Common use of Scope of Reinsurance: Indemnity Clause in Contracts

Scope of Reinsurance: Indemnity. (1) By this Treaty, the Reinsured agrees to cede and the Reinsurer agrees to assume by way of quota share reinsurance on the terms and conditions set out below 85% (the “Relevant Percentage”) of all rights and obligations of the Reinsured in respect of its participation as a member of the Syndicate (for the avoidance of any doubt, not Syndicate 260) for the 2012 underwriting year of account including (i) all business allocated by the Managing Agent to the pure 2012 underwriting year of account of the Syndicate (ii) all business signed by the Managing Agent into the 2012 underwriting year of account of the Syndicate and (iii) all business accepted by the Managing Agent for the 2012 underwriting year of account of the Syndicate by way of RITC (or if an account is closed into the 2012 underwriting year of account of the Syndicate other than by reinsurance, all business accepted on such closure) in respect of any earlier underwriting year of account of the Syndicate and/or of any underwriting year of account of any other syndicate at Lloyd’s (including, for the avoidance of any doubt, the 2008 underwriting year of account of Syndicate 839) (the “Business”). (2) Accordingly the Reinsurer shall, subject to the operation of paragraph (4) of Article 10, indemnify the Reinsured for the Reinsurer’s Relevant Percentage share of all liabilities, obligations and outgoings of the Reinsured as a member of the Syndicate for the 2012 underwriting year of account (other than amounts taken into account in the reduction of premium under Article 6) including any amounts payable for RITC of an underwriting year of account or, if the account is closed other than by reinsurance, all provisions made on closure in the Syndicate accounts for all liabilities attributable to that and prior closed underwriting years of account.

Scope of Reinsurance: Indemnity. (1) By this Treaty, the Reinsured agrees to cede and the Reinsurer agrees to assume by way of quota share reinsurance on the terms and conditions set out below 85% (the “Relevant Percentage”) of all rights and obligations of the Reinsured in respect of its participation as a member of the Syndicate (for the avoidance of any doubt, not Syndicate 260) for the 2012 2011 underwriting year of account including (i) all business allocated by the Managing Agent to the pure 2012 2011 underwriting year of account of the Syndicate (ii) all business signed by the Managing Agent into the 2012 2011 underwriting year of account of the Syndicate and (iii) all business accepted by the Managing Agent for the 2012 2011 underwriting year of account of the Syndicate by way of RITC (or if an account is closed into the 2012 2011 underwriting year of account of the Syndicate other than by reinsurance, all business accepted on such closure) in respect of any earlier underwriting year of account of the Syndicate and/or of any underwriting year of account of any other syndicate at Lloyd’s (including, for the avoidance of any doubt, the 2008 underwriting year of account of Syndicate 839) (the “Business”). (2) Accordingly the Reinsurer shall, subject to the operation of paragraph (4) of Article 10, indemnify the Reinsured for the Reinsurer’s Relevant Percentage share of all liabilities, obligations and outgoings of the Reinsured as a member of the Syndicate for the 2012 2011 underwriting year of account (other than amounts taken into account in the reduction of premium under Article 6) including any amounts payable for RITC of an underwriting year of account or, if the account is closed other than by reinsurance, all provisions made on closure in the Syndicate accounts for all liabilities attributable to that and prior closed underwriting years of account.

Scope of Reinsurance: Indemnity. (1) By this Treaty, the Reinsured agrees to cede and the Reinsurer agrees to assume by way of quota share reinsurance on the terms and conditions set out below 85% (or such reduced percentage as may apply pursuant to the operation of paragraph(s) (2)(b) and/or (as the case may be) (3)(b) of Article 11 (Additional Funds at Lloyd’s) below) (the “Relevant Percentage”) of all rights and obligations of the Reinsured in respect of its participation as a member of the Syndicate (for the avoidance of any doubt, not Syndicate 260) for the 2012 2011 underwriting year of account including (i) all business allocated by the Managing Agent to the pure 2012 2011 underwriting year of account of the Syndicate account, (ii) all business signed by the Managing Agent into the 2012 2011 underwriting year of account of the Syndicate and (iii) all business accepted by the Managing Agent for the 2012 2011 underwriting year of account of the Syndicate by way of RITC reinsurance to close (or if an account is closed into the 2012 2011 underwriting year of account of the Syndicate other than by reinsurance, all business accepted on such closure) in respect of any earlier underwriting year of account of the Syndicate and/or of any underwriting year of account of any other syndicate at Lloyd’s (including, for the avoidance of any doubt, the 2008 underwriting year of account of Syndicate 839) (the “Business”). (2) Accordingly the Reinsurer shall, subject to the operation Limits of paragraph (4) of Indemnity referred to in Article 10, indemnify the Reinsured for the Reinsurer’s Relevant Percentage share of all liabilities, obligations and outgoings of the Reinsured as a member of the Syndicate for the 2012 underwriting 2011 year of account (other than amounts taken into account in the reduction of premium under Article 6) including any amounts payable for RITC of reinsurance to close an underwriting year of account or, if the account is closed other than by reinsurance, all provisions made on closure in the Syndicate accounts for all liabilities attributable to that and prior closed underwriting years of account.

Scope of Reinsurance: Indemnity. (1) By this Treaty, the Reinsured agrees to cede and the Reinsurer agrees to assume by way of quota share reinsurance on the terms and conditions set out below 85% (or such reduced percentage as may apply pursuant to the operation of paragraph(s) (2)(b) and/or (as the case may be) (3)(b) of Article 11 (Additional Funds at Lloyd’s) below) (the “Relevant Percentage”) of all rights and obligations of the Reinsured in respect of its participation as a member of the Syndicate (for the avoidance of any doubt, not Syndicate 260) for the 2012 underwriting year of account including (i) all business allocated by the Managing Agent to the pure 2012 underwriting year of account of the Syndicate account, (ii) all business signed by the Managing Agent into the 2012 underwriting year of account of the Syndicate and (iii) all business accepted by the Managing Agent for the 2012 underwriting year of account of the Syndicate by way of RITC reinsurance to close (or if an account is closed into the 2012 underwriting year of account of the Syndicate other than by reinsurance, all business accepted on such closure) in respect of any earlier underwriting year of account of the Syndicate and/or of any underwriting year of account of any other syndicate at Lloyd’s (including, for the avoidance of any doubt, the 2008 underwriting year of account of Syndicate 839) (the “Business”). (2) Accordingly the Reinsurer shall, subject to the operation Limits of paragraph (4) of Indemnity referred to in Article 10, indemnify the Reinsured for the Reinsurer’s Relevant Percentage share of all liabilities, obligations and outgoings of the Reinsured as a member of the Syndicate for the 2012 underwriting year of account (other than amounts taken into account in the reduction of premium under Article 6) including any amounts payable for RITC of reinsurance to close an underwriting year of account or, if the account is closed other than by reinsurance, all provisions made on closure in the Syndicate accounts for all liabilities attributable to that and prior closed underwriting years of account.

Scope of Reinsurance: Indemnity. (1) By this Treaty, the Reinsured agrees to cede and the Reinsurer agrees to assume by way of quota share reinsurance on the terms and conditions set out below 85% (the “Relevant Percentage”) of all rights and obligations of the Reinsured in respect of its participation as a member of the Syndicate (for the avoidance of any doubt, not Syndicate 260) for the 2012 2010 underwriting year of account including (i) all business allocated by the Managing Agent to the pure 2012 2010 underwriting year of account of the Syndicate (ii) all business signed by the Managing Agent into the 2012 2010 underwriting year of account of the Syndicate and (iii) all business accepted by the Managing Agent for the 2012 2010 underwriting year of account of the Syndicate by way of RITC (or if an account is closed into the 2012 2010 underwriting year of account of the Syndicate other than by reinsurance, all business accepted on such closure) in respect of any earlier underwriting year of account of the Syndicate and/or of any underwriting year of account of any other syndicate at Lloyd’s (including, for the avoidance of any doubt, the 2008 underwriting year of account of Syndicate 839) (the “Business”). (2) Accordingly the Reinsurer shall, subject to the operation of paragraph (4) of Article 10, indemnify the Reinsured for the Reinsurer’s Relevant Percentage share of all liabilities, obligations and outgoings of the Reinsured as a member of the Syndicate for the 2012 underwriting 2010 year of account (other than amounts taken into account in the reduction of premium under Article 6) including any amounts payable for RITC of an underwriting year of account or, if the account is closed other than by reinsurance, all provisions made on closure in the Syndicate accounts for all liabilities attributable to that and prior closed underwriting years of account.