will be prorated in proportion to each party's interest in such verdict or judgment.
Loss expense. As per the attached Losses, Loss Adjustment Expenses Subrogation & Salvage Clause. PREMIUM: 10% of the Original Gross Premium for up to $1,000,000 for limits attaching. CEDING COMMISSION: 28.5% of Original Gross Premium for limits attaching. OTHER REINSURANCE: The Company will be permitted to purchase facultative reinsurance on any risk it desires and to deduct the premium thereof. FUNDING OF As per the attached Letters of Credit Clause RESERVES: REPORTS AND As per the attached Clause. REMITTANCES:
Loss expense will mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation and/or defense of claims under policies reinsured hereunder, including court costs, interest accrued prior to and after final judgment, but excluding internal office expenses, salaries, per diem, and other remuneration of regular Company employees. The Reinsurer will pay its pro rata share of all such Loss Expense, including a pro rata share of Loss Expense in addition to their limit of liability under this Agreement as set forth in the Coverage Article, and the Reinsurer will benefit pro rata in all subrogations, discounts and other recoveries.
Loss expense will mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation and/or defense of claims under Policies reinsured hereunder, including expenses identified in the Loss and Loss Adjustment Expense Article, court costs, interest accrued prior to final judgment if included as part of expense on reinsured Policies, and interest accrued after final judgment, but excluding internal office expenses, salaries, per diem, and other remuneration of regular Company employees. Loss Expense will also include Declaratory Judgment Expense. The Reinsurers will bear their pro rata shares of all Loss Expense. The Reinsurers' liability for Loss Expense will be in addition to their limit of liability under this Agreement as set forth in the Coverage Article (unless Loss Expense is included as part of Loss in reinsured Policies), and the Reinsurers will benefit pro rata in all salvages, subrogations, discounts, and other recoveries.
Loss expense means all expenses paid by the Company, or for which the Company has become liable to pay, in the investigation, appraisal, adjustment, settlement, litigation, appeal, and/or defense of claims under the policies reinsured hereunder (including, but not limited to: Xxxxxx X. Xxxxx fees in accordance with the fee structure set forth in Exhibit D of the Managing General Agency Agreement, reference number VSC2004/72, in-house adjusters, defense attorneys and other claims personnel of Tower Claims Services (TCS, court costs; interest accrued prior to and after final judgment; and salaries and expenses of employees of the Company who have been diverted from their normal and customary duties and assigned to the handling of claims on policies reinsured hereunder if Agent is unable to perform its duties in accordance with the Managing General Agency Agreement, reference number VSC2004/72). Loss expense will also include coverage dispute expense and monitoring expense. The Reinsurer will bear all loss expense in addition to its liability hereunder unless such loss expense is included as part of loss under the policies and will benefit accordingly in all salvages, subrogation, discounts, and other recoveries. Loss expense excludes internal office expenses, salaries, per diem, and other remuneration of Company employees who have not been diverted from their normal and customary duties and assigned to the handling of claims on policies reinsured hereunder this Agreement.