Loss expense definition
Loss expense as used in this Agreement shall mean all expenses incurred by the Retrocedent in the investigation, appraisal, adjustment, litigation and/or defense of claims under original contracts reinsured hereunder, including court costs and interest accrued before and after final judgment, but excluding internal office expenses, salaries, and other remuneration of regular employees (other than staff field adjusters) of the original reinsureds or the Retrocedent. The Retrocessionaires shall bear their pro rata shares of all such loss expense (unless defined as part of loss in reinsured original contracts) and shall benefit pro rata in all salvages, subrogations, discounts, and other recoveries.
Loss expense will mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation, and defense of claims under policies reinsured hereunder, including court costs, interest accrued prior to judgment if included as part of expense on reinsured policies, and interest accrued after final judgment, but excluding internal office expenses, salaries, per diem, and other remuneration of regular Company employees.
Loss expense means all expenses incurred in the investigation, adjustment, and defense of all claims under the Reassured's Business, including, without limitation, loss expenses, court costs, and pre-judgment and post-judgment interest, as well as unallocated expenses for employees and ordinary overhead expenses such as salaries, annual retainers, office expenses, and other fixed expenses of Reassured.
Examples of Loss expense in a sentence
The Dealer Manager will reimburse the aforesaid parties for any legal or other expenses reasonably incurred by them in connection with investigating or defending such Loss, expense or action.
Each such Dealer will reimburse each Dealer Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss, expense or action.
Each such Broker will reimburse each Broker Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss, expense or action.
Each such Participating Broker will reimburse each Participating Broker Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss, expense or action.
The Managing Dealer will reimburse the aforesaid parties for any legal or other expenses reasonably incurred by them in connection with investigating or defending such Loss, expense or action.
More Definitions of Loss expense
Loss expense will mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation and/or defense of claims under policies reinsured hereunder, including court costs, interest accrued prior to final judgment if included as part of expense on reinsured policies, and interest accrued after final judgment, but excluding internal office expenses, salaries, per diem, and other remuneration of regular Company employees. Such loss expense, where incurred in connection with claims involving this reinsurance will be apportioned between the Company and the Reinsurers in proportion to their respective interests as finally determined in addition to the retention and limit of this Agreement. However, in the event a verdict or judgment is reduced by an appeal or a settlement, subsequent to the entry of the judgment, resulting in an ultimate saving on such verdict or judgment, or a judgment is reversed outright, the loss expense incurred in securing such final reduction or reversal will be prorated between the Reinsurers and the Company in the proportion that each benefits from such reduction or reversal, and the expenses incurred up to the time of the original verdict or judgment will be prorated in proportion to each party's interest in such verdict or judgment.
Loss expense means all costs incurred by Company in the investigation, adjustment, appraisal, defense or settlements of all claims, alleged claims, or suits, including appeals, under or related to the Policies reinsured hereunder, including legal fees, expenses of determining coverage under a Policy (including declaratory judgment expenses), subrogation, salvage and recovery expenses, both prejudgment and post-judgment interest, and any award of costs by a court of competent jurisdiction, excluding, however, office expenses and salaries of officials and employees of Company not classified as loss adjusters.
Loss expense as used in this Agreement will mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation and/or defense of claims under policies reinsured hereunder, including court costs, interest accrued prior to judgment if included as part of expense on reinsured policies, and interest accrued after final judgment, but excluding internal office expenses, salaries, per diem, and other remuneration of regular Company employees. Loss expense will also include declaratory judgment expense where the Company has paid or has become liable to pay any settlement, award, or judgment under its policy (however, the maximum contribution to loss expense as respects declaratory judgment expense arising from any one declaratory judgment action will be $2,000,000). Loss expense where incurred in connection with claims involving this Agreement will be apportioned between the Company and the Reinsurers in proportion to their respective interests as finally determined. "Declaratory judgment expense" as used in this Agreement 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 Agreement. Declaratory judgment expense will be deemed to have been fully incurred by the Company on the date of the actual or alleged loss under the Company's policy giving rise to the action. Should the Company elect to institute proceedings to an appeal subsequent to the entry of a judgment, such action will be referred to the Reinsurers for their approval. In the event a verdict or judgment is appealed or a settlement or other legal remedy, subsequent to the entry of the judgment, results in an ultimate saving on such verdict or judgment, or a judgment is reversed outright, the expense incurred, including interest, in securing a reduction, if any, or reversal will be pro-rated between the Reinsurers and the Company in the proportion as if a reduction or reversal had never occurred; and the expenses incurred up to the time of the original verdict or judgment will be pro-rated in proportion to each party's interest in such original verdict or judgment. Should an appeal instituted with the approval of Reinsurers not result in an ultimate saving or the original verdict or judgment entered is increased, then the expenses incurred, including interest, in the appeal proceedings will be borne pro...
Loss expense. Pro rata in addition to the ultimate net loss. DECLARATORY JUDGMENT Included hereunder, whether or not a loss is sustained as EXPENSE: a result of the action, as per the definition attached.
Loss expense will mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation and/or defense of claims under Policies reinsured hereunder, including expenses identified in the Loss and Loss Adjustment Expense Article, court costs, interest accrued prior to final judgment if included as part of expense on reinsured Policies, and interest accrued after final judgment, but excluding internal office expenses, salaries, per diem, and other remuneration of regular Company employees. Loss Expense will also include Declaratory Judgment Expense. The Reinsurers will bear their pro rata shares of all Loss Expense. The Reinsurers' liability for Loss Expense will be in addition to their limit of liability under this Agreement as set forth in the Coverage Article (unless Loss Expense is included as part of Loss in reinsured Policies), and the Reinsurers will benefit pro rata in all salvages, subrogations, discounts, and other recoveries.
Loss expense means all expenses incurred in the investigation, adjustment and defense of all claims under the New Business, including without limitation, loss expenses, court costs and pre-judgment and post-judgment interest as well as unallocated expenses for employees and ordinary overhead expenses such as salaries, annual retainers, office expenses and other fixed expenses of the Reinsurer and Reassured.
Loss expense. Pro rata in addition to Reinsurers' limit of liability unless loss expense is included within the policy limits.