Common use of Losses and Loss Adjustment Expenses Clause in Contracts

Losses and Loss Adjustment Expenses. A. All loss settlements made by CPIC with regards to the Specialty Program Business, whether under strict policy conditions or by way of compromise, shall be unconditionally binding upon TICNY. B. Each Participating Company shall be liable for its percentage share per Schedule 1 of loss and loss adjustment expenses incurred under or in connection with the Policies and shall be credited with its percentage share per Schedule 1 of any recoveries of such expense. C. If a Participating Company pays or is held liable to pay any punitive, exemplary, compensatory, or consequential damages (hereinafter called “Extra Contractual Obligations”) because of alleged or actual negligence on its part in handling a claim under a Policy, one hundred percent (100%) of such Extra Contractual Obligations (to the extent permitted by law) shall be added to the Net Liability, if any, of such Participating Company under the Policy involved, and the sum thereof shall be subject to this Pooling Agreement; provided, however, that no such payment of Extra Contractual Obligations shall be permitted if such payment is contrary to New York law. D. If a Participating Company pays or is held liable to pay in connection with any loss, amounts in excess of the limit of its original Policy, such loss in excess of that limit having been incurred because of its failure to settle within the Policy limit or by reason of alleged or actual negligence in rejecting an offer of settlement or in the preparation of the defense or in the trial of any action against the original insured or reinsured or in the preparation or prosecution of an appeal consequent upon such action (hereinafter called an “Excess of Policy Limits Loss”), one hundred percent (100%) of such Excess of Policy Limits Loss (to the extent permitted by law) shall be added to the Net Liability, if any, of such Participating Company under the Policy involved, and the sum thereof shall be subject to this Pooling Agreement.

Losses and Loss Adjustment Expenses. A. All loss settlements made by CPIC TICNY with regards to the Specialty Program Brokerage Business, whether under strict policy conditions or by way of compromise, shall be unconditionally binding upon TICNYCPIC. B. Each Participating Company shall be liable for its percentage share per Schedule 1 of loss and loss adjustment expenses incurred under or in connection with the Policies and shall be credited with its percentage share per Schedule 1 of any recoveries of such expense. C. If a Participating Company pays or is held liable to pay any punitive, exemplary, compensatory, or consequential damages (hereinafter called “Extra Contractual Obligations”) because of alleged or actual negligence on its part in handling a claim under a Policy, one hundred percent (100%) of such Extra Contractual Obligations (to the extent permitted by law) shall be added to the Net Liability, if any, of such Participating Company under the Policy involved, and the sum thereof shall be subject to this Pooling Agreement; provided, however, that no such payment of Extra Contractual Obligations shall be permitted if such payment is contrary to New York law. D. If a Participating Company pays or is held liable to pay in connection with any loss, loss amounts in excess of the limit of its original Policy, such loss in excess of that limit having been incurred because of its failure to settle within the Policy limit or by reason of alleged or actual negligence in rejecting an offer of settlement or in the preparation of the defense or in the trial of any action against the original insured or reinsured or in the preparation or prosecution of an appeal consequent upon such action (hereinafter called an “Excess of Policy Limits Loss”), one hundred percent (100%) of such Excess of Policy Limits Loss (to the extent permitted by law) shall be added to the Net Liability, if any, of such Participating Company under the Policy involved, and the sum thereof shall be subject to this Pooling Agreement.

Losses and Loss Adjustment Expenses. A. All loss settlements made by CPIC with regards to the Specialty Traditional Program Business, whether under strict policy conditions or by way of compromise, shall be unconditionally binding upon TICNY. B. Each Participating Company shall be liable for its percentage share per Schedule 1 of loss and loss adjustment expenses incurred under or in connection with the Policies and shall be credited with its percentage share per Schedule 1 of any recoveries of such expense. C. If a Participating Company pays or is held liable to pay any punitive, exemplary, compensatory, or consequential damages (hereinafter called “Extra Contractual Obligations”) because of alleged or actual negligence on its part in handling a claim under a Policy, one hundred percent (100%) of such Extra Contractual Obligations (to the extent permitted by law) shall be added to the Net Liability, if any, of such Participating Company under the Policy involved, and the sum thereof shall be subject to this Pooling Agreement; provided, however, that no such payment of Extra Contractual Obligations shall be permitted if such payment is contrary to New York law. D. If a Participating Company pays or is held liable to pay in connection with any loss, amounts in excess of the limit of its original Policy, such loss in excess of that limit having been incurred because of its failure to settle within the Policy limit or by reason of alleged or actual negligence in rejecting an offer of settlement or in the preparation of the defense or in the trial of any action against the original insured or reinsured or in the preparation or prosecution of an appeal consequent upon such action (hereinafter called an “Excess of Policy Limits Loss”), one hundred percent (100%) of such Excess of Policy Limits Loss (to the extent permitted by law) shall be added to the Net Liability, if any, of such Participating Company under the Policy involved, and the sum thereof shall be subject to this Pooling Agreement.

Losses and Loss Adjustment Expenses. A. All loss settlements made by CPIC with regards to the Specialty Program Business, whether under strict policy conditions or by way of compromise, shall be unconditionally binding upon TICNYTICNY and TNIC. B. Each Participating Company shall be liable for its percentage proportionate share per Schedule 1 of loss and loss adjustment expenses incurred under or in connection with the Policies and shall be credited with its percentage proportionate share per Schedule 1 of any recoveries of such expense. C. If a Participating Company pays or is held liable to pay any punitive, exemplary, compensatory, or consequential damages (hereinafter called “Extra Contractual Obligations”) because of alleged or actual negligence on its part in handling a claim under a Policy, one hundred percent (100%) of such Extra Contractual Obligations (to the extent permitted by law) shall be added to the Net Liability, if any, of such Participating Company under the Policy involved, and the sum thereof shall be subject to this Pooling Agreement; provided, however, that no such payment of Extra Contractual Obligations shall be permitted if such payment is contrary to New York law. D. If a Participating Company pays or is held liable to pay in connection with any loss, amounts in excess of the limit of its original Policy, such loss in excess of that limit having been incurred because of its failure to settle within the Policy limit or by reason of alleged or actual negligence in rejecting an offer of settlement or in the preparation of the defense or in the trial of any action against the original insured or reinsured or in the preparation or prosecution of an appeal consequent upon such action (hereinafter called an “Excess of Policy Limits Loss”), one hundred percent (100%) of such Excess of Policy Limits Loss (to the extent permitted by law) shall be added to the Net Liability, if any, of such Participating Company under the Policy involved, and the sum thereof shall be subject to this Pooling Agreement.

Losses and Loss Adjustment Expenses. A. All loss settlements made by CPIC TICNY with regards to the Specialty Traditional Program Business, whether under strict policy conditions or by way of compromise, shall be unconditionally binding upon TICNYTNIC and CPIC. B. Each Participating Company shall be liable for its percentage proportionate share per Schedule 1 of loss and loss adjustment expenses incurred under or in connection with the Policies and shall be credited with its percentage proportionate share per Schedule 1 of any recoveries of such expense. C. If a Participating Company pays or is held liable to pay any punitive, exemplary, compensatory, or consequential damages (hereinafter called “Extra Contractual Obligations”) because of alleged or actual negligence on its part in handling a claim under a Policy, one hundred percent (100%) of such Extra Contractual Obligations (to the extent permitted by law) shall be added to the Net Liability, if any, of such Participating Company under the Policy involved, and the sum thereof shall be subject to this Pooling Agreement; provided, however, that no such payment of Extra Contractual Obligations shall be permitted if such payment is contrary to New York law.) D. If a Participating Company pays or is held liable to pay in connection with any loss, loss amounts in excess of the limit of its original Policy, such loss in excess of that limit having been incurred because of its failure to settle within the Policy limit or by reason of alleged or actual negligence in rejecting an offer of settlement or in the preparation of the defense or in the trial of any action against the original insured or reinsured or in the preparation or prosecution of an appeal consequent upon such action (hereinafter called an “Excess of Policy Limits Loss”), one hundred percent (100%) of such Excess of Policy Limits Loss (to the extent permitted by law) shall be added to the Net Liability, if any, of such Participating Company under the Policy involved, and the sum thereof shall be subject to this Pooling Agreement.

Losses and Loss Adjustment Expenses. A. All loss settlements made by CPIC TICNY with regards to the Specialty Program Brokerage Business, whether under strict policy conditions or by way of compromise, shall be unconditionally binding upon TICNYCPIC and TNIC. B. Each Participating Company shall be liable for its percentage proportionate share per Schedule 1 of loss and loss adjustment expenses incurred under or in connection with the Policies and shall be credited with its percentage proportionate share per Schedule 1 of any recoveries of such expense. C. If a Participating Company pays or is held liable to pay any punitive, exemplary, compensatory, or consequential damages (hereinafter called “Extra Contractual Obligations”) because of alleged or actual negligence on its part in handling a claim under a Policy, one hundred percent (100%) of such Extra Contractual Obligations (to the extent permitted by law) shall be added to the Net Liability, if any, of such Participating Company under the Policy involved, and the sum thereof shall be subject to this Pooling Agreement; provided, however, that no such payment of Extra Contractual Obligations shall be permitted if such payment is contrary to New York law. D. If a Participating Company pays or is held liable to pay in connection with any loss, loss amounts in excess of the limit of its original Policy, such loss in excess of that limit having been incurred because of its failure to settle within the Policy limit or by reason of alleged or actual negligence in rejecting an offer of settlement or in the preparation of the defense or in the trial of any action against the original insured or reinsured or in the preparation or prosecution of an appeal consequent upon such action (hereinafter called an “Excess of Policy Limits Loss”), one hundred percent (100%) of such Excess of Policy Limits Loss (to the extent permitted by law) shall be added to the Net Liability, if any, of such Participating Company under the Policy involved, and the sum thereof shall be subject to this Pooling Agreement.