Average Annual Loss definition

Average Annual Loss as used herein shall equal the total sum calculated by adding, for all modeled losses estimated by the Catastrophe Model, each modeled event’s mean loss within this layer multiplied by that event’s probability rate.
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Average Annual Loss means the annual expected loss (based on the standard catalog in the Escrow Models for Named Storm) of the Subject Business in the Covered Area as calculated by the Reset Agent using the (a) Escrow Models without application of any Attachment Level, Exhaustion Level, Loss Adjustment Expense Factor or Stated Reinsurance and with a 100% Insurance Percentage and (b) (i) the Initial Data with respect to the first Annual Risk Period, (ii) the applicable Updated Data with respect to the second Annual Risk Period or Third Annual Risk Period or (iii) with respect to the calculation of the Actual Growth Factor, the Ceding Insurer’s Subject Business exposed to Losses from Named Storms in the Covered Area as of the last day of the month immediately preceding the Date of Loss of a relevant Covered Event. The Average Annual Loss for Named Storm (based on the standard catalog in the Escrow Models) for the first Annual Risk Period as calculated by the Reset Agent based on the Initial Data is $[***].
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Average Annual Loss means the annual modeled expected Loss to the Layer of the Subject Business as calculated by the Reset Agent suing the Escrow Model with 100% Insurance Percentage and application of the Attachment Point and the Exhaustion Point.
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Examples of Average Annual Loss in a sentence

  • The Average Annual Loss shall be calculated using the results generated by the Catastrophe Model, using input data provided by the Company for subject business in force at October 1, 2010.

  • The percentage calculated by dividing (a) the actual Average Annual Loss ("AAL") determined by the Company's wind insurance in force on September 30, 2016, by (b) the original AAL of the amount, shown as "AAL" for that excess layer in Schedule A attached hereto.

  • If the Average Annual Loss of the applicable Projected Exposure Data is less than the Average Annual Loss of the applicable Exposure Data, then the Updated Projected Exposure Data will be the Updated Exposure Data.

  • The percentage calculated by dividing (a) the actual Average Annual Loss ("AAL") determined by the Company's wind insurance in force on September 30, 2015, by (b) the original AAL of $23,459,602.

  • The Reset Agent will also compute the Average Annual Loss using the applicable Updated Data for such Annual Risk Period.

  • Upon receipt by the Reset Agent of an Event Notice from the Ceding Insurer and, within fifteen (15) Business Days after the submission of such Event Notice, the applicable data meeting the Data Criteria from the Ceding Insurer required to calculate the Average Annual Loss for such Covered Event, the Reinsurer shall cause the Reset Agent to calculate the Growth Limitation Factor and deliver a Growth Limitation Factor Calculation Report to the Reinsurer and the Ceding Insurer.

  • The Reset Agent will also confirm the Average Annual Loss of the Updated Projected Exposure Data is not less than the Average Annual Loss of the applicable Updated Exposure Data.

  • The Company shall pay to the Subscribing Reinsurer a premium equal to the product of the Average Annual Loss multiplied by 3.5531, subject to a minimum premium of $10,080,000 (or a pro rata portion thereof in the event this Contract is terminated prior to January 1, 2011).

  • The percentage calculated by dividing (a) the actual Average Annual Loss ("AAL") determined by the Company's wind insurance in force on September 30, 2017, by (b) the original AAL of the amount, shown as "AAL" for that excess layer in Schedule A attached hereto.

  • The Company shall pay to the Subscribing Reinsurer a premium equal to the product of the Average Annual Loss multiplied by 4.0568, subject to a minimum premium of $8,400,000 (or a pro rata portion thereof in the event this Contract is terminated prior to January 1, 2011).