OFFSET CLAUSE. 13.1 The Company or the Reinsurer shall have the right to offset any balance or amounts due from one party to the other under the terms of this Agreement. The party asserting the right of offset may exercise such right at any time whether the balances due are on account of premiums or losses or otherwise.
Appears in 3 contracts
Samples: Quota Share Reinsurance Agreement (Hallmark Financial Services Inc), Quota Share Reinsurance Agreement (Hallmark Financial Services Inc), Quota Share Reinsurance Agreement (Hallmark Financial Services Inc)
OFFSET CLAUSE. 13.1 The Company or and the Reinsurer shall have the right to offset any balance or amounts balance(s) due from one party to the other under the terms of this Agreement. The party asserting the right of offset may exercise such right at any time whether the balances balance(s) due are on account of premiums or losses or otherwise. In the event of the insolvency of a party hereto, offsets shall only be allowed in accordance with the provisions of Section 7427 of the Insurance Law of the State of New York.
Appears in 2 contracts
Samples: Facultative Reinsurance Agreement (Rent a Wreck of America Inc), Facultative Reinsurance Agreement (Rent a Wreck of America Inc)
OFFSET CLAUSE. 13.1 The Company or the Reinsurer shall have the right to offset any balance or amounts due from one party to the other under the terms of this Agreement, with the exception of settling balances due to either the Reinsurer or the MGA from contingent commissions as set forth in Article 9.3. The party asserting the right of offset may exercise such right at any time whether the balances due are on account of premiums or losses or otherwise.
Appears in 1 contract
Samples: Automobile Quota Share Reinsurance Contract (Affirmative Insurance Holdings Inc)
