EXCESS OF ORIGINAL POLICY LIMITS. A. This Agreement shall protect the Company, within the limits hereof, in connection with any loss in excess of the limit of its original policy, such loss in excess of the limit having been incurred because of failure by it to settle within the 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 defense or in the trial of any action against its insured or in the preparation or prosecution of an appeal consequent upon such action.
B. However, this Article shall not apply where the loss has been incurred due to the fraud of a member of the Board of Directors or a corporate officer of the Company acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder.
C. For the purposes of this Article, the word "loss" shall mean any amounts for which the Company would have been contractually liable to pay had it not been for the limit of the original policy.
EXCESS OF ORIGINAL POLICY LIMITS. This Agreement shall protect the Retrocedant and any original reinsured, within the limits hereof, in connection with loss in excess of the limit of its original policy, such loss in excess of the limit having been incurred because of failure of the original reinsured to settle within the 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 defense or in the trial of any action against its insured or reinsured or in the preparation or prosecution of an appeal consequent upon such action. However, this Article shall not apply where the loss has been incurred due (i) solely to the acts, or failure to act, of the Retrocedant in handling its claims or (ii) to fraud by a member of the Board of Directors or a corporate officer of the original reinsured acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder. For the purpose of this Article, the word “loss” shall mean any amounts for which the original reinsured or Retrocedant would have been contractually liable to pay had it not been for the limit of the original policy.
EXCESS OF ORIGINAL POLICY LIMITS. A. This Agreement shall protect the Company, within the limits hereof, in connection with Losses Incurred in excess of the limit of its original Policy including any legal costs and expenses incurred in connection therewith (“Excess of Original Policy Limit Loss”), such loss in excess of the limit having been incurred because of failure by it to settle within the 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 defense or in the trial of any action against its insured or reinsured or in the preparation or prosecution of an appeal consequent upon such action.
B. Such loss in excess of the Company’s policy limit, including any legal costs and expenses incurred in connection therewith, shall be added to the amount of the Company’s policy limit and the sum thereof shall be considered one loss.
C. This Article shall not apply where the Excess of Original Policy Limit Loss has been incurred due to an adjudicated finding of fraud or a criminal act of a member of the Board of Directors or an executive corporate officer of the Company acting individually or collectively or in collusion with any individual or organization.
D. Recoveries from any form of insurance or reinsurance, whether collectible or not, which protects the Company against claims which are the subject matter of this Article and any contribution, subrogation or recovery shall inure to the benefit of the Reinsurer and shall be deducted first to determine the amount of the Company’s Net Loss(es).
E. If any provision of this Article shall be rendered illegal or unenforceable by the laws, regulations or public policy of any state, such provision shall be considered void in such state, but this shall not affect the validity or enforceability of any other provision of this Agreement or the enforceability of such provision in any other jurisdiction.
EXCESS OF ORIGINAL POLICY LIMITS. In addition to the coverage afforded under COVER, LIMIT AND RETENTION should the Reassured incur additional liability as the result of an award in excess of their original policy limit as defined below, the Reinsurers shall accept the additional liability incurred solely on cessions made hereunder, up to an additional Contract limit in addition to any contractual loss hereunder (subject to the Reassured's 10.0% co-participation hereon), it being understood the maximum additional recoverable in respect of specific excess of original policy limits and extra contractual obligations coverage shall be USD10,000,000 any one claim. However, specific Excess of Original Policy Limits coverage afforded under the Reassured's underlying Excess of Loss and Excess Cession Reinsurance Contracts shall inure to the benefit of Reinsurers hereon. No separate underlying retention of USD10,000,000 shall apply to such additional Excess of Original Policy Limits coverage hereunder. Awards in excess of the original policy limit are defined as contractual losses which the Reassured may be legally liable to pay, but in excess of the original policy limit, such losses in excess of the original policy limit having been incurred because of, but not limited to, the following: 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 defense or in the trial of any action against an insured or in the preparation or prosecution of an appeal consequent upon such action. The date on which any liability in excess of original policy limits is incurred by the Reassured shall be deemed, in all circumstances, to be the date the original claim was made or occurred. 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 organization or party involved in the presentation, defense or settlement of any claim.
EXCESS OF ORIGINAL POLICY LIMITS. This Contract shall protect the Company as provided in Article 2 - Business Covered, in connection with loss in excess of the limit of the original policy, such loss in excess of the limit having been incurred because of failure by the Company to settle within the 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 defense or in the, trial of any action against its insured or reinsured or in the preparation or prosecution of an appeal consequent upon such action. However, this Article shall not apply where the loss has been incurred due to fraud by a member of the Board of Directors or a corporate officer of the Company acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder. For the purpose of this Article, the word "loss" shall mean any amounts for which the Company would have been contractually liable to pay had it not been for the limit of the original policy. The date on which any Excess of Original Policy Limit loss is incurred by the Company shall be deemed, in all circumstances, to be the date of the original loss.
EXCESS OF ORIGINAL POLICY LIMITS. This Contract shall protect the Company as provided in Article 2 - Business Covered in connection with loss in excess of the limit of the original policy. However, this Article shall not apply where the loss has been incurred due to fraud by a member of the Board of Directors or a corporate officer of the Company acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder. For the purpose of this Article, the word "loss" shall mean any amounts for which the Company would have been contractually liable to pay had it not been for the limit of the original policy.
EXCESS OF ORIGINAL POLICY LIMITS. A. This Agreement shall protect the Company, within the limits hereof, in respect of policies ceded to this Agreement in connection with ultimate net loss in excess of the limit of its original policy, such loss in excess of the limit having been incurred because of failure by it to settle within the 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 defense or in the trial of any action against its insured or reinsured or in the preparation or prosecution of an appeal consequent upon such action.
B. However, this Article shall not apply where the loss has been incurred due to fraud by a member of the Board of Directors or a corporate officer of the Company acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder.
C. For the purpose of this Article, the word "loss" shall mean any amounts for which the Company would have been contractually liable to pay had it not been for the limit of the original policy.
EXCESS OF ORIGINAL POLICY LIMITS. 6 ARTICLE 10
EXCESS OF ORIGINAL POLICY LIMITS. This Agreement shall protect the Company as provided in Article 1 - Business Covered in connection with Loss in excess of the limit of the original Policy, such Loss in excess of the limit having been incurred because of failure by the Company to settle within the 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 defense or in the, trial of any action against its insured or reinsured or in the preparation of prosecution of an appeal consequent upon such action. However, this Article shall not apply where the Loss has been incurred due to fraud by a member of the Board of Directors or a corporate officer of the Company acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder.
EXCESS OF ORIGINAL POLICY LIMITS. This Reinsurance Agreement shall protect the Company as provided in Article 1 — Business Covered in connection with Loss in excess of the limit of the original Policy, such Loss in excess of the limit having been incurred because of failure by the Company to settle within the 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 defense or in the trial of any action against its insured or reinsured or in the preparation of prosecution of an appeal consequent upon such action. However, this Article shall not apply where the Loss has been incurred due to fraud by a member of the Board of Directors or a corporate officer of the Company acting individually or Surety Canada Quota Share Treaty Effective: January 1, 2011 Page 4 of 15 collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder. For the purpose of this Article, the word “Loss” shall mean any amounts for which the Company would have been contractually liable to pay had it not been for the limit of the original Policy. The date on which any Excess of Original Policy Limit Loss is incurred by the Company shall be deemed, in all circumstances, to be the date of the original Loss.
