Common use of INSURING CLAUSE Clause in Contracts

INSURING CLAUSE. 2.1 Subject to the terms and conditions of this Agreement, with effect on and from the Effective Date the Retrocedant shall cede to the Retrocessionaire and the Retrocessionaire agrees to accept in return for the payment of the Premium in accordance with Clause 3 the cession by way of 100 per cent. quota share reinsurance of the Retrocedant's risks under and attaching to, relating to or arising out of the Retroceded Policies, such that the Retrocessionaire will reinsure and indemnify the Retrocedant in the amount of 100 per cent. of its Net Retained Losses in respect of such Retroceded Policies. 2.2 Notwithstanding any other provision of this Agreement, it is agreed that the Net Retained Losses of the Retrocedant shall include any Loss to the extent that it relates to a liability or payment incurred in respect of a Reinsured Event (whether death, the diagnosis of a critical illness or otherwise) which occurred prior to, on, or after the Effective Date. 2.3 The Retrocessionaire shall discharge its obligations to the Retrocedant under Clause 2.1 by making payments in accordance with Clause 8.6. 2.4 The Retrocessionaire shall pay, as may be paid thereon and unconditionally follow the settlements (including ex gratia, "without prejudice" and any extra contractual settlements) against the Retrocedant and the Retrocessionaire shall be bound by settlements, or payments made by the Retrocedant irrespective of the legal liability of the Retrocedant and shall not be entitled to argue in defence or otherwise allege that the Retrocedant has failed to take all proper and businesslike steps in making the relevant settlement and/or payment. 2.5 The Retrocedant agrees to consult in good faith with the Retrocessionaire in respect of any claim arising under any Retroceded Policy where the claim exceeds GBP500,000. 2.6 The Retrocedant will inform the Retrocessionaire of any such claim within 14 days of receiving notification from the underlying cedant, and, in the event of any disputes, will consult the Retrocessionaire with respect to the appointment of lawyers and experts. The Retrocedant will take into account any comments of the Retrocessionaire, but will not be bound to follow any request or suggestion of the Retrocessionaire. The Retrocedant will handle all claims in a proper and businesslike manner. 2.7 The sole remedy for any breach of Clauses 2.5 and 2.6 will be damages for any loss proved; provided that any such claim would not operate as a defence (including by way of setoff) against a claim in respect of the Retrocessionaire’s obligations under Clause 2.1.

INSURING CLAUSE. 2.1 Subject to the terms and conditions of this Agreement, with effect on and from the Effective Date the Retrocedant shall cede to the Retrocessionaire and the Retrocessionaire agrees to accept in return for the payment of the Premium in accordance with Clause 3 the cession by way of 100 per cent. quota share reinsurance of the Retrocedant's risks under and attaching to, relating to or arising out of the Retroceded Policies, such that the Retrocessionaire will reinsure and indemnify the Retrocedant in the amount of 100 per cent. of its Net Retained Losses in respect of such Retroceded Policies. 2.2 Notwithstanding any other provision of this Agreement, it is agreed that the Net Retained Losses of the Retrocedant shall include any Loss to the extent that it relates to a liability or payment incurred in respect of a Reinsured Event (whether death, the diagnosis of a critical illness or otherwise) which occurred prior to, on, or after the Effective Date. 2.3 The Retrocessionaire shall discharge its obligations to the Retrocedant under Clause 2.1 by making payments in accordance with Clause 8.6. 2.4 The Retrocessionaire shall pay, as may be paid thereon and unconditionally follow the settlements (including ex gratia, "without prejudice" and any extra contractual settlements) against the Retrocedant and the Retrocessionaire shall be bound by settlements, or payments made by the Retrocedant irrespective of the legal liability of the Retrocedant and shall not be entitled to argue in defence or otherwise allege that the Retrocedant has failed to take all proper and businesslike steps in making the relevant settlement and/or payment. 2.5 The Retrocedant agrees to consult in good faith with the Retrocessionaire in respect of any claim arising under any Retroceded Policy where the claim exceeds GBP500,000. 2.6 The Retrocedant will inform the Retrocessionaire of any such claim within 14 days of receiving notification from the underlying cedant, and, in the event of any disputes, will consult the Retrocessionaire with respect to the appointment of lawyers and experts. The Retrocedant will take into account any comments of the Retrocessionaire, but will not be bound to follow any request or suggestion of the Retrocessionaire. The Retrocedant will handle all claims in a proper and businesslike manner. 2.7 The sole remedy for any breach of Clauses 2.5 ‎2.5 and 2.6 will ‎will be damages for any loss proved; provided that any such claim would not operate as a defence (including by way of setoff) against a claim in respect of the Retrocessionaire’s obligations under Clause 2.1.

INSURING CLAUSE. 2.1 Subject to the terms and conditions of this Agreement, with effect on and from the Effective Date the Retrocedant shall cede to the Retrocessionaire and the Retrocessionaire agrees to accept in return for the payment of the Premium in accordance with Clause 3 the cession by way of 100 per cent. quota share reinsurance of the Retrocedant's risks under and attaching to, relating to or arising out of the Retroceded Policies, such that the Retrocessionaire will reinsure and indemnify the Retrocedant in the amount of 100 per cent. of its Net Retained Losses in respect of such Retroceded Policies. 2.2 Notwithstanding any other provision of this Agreement, it is agreed that the Net Retained Losses of the Retrocedant shall include any Loss to the extent that it relates to a liability or payment incurred in respect of a Reinsured Event (whether death, the diagnosis of a critical illness or otherwise) which occurred prior to, on, or after the Effective Date. 2.3 The Retrocessionaire shall discharge its obligations to the Retrocedant under Clause 2.1 by making payments in accordance with Clause 8.6. 2.4 The Retrocessionaire shall pay, as may be paid thereon and unconditionally follow the settlements (including ex gratia, "without prejudice" and any extra contractual settlements) against the - 14 - Retrocedant and the Retrocessionaire shall be bound by settlements, or payments made by the Retrocedant irrespective of the legal liability of the Retrocedant and shall not be entitled to argue in defence or otherwise allege that the Retrocedant has failed to take all proper and businesslike steps in making the relevant settlement and/or payment. 2.5 The Retrocedant agrees to consult in good faith with the Retrocessionaire in respect of any claim arising under any Retroceded Policy where the claim exceeds GBP500,000. 2.6 The Retrocedant will inform the Retrocessionaire of any such claim within 14 days of receiving notification from the underlying cedant, and, in the event of any disputes, will consult the Retrocessionaire with respect to the appointment of lawyers and experts. The Retrocedant will take into account any comments of the Retrocessionaire, but will not be bound to follow any request or suggestion of the Retrocessionaire. The Retrocedant will handle all claims in a proper and businesslike manner. 2.7 The sole remedy for any breach of Clauses 2.5 and 2.6 will be damages for any loss proved; provided that any such claim would not operate as a defence (including by way of setoff) against a claim in respect of the Retrocessionaire’s obligations under Clause 2.1.