LOSS ADJUSTMENT EXPENSES. Loss Adjustment Expenses shall include both allocated and unallocated loss expenses and shall be included in the Ultimate Net Loss, and are defined as all expenses of the Company, including expenses for declaratory judgment actions, monitoring of underlying litigation or claims, and coverage opinions, incurred by the Company in the settlement, investigation, defense, or adjustment of all claims under all Policies.
LOSS ADJUSTMENT EXPENSES reserves for outstanding losses recoverable hereunder as of the close of the accounted month.
LOSS ADJUSTMENT EXPENSES. Payment of “Loss Adjustment Expense.” The Company shall be responsible to pay all Loss Adjustment Expenses. For purposes of this Agreement, Loss Adjustment Expense(s) shall mean any expense, internal and external, which is chargeable or attributable to the investigation, coverage analysis, estimating, adjustment, negotiation, disbursement, settlement, defense or general handling of any Claim(s) or action(s) related thereto, or to the protection and/or perfection of the Company’s and/or its insured’s right of subrogation, contribution or indemnification. Loss Adjustment Expense(s) includes, but is not limited to, the following:
LOSS ADJUSTMENT EXPENSES. A. For eligible CAT crop insurance contracts, FCIC will pay to the Company an amount equal to 4.7 percent of the total net book premium for eligible CAT crop insurance contracts computed at 65 percent of the recorded or appraised average yield indemnified at 100 percent of the projected market price, or equivalent coverage, for loss adjustment expense. The loss adjustment expense specified in this section will be included in the monthly summary report containing the data obtained from acreage reports that have met the processing provisions specified in Manual 13. In addition to the amounts stated in this subsection:
1. If the actual loss ratio on the Company's net book premium of all eligible CAT crop insurance contracts for the reinsurance year exceeds 60 percent but is not greater than 160 percent, FCIC will pay to the Company, as loss adjustment expense, an additional 0.017 percent of the net book premium on all eligible CAT crop insurance contracts reinsured under this Agreement for each full point between a 60 percent and 160 percent loss ratio. The loss adjustment expense payable to the Company under this paragraph will not exceed 1.7 percent. The loss adjustment expense payable to the Company under this paragraph for such eligible CAT crop insurance contracts shall be computed on premium determined at 65 percent of the recorded or appraised average yield indemnified at 100 percent of the projected market price, or equivalent coverage.
2. In addition to the amounts stated in section IV.A.1, if the actual loss ratio on the Company's net book premium of all eligible CAT crop insurance contracts for the reinsurance year exceeds 160 percent but not greater than 260 percent, FCIC will pay to the Company, as excess loss adjustment expense, an additional 0.007 percent of the net book premium on all eligible CAT crop insurance contracts reinsured under this Agreement for each full point between a 160 percent and 260 percent loss ratio. The excess loss adjustment expense payable under this paragraph will not exceed
LOSS ADJUSTMENT EXPENSES. Loss Adjustment Expenses incurred by the Reinsureds pursuant to this Agreement shall be paid by the Reinsureds. Loss Adjustment Expenses are excluded in calculating the Ultimate Net Loss as defined in Article 15, as set forth in Article 7, paragraph (1)(c).
LOSS ADJUSTMENT EXPENSES. Unless expressly provided for in this Agreement, INSpire Claims will be entitled to no other compensation. To this end, INSpire Claims will pay with its own funds, and not with the funds of Customer or insurers or reinsurers represented by Customer, all allocated and unallocated loss adjustment expenses necessary to perform Services, including its overhead, personnel and administrative expenses, the costs of records retrieval, medical reviews, investigators, appraisers, experts and all other vendors and subcontractors. Unless expressly provided for in this Agreement, Customer and the insurers and reinsurers represented by Customer will have no obligation to reimburse INSpire Claims for any internal or external expenses or loss adjustment expenses incurred by INSpire Claims in the performance of Services, except in the event of extraordinary loss adjustment expenses incurred as the direct result of a catastrophic event, in which instance INSpire will be entitled to be reimbursed for those extraordinary loss adjustment expenses on the condition that the expenses are deemed reasonable and appropriate by the insurer and are reimbursable to INSpire by the insurer. Under no circumstances will Customer have any obligation to pay any amount to INSpire in addition to the Services Fee set forth in Section 1.3(a).
LOSS ADJUSTMENT EXPENSES. Each party assuming liability hereunder shall bear its proportionate share of all expenses incurred by the other in the investigation, adjustment, appraisal and defense of all claims under policies, contracts, and binders which are or become a part of the Pooled Business, and shall receive its proportionate share of any recoveries of such expense. Proportionate shares in this section 2.6 shall be equal to the Participation Percentages.
LOSS ADJUSTMENT EXPENSES. Unless otherwise specifically provided in this Agreement, the Administrator shall be solely responsible for issuing payments for all loss adjustment expenses incurred by or payable to independent third parties in the administration of claims under this Agreement.
LOSS ADJUSTMENT EXPENSES. It is understood and agreed that the Insurers will appoint an adjuster, at their expense, for the adjustment of all insured claims made against this Contract.
LOSS ADJUSTMENT EXPENSES. Reinsurer shall bear its share of all Loss Adjustment Expenses incurred by the Company and shall receive its proportionate share of any recoveries of such expenses. It is understood and agreed that all loss expenses incurred are subject to the maximum liability of Reinsurer as provided in Article 5 of this Agreement.