COVER, LIMIT AND RETENTION. This contract applies to all. original policies coming within the scope of this Contact which are issued by the Reassured for limits in excess of $1,000,000 each and every loss, each Insured, each policy/program. In respect of all such policies the Reassured shall cede and the Reinsurers shall accept by the way of reinsurance under this Contract, all liability in excess of underlying limits of $1,000,000 each and every loss, each Insured, each policy/program, subject to a limit of liability to the Reinsurers of up to $1,000,000 each and every loss, each insured, each policy/program. The Reassured shall retain the said underlying limits for their own account but without prejudice to the above shall be at liberty to protect that retention by way of excess of loss reinsurance for their own account and benefit. Reinsurers hereon agree to bear their proportional share of all loss adjustment and defense cost expenses, as per the original policy. Original policies may provide for costs inclusive or costs in addition coverage. Where coverage is issued on a cost inclusive basis, costs shall be included within the limit hereon. Where coverage is issued on a cost in addition basis, pro rata costs shall be payable in addition to the limit hereon. The Reassured shall be at liberty to effect specific facultative reinsurance, for the common account of themselves and Reinsurers, or to omit cessions hereunder, when they consider it in the best interest of the Reinsurers to do so. It is understood and agreed that the limits hereon apply separately to each original coverage and/or section thereof as applicable, issued by the Reassured, unless written on a combined, shared limit basis, as per original policies.
COVER, LIMIT AND RETENTION. 3 ARTICLE 4
COVER, LIMIT AND RETENTION. This contract applies to all original policies coming within the scope of this Contact which are issued by the Reassured for limits up to USD10,000,000 each and every loss, each Insured, each policy/program excess of a minimum underlying of USD10,000,000 each and every loss, each Insured, each policy/program. Reinsurers hereon to bear their proportional share of all loss adjustment and defense cost expenses, as per the original policy. Original policies may provide for costs inclusive or costs in addition coverage. Where coverage is issued on a costs inclusive basis, costs shall be included within the limit hereon. Where coverage is issued on a cost in addition basis, pro rata costs shall be payable in addition to the limit hereon. The Reassured shall be at liberty to omit cessions hereunder, when they consider it in the best interests of the Reinsurers to do so.
COVER, LIMIT AND RETENTION. This Contract applies to excess policies coming within the scope of this Contract which are issued by the Reassured for limits in excess of either US$1,000,000 each and every insured each claim and/or US$3,000,000 in the aggregate each policy where applicable. In respect of all such excess policies the Reassured shall cede, and the Reinsurers shall accept by way of reinsurance under this Contract, liability in excess of minimum underlying limits of either US$1,000,000 each and every insured each claim and/or US$3,000,000 in the aggregate each policy where applicable. The Reassured shall retain the said underlying limits for their own account but, without prejudice to the above, shall be at liberty to protect that retention by way of reinsurance for their own account and benefit. With respect to each such cession, no claim shall be made under this Contract unless and until the Reassured have paid or advanced, or agreed to pay or advance, an amount in excess of the said underlying limits. The Reinsurers shall then be liable for the amount in excess of the said underlying limits, but the amount recoverable hereunder shall not exceed the difference between up to US$5,000,000 each and every insured each claim and/or US$5,000,000 in the aggregate each policy where applicable and the aforementioned underlying limit of US$1,000,000 each and every insured each claim and/or US$3,000,000 in the aggregate each policy where applicable.
COVER, LIMIT AND RETENTION. The Reassured shall cede and the Reinsurers shall accept by way of reinsurance under this Contract a 75% Quota Share of original policy limits up to a maximum of USD2,000,000 or so deemed each and every claim each policy and/or program each original insured. The Reassured shall retain the remaining 25% Quota Share net for their own account and unreinsured but, without prejudice to the foregoing, shall be at liberty to protect that retention by way of inter-company reinsurance and/or clash excess of loss reinsurance for their own account and benefit. It is understood and agreed the Reinsurers hereon to bear their proportional share of all loss adjustment and defense cost expenses, as per the original policy. Original policies may provide for costs inclusive or costs in addition coverage. Where coverage is issued on a costs inclusive basis, costs shall be included within the limit hereon. Where coverage is issued on a cost in addition basis, pro rata costs shall be payable in addition to the limit hereon. The Reassured shall be at liberty to effect specific facultative reinsurance, for the common account of themselves and Reinsurers, when they consider it in the best interest of the Reinsurers to do so. It is understood and agreed that the limits hereon apply separately to each original coverage and/or section thereof as applicable, issued by the Reassured, unless written on a combined, shared limit basis, as per original policies.
COVER, LIMIT AND RETENTION. Whenever the Reassured has paid or advanced, or agreed to pay or advance, or become liable to pay on account of a loss under any policy an amount in excess of US$300,000 Ultimate Net Loss each insured, each claim, the amount recoverable from Reinsurers hereunder shall be the amount in excess of US$300,000 but such amount recoverable shall not exceed a further US$700,000 Ultimate Net Loss each insured, each claim, except in the event that the Reassured has issued a Defence Costs Allowance Rider as part of the original policy, in which event the Ultimate Net Loss covered hereunder may be increased in respect of defence costs by up to a further US$250,000 each insured, each claim. Notwithstanding the foregoing, the fatal amount recoverable from Reinsurers hereunder shall not exceed the sum of US$2,100,000 except in the event that the Premium Income payable to Reinsurers hereo4 as further defined in ARTICLE 10, PREMIUM shall exceed US$500,000, in which event the maximum amount recoverable hereon from Reinsurers shell automatically be increased to US$3,500,000. The specific coverage afforded under this Contract for awards in excess of original policy limits and/or awards arising out of any extra-contractual obligation, subject to the limits set forth above is to apply to all losses regardless of original policy limit, prior to recoveries if any.
COVER, LIMIT AND RETENTION. Awards in excess of the Reassured's original policy limit are defined as losses which the Reassured would have been contractually liable to pay, had it not been for the limit of the original policy and where such losses in excess of the original policy limit have been incurred because of failure by the Reassured to settle within the original policy limit or by reason of alleged or actual negligence, fraud or bad faith in rejecting an offer of settlement or in the preparation of the defence or in the trial of any action against their insured or in the preparation or prosecution of an appeal consequent upon such action. The claims made date for any such award in excess of the original policy limit shall be deemed, in all circumstances, to be the same as the claims made date of the original claim to which such award attaches. However, this Article shall not apply where such awards in excess of original policy limit have been incurred due to the fraud of a member of the Board of Directors or a corporate officer of the Reassured acting individually or collectively or in collusion with any individual or corporation or any other organisation or party involved in the presentation, defence or settlement of any claim.
COVER, LIMIT AND RETENTION. The Reinsurers shall be liable under this Contract in respect of each and every loss, each Insured, each policy/program, for the Reassured's Ultimate Net Loss in excess of USD2,000,000 each and every loss, each Insured, each policy/program, subject to a limit of liability to the Reinsurers of up to USD3,000,000 Ultimate Net Loss each and every loss, each Insured, each policy/program. Allocated loss adjustment expenses (including outside monitoring counsel) not covered under the original policies shall be covered hereunder on a pro-rata costs in addition basis. The Reassured shall retain the aforementioned USD2,000,000 net and unreinsured, except for policies and/or programs reinsured under the Reassured's "i-bind" Quota Share Reinsurance Contract (broker reference 3203/DRI), internal reinsurance and/or Catastrophe Excess of Loss Reinsurance. It is understood and agreed that the limits and retentions hereon apply separately to each original coverage and/or section thereof as applicable, issued by the Reassured, unless written on a combined, shared limit basis, as per the original policies.
COVER, LIMIT AND RETENTION. The Reinsurers shall be liable under this Contract in respect of each and every loss, each Insured, each policy/program, for the Reassured's Ultimate Net Loss in excess of US$3,000,000 each and every loss, each Insured, each policy/program, subject to a limit of liability to the Reinsurers of up to US$7,000,000 Ultimate Net Loss each and every loss, each Insured, each policy/program. The Reassured shall retain the aforementioned $3,000,000 net and unreinsured, except for internal reinsurance and/or Catastrophe Excess of Loss Reinsurance. It is understood and agreed that the limits hereon apply separately to each original coverage and/or section thereof as applicable, issued by the Reassured, unless written on a combined, shared limit basis, as per the original policies. The meaning of "each and every loss", "claim", "claim made" and "losses discovered" shall follow the definitions in the policies covered hereunder, as finally determined by the
