Common use of Retention and Limit Clause in Contracts

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. 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 's Retention” " for that excess layer in Schedule A attached hereto, arising out of each loss occurrence. Subject to the provisions of paragraph paragraphs 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 's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed either of the following: 1. The amount, shown as “"Reinsurer’s 's Per Occurrence Limit” " for that excess layer in Schedule A attached hereto, as respects any one loss occurrence or occurrence; or 2. The amount, shown as "Reinsurer's Term Limit" for that excess layer in Schedule A attached hereto, 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 Section I of the Company’s 's Underlying Excess Catastrophe and Reinstatement Premium Protection 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. 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 '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 The Reinsurer shall then be liable, as respects each excess layer, for 95.0% of the amount by which such ultimate net loss exceeds the Company’s 's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed 95.0% of the amount, shown as “"Reinsurer’s 's Per Occurrence Limit” " for that excess layer in Schedule A attached hereto, as respects any one loss occurrence or in all during the term of this Contractoccurrence. B. As respects each excess layer of reinsurance coverage provided by this Contract, the Company shall retain, (net and unreinsured elsewhere, as respects the Fourth and Fifth Excess Layers), in addition to its initial retention for each loss occurrence, 5.0% of the excess ultimate net loss to which the excess layer applies. As respects the Second and Third Excess Layers of reinsurance coverage, the Company's initial retention and such additional retention shall be subject to the reinsurance set forth in paragraph B of Article VIII. C. No claim Claim shall be made under any excess layer of reinsurance coverage provided by this Contract as respects in 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 ContractArticle, 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. 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 '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 The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company’s 's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed either of the following: 1. The amount, shown as “"Reinsurer’s 's Per Occurrence Limit” " for that excess layer in Schedule A attached hereto, as respects any one loss occurrence or occurrence; or 2. The amount, shown as "Reinsurer's Term Limit" for that excess layer in Schedule A attached hereto, 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 Section I of the Company’s 's Underlying Excess Catastrophe and Reinstatement Premium Protection 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. A. As respects each excess layer of reinsurance coverage provided by this ContractAgreement, the Company shall retain and be liable for the first amount of ultimate net lossUltimate Net Loss, shown as “Company’s Retention” for that excess layer in Schedule A attached hereto, arising out of each loss occurrenceLoss Occurrence. Subject to the provisions of paragraph B and C below, the The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss 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, nor shall it exceed the amount, shown as “Reinsurer’s Agreement Limit” for that excess layer in Schedule A attached hereto as respects all loss occurrence or in all losses arising out of Loss Occurrences commencing during the term Term of this ContractAgreement. B. No Notwithstanding the provisions above, no claim shall be made under any excess layer of reinsurance coverage provided by this Contract as respects any one loss occurrence losses arising out of Loss Occurrences commencing during the Term of this Agreement unless at least two risks insured or reinsured by the Company are involved in such loss occurrenceLoss Occurrence. For purposes of this Contracthereof, 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. 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 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 either of the following: 1. The amount, shown as “Reinsurer’s Per Occurrence Limit” for that excess layer in Schedule A attached hereto, as respects any one loss occurrence or occurrence; or 2. The amount, shown as “Reinsurer’s Term Limit” for that excess layer in Schedule A attached hereto, 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 Section I of the Company’s Underlying Excess Catastrophe and Reinstatement Premium Protection Reinsurance Contract, effective July 1, 2004. No claim shall be made under the first any other 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 corresponding excess layer of the Company’s Florida Only Excess Catastrophe Reinsurance Contract, effective June 1, 2004.

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 '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 The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company’s 's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as “"Reinsurer’s 's Per Occurrence Limit” " for that excess layer in Schedule A attached hereto, as respects any one anyone loss occurrence or in all during the term of this Contractoccurrence. B. No claim shall be made under any excess layer of reinsurance coverage provided by this Contract as respects any one in anyone loss occurrence unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes of this Contracthereof, the Company shall be the sole judge of what constitutes "one risk." C. No claim As respects the Second and Third Excess Layer, the Company shall be made under retain at least a 15.0% part of 100% share in 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 interests and liabilities of the Company’s Underlying "Reinsurer" hereunder. D. As respects the Fourth Excess Catastrophe Reinsurance ContractLayer, effective July 1, 2004. No claim the Company shall be made under retain at least a 50.0% part of 100% share in 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 interests and liabilities of the Company’s Excess Catastrophe Reinsurance Contract, effective June 1, 2004"Reinsurer" hereunder.

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 '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 's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as “"Reinsurer’s '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 '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.,