Common use of LOSS AND LOSS EXPENSE Clause in Contracts

LOSS AND LOSS EXPENSE. The Retrocessionaire shall be liable for fifty-five percent (55%) of all loss, loss adjustment expenses and other payment obligations as incurred by Retrocedant under the Reinsurance Contracts on and after the Effective Date.

LOSS AND LOSS EXPENSE. The Retrocessionaire shall be liable for fifty-five sixty percent (5560%) of all loss, loss adjustment expenses and other payment obligations as incurred by Retrocedant under the Reinsurance Contracts on and after the Effective DateDate net of all salvages and recoveries under inuring reinsurance. Notwithstanding the above, Retrocessionaire's maximum liability for loss and loss expense shall be limited to 230% of the Gross Net Premium ceded to Retrocessionaire under this Agreement.