Extra-Contractual Damages definition

Extra-Contractual Damages. Any amount in excess of Contractual Damages, including but not limited to compensatory, consequential, exemplary and punitive damages, judicial or statutory interest payments, court costs, or attorney fees. Foreign Life/Lives (as used in Article I and Schedule A): for purposes of this Agreement, Foreign Life/Lives shall mean that the insured was not a resident of the United States, Puerto Rico or Guam at the time the policy was issued, and that insured shall remain a Foreign Life regardless of future residency changes.
Extra-Contractual Damages means any actual liabilities not covered under any provision of a Subject Contract, arising from or relating to any alleged or actual act, error or omission, or from any alleged or actual negligence, tortious conduct, reckless conduct, violations of statutes or regulations governing the conduct of insurance companies and/or claims adjusters, or bad faith but only in connection with the handling of any claim under a Subject Contract, such liabilities arising because of the following: failure by an Insurer Subsidiary of Agency Markets to properly investigate a claim under a Subject Contract, settle within the policy limit of a Subject Contract, or by reason of alleged or actual negligence or bad faith of an Insurer Subsidiary of Agency Markets in rejecting an offer of settlement, or in defending litigation, including appeals, arbitration, or any alternative dispute resolution or settlement discussions involving any claim, but only to the extent indemnification under this Agreement for any such Extra-Contractual Damages is permitted by Applicable Law. “Governmental Entity” shall mean any federal, state, county, local, foreign or other governmental or public agency, instrumentality, commission, authority, self-regulatory organization, board or body, including any state insurance regulatory authority. “IBNR” shall mean provisions for reserves under Subject Contracts for losses that have occurred but have not been reported to the Insurer Subsidiaries of Agency Markets. “Indemnification Amount” shall have the meaning set forth in Section 2.1(b) hereof. “Insurer Subsidiaries” shall mean all corporations, partnerships, joint ventures, and other entities engaged in the business of underwriting insurance (i) in which a Person owns, directly or indirectly, fifty percent (50%) or more of the outstanding voting stock, voting power, partnership interests or similar ownership interests, (ii) of which such Person otherwise directly or indirectly controls or directs the policies or operations or (iii) which would be considered subsidiaries of the Person within the meaning of Regulation S-K or Regulation S-X; provided, however, the term Insurance Subsidiary when used with regard to LMIC shall not include any of Agency Markets’ Insurer Subsidiaries. “LMIC” shall have the meaning set forth in the preamble to this Agreement. 3
Extra-Contractual Damages means any actual liabilities not covered under any provision of a Subject Contract, arising from or relating to any alleged or actual act, error or omission, or from any alleged or actual negligence, tortious conduct, reckless conduct, violations of statutes or regulations governing the conduct of insurance companies and/or claims adjusters, or bad faith but only in connection with the handling of any claim under a Subject Contract, such liabilities arising because of the following: failure by an Insurer Subsidiary of Agency Markets to properly investigate a claim under a Subject Contract, settle within the policy limit of a Subject Contract, or by reason of alleged or actual negligence or bad faith of an Insurer Subsidiary of Agency Markets in rejecting an offer of settlement, or in defending litigation, including appeals, arbitration, or any alternative dispute resolution or settlement discussions involving any claim, but only to the extent indemnification under this Agreement for any such Extra-Contractual Damages is permitted by Applicable Law.

Examples of Extra-Contractual Damages in a sentence

  • With respect to Extra-Contractual Damages, in no event will the REINSURER participate in punitive or compensatory damages or statutory penalties which are awarded against the CEDING COMPANY as a result of an act, omission or course of conduct committed solely by the CEDING COMPANY in connection with the insurance reinsured under this Agreement.

  • In no event will we have any liability for any Extra-Contractual Damages which are rendered against you as a result of acts, omissions or course of conduct committed by you, unless we or one of our affiliated companies were an active party in the act, omission or course of conduct which ultimately resulted in the assessment of such damage in connection with the insurance reinsured under this Agreement.

  • The reinsurance agreement will include the following provisions: Arbitration, Insolvency, Entire Agreement and Amendment, Extra-Contractual Damages, Errors and Omissions, Inspection of Records, OFAC Compliance, Offset, DAC Tax, Insolvency, Non-Transferability, Dispute Resolution, Good Faith, and Confidentiality.

  • With respect to Extra-Contractual Damages, except as otherwise provided below, in no event will the REINSURER participate in punitive or compensatory damages or statutory penalties which are awarded against the CEDING COMPANY as a result of an act, omission or course of conduct committed solely by the CEDING COMPANY in connection with the insurance reinsured under this Agreement.

  • Section 3 of this Article, in no event will we have any liability for any Extra-Contractual Damages which are rendered against you as a result of acts, omissions or course of conduct committed by you in connection with the insurance reinsured under this Agreement.

  • In no event shall the Reinsurer participate in Extra-Contractual Damages, such as punitive or compensatory damages, awarded against the Ceding Company as the result of an act, omission, or course of conduct committed by the Ceding Company in connection with the reinsurance under this Agreement.

  • In no event shall Occidental have any liability for any Extra-Contractual Damages which are awarded against the Ceding Company as a result of acts, omissions or course of conduct committed by the Ceding Company in connection with the insurance reinsured under this Agreement.

  • Having considered Safeco’s motion, the response and reply thereto, the evidentiary record, and governing law, the undersigned recommends that Defendant Safeco Insurance Company of Indiana’s Motion for Summary Judgment Regarding Extra-Contractual Claims, Extra-Contractual Damages, Treble Damages, and Exemplary Damages [#34] be GRANTED.

  • However, for death claim denials, if the Reinsurer was an active party and directed the act, omission, or course of conduct of the Ceding Company which resulted in the assessment of Extra-Contractual Damages, the Reinsurer shall share in the payment of these damages in proportion to the reinsurance provided under this Agreement.

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Related to Extra-Contractual Damages

  • Actual Damages has the meaning set forth in Section 12.4(C).

  • Environmental Damages means all liabilities (including strict liability), losses, damages (excluding consequential, special, exemplary or punitive damages except to the extent such damages were imposed upon an Indemnitee as a result of any claims made against such Indemnitee by a governmental entity or any other third party), judgments, penalties, fines, costs and expenses (including fees, costs and expenses of attorneys, consultants, contractors, experts and laboratories), of any and every kind or character, at law or in equity, contingent or otherwise, matured or unmatured, foreseeable or unforeseeable, made, incurred, suffered, brought, or imposed at any time and from time to time, whether before or after the Release Date and arising in whole or in part from:

  • Special Damages has the meaning specified in Section 11.21.

  • Consequential Damages means Losses claimed to have resulted from any indirect, incidental, reliance, special, consequential, punitive, exemplary, multiple or any other Loss, including damages claimed to have resulted from harm to business, loss of anticipated revenues, savings, or profits, or other economic Loss claimed to have been suffered not measured by the prevailing Party’s actual damages, and any other damages typically considered consequential damages under Applicable Law, regardless of whether the Parties knew or had been advised of the possibility that such damages could result in connection with or arising from anything said, omitted, or done hereunder or related hereto, including willful acts or omissions.

  • Punitive Damages are those damages awarded as a penalty, the amount of which is neither governed nor fixed by statute.

  • Extra Contractual Obligations shall be defined as those liabilities not covered under any other provision of this Contract and that arise from the handling of any claim on business covered hereunder, such liabilities arising because of, but not limited to, the following: failure by the Company to settle within the Policy limit, or by reason of alleged or actual negligence, fraud or bad faith in rejecting an offer of settlement or in the preparation of the defense or in the trial of any action against its insured or reinsured or in the preparation or prosecution of an appeal consequent upon such action.

  • Economic damages means objectively verifiable monetary losses, including medical expenses, loss of earnings, burial costs, loss of use of property, cost of replacement or repair, cost of obtaining substitute domestic services, loss of employment, and loss of business or employment opportunities.

  • Damages means any loss, claim, damage, liability, costs and expenses (including, without limitation, reasonable attorney's fees and disbursements and costs and expenses of expert witnesses and investigation).

  • Direct Damage has the meaning given to it in clause 26.2;

  • Compensatory Damages are those amounts awarded to compensate for the actual damages sustained, and are not awarded as a penalty, nor fixed in amount by statute.

  • Seller Damages shall have the meaning given to such term in Section 14.3.

  • BREACH OF CONTRACTUAL OBLIGATION means amongst others also the following:

  • The Contractor or Contractors means the firm, company or person engaged by the SBIIMS to carry out the work. It shall also include their legal representative(s), successors or assigns.

  • Noneconomic damages ’ means damages for phys-

  • Contractual Service means the rendering by a contractor of its time and effort rather than the furnishing of specific commodities. The term applies only to those services rendered by individuals and firms who are independent contractors. Contractual Services do not include auditing services, Maintenance Services, or Professional Services as defined in Section 287.055(2)(a) of the Florida Statutes, and these Rules. Contractual Services also do not include any contract for the furnishing of labor or materials for the construction, renovation, repair, modification, or demolition of any facility, building, portion of building, utility, park, parking lot, or structure or other improvement to real property entered into pursuant to Chapter 255 of the Florida Statutes, and Rules 3.5 or 3.6.

  • Cover Damages means, with respect to any Delivery Failure, an amount equal to (a) the positive net amount, if, any, by which the Replacement Price exceeds the applicable Price that would have been paid pursuant to Section 5.1 hereof, multiplied by the quantity of that Delivery Failure, plus (b) any applicable penalties and other costs assessed by ISO-NE or any other Person against Buyer as a result of Seller’s failure to deliver such Products in accordance with the terms of this Agreement. Buyer shall provide a statement for the applicable period explaining in reasonable detail the calculation of any Cover Damages.

  • Sub-Contractors means those persons furnishing labor or materials for the Project pursuant to the Sub- Contracts.

  • Material Damage and “Materially damaged” means damage (w) resulting in the Property not complying with all legal requirements applicable to the Property, (x) reasonably exceeding $300,000 or (y) that entitles any tenant of the Property to terminate its Lease, or (z) which, in Buyer’s or Seller’s reasonable estimation, will take longer than 120 days to repair.

  • Contractual Services are defined as those specified services established within the OAG approved budget for which the Provider is to be paid upon completion at the set rate also established within the OAG approved budget, as authorized expenditures eligible for payment, or reimbursement pursuant to ARTICLE 9, AUTHORIZED EXPENDITURES, of this Agreement.

  • Environmental Damage means any material injury or damage to persons, living organisms or property or any material pollution or impairment of the environment resulting from the discharge, emission, escape or migration of any substance, energy, noise or vibration;

  • Maximum Liability has the meaning assigned to such term in Section 10.10.

  • Consequential Loss means indirect or consequential loss or damage such as, but not limited to, loss of contract, bargain, expectation, opportunity, profit, production, revenue, anticipated cost reduction or interest payable howsoever caused, arising out of or in connection with this Contract.

  • Indirect Losses means loss of profits, loss of production, loss of business, loss of business opportunity, or any claim for consequential loss or for indirect loss of any nature;

  • Buyer Losses shall have the meaning set forth in Section 11.1 hereof;

  • Delay Damages means the damages assessed pursuant to Section 3.2(a) hereof.

  • Compensable injury means an injury by accident arising out of and in the course of hazardous employment which must be established by medical evidence supported by objective medical findings.