Loss Adjustment Expenses means all costs and expenses incurred by the Company in the investigation, adjustment and settlement of claims. Loss adjustment expenses include third-party costs as well as the Company’s internal expenses, including salaries and expenses of loss management personnel and certain administrative costs.
Loss Adjustment Expenses or “LAE” means the expense of settling claims, including certain legal and other fees and the expense of administering the claims adjustment process.
Loss Adjustment Expenses means all costs and expenses incurred by the Company allocable to an occurrence or claim under or in connection with a Ceded Contract (including, without limitation, in relation to any dispute, arbitration or litigation with any Underlying Cedent) in the collateralization, investigation, adjustment, settlement, litigation, defense, or appeal thereof, which shall include without limitation (a) outside retained adjusters’ fees; (b) attorneys’, experts’ and consultants’ fees in connection with coverage investigation or analysis and/or actual, anticipated or threatened actions, suits, or proceedings, whether declaratory, coercive or otherwise; (c) costs taxed in any claim, suit or proceeding; (d) pre-judgment interest; (e) interest accruing after entry of judgment; (f) expenses incurred in unsuccessfully pursuing salvage, subrogation, contribution or indemnity; (g) any out-of-pocket costs paid by the Company with respect to any Extra Contractual Obligations, except for any extra contractual expenses excluded pursuant to the last paragraph of Article 14; and (h) costs and fees for letters of credit and/or trustees/trust accounts required to secure the Company’s obligations to pay Losses. “Loss Adjustment Expenses” shall not include (i) unallocated loss adjustment expenses; (ii) overhead and office expenses of the Company; or (iii) salaries, benefits or expenses of the Company’s employees.
Examples of Loss Adjustment Expenses in a sentence
The policy must also provide that Defense costs, including the Allocated Loss Adjustment Expenses, will satisfy the SIR or deductible.
The Purchaser shall reimburse the Administrator for such reasonable Allocated Loss Adjustment Expenses.
The Administrator shall not have recourse to the Liquidator or the Estate for such Allocated Loss Adjustment Expenses.
General Agent or its designated claims adjustment contractor approved by Company shall have the authority to set loss, Loss Adjustment Expenses (LAE), and incurred but not reported (IBNR) reserves on Policies for Company according to accepted statutory accounting principles, actuarial loss reserving standards, and Regulations, subject to review and adjustment by Company.
Section 10.1 The Purchaser shall maintain legal reserves in accordance with SAP in connection with Disputed Claims and Allocated Loss Adjustment Expenses and otherwise comply with the covenants in Articles VIII, IX and X of the Purchase Agreement.
More Definitions of Loss Adjustment Expenses
Loss Adjustment Expenses means all expenses which have been paid by the Company in the investigation, adjustment, settlement or defense of specific claims covered under original policies of the Company reinsured hereunder, (also including prejudgment and post-judgment interests and salaries and expenses of salaried adjusters associated therewith), but not including office, administrative or overhead expenses of the Company or salaries and expenses of its officials and employees.
Loss Adjustment Expenses as used in this Agreement shall mean all loss adjustment expenses incurred by the Company in settling claims including costs and expenses allocable to a specific claim that are incurred by the Company in the investigation, appraisal, adjustment, settlement, litigation, defense or appeal of a specific claim, including court costs and costs of supersedes and appeal bonds and including (i) pre-judgment interest, unless included as part of the award or judgment; (ii) post-judgment interest and (iii) legal expenses and costs incurred in connection with coverage questions and legal actions connected thereto, including pro rata declaratory judgment expenses. Loss Adjustment Expenses shall include in-house adjusters, defense attorneys, and other claims and legal personnel of Tower Insurance Company of New York/Tower Risk Management and other costs allocated to the defense and adjustment of a specific claim.
Loss Adjustment Expenses means, for any period, expenses incurred in the course of investigating and settling claims, including, without limitation, legal and adjusters' fees and the costs of paying claims and related expenses.
Loss Adjustment Expenses means: (i) claims related expenses sustained in connection with adjustment, including defense, settlement and litigation of specific claims and suits, satisfaction of judgments, resistance to or negotiations concerning a loss which shall include the expenses and the pro rata share of the salaries and the expenses of the Company’s employees temporarily assigned to the actual adjustment of specific claims and loss but shall not include any salaries of employees or normal overhead expenses of the Company; (ii) the allocated salaries and expenses of house counsel dedicated to the defense of claims (iii) Declaratory Judgment Expenses; (iv) all interest on verdicts, awards or judgments except when included in Net Loss; and (v) expenses sustained to obtain recoveries, salvages or other reimbursements, or to secure the reversal or reduction of a verdict, award or judgment.
Loss Adjustment Expenses as used in this Agreement shall mean all costs and expenses allocable to a specific claim that are incurred by the Company in the investigation, appraisal, adjustment, settlement, litigation, defense or appeal of a specific claim, including court costs and costs of supersedeas and appeal bonds and including a) pre-judgment interest, unless included as part of the award or judgment; b) post-judgment interest and c) legal expenses and costs incurred in connection with coverage questions and legal actions connected thereto, including pro rata Declaratory Judgment Expenses. Loss Adjustment Expenses shall include in-house adjusters, defense attorneys, and other claims personnel of Tower Insurance Company of New York/Tower Risk Management who xxxx the Company for their services on an hourly basis.
Loss Adjustment Expenses means all expenses paid by the Company in connection with the investigation, settlement. defense or litigation, including court costs and post judgment interest. of any claim or loss which is the subject matter of Policies covered under this Agreement and shall include Declaratory Judgment Expenses. However, "Loss Adjustment Expenses" shall not include the salaries and expenses of Company employees, office expenses, and other overhead expenses.
Loss Adjustment Expenses means all costs and expenses incurred by the Company allocable to an occurrence or claim under or in connection with a Policy in the collateralization, investigation, adjustment, settlement, litigation, defense, or appeal thereof, which shall include without limitation (a) outside retained adjusters' fees; (b) attorneys', experts' and consultants' fees in connection with coverage investigation or analysis and/or actual, anticipated or threatened actions, suits, or proceedings, whether declaratory, coercive or otherwise; (c) costs taxed in any claim, suit or proceeding; (d) pre-judgment interest; (e) interest accruing after entry of judgment; (f) expenses incurred in successfully or unsuccessfully pursuing salvage, subrogation, contribution or indemnity; (g) any out-of-pocket costs paid by the Company with respect to any Extra Contractual Obligations, except for any extra contractual expenses excluded pursuant to the last paragraph of Article 14; and (h) costs and fees for letters of credit and/or trustees/trust accounts required to secure the Company's obligations to pay Loss. "Loss Adjustment Expenses" shall not include (i) unallocated loss adjustment expenses; (ii) overhead and office expenses of the Company; or (iii) salaries, benefits or expenses of the Company's employees.