SHARE PARTICIPATION. The aggregate quota share cession shall be at the option of the Company and subject to a maximum of 70%. However, the maximum cession will be limited to $80,000,000 of new written premium (ie.not including in-force cession from December 31st, 2001) for the calendar year 2002. In the event this produces more than $80,000,000 for the calendar year, the dollar amount of cessions shall be reduced to $80,000,000 plus the cession of in-force business from December 31st, 2001. The average quota share percent applicable for the Company shall be the ratio of the adjusted dollar cession to the gross subject written premium for the Company for that year. Each quarter shall be adjusted by an equal pro-rata percent to produce the dollar cession applicable. This limit can be increased by mutual agreement between the Reinsurer and the Company. The Company shall notify the Reinsurer prior to the last day of the calendar quarter of the quota share percent for that quarter. That percent shall also apply to the in-force business at the beginning of the quarter. It is agreed that the cession for any one quarter, including the change in in-force, shall not exceed 35% of the total cession for the calendar year. In the event the declared percent cession for a calendar quarter produces premiums in excess of 35% of the premium ceded for the calendar year the cessions for that quarter shall be adjusted to the dollar amount that would equal 35% of the premium ceded for the year. The Reinsurer's liability for aggregate losses, including allocated loss adjustment expenses (and unallocated loss adjustment expenses where applicable under REPORTS AND ACOCUNTING), shall be limited to 97% of earned premium ceded for all business from January 1st, 2002 to the calculation date.
SHARE PARTICIPATION. The aggregate quota share cession shall be at the option of the Company and subject to a maximum of 75% for the year 2002. However, the maximum cession will be limited to $60,000,000 of written premium. In the event the quota share percent selected by the Company produces more than $60,000,000 for the calendar year, the dollar amount of written premium ceded shall be reduced to $60,000,000. This limit can be increased by mutual agreement between the Reinsurer and the Company. The Company shall notify the Reinsurer prior to the last day of the calendar quarter of the quota share percent for that quarter. It is agreed that the cession for any one quarter, shall not exceed 40% of the total cession for the calendar year. In the event the declared percent cession for a calendar quarter produces premiums in excess of 40% of the premium ceded for the calendar year the cessions for that quarter shall be adjusted to the dollar amount that would equal 40% of the premium ceded for the year. The Reinsurer's liability for aggregate losses, including allocated loss adjustment expenses (and unallocated loss adjustment expenses where applicable under REPORTS AND ACCOUNTING), shall be limited to 97% of earned premium ceded for all business from January 1st, 2002 to the calculation date.
SHARE PARTICIPATION. The Company shall cede and the Reinsurer shall accept 10% of the Company's net retained liability from each policy covered hereunder for each loss or annual aggregate where applicable. However, the Reinsurers' share of the Company's net liability shall not be more than 10% of $1,000,000 each covered policy for each claim or annual aggregate where applicable. In the event that a loss covered hereunder involves more than one of the Company's policies, this Agreement shall provide coverage for each and every policy in such loss. In addition, as respects each loss, the Reinsurer agrees to pay a 10% quota share of up to $1,000,000 of any Excess of Original Policy Limit (as provided for in Article 10); and, in addition as respects each loss, the Reinsurer agrees to pay a 10% quota share of up to $1,000,000 of any Extra Contractual Obligation (as provided for in Article 11).
SHARE PARTICIPATION. The Quota Share Percentage for Policies attaching during Underwriting Year 2002 for Coast National and Security National, shall be 28%. The Quota Share Percentage for Policies attaching during Underwriting Year 2002 for Bristol shall be 80%. The Company has the option to cede from 25% to 60% for Policies attaching during the Underwriting Years 2003 and 2004. The Company shall notify the Reinsurer of the actual percentage, in writing, no later then 30 Business Days before January 1st, of each Underwriting Year. In the event the Company fails to notify the Reinsurer, as provided herein, the Quota Share Percentage shall be 25%.
SHARE PARTICIPATION. 1. The Reassured shall cede and the Reinsurer shall accept 75% of the Reassured's net liability in written premium in any one contract year on risks under all policies covered hereunder.
SHARE PARTICIPATION. As respects Private Passenger and Commercial Automobile Liability, the Company shall cede and the Reinsurer shall accept sixty percent (60%) of the Company's net liability on loss occurrences under all policies covered hereunder. As respects Private Passenger and Commercial Automobile Physical Damage, the Company shall cede and the Reinsurer shall accept sixty percent (60%) of the Company's net liability on each vehicle under all policies covered hereunder.
SHARE PARTICIPATION. A. The Reassured shall cede and the Reinsurer shall accept 40% of the Reassured's net liability on risks under all policies covered hereunder. The quota share percentage may be modified upon the mutual consent of the Reassured and the Reinsurer.
SHARE PARTICIPATION. The Company shall cede and the Reinsurer shall accept 10% of the Company's net retained liability from each policy covered hereunder for each loss or annual aggregate where applicable. However, the Reinsurers' share of the Company's net liability shall not be more than 10% of $1,000,000 each covered policy for each claim or annual aggregate where applicable. In the event that a loss covered hereunder involves more than one of the Company's policies, this Agreement shall provide coverage for each and every policy in such loss. In addition, as respects each loss, the Reinsurer agrees to pay a 10% quota share of up to $1,000,000 of any Excess of Original Policy Limit (as provided for in Article 10); and, in addition as respects each loss, the Reinsurer agrees to pay a 10% quota share of up to $1,000,000 of any Extra Contractual Obligation (as provided for in Article 11). Accountants Professional Liability AmerInst - Bermuda at January 1, 2002 Page 2 of 14
SHARE PARTICIPATION. 5 ARTICLE 6
SHARE PARTICIPATION. A. With respect to a Loss that arises under Business Covered under this Contract, the Reinsurer shall be liable to, reinsure, and indemnify the Reassured for a fifty percent (50%) quota share of:
1. The Reassured's Net Loss, each coverage, each Policy, each Wrongful Act or Occurrence, each Named Insured or Additional Named Insured(s) but the Reinsurer's liability shall not exceed 50% of $2,000,000 in all for any one Net Loss each coverage, each Policy, each Wrongful Act or Occurrence, each Named Insured or Additional Named Insured(s) or $4,000,000 in the aggregate, each Policy, each Named Insured or Additional Named Insured(s), and
2. In addition to Net Loss as provided for above, ninety percent (90%) of any amount of (i) Extra-contractual Obligations or (ii) Loss Excess of Policy Limits that arises from Business Covered, each coverage, each Policy, each Named Insured or Additional Named Insured(s) but the Reinsurer's liability for any Extra-contractual Obligations and Loss Excess of Policy Limits shall not exceed its 50% share of 90% of (a) $2,000,000 any one Extra-contractual Obligations or Loss Excess of Policy Limits event or $4,000,000 in all for any Extra-contractual Obligations or Loss Excess of Policy Limits or (b) $8,000,000 in the aggregate any one Policy, each Named Insured or Additional Named Insured(s) and
B. With respect to Declaratory Judgment Expenses and in addition to the above, the Reinsurer shall reimburse the Reassured for its quota share of a pro rata proportion of any Declaratory Judgment Expenses ("DJ Expenses"), but such DJ Expenses shall be subject to a total of $12,000,000 each coverage, each Policy, each Wrongful Act or Occurrence each Named Insured or Additional Named Insured(s) unless such DJ Expenses constitutes the only liability on the part of the Reassured, in which case, DJ Expenses shall be deemed to be included as part of the Reassured's Net Loss.
C. In addition to the above, the Reinsurer shall reinsure and reimburse the Reassured for its quota share of a pro rata proportion of all Loss Adjustment Expenses associated with the Business Covered which are not included as part of the policy limit under the Reassured's policies reinsured hereunder, whether or not Net Loss has been paid hereunder.
D. The Reassured shall be the sole judge of what constitutes one risk, Named Insured or Additional Named Insured(s).
E. The Reassured is permitted to purchase facultative reinsurance and/or other treaty reinsurance and shall deduct...
