Ex Gratia Payments definition

Ex Gratia Payments means a payment that is both (a) outside the terms and conditions of the applicable Covered Insurance Policy and (b) made by or on behalf of the Ceding Company, not as a good faith settlement, adjustment, or compromise of a dispute over coverage or the amount of a claim or loss, but, rather, as a business accommodation to the beneficiary.

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Ex Gratia Payments means payments made as an accommodation by the Company in settlement of a claim for which no coverage exists under the Policy reinsured hereunder, subject to the prior approval of the Reinsurer. The phrase "claim-specific declaratory judgment expenses," as used in this Contract will mean all expenses incurred by the Company in connection with declaratory judgment actions brought to determine the Company's defense and/or indemnification obligations that are allocable to specific Policies and claims subject to this Contract. Declaratory judgment expenses will be deemed to have been incurred by the Company on the date of the original loss (if any) giving rise to the declaratory judgment action. All salvages, recoveries or payments recovered or received subsequent to loss settlements hereunder shall be applied as if recovered or received prior to the aforesaid settlement, and all necessary adjustments shall be made by the parties hereto. For purposes of this definition, the phrase "becomes liable to pay" shall mean the existence of a judgment, which the Company does not intend to appeal, or a release has been obtained by the Company, or the Company has accepted a proof of loss. Nothing in this clause shall be construed to mean that losses are not recoverable hereunder until the Company's Ultimate Net Loss has been ascertained.

Ex Gratia Payments means a payment or otherwise as defined by section 106 of the Charities Act 2011.

Examples of Ex Gratia Payments in a sentence

Notwithstanding anything to the contrary herein, the Reinsurer shall have no liability for any (x) Ceding Company Extra-Contractual Obligations or (y) Ex Gratia Payments absent the Reinsurer’s prior written consent; provided, however, that any Ex Gratia Payments made or approved by any affiliated or unaffiliated Reinsurer Appointed Administrator shall be deemed to be a payment consented to in writing by the Reinsurer.
The Parties agree and acknowledge that payments with respect to any Reinsured Contracts that are made as part of any exception satisfying this Section 4.3(b) shall be deemed Reinsured Liabilities and not Ex Gratia Payments.
Part B Covered Losses under this Agreement shall exclude any Ex Gratia Payments except to the extent consented to by the Reinsurer.
Part B Covered Losses and Part C Covered Losses under this Agreement shall exclude any Ex Gratia Payments except to the extent consented to by the Reinsurer.
Anything to the contrary notwithstanding, Ex Gratia Payments will not include settlements of losses that are reasonably determined by the Purchaser to be within the terms of coverage under a policy comprising the Pre-Closing Portfolio, nor settlements made to avoid costs that could be incurred in connection with potential or actual litigation relating to coverage issues arising under the policies comprising the Pre-Closing Portfolio.

More Definitions of Ex Gratia Payments

Ex Gratia Payments means payments for any Loss not covered under the written terms of a Policy, including any Loss payments not necessarily required under a Policy but made as a commercial accommodation.

Ex Gratia Payments will mean all settlements of losses tendered but not covered under the Company's policies, which policies are

Ex Gratia Payments as used herein means a claim payment not required by the terms of the underlying insurance policies covered by this Agreement.

Ex Gratia Payments means payments made as an accommodation by the Company in settlement of a claim for which no coverage exists under the Policy reinsured hereunder, subject to the prior approval of the Reinsurer. The phrase "claim-specific declaratory judgment expenses," as used in this Contract will mean all expenses incurred by the Company in connection with declaratory judgment actions brought to determine the Company's defense and/or indemnification obligations that are allocable to specific Policies and claims subject to this Contract. Claim-specific declaratory judgment expenses will be deemed to have been incurred by the Company on the date of the original loss (if any) giving rise to the declaratory judgment action. For purposes of this definition, the phrase "becomes liable to pay" shall mean the existence of a judgment, which the Company does not intend to appeal, or a release has been obtained by the Company, or the Company has accepted a proof of loss. Nothing in this clause shall be construed to mean that losses are not recoverable hereunder until the Company's Ultimate Net Loss has been ascertained.

Ex Gratia Payments means a payment that is both (a) outside the terms and conditions and limits of the applicable Reinsured Policy and (b) (i) prior to Cedant assuming all administration in accordance with the Administrative Services Agreement, paid directly by Cedant contrary to or without the direction of Reinsurer (provided that no payment made or directed to be made by Reinsurer as Administrator under the Administrative Services Agreement or otherwise expressly consented to by Reinsurer shall be an Ex-Gratia Payment) or (ii) after Cedant assumes all administration in accordance with the Administrative Services Agreement, made by or on behalf of Cedant (unless consented to by Reinsurer).

Ex Gratia Payments as used herein with respect to Part B Covered Losses means a claim payment not required by the terms of the underlying insurance policies covered by this Agreement. "Ex Gratia Payments" as used herein with respect to Part C Covered Losses means a claim payment not required by the terms of the Settlement Order.

Ex Gratia Payments as used herein with respect to Part C Covered Losses means