BUSINESS COVERED. A. By this contract (the "Contract") the Company cedes to the Reinsurer and the Reinsurer hereby accepts, assumes liability for, and reinsures the Company's 100% share in the interests and liabilities arising out of directly or indirectly, in whole or in part or in connection with the Aggregate Excess of Loss Credit Insurance Policy (policy number ), effective February 1, 2020 (hereinafter referred to as the "Policy") issued to Federal National Mortgage Association (hereinafter referred to as the "Insured"). This reinsurance is a 100% cession of all of the Company's liability under the Policy. The reinsurance shall inure to the benefit of the Insured, subject to and in accordance with the terms, provisions, conditions and stipulations of the Policy and the provisions of this Contract. As set forth in this Contract, the Insured shall have the right to bring an action against the Reinsurer to recover the loss sustained by the Insured for which the Reinsurer is liable hereunder.
B. A copy of the Policy and the Required Collateral Percentage matrix are attached to, form part of, and are incorporated into this Contract as Exhibit A and Schedule 1, respectively. The Assumption of Liability Endorsement and the Reinsurance Trust Agreement are attached to each Subscribing Reinsurer's Interests and Liabilities Agreement, and form part of and are incorporated into this Contract as Exhibit B and Exhibit C, respectively, for each Subscribing Reinsurer.
C. Nothing herein shall be construed as prejudicing the rights of the Insured under the Policy in any manner.
D. The Reinsurer's liability shall attach simultaneously with that of the Company under the Policy, and all cessions to the Reinsurer by virtue of this Contract shall be subject in all respects to the same risks, terms, conditions, interpretations, assessments, waivers, modifications, alterations and cancellations as in the Policy of the Company to which the cessions relate, the true intent of this Contract being that the Reinsurer shall, in every case to which this Contract applies, follow the fortunes of the Company under the Policy.
E. The Reinsurer acknowledges that:
1. Except as expressly permitted by the Policy, the obligation of the Company to make payment under the Policy is unconditional, irrevocable and non-cancellable by the Company for any reason; and
2. Except as to those rights expressly retained in the Policy, the Company has waived, and agreed not to assert, any and all rights (whether by counterc...
BUSINESS COVERED. This Contract is to indemnify the Company in respect of the liability that may accrue to the Company as a result of loss or losses under all Policies in force at the inception of this Contract, or written or renewed by the Company during the term of this Contract and classified by the Company as personal property and liability insurance and pet insurance, subject to the terms and conditions herein contained.
BUSINESS COVERED. Retrocedant hereby obligates itself to retrocede to Retrocessionaire and Retrocessionaire hereby obligates itself to accept, pursuant to the terms of this Agreement, a one hundred percent (100%) quota share of any and all liabilities incurred by Retrocedant on or after January 1, 2002 but not yet paid as of the Effective Time, under reinsurance and retrocession contracts, as listed in Exhibit A hereto (the "REINSURANCE CONTRACTS").
BUSINESS COVERED. This Agreement is to indemnify and hold the Company harmless in respect of the applicable Ceded Percentage of the Company's liability net of collectable Inuring Reinsurance that may accrue to the Company in respect of its participation in each Policy incepting on or after the Effective Date and prior to the Termination Date.
BUSINESS COVERED. This Contract is to indemnify the Company in respect of the liability that may accrue to the Company as a result of Reinstatement Premium the Company may become liable to pay under the reinstatement provisions of the Property Catastrophe Excess of Loss Reinsurance Contract, effective at 12:01 a.m., Standard Time, June 1, 2020 and expiring 12:01 a.m., Standard Time, June 1, 2021, Document Number: U8GR0001 (the “Original Contract”), subject to the terms and conditions herein contained. The Original Contract covers losses under Policies not covered by the Company’s Flood Tower, covering direct and assumed business classified by the Company as the property perils of Business Owners, Homeowners, Condominium Owners, Renters and Dwelling, in force at the inception of this Contract, or issued or renewed during the term of this Contract. A copy of the Original Contract is attached to and forms part of this Contract.
BUSINESS COVERED. This Agreement is to indemnify the Retrocedant in respect of the net excess liability as a result of any loss or losses which may occur during the term of this Agreement under any Original Reinsurance Contracts written by the Retrocedant covering all perils as assumed under the original contracts including wind, flood, earthquake, and earthquake fire expense insurance.
BUSINESS COVERED. The Reinsurer agrees to reimburse the Company, on an excess of loss basis, for the amounts of ultimate net loss which the Company may pay as a result of claims made during the term of this Agreement under binders, policies and contracts of insurance (hereinafter called "policies"), hereafter issued or entered into by or on behalf of the Company, covering the types of policy forms set forth below as written by the Company, except as excluded under the Exclusions Article of this Agreement, subject to the limitations set forth in the Limit and Retention Article:
BUSINESS COVERED. By this Contract the Reinsurer agrees to reinsure the excess liability of the Company under its Policies in force at the effective time and date hereof or issued or renewed at or after that time and date, and classified by the Company as Workers’ Compensation, Employers Liability, including but not limited to, coverage provided under the U.S. Xxxxxxxxx and Harbor Workers’ Compensation Act, Xxxxx Act, Outer Continental Shelf Land Act and any other Federal Coverage extensions and General Liability business, subject to the terms, conditions and limitations hereafter set forth.
BUSINESS COVERED. A. This Agreement applies to all in-force, new and renewal Policies, except as hereinafter excluded, written and classified by the Company as Fire and Allied Perils, Commercial Multiple Peril, Homeowners Multiple Peril and Liability, Workers’ Compensation, Inland Marine and Automobile Liability and Physical Damage, with an inception date effective during the term of this Agreement and which are classified by the Company as Traditional Program Business.
BUSINESS COVERED. By this Agreement the Reinsurer agrees to indemnify the Company for 100% of any net reinstatement premium which the Company pays or becomes liable to pay as a result of loss occurrences commencing during the term of this Agreement under the provisions of, and as defined under, the First and Second Excess Layer of the Company's Property Catastrophe Excess of Loss Reinsurance Agreement (BMS Agreement No. X0XXXX000, Schedules A and B), effective June 1, 2011, including any amendments thereto(hereinafter referred to as the “Original Agreement”), subject to the terms, conditions and limitations hereinafter set forth.
