EXCESS OF POLICY LIMITS. In the event the loss includes an amount in excess of the Company's Policy limit, 100% of such amount in excess of the Company's Policy limit shall be added to the amount of the Company's Policy limit, and the sum thereof shall be covered hereunder, subject to the Reinsurer's limit of liability appearing in the COVER ARTICLE and MAXIMUM LIMITS OF LIABILITY ARTICLE of this Agreement. 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. 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 POLICY LIMITS. This Agreement shall protect the Company, within the limits hereof, for 100% (one hundred percent) of loss in excess of the limit of its original Policies of insurance, such loss in excess of the limit having been incurred because of failure by the Company or Tower Risk Management to settle within the Policies of insurance limit or by reason of alleged or actual negligence 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. The Reinsurers shall not be liable for more than $1,000,000 (one million dollars) additional subject Ultimate Net Loss for any one claim in respect of Excess of Policy Limits/Extra Contractual Obligations liability and $5,000,000 (five million dollars) in the aggregate for all Excess of Policy Limits/Extra Contractual Obligations liability. However, this Article shall not apply where the loss has been incurred due to a fraud by a member of the board of directors or a corporate officer of the Company or Tower Risk Management 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 POLICY LIMITS. In the event the Loss includes an amount in excess of the Company's Policy limit, such amount, as provided for in the definition of Loss, in excess of the Company's Policy limit shall be added to the amount of the Company's Policy limit, and the sum thereof shall be covered hereunder, subject to the Reinsurer's limit of liability appearing in the COVER ARTICLE of this Agreement. 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.
EXCESS OF POLICY LIMITS. In the event the loss includes an amount in excess of the Company's Policy limit, 80% of such amount, in excess of the Company's Policy limit shall be added to the amount of the Company's Policy limit, and the sum thereof shall be covered hereunder, subject to the Reinsurer's limit of liability appearing in the ARTICLE 2, Cover, of this Agreement. 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 of 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 POLICY LIMITS. This Agreement shall protect the Company, within the limits hereof, for 100% (one hundred percent) of loss in excess of the limit of its original policies of insurance or Reinsurance Agreements, such loss in excess of the limit having been incurred because of failure by the Company or Tower Risk Management to settle within the policies of insurance or Reinsurance Agreement limit or by reason of alleged or actual negligence 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 a fraud by a member of the board of directors or a corporate officer of the Company or Tower Risk Management 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 Reinsurance Agreement.
EXCESS OF POLICY LIMITS. In the event the Ultimate Net Loss includes an amount in excess of the Company's Policy limit, such amount, as provided for in the definition of Ultimate Net Loss, in excess of the Company's Policy limit shall be added to the amount of the Company's Policy limit, and the sum thereof shall be covered hereunder, subject to the Reinsurer's limit of liability appearing in the COVER ARTICLE of this Agreement. 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. 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 POLICY LIMITS. This Agreement shall protect the Company, 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 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. 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 POLICY LIMITS. A. In the event that any Loss paid on or after the Effective Date by or on behalf of Reinsured arising out of or relating to the Original Policies includes an amount in excess of the Original Policy limit, such amount in excess of the Original Policy limit shall be added to the amount of the Original Policy limit and the sum thereof shall be included in the calculation of Losses (and, indirectly, in the calculation of Net Losses) under this Contract. A Loss in Excess of Policy Limits shall be deemed to have occurred on the same date as the Loss covered under the Original Policy and shall constitute part of the original Loss.
B. However, this Article shall not apply where the amount paid has been incurred due to fraud of a member of the Board of Directors or a corporate officer of the 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 or any claim covered hereunder. The term “fraud” for purposes of Paragraph B of this Article 8 and for purposes of Paragraph B of Article 9 shall mean fraud as adjudicated as such by a court of competent jurisdiction.
EXCESS OF POLICY LIMITS. This Agreement will extend to cover any losses arising from claims related excess limits liability. This Agreement shall protect the Company, within the limits hereof, in connection with Ultimate Net Loss in excess of the limit of its original policy for which the Company may be legally liable to pay on business covered hereunder, where loss in excess of the limit has been incurred because of, but not limited to, its failure to settle within the original policy limit 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. Eighty percent (80%) of the amount of any excess of original policy limits shall be added to the Ultimate Net Loss which is covered under the provisions of this Agreement. 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 POLICY LIMITS. Follow the Fortunes...
