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 means the actual amount of expenses that the Reinsured incurs in the investigation, adjustment, appraisal and defense of all claims, demands, and losses under the Policies, including costs of any rescission or declaratory judgment action arising out of or in connection with the Policies, and shall exclude general office expenses, overheads and salaries of the Reinsured's or the Program Manager's employees, except for (1) Reinsured's staff attorneys representing insureds in the defense of claims, demands or losses and (2) Reinsured's Claims Division personnel to the extent permitted by the Claims Mandate as defined herein. It is agreed that external legal costs incurred by the Program Manager shall be payable by Reinsurers as Loss Expenses where such costs are allocable against specific claims. Nothing in this Agreement shall be construed as meaning that Loss and Loss Expenses are not recoverable hereunder until the ultimate actual loss to the Reinsured has been ascertained. All salvage and subrogation recoveries actually made by the Reinsured incident to Loss and Loss Expense payments by Reinsured and all amounts recoverable under all other reinsurance inuring to the benefit of this Agreement shall be deducted in arriving at the amount of the Reinsurer's liability for Loss and Loss Expenses. All salvages, recoveries and payments recovered or received subsequent to a loss settlement under this Agreement shall be applied as if recovered or received prior to said settlement and all necessary adjustments shall be made by the parties hereto. The amount of the Reinsurer's liability for Loss and Loss Expenses shall not be increased by reason of the inability of the Reinsured to collect from any other Reinsurers, whether specific or general, any amounts which may have become due from them whether such inability arises from insolvency of such other Reinsurers or otherwise.
Examples of Loss Expenses in a sentence
If financial assets available for sale are subject to permanent impairment, the amount is charged to “Value Loss Expenses for Securities” account in accordance with the related Turkish Accounting Standard.
If revalued amounts of financial assets at fair value through profit/loss is less than the prior revalued amounts, initially, value of prior records regarding the value increase are adjusted according to the recent value and if the impairment loss is more than the prior value increase, difference is reflected to “Value Loss Expenses for Securities”.
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.
A pro-rata portion of such Loss Expenses Paid shall be recoverable hereunder in addition to limits.
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 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 claim or Loss covered under the Reinsured's insurance policies, (ii) the Reinsured's liability thereunder and (iii) the correct amount or amounts, if any, that the Reinsured shall pay thereunder. The Reinsurer shall be bound by the determination of the Reinsured concerning the salvage and subrogation rights and remedies of the Re...
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, Surety Quota Share Treaty Effective: January 1, 2010 Page 2 of 16 salaries, per diem, and other remuneration of regular Company employees unless diverted from their normal duties to handle such Loss.
Loss Expenses. Allocated loss adjustment expenses included within the ultimate net loss. Unallocated loss adjustment expenses are not covered under this Agreement. AGGREGATE COVER LIMIT: Covered losses and ceding commission for each coverage period limited to 120% of ceded premium for such period. PREMIUM: 35% of Gross Net Earned Premium (GNEP), payable monthly as earned. GNEP is defined as the Company's Earned Premium for the Business covered less premiums ceded under the Company's excess of loss treaty program.
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 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 an AmeriCredit Policy. "LOSS EXPENSES" shall not include (a) salaries paid to employees of Financial Security, (b) awards or judgments against Financial Security occasioned by failure of Financial Security to settle a claim or make payment under an AmeriCredit Policy, when such failure arises from bad faith, negligence or misconduct on the part of Financial Security or any agent or employee of Financial Security or (c) liability of Financial Security, 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 Financial Security 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 reasonably incurred expenses paid by Financial Security to Transaction Services Corporation, an affiliate of Financial Security; PROVIDED that such expenses are allocated to the related AmeriCredit Policy on a cost basis.
Loss Expenses shall not include (a) salaries paid to employees of Financial Security, (b) awards or judgments against Financial Security occasioned by failure of Financial Security to settle a claim or make payment under an AmeriCredit Policy, when such failure arises from bad faith, negligence or misconduct on the part of Financial Security or any agent or employee of Financial Security or (c) liability of Financial Security, 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 Financial Security 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 reasonably incurred expenses paid by Financial Security to Transaction Services Corporation, an affiliate of Financial Security; PROVIDED that such expenses are allocated to the related AmeriCredit Policy on a cost basis.