Common use of EXCESS OF ORIGINAL POLICY LIMITS Clause in Contracts

EXCESS OF ORIGINAL POLICY LIMITS. In addition to the coverage afforded under ARTICLE 3 - 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 cession limit in addition to any contractual loss hereunder. However, specific Excess of Original Policy Limits coverage afforded under the Reassured's underlying Excess of Loss Reinsurance Contract shall inure to the benefit of Reinsurers hereon. No separate underlying retention of $2,000,000 shall apply to such additional Excess of Original Policy Limits coverage hereunder (subject to the Reassured's 15.0% co-participation hereon). 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. In addition to the coverage afforded under ARTICLE 3 - 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 cession limit for Excess of Original Policy Limits and Extra Contractual Obligations combined, in addition to any contractual loss hereunder. However, specific Excess of Original Policy Limits coverage afforded under the Reassured's underlying Excess of Loss Reinsurance Contract shall inure to the benefit of Reinsurers hereon. No separate underlying retention of $2,000,000 1,000,000 shall apply to such additional Excess of Original Policy Limits coverage hereunder (subject to the Reassured's 15.030% co-participation hereon). 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. In addition to the coverage afforded under ARTICLE 3 - 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 cession limit for Excess of Original Policy Limits and Extra Contractual Obligations combined, in addition to any contractual loss hereunder. However, specific Excess of Original Policy Limits coverage afforded under the Reassured's underlying Excess of Loss Reinsurance Contract and First Excess Cession Reinsurance Contract shall inure to the benefit of Reinsurers hereon. No separate underlying retention of $2,000,000 shall apply to such additional Excess of Original Policy Limits coverage hereunder (subject to the Reassured's 15.0% co-participation hereon). 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. In addition to the coverage afforded under ARTICLE 3 - COVERSections A and B, LIMIT AND RETENTION should as applicable This Contract shall protect the Reassured incur in respect of 90% of any additional liability incurred by the Reassured as the result of an award in excess of their the original policy limit as more fully defined below, the Reinsurers . Such excess of original policy limits coverage shall accept the additional liability incurred solely on cessions made hereunder, be up to an additional cession limit of this Contract and in addition to any contractual loss recovered hereunder. HoweverThe maximum additional recoverable in respect of specific excess of original policy limits and extra contractual obligations coverage shall be $1,000,000 any one claim for Section A or $1,500,000 any one claim for Section B. The Reinsurers agree that the said 90% of the additional liability so incurred, specific Excess of Original Policy Limits coverage afforded under plus the Reassured's underlying Excess contractual loss, shall be considered as one combined loss for the purposes of Loss Reinsurance Contract shall inure to the benefit of Reinsurers hereon. No separate underlying retention of $2,000,000 shall apply to such additional Excess of Original Policy Limits coverage hereunder (subject to the Reassured's 15.0% co-participation hereon)retention. 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. In addition to the coverage afforded under ARTICLE 3 - COVER, LIMIT AND RETENTION should This Contract shall protect the Reassured incur in respect of 90% of any additional liability incurred by the Reassured as the result of an award in excess of their the original policy limit as more fully defined below, the Reinsurers . Such excess of original policy limits coverage shall accept the additional liability incurred solely on cessions made hereunder, be up to an additional cession limit of this Contract and in addition to any contractual loss recovered hereunder, it being understood the maximum additional recoverable in respect of specific excess of original policy limits and extra contractual obligations coverage shall be USD 3,000,000 any one claim. HoweverThe Reinsurers agree that the said 90% of the additional liability so incurred, specific Excess of Original Policy Limits coverage afforded under plus the Reassured's underlying Excess contractual loss, shall be considered as one combined loss for the purposes of Loss Reinsurance Contract shall inure to the benefit of Reinsurers hereon. No separate underlying retention of $2,000,000 shall apply to such additional Excess of Original Policy Limits coverage hereunder (subject to the Reassured's 15.0% co-participation hereon)retention. 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 occurreddiscovered. 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.