Retention and Limit. The Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on the first $1,000,000 on behalf of the Company under each and every Policy subject to this Agreement, as follows: [4/1/02 to 3/31/03 10%, 4/1/03 to 12/31/06 15%].
Retention and Limit. The Company shall cede to the Reinsurer and the Reinsurer agrees to accept 100% of the Company's liability arising out of directly or indirectly, in whole or in part or in connection with the Policy.
Retention and Limit. A. The Company shall retain and be liable for the first $124,300,000 of ultimate net loss arising out of each loss occurrence. The Reinsurer shall then be liable for the amount by which such ultimate net loss exceeds the Company's retention, but the liability of the Reinsurer shall not exceed $25,000,000 as respects any one loss occurrence.
B. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing during the term of this Contract unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereof, the Company shall be the sole judge of what constitutes "one risk."
Retention and Limit. A. As respects each excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first amount of ultimate net loss, shown as "Company's Retention" for that excess layer in Schedule A attached hereto, arising out of each loss occurrence. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.
B. No claim shall be made under any excess layer of reinsurance coverage provided by this Contract as respects any one loss occurrence unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes of this Contract, the Company shall be the sole judge of what constitutes one risk.
Retention and Limit. A. The Company shall retain and be liable for the first $20,500,000 of ultimate net loss arising out of each loss occurrence. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, as respects any one loss occurrence. Whether a loss occurrence results in an ultimate net loss under one or more of the excess layers set forth in Schedule A attached hereto, the Company's retention will not exceed the first $20,500,000 of ultimate net loss arising out of such loss occurrence.
B. Recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows:
1. Recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;
2. Recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and
3. Recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.
4. Recoveries under the First, Second, Third and Fourth Excess layers shall inure to the benefit of the Fifth Excess layer. It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer shall no longer inure to the benefit of any subsequent excess layer(s).
C. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing during the term of this Contract unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereof, the Company shall be the sole judge of what constitutes "one risk."
Retention and Limit. All catastrophe losses will qualify as losses towards the retention. No claim shall be made in any one loss occurrence unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereof, the Company shall be the sole judge of what constitutes one risk. The Subscribing Reinsurer shall be liable in each and every Loss Occurrence, for the Ultimate Net Loss above an initial net loss to the Company of $100,000,000 provided, however, that the Subscribing Reinsurer shall not be liable for more than $50,000,000 of each and every such Loss Occurrence, nor more that $100,000,000 in the aggregate during the term of this Contract.
Retention and Limit. A. As respects each excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first amount of ultimate net loss, shown as “Company’s Retention” for that excess layer in Schedule A attached hereto, arising out of each loss occurrence. Subject to the provisions of paragraph B and C below, the Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company’s applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as “Reinsurer’s Limit” for that excess layer in Schedule A attached hereto, as respects any one loss occurrence or in all during the term of this Contract.
B. No claim shall be made under any excess layer of reinsurance coverage provided by this Contract as respects any one loss occurrence unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes of this Contract, the Company shall be the sole judge of what constitutes one risk.
C. No claim shall be made under the underlying excess layer of coverage provided by this Contract unless the amount, shown as “Funds Otherwise Recoverable” in Schedule A attached hereto, for the underlying excess layer has been paid or scheduled to be paid by the reinsurers under the underlying excess layer of the Company’s Underlying Excess Catastrophe Reinsurance Contract, effective July 1, 2004. No claim shall be made under the first excess layer of coverage provided by this Contract unless the amount, shown as “Funds Otherwise Recoverable” in Schedule A attached hereto, has been paid or scheduled to be paid by the reinsurers under the first excess layer of the Company’s Excess Catastrophe Reinsurance Contract, effective June 1, 2004.
Retention and Limit. The REINSURER shall pay to the COMPANY the amount of ultimate net loss sustained by the COMPANY in excess of the COMPANY’s retention of $50,000 each occurrence, but the REINSURER’s limit of liability shall not exceed $150,000 each occurrence.
Retention and Limit. The Reinsurer will accept a fixed proportion of [up to 30%] of the Company's loss on the first $1,000,000 on behalf of the Company under each and every Policy subject to this Agreement, as follows: [3/1/02 to 2/28/03 12.50%, 3/1/03 to 12/31/04 15%, 1/1/05 to 12/31/12 30% (except for business produced on behalf of Peoples Benefit Life Insurance Company which proportion shall be 15% effective 9/1/02 to 8/31/03. For business produced by Fidelity Security Life Insurance Company such proportion shall be 15% effective 9/1/02 to 8/31/03].
Retention and Limit. A. As respects business subject to this Contract, the Company shall cede to the Reinsurer and the Reinsurer agrees to accept 100% of the Company’s net liability, subject to the provisions of paragraphs B and C below.
B. As respects losses under policies allocated to the first underwriting year hereunder, the Company shall retain a 40.0% part of 100% share in the interest and liabilities of the Reinsurer.
C. As respects losses under policies allocated to the second underwriting year hereunder, the Company shall retain not less than a 40.0% nor more than an 80.0% part of 100% share in the interests and liabilities of the Reinsurer.
D. The Company may modify its percentage share and proportionately reduce the Reinsurer’s percentage share by giving the Reinsurer written notice by certified mail prior to August 1, 2004.
E. As respects losses under policies allocated to each underwriting year hereunder, the Company shall retain, in addition to its quota share retention set forth above, 100% of the net liability in excess of 72.0% but not to exceed 77.0% of the premiums earned as respects business subject to this Contract.
F. As respects losses under policies allocated to each underwriting year hereunder, the Company shall retain, in addition to its quota share retention set forth above, 100% of the net liability in excess of 100% of the premiums earned as respects business subject to this Contract.
G. As respects losses under polices allocated to each underwriting year hereunder, the Company shall retain in addition to its quota share participation 100% of the net liability as respects any one loss occurrence in excess of 2.0% (6.0% aggregate cap for the first and second underwriting years collectively, and each subsequent underwriting year thereafter) of the Company’s ceded net written premium collected resulting from events assigned a number by the Property Claims Services Division of American Insurance Services, Inc.
H. Notwithstanding the provisions of paragraph A above, in the event the Company’s subject net written premium from policies during the first underwriting year from January 1, 2004 through June 30, 2004, or the second underwriting year from July 1, 2004 through December 31, 2004, exceeds $77,500,000, the cession percentage hereunder, as respects each underwriting year, shall be reduced to the proportion that $77,500,000 bears to the Company’s subject net written premium for each underwriting year. In the event of a reduction of the cession percen...
