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 any other treaty reinsurance. The premium for said inuring reinsurance that inures to the benefit of the Retrocessionaire will be deducted from the premium hereunder. All reinsurance purchased by the Retrocedant inures to the benefit of the Retrocessionaire unless specifically noted in Addendum A.
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. 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. 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. 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. 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.
Inuring Reinsurance. A. The Company shall maintain property catastrophe excess of loss reinsurance, recoveries under which shall inure to the benefit of Coverage B of this Agreement, for the following layers:
1. $29,000,000 in excess of $17,250,000 any one Loss Occurrence, subject to no reinstatements of the limit;
2. $28,750,000 in excess of $46,250,000 any one Loss Occurrence, subject to an annual limit of $57,500,000; and
B. The Company shall provisionally purchase mandatory and optional coverage from the Florida Hurricane Catastrophe Fund (FHCF) with the following limits and retentions:
1. 100% of $10,000,000 excess of $7,250,000 any one Loss Occurrence (optional Limited Apportionment Companies coverage);
2. 90% of $198,000,000 excess of $75,000,000 (mandatory layer); and
3. 90% of $93,000,000 excess of $273,000,000 (optional Temporary Increase in Coverage Limit). The provisional limit and retention above may increase or decrease in accordance with the provisions of the reimbursement contract between the Company and the State Board of Administration of the State of Florida (SBA). Any loss reimbursement paid or payable to the Company for the mandatory and for the optional Temporary Increase in Coverage Limit layers provided by the FHCF, and resulting from Loss Occurrences commencing during the Term of this Agreement, shall inure to the benefit of this Agreement. Any loss reimbursement paid or payable to the Company for the optional Limited Apportionment Companies layer provided by the FHCF shall inure to the benefit of Coverage B of this Agreement. Further, any FHCF loss reimbursement shall be deemed paid to the Company in accordance with the reimbursement contract between the Company and the SBA at the full payout level set forth therein. It is further deemed that any loss reimbursement shall not be reduced by any reduction or exhaustion of the actual claims-paying capacity of the FHCF and that the FHCF fund balance is deemed funded to the fullest extent allowable by Florida statute. Prior to final calculation of the Company’s FHCF retention and payout for the mandatory and optional layers provided by the reimbursement contract between the Company and the SBA, the Reinsurer’s liability hereunder will provisionally be calculated based on the projected FHCF payout and in accordance with paragraph B above. Following the FHCF’s final calculation of the payout for the coverage layers provided by the reimbursement contract, the Ultimate Net Loss under this Agreement will be reca...
