Loss Expenses definition
Loss Expenses as used in this Agreement shall mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation and/or defense of claims under the business reinsured hereunder, including court costs, interest accrued prior to final judgment if included as expense on reinsured Policies, interest accrued after final judgment, but excluding internal office expenses, salaries, per diem, and other remuneration of regular Company employees unless diverted from their normal duties to handle such Loss.
Loss Expenses means all allocated costs and expenses incurred in connection with the investigation, appraisal, settlement, litigation, defense or appeal of any claim or loss that arises in respect of a Reinsured Policy.
Loss Expenses shall include all the amounts incurred for actions, suits or proceedings and for other matters and things relating to any loss recoverable hereunder at the discretion of the Reinsured which in its judgement may be beneficial or expedient and all payments made and costs and expenses incurred therefore shall be considered (including for the avoidance of doubt allocated and unallocated lae). Salvages and recoveries, including recoveries from all other reinsurances shall be deducted from such loss to arrive at the amount of liability, if any, attaching hereunder. All salvages, recoveries or payments recovered or received subsequent to any loss settlement 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. Nothing in this clause shall be construed to mean that losses are not recoverable hereunder until the Reinsureds' ultimate net loss has been ascertained and the Principal Reinsured shall be entitled to seek recovery under this Reinsurance Agreement notwithstanding that a Reinsured has not exhausted its rights under any reinsurance arrangements relating to the business protected under this Reinsurance Agreement, provided that (i) the Principal Reinsured and the Reinsureds have first sought in good faith to recover all reinsurance recoverables under any such reinsurance arrangements, (ii) to the extent that they have not been able to recover the same, used their respective reasonable endeavours in good faith to assign all outstanding rights against any third party under any such reinsurance arrangements and (iii) if they are not legally able to assign such outstanding rights they shall (following payment by the Reinsurer) continue to use their respective reasonable endeavours to exhaust such outstanding rights and, in such case, if they make any recovery in the course of any related proceedings or otherwise, the Principal Reinsured shall account to the Reinsurer for any amounts so recovered by the Reinsureds but only to the extent that the Principal Reinsured has made any recoveries against the Reinsurer under this Reinsurance Agreement.
Examples of Loss Expenses in a sentence
In addition, the Reinsurer shall also be liable for its proportionate share of all Loss Expenses as respects Losses covered under this Agreement.
The Reinsurer shall be liable for its proportionate share of all Losses and Loss Expenses covered under this Reinsurance Agreement.
Fees for these services will be paid against the specific claim file as Allocated Loss Expenses or, where required by state law, as loss.
A pro-rata portion of such Loss Expenses Paid shall be recoverable hereunder in addition to limits.
If the Reinsurer notifies the Cedant in such [*] period that the Reinsurer agrees with Cedant’s intention with respect to such Subject Claim, or the Reinsurer fails to respond to the Cedant’s notice of such Subject Claim, the Reinsurer shall pay the Cedant the Reinsurer’s Quota Share of Loss Expenses associated with such Subject Claim in accordance with the terms of this Agreement.
More Definitions of Loss Expenses
Loss Expenses means expenditures by or on behalf of Continental in the defense, investigation or settlement of Claims and allocated to an individual Claim or loss including investigation, appraisal, adjustment, negotiation and legal expenses, court costs, costs of award or judgment paid by or on behalf of Continental, statutory penalties, prejudgment interest and interest on any judgment or award, but not including office expenses or salaries or other compensation and expenses of employees of Continental or its Affiliates.
Loss Expenses means court costs, interest upon judgments, and allocated investigation, adjustment and legal expenses, including expenses related to the workout of a potential loss or the protection and perfection of any subrogation or salvage rights or security interest under a Policy. Losses and Loss Expenses (collectively "Policy Payments") shall not include (a) salaries paid to employees of the Reinsured, (b) awards or judgments against the Reinsured occasioned by failure of the Reinsured to settle a claim or make payment under its policy, when such failure arises from bad faith, negligence or misconduct on the part of the Reinsured or any agent or employee of the Reinsured or (c) liability of the Reinsured, arising by contract, operation of law or otherwise, from its participation or membership, whether voluntary or involuntary, in any insolvency fund, including any guaranty fund, association, pool, plan or other facility that provides for the assessment of, payment by or assumption by the Reinsured of a part or the whole of any claim, debt, charge, fee or other obligation of any insurer, or its successor or assigns, that has been declared insolvent by any authority having jurisdiction, or which is otherwise unable to meet any claim, debt, charge, fee or other obligation in whole or in part. Loss Expenses shall include expenses paid by the Reinsured to American Capital Access Service Corporation, an affiliate of the Reinsured ("ACASC"); provided that such expenses are allocated to the Policy on a cost basis and that such expenses do not included any portion of ACASC' employee salaries or general office expenses. Loss Expenses shall not be included in calculating the Reinsurer's limit of liability, except to the extent that the respective Reinsurance Memorandum otherwise provides. The Reinsured agrees to keep the Reinsurer informed as to any default or potential default of any non-payment(s) of amounts due under obligations covered by Policies reinsured by this Agreement. In any event, Notice (as defined in Article II) of a default shall be given to the Reinsurer within fifteen (15) days of notification to the Reinsured of such default. Failure to provide such Notice shall not relieve the Reinsurer of its obligation for any Loss resulting from such claim except to the extent that it has suffered undue prejudice. The Reinsurer agrees to abide by the Loss settlements of the Reinsured. The Reinsured shall determine in its sole discretion (i) what shall constitute a clai...
Loss Expenses. Loss expense included within the ultimate net loss in satisfying Retention and Limit hereon.
Loss Expenses means any of the following arising from a Covered Risk:
Loss Expenses. Included within Retrocessionaires' limit of liability. PREMIUM: Annual minimum and deposit premium of $1,680,000, payable in equal semi-annual installments of $840,000 on January 1 and July 1, 1995. Adjustable at 90% of subject net written premium (excluding reinstatement premium, if any, received by the Retrocedent) for business classified by the Retrocedent as catastrophe business and 7.16% of subject net written premium (excluding reinstatement premium, if any, received by the Retrocedent) for all other business.
Loss Expenses as used in this Reinsurance Agreement shall mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation and/or defense of claims under the business reinsured hereunder, including court costs, interest accrued prior to final judgment if included as expense on reinsured Policies, interest accrued after final judgment, but excluding internal office expenses, salaries, per diem, and other remuneration of regular Company employees unless diverted from their normal duties to handle such Loss. Surety Canada Quota Share Treaty Effective: January 1, 2011 Page 2 of 15
Loss Expenses as used in this Agreement shall mean all expenses incurred by the Company in the investigation, appraisal, adjustment, litigation and/or defense of claims under the business reinsured hereunder, including court costs, interest accrued prior to final judgment if included as expense on reinsured Policies, interest accrued after final judgment, but excluding internal office expenses, salaries, per diem, and Surety Quota Share Treaty Effective: January 1, 2005 Page 2 of 15 (Revised - 5/10/05) other remuneration of regular Company employees unless diverted from their normal duties to handle such Loss.