Ultimate Net Loss. (a) This term means all Losses under Covered Policies in force at the time of a Covered Event prior to the application of the Company’s Retention and Coverage Level, and excluding loss adjustment expense and any exclusions under Article VI.
Ultimate Net Loss. The term "
Ultimate Net Loss. A. The term "
Ultimate Net Loss. A. The term "ultimate net loss" as used herein shall be understood to mean the sum actually paid by the Company in settlement of losses for which it is held liable, including declaratory judgement expenses incurred in connection with coverage questions and legal actions related to a specific claim, pre judgment interest when made part of the award or judgment, 80% of Extra Contractual Obligations and 100% of loss in Excess of Original Policy Limits as provided in the respectively captioned Articles, after making proper deductions for all recoveries, salvages, and claims upon other reinsurances and insurances which inure to the benefit of the Reinsurer under this Agreement, whether collectible or not, and shall exclude all loss adjustment expenses (which shall be separately allocated and paid as provided in paragraph B. below); provided, however, that in the event of the insolvency of the Company, "ultimate net loss" shall mean the amount of loss which the Company has incurred or for which it is liable, and payment by the Reinsurer shall be made to the liquidator, receiver or statutory successor of the Company in accordance with the provisions of the Insolvency Article in this Agreement. Nothing in this clause, however, shall be construed to mean that losses under this Agreement are not recoverable until the ultimate net loss of the Company has been ascertained.
Ultimate Net Loss. (a) This term means all losses of the Company under Covered Policies, prior to the application of the Company’s FHCF Retention, as defined under (28) above, and reimbursement percentage, and excluding loss adjustment expense, arising from each Loss Occurrence during the Contract Year, provided, however, that the Company’s loss shall be determined in accordance with the deductible level written under the policy sustaining the loss.
Ultimate Net Loss. Ultimate Net Loss shall mean the actual loss paid by the Retrocedant, or for which the Retrocedant becomes liable to pay, such loss to include 100% of any Extra Contractual Obligations and 100% of any Excess of Policy Limits loss, and expenses of litigation and interest, if any, and all other loss expenses covered under Original Reinsurance Contract, and such expenses of the Retrocedant incurred in the handling of loss arising out of Original Reinsurance Contracts including subrogation, salvage and recovery expenses (office expenses and salaries of officials and employees not classified as loss adjusters are not chargeable as expenses for purpose of this paragraph), but salvages and all recoveries, including recoveries under all reinsurances which inure to the benefit of this agreement (whether recovered or not), shall be first deducted from such loss to arrive at the amount of liability attaching hereunder. All salvages, recoveries or payments recovered or received subsequent to loss settlement hereunder shall be applied as if recovered or received prior to the aforesaid settlement and all necessary adjustments shall be made by the parties hereto. For purposes of this article, the phrase “becomes liable to pay” shall mean the existence of a judgment or award, which the Retrocedant does not intend to appeal or a release has been obtained by the Retrocedant, or the Retrocedant has accepted a proof of loss. Nothing in this clause shall be construed to mean that losses are not recoverable hereunder until the Retrocedant’s net loss has been ascertained.
Ultimate Net Loss. A. The term “ultimate net loss” as used herein shall be understood to mean the sum actually paid by the Company in settlement of losses for which it is held liable, including loss adjustment expense, 80% of Extra Contractual Obligations and 100% of loss in Excess of Original Policy Limits as provided in the respectively captioned Articles, after making proper deductions for all recoveries, salvages, and claims upon other reinsurances and insurances which inure to the benefit of the Reinsurer under this Agreement, whether collectible or not; provided, however, that in the event of the insolvency of the Company, “ultimate net loss” shall mean the amount of loss which the Company has incurred or for which it is liable, and payment by the Reinsurer shall be made to the liquidator, receiver or statutory successor of the Company in accordance with the provisions of the Insolvency Article in this Agreement. The ultimate net loss shall include Declaratory Judgment Expenses incurred in connection with coverage questions and legal actions related to a specific claim. Nothing in this clause, however, shall be construed to mean that losses under this Agreement are not recoverable until the ultimate net loss of the Company has been ascertained.
Ultimate Net Loss. (a) “Ultimate Net Loss” shall mean (i) the actual amount paid by the Company on its net retained liability under the Reinsured Contracts (including, with respect to Reinsured Contracts that are contracts of assumed reinsurance, all amounts paid by the Company to cedents with respect to losses or loss adjustment expenses and including with respect to Reinsured Contracts that are Derivative Contracts, net amounts due to counterparties from the Company under the terms of such contracts), after making deductions for all recoveries, subrogations and inuring reinsurance actually collected (other than such amounts collected under this Agreement and other than such amounts which constitute premiums under Section 4.3(ii)), plus (ii) Allocated Loss Adjustment Expenses paid by the Company, plus (iii) an amount equal to any additional premium due under the Ceded Reinsurance Agreements; provided that Ultimate Net Loss shall not include any amounts excluded under Article XI.
Ultimate Net Loss. 6 ARTICLE 8
Ultimate Net Loss. (a) This
