Salvage And Subrogation definition

Salvage And Subrogation means salvage, subrogation and similar recoveries in respect of the Covered Business but does not include any reinsurance recoverables. All references to amounts of Salvage And Subrogation in this Reinsurance Agreement, including Ceded Reinsurance with respect thereto, are only to amounts Actually Received by the Reinsured and/or Actually Paid to reinsurers on Ceded Reinsurance.
Sample 1
Salvage And Subrogation. The Reinsured shall pay to the Reinsurer its pro rata share of any recoveries, salvages or reimbursements on account of any Loss paid by the Reinsurer hereunder within ten (10) days of the last day of the calendar quarter of receipt by Reinsured thereof. In the event there are any recoveries, salvage or reimbursements recovered subsequent to a Loss payment, it is agreed that the amount recovered shall first be applied to the reimbursement of the expense of recovery and then in proportion to the liability of each party for the Loss before such recovery had been obtained. Expenses hereunder shall exclude all office expenses and salaries of officials and employees of the Reinsured. Notwithstanding anything herein to the contrary, this article shall remain in effect until all recoveries, salvages or reimbursements on account of any Loss paid by the Reinsurer hereunder shall have been obtained.
Sample 1

Examples of Salvage And Subrogation in a sentence

  • The Reinsured shall retain sole responsibility for its claims handling and reinsurance on the Covered Business, including Ceded Reinsurance, and for the pursuit and collection of any Salvage And Subrogation with respect thereto.

  • The Reinsured shall administer and manage such claims, reinsurance and Salvage And Subrogation, both within and in excess of the Retention, in good faith, and in a prudent manner consistent with its practices and to the same service levels as of the Effective Date, as though this Reinsurance Agreement had not been issued.

Related to Salvage And Subrogation

  • protection and indemnity risks means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/11/95) or clause 8 of the Institute Time Clauses (Hulls) (1/10/83) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision;

  • Subrogation means the right of the insurer to assume the rights of the insured person to recover expenses paid out under the policy that may be recovered from any other source.

  • Crew Insurances means insurances against crew risks which shall include but not be limited to death, sickness, repatriation, injury, shipwreck unemployment indemnity and loss of personal effects.

  • General Liability means:Your legal liability in respect of Personal Injury and/or Property Damage and/or Advertising Injury caused by or arising out of an Occurrence happening in connection with the Business other than Products Liability.

  • Indemnity, Subrogation and Contribution Agreement means the Indemnity, Subrogation and Contribution Agreement among Xxxxx 0, the Borrower, the Subsidiary Loan Parties and the Collateral Agent, substantially in the form of Exhibit C-3.

  • General Liability Insurance Subcontractor shall carry minimum primary General Liability Insurance for the following amounts:

  • Primary Insurance Policy Each policy of primary mortgage guaranty insurance or any replacement policy therefor with respect to any Mortgage Loan.

  • General Liabilities shall have the meaning given it in Article III, Section 6(b) of this Declaration of Trust;

  • FHA Insurance The contractual obligation of FHA respecting the insurance of an FHA Loan pursuant to the National Housing Act, as amended.

  • Primary insurance means the policies listed in this policy’s Umbrella Schedule.

  • Reinsurance means the activity consisting in accepting risks ceded by an insurance undertaking or by another reinsurance undertaking or, in the case of the association of underwriters known as Lloyd's, the activity consisting in accepting risks, ceded by any member of Lloyd's, by an insurance or reinsurance undertaking other than the association of underwriters known as Lloyd's;

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • Liability Insurance means compulsory professional liability errors and omissions insurance required by a governing body;

  • Insurance means comprehensive insurance of the vehicle(s)/equipment and shall include insurance of the crew.

  • Company Insurance Policies has the meaning set forth in Section 4.15.

  • Insurers means the underwriters or insurance companies with whom any Obligatory Insurances are effected and the managers of any protection and indemnity or war risks association in which any or the Collateral Vessels may at any time be entered.

  • Exclusions means that certain things are deliberately not covered in a particular policy type

  • Self-insurance means the licence holder's financial capacity to meet any liability to a third party in respect of which the licence holder does not otherwise have insurance.

  • Insurances means, in relation to a Ship:

  • D&O Liability Insurance Policies means all insurance policies (including any “tail policy”) of any of the Debtors for liability of any current or former directors, managers, officers, and members.

  • group insurance means insurance, other than creditor’s group insurance and family insurance, whereby the lives of a number of persons are insured severally under a single contract between an insurer and an employer or other person; (“assurance collective”)

  • Errors and Omissions Insurance Policy means an errors and omissions insurance policy maintained by the Master Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator, as the case may be, in accordance with Section 8.2, Section 9.2 and Section 7.17, respectively.

  • R&W Insurance Policy means the representations and warranties insurance policy issued to Buyer in connection with the transactions contemplated hereby.

  • War Risks means any event specified in paragraphs (a) and (b) of CC Sub-Clause 37.1 and any explosion or impact of any mine, bomb, shell, grenade or other projectile, missile, munitions or explosive of war, occurring or existing in or near the country (or countries) where the Site is located.

  • Insurance Provider s Tender” means the completed Tendering Document submitted by the Insurance Provider to the Procuring Entity