Inuring Reinsurance. It is the intention of the Parties that the Reinsurer shall bear the costs and reap the benefits of the Inuring Reinsurance in proportion to its applicable Quota Share. In exchange for the Reinsurer providing the Ceding Company with an Inuring Reinsurance Premium Allowance in order to pay the premiums under the Inuring Reinsurance agreements, the Reinsurer shall be entitled to a reduction in its liability to the extent of Inuring Reinsurance Recoveries actually received by the Ceding Company. The Reinsurer shall bear the costs of any non-performance of the reinsurers under the Inuring Reinsurance agreements in proportion to its applicable Quota Share.
Inuring Reinsurance. 12.01 It is the intention of the Parties that the Reinsurer shall bear the costs and reap the benefits of the Inuring Reinsurance in proportion to its applicable Quota Share. In exchange for the Reinsurer providing the Ceding Company with an Inuring Reinsurance Premium Allowance in order to pay the premiums under the Inuring Reinsurance agreements, the Reinsurer shall be entitled to a reduction in its liability to the extent of Inuring Reinsurance Recoveries actually received by the Ceding Company. The Reinsurer shall bear the costs of any non-performance of the reinsurers under the Inuring Reinsurance agreements in proportion to its applicable Quota Share.
12.02 The Ceding Company shall use commercially reasonable efforts to enforce all of its rights under the Inuring Reinsurance and to collect all Inuring Reinsurance Recoveries.
Inuring Reinsurance. It is understood and agreed that when the Retrocedant warrants that it is in the best interest of the Retrocedant and the Retrocessionaire, Retrocedant may purchase facultative reinsurance and/or any other treaty reinsurance. The premium for said inuring reinsurance that inures to the benefit of the Retrocessionaire will reduce the Gross Net Premium pursuant to Article 4 hereof. Notwithstanding the above, facultative and treaty reinsurance listed in Appendix 1 hereto shall not inure to the benefit of the Retrocessionnaire.
Inuring Reinsurance. As additional consideration for the liabilities assumed by the Reinsurer pursuant to this Agreement, the parties hereby agree that all Inuring Reinsurance shall inure to the benefit of the Reinsurer and, accordingly, any recovery of funds under the Inuring Reinsurance shall be paid promptly to the Reinsurer.
Inuring Reinsurance. Recoveries under all reinsurance contracts of the Company, whether collected or not, shall inure to the full benefit of this cover. All reinsurance contracts of the Company shall be deemed to be in place until all liability herein is finalized. Material change in inuring reinsurance is subject to mutual agreement by the Reinsurer and the Company; however, this provision shall not apply to any inuring catastrophe reinsurance as purchased by the Company.
Inuring Reinsurance. Recoveries under all reinsurance contracts of the Company, whether collected or not, shall inure to the full benefit of this cover. All reinsurance contracts of the Company shall be deemed to be in place until all liability herein is finalized. Material change in inuring reinsurance is subject to mutual agreement by the Reinsurer and the Company; however, this provision shall not apply to any inuring catastrophe reinsurance as purchased by the Company. Notwithstanding the foregoing, it is hereby recognized that the Company’s inuring Property Catastrophe Excess of Loss Reinsurance Agreement, effective 12:01 a.m., Standard Time, July 1, 2023 through 12:01 a.m., Standard Time, July 1, 2024, shall inure to the sole benefit of the Company on a losses occurring basis.
Inuring Reinsurance. It is understood and agreed that when the Retrocedant warrants that it is in the best interest of the Retrocedant and the Retrocessionaire, Retrocedant may purchase facultative reinsurance and/or any other treaty reinsurance. All Reinsurance in place at April 1, 2005, including the Quota Share with Platinum Underwriters Bermuda, Ltd, inures to the benefit of this program.
Inuring Reinsurance. So long as the Reinsurer shall advance the costs and expenses thereof, the Company shall use commercially reasonable efforts to maintain in force Inuring Reinsurance on all Business written by the Reinsurer pursuant to the Fronting Authority as mutually agreed by the Parties through December 31, 2013.
Inuring Reinsurance. It is understood and agreed that when the Retrocedant warrants that it is in the best interest of the Retrocedant and the Retrocessionaire, Retrocedant may purchase facultative reinsurance and/or any other treaty reinsurance. All Reinsurance in place at April 1, 2004, including the Quota Share with Platinum Underwriters Bermuda, Ltd. and the Aggregate Excess of Loss program with Berkshire Hathaway, inure to the benefit of this program.
Inuring Reinsurance. A. For the purpose of determining the Ultimate Net Loss recoverable under this Agreement, it is hereby agreed that all underlying reinsurances in effect as of the inception date of this Agreement shall at all times during the currency of this Agreement be deemed in place and in full effect whether purchased or not, whether fully subscribed or not, whether collectible or not, for any reason including, inter alia, insolvency, dispute, rescission, statute, or ruling court of law.
B. It is agreed and understood that the underlying term Quota Share reinsurance underwritten by Overseas Partners Re Ltd. shall be deemed in place and in full in effect as of the inception date of this Agreement through and including December 31, 2002.