Losses in Excess of Policy Limits definition

Losses in Excess of Policy Limits means one hundred percent (100%) of damages payable in excess of the policy limit as a result of alleged or actual negligence, fraud, or bad faith in failing to settle and/or rejecting a settlement within the policy limit, in the preparation of the defense, in the trial of any action against the insured or reinsured, or in the preparation or prosecution of an appeal consequent upon such action. Losses in Excess of Policy Limits includes any amount that the Retrocedent would have been contractually liable to pay had it not been for the limits of a policy.
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Losses in Excess of Policy Limits shall have the meaning set forth in Article XII hereof.
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Losses in Excess of Policy Limits means, solely for the purposes of calculating the Ceding Insurer’s Ultimate Net Loss, 100% of any amount paid or payable by the Ceding Insurer in excess of its policy limits, but otherwise within the terms of its policy, such loss in excess of the Ceding Insurer’s policy limits having been incurred because of, but not limited to, failure by the Ceding Insurer to settle within the policy limits or by reason of the Ceding Insurer’s alleged or actual negligence, fraud (except by an officer or director of the Ceding Insurer as herein after provided) or bad faith in rejecting an offer of settlement or in the preparation of the defense or in the trial of an action against its insured or reinsured or in the preparation or prosecution of an appeal consequent upon such an action. A Loss in Excess of Policy Limits shall be deemed, in all circumstances, to have occurred on the same date as the loss covered or alleged to be covered under the policy. Notwithstanding anything stated herein, Loss in Excess of Policy Limits shall not include Loss in Excess of Policy Limits incurred by the Ceding Insurer as a result of any fraudulent and/or criminal act by any officer or director of the Ceding Insurer acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder.
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Examples of Losses in Excess of Policy Limits in a sentence

  • Losses in Excess of Policy Limits on a 90%/10% basis within the Agreement limit.

  • Notwithstanding the provisions of the article entitled MANAGEMENT OF CLAIMS AND LOSSES, this term shall also include 100% of Losses in Excess of Policy Limits and 100% of Extra Contractual Obligations within the constraints of the Loss Limitation.

  • Notwithstanding the provisions of the article entitled MANAGEMENT OF CLAIMS AND LOSSES, this term shall also include 100% of Losses in Excess of Policy Limits and 80% of Extra Contractual Obligations.

  • Further, Reinsurers shall be liable for one additional per occurrence limit of any Losses in Excess of Policy Limits and/or any Extra Contractual Obligations, as further defined in ARTICLE X, LOSS IN EXCESS OF POLICY LIMITS AND EXTRA CONTRACTUAL OBLIGATIONS, which are incurred by the Reassured.

  • Notwithstanding any other provision of this Contract, the Reinsurer shall not be liable to the Reassured for any Extra Contractual Obligations or Losses in Excess of Policy Limits.

  • The difference of 7 square feet with regard to a tract of 201,822 square feet is, to put it mildly, de minimis.

  • This account will also bear a notation advising of the Gross Net Written Premium, outstanding Loss, Extra Contractual Obligations, Losses in Excess of Policy Limits and Loss Adjustment Expense reserve, summarized by line of business, and the unearned premium reserve at the end of the period, summarized by line of business, segregated by Contract Year.

  • Within 30 days after the close of each calendar month, the Reassured shall furnish the Reinsurer with an account showing the written premiums ceded during the month, less the commission allowed hereunder on premiums ceded, and less Reinsurer's share of the losses (including Losses in Excess of Policy Limits and Extra Contractual Obligations) and loss adjustment expenses during the month being reported.

  • In addition, an amount not to exceed a combined total of $900,000 (being 90% of $1,000,000) any one Loss for Extra Contractual Obligations and Losses in Excess of Policy Limits, as specified in the Extra Contractual Obligations and Excess of Policy Limits Articles, will be subject to this Contract.

  • Such loss also shall include any Losses in Excess of Policy Limits and any Extra Contractual Obligations incurred by the Reassured but shall exclude allocated loss adjustment expenses.


More Definitions of Losses in Excess of Policy Limits

Losses in Excess of Policy Limits means any losses in excess of the Ceding Company’s original policy limit incurred because of the failure to settle within the policy limit or by reason of alleged or actual negligence, coverage denial, 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 the insured, or in the preparation or prosecution of an appeal consequent upon such action.
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Losses in Excess of Policy Limits means any amount of loss together with any legal costs and expenses incurred in connection therewith, paid or payable by the Company in excess of its policy limits, but otherwise within the coverage terms of the policy, as a result of an action against it by its insured or its insured’s assignee to recover damages the insured is legally obligated to pay to a third party claimant because of the Company’s alleged or actual negligence or bad faith in rejecting a settlement within the policy limits, or in discharging its duty to defend or prepare the defense in the trial of an action against its insured, or in discharging its duty to prepare or prosecute an appeal consequent upon such action.
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Losses in Excess of Policy Limits means those losses of the Company or its reassured in excess of the limit of any contract of insurance or reinsurance reinsured hereunder, such loss in excess of the limit having been incurred because of failure by the Company or its reinsured 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. No inference shall be drawn from the foregoing exclusion of liabilities that this Contract or any portion of this Contract otherwise covers such liabilities in the absence of said exclusion. It is understood that Exclusion B. shall not apply when such hazards are incidental to and form a minor part of the usual operations of the insured. These Exclusions, other than M., N., O. and P. shall also not apply in the event of the Company being interested without its knowledge on an PAGE excluded risk, either by an existing insured extending its operations or by an inadvertent acceptance by an agent or otherwise; this Contract shall attach in respect of such prohibited risk, but only until discovery by the Management of the Home Office and then only for thirty (30) days thereafter.
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Losses in Excess of Policy Limits means, with respect to the computation of Ultimate Net Loss, those losses of the Ceding Insurer, or of its insured or reinsured, in excess of the limit of any contract of insurance or reinsurance from a Earthquake Event, provided that such excess loss was not incurred as a result 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 an insured or reinsured or in the preparation or prosecution of an appeal consequent upon such action. ‘‘Material Adverse Effect’’ means a material adverse effect on (i) the business, operations, properties, assets, or financial condition of the Reinsurer; (ii) the ability of the Reinsurer to fully and timely perform its Obligations or to obtain full and timely performance by the Ceding Insurer or the Swap Counterparty of its obligations under any Basic Document; (iii) the legality, validity, binding effect or enforceability against the Reinsurer, the Ceding Insurer or the Swap Counterparty of a Basic Document to which it is a party; or (iv) the rights and remedies of the Indenture Trustee and any Noteholder under any Basic Document or of the Reinsurer under any Basic Document.
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Losses in Excess of Policy Limits means those losses of the Company or its reassured in excess of the limit of any contract of insurance or reinsurance reinsured hereunder, such loss in excess of the limit having been incurred because of failure by the Company or its reassured 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 Effective: January 1, 1997 3 of 21 3645-21 DOC: January 20, 1997 trial of any action against its assured or reassured or in the preparation or prosecution of an appeal consequent upon such action. No inference shall be drawn from the foregoing exclusion of liabilities that this Contract or any portion of this Contract otherwise covers such liabilities in the absence of said exclusion. It is understood that Exclusion B. shall not apply when such hazards are incidental to and form a minor part of the usual operations of the assured. These Exclusions, other than M., N., O. and P. shall also not apply in the event of the Company being interested without its knowledge on an excluded risk, either by an existing assured extending its operations or by an inadvertent acceptance by an agent or otherwise; this Contract shall attach in respect of such prohibited risk, but only until discovery by the Management of the Home Office and then only for thirty (30) days thereafter.
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Losses in Excess of Policy Limits means those losses of the Reassured in excess of the limit of any policy of insurance reinsured hereunder, such loss in excess of the limit having been incurred because of failure by the Reassured to settle within the policy limit or by reason of alleged or actual negligence, fraud, or bad faith in rejecting an offer or settlement or in the preparation of the defense or in the trial of any action against its assured or in the preparation or prosecution of an appeal consequent upon such action. No inference shall be drawn from the foregoing exclusion of liabilities that this Contract or any portion of this Contract otherwise covers such liabilities in the absence of said exclusion.
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Related to Losses in Excess of Policy Limits

  • Loss in Excess of Policy Limits means 90.0% of any amount paid or payable by the Company in excess of its policy limits, but otherwise within the terms of its policy, such loss in excess of the Company’s policy limits having been incurred because of, but not limited to, failure by the Company to settle within the policy limits or by reason of the Company’s 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 an action against its insured or reinsured or in the preparation or prosecution of an appeal consequent upon such an action.

  • AND LIABILITY LIMITS State Street shall assume no responsibility for lost interest with respect to the refundable amount of any unauthorized payment order, unless State Street is notified of the unauthorized payment order within thirty (30) days of notification by State Street of the acceptance of such payment order. In no event shall State Street be liable for special, indirect or consequential damages, even if advised of the possibility of such damages and even for failure to execute a payment order.

  • Loss or Losses means all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs or expenses of whatever kind, including reasonable attorneys' fees and the costs of enforcing any right to indemnification hereunder and the cost of pursuing any insurance providers.

  • Losses shall have the meaning set forth in Section 5(a).

  • Fraud Losses Realized Losses on Mortgage Loans as to which a loss is sustained by reason of a default arising from fraud, dishonesty or misrepresentation in connection with the related Mortgage Loan, including a loss by reason of the denial of coverage under any related Primary Insurance Policy because of such fraud, dishonesty or misrepresentation.

  • Seller Losses has the meaning set forth in Section 10.2(a).

  • Legal Liability means responsibility which courts recognize and enforce between persons who sue one another.

  • Aggregate Limit shall have the meaning assigned to such term in Section 1.1 hereof.

  • Fraud Coverage During the period prior to the first anniversary of the Cut-Off Date, 2.00% of the aggregate principal balance of the Mortgage Loans as of the Cut-Off Date (the "Initial Fraud Coverage"), reduced by Fraud Losses allocated to the Certificates since the Cut-Off Date; during the period from the first anniversary of the Cut-Off Date to (but not including) the fifth anniversary of the Cut-Off Date, the amount of the Fraud Coverage on the most recent previous anniversary of the Cut-Off Date (calculated in accordance with the second sentence of this paragraph) reduced by Fraud Losses allocated to the Certificates since such anniversary; and during the period on and after the fifth anniversary of the Cut-Off Date, zero. On each anniversary of the Cut-Off Date, the Fraud Coverage shall be reduced to the lesser of (i) on the first, second, third and fourth anniversaries of the Cut-Off Date, 1.00% of the aggregate principal balance of the Mortgage Loans as of the Due Date in the preceding month and (ii) the excess of the Initial Fraud Coverage over cumulative Fraud Losses allocated to the Certificates since the Cut-Off Date. The Fraud Coverage may be reduced upon written confirmation from the Rating Agencies that such reduction will not adversely affect the then current ratings assigned to the Certificates by the Rating Agencies.

  • Buyer Losses has the meaning set forth in Section 10.1(a).

  • Compensable injury means an accidental injury or damage to a prosthetic appliance, or an occupational disease arising out of and in the course of employment with any Oregon employer, and which requires medical services or results in disability or death.

  • Relevant Losses means, in relation to:

  • Insured Amounts means, with respect to any Distribution Date, the Deficiency Amount for such Distribution Date.

  • REASONABLY SAFE FROM FLOODING Means base flood waters will not inundate the land or damage structures to be removed from the floodplain and that any subsurface waters related to the base flood will not damage existing or proposed buildings.

  • Property damage means physical injury to, destruction of or loss of use of tangible property.

  • General Liabilities shall have the meaning given it in Article III, Section 6(b) of this Declaration of Trust;

  • Electrical Losses means all electrical losses associated with the transmission of Product to the Delivery Point, including if applicable, but not limited to, any transmission or transformation losses between the CAISO revenue meter and the Delivery Point.

  • Excess Fraud Loss Any Fraud Loss, or portion thereof, which exceeds the then applicable Fraud Loss Amount.

  • Special Hazard Loss Coverage Amount With respect to the first Distribution Date, $5,000,000. With respect to any Distribution Date after the first Distribution Date, the lesser of (a) the greatest of (i) 1% of the aggregate of the principal balances of the Mortgage Loans, (ii) twice the principal balance of the largest Mortgage Loan and (iii) the aggregate of the principal balances of all Mortgage Loans secured by Mortgaged Properties located in the single California postal zip code area having the highest aggregate principal balance of any such zip code area and (b) the Special Hazard Loss Coverage Amount as of the Closing Date less the amount, if any, of Special Hazard Losses allocated to the Certificates since the Closing Date. All principal balances for the purpose of this definition will be calculated as of the first day of the calendar month preceding the month of such Distribution Date after giving effect to Scheduled Payments on the Mortgage Loans then due, whether or not paid.

  • Severe property damage means substantial physical damage to property, damage to the treatment facilities which would cause them to become inoperable, or substantial and permanent loss of natural resources which can reasonably be expected to occur in the absence of a bypass. Severe property damage does not mean economic loss caused by delays in production.

  • Environmental Losses means all costs and expenses of any kind, damages, including foreseeable and unforeseeable consequential damages, fines and penalties incurred in connection with any violation of and compliance with Environmental Requirements and all losses of any kind attributable to the diminution of value, loss of use or adverse effects on marketability or use of any portion of the Premises or Property.

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

  • Catastrophic illness or injury means one of the following:

  • Fraud Loss Coverage Amount As of the Closing Date, $10,458,862 subject to reduction from time to time, by the amount of Fraud Losses allocated to the Certificates. In addition, on each anniversary of the Cut-off Date, the Fraud Loss Coverage Amount will be reduced as follows:

  • Losses incurred means ceded losses and Loss Adjustment Expense paid as of the effective date of calculation, plus the ceded reserves for losses and Loss Adjustment Expense outstanding as of the same date.

  • Deductible has the meaning set forth in Section 11.1(e).