Prior Insurer definition

Prior Insurer means an insurer, including the Company and any subsidiary or affiliate of the Company, who has issued a lawyers professional liability insurance policy that is applicable to a claim, such policy having an inception date prior to the policy period.
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Prior Insurer means a title insurance company that has issued a Prior Policy.
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Prior Insurer means an insurer, including the
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Examples of Prior Insurer in a sentence

  • The Prior Insurer issued a Prior Policy that provides coverage against loss due to a Defect.

  • Nothing in this Agreement shall be construed to deprive Prior Insurer of any of the rights of Prior Insurer as provided by its Prior Policy, including all rights of subrogation and the right to perfect title as insured by settling or litigating.

  • The Prior Insurer that issued a loan policy shall be liable only for indemnity under this Agreement for Defects that are monetary liens listed by Section IV in paragraphs A, B, C and D.

  • The Prior Insurer shall act diligently and promptly to discharge its responsibilities under this Agreement.

  • The Current Insurer shall reasonably cooperate to enable the Prior Insurer to perform its duties and limit its liability under this Agreement.

  • The Current Insurer shall notify Prior Insurer of any proposed payment or settlement of a claim arising from a Defect and shall give the Prior Insurer reasonable opportunity to investigate the claim at its own expense.

  • However, nothing in this Agreement shall be construed to delegate any of the duties or the rights of the Current Insurer to the Prior Insurer.

  • Nothing contained in this Agreement shall be construed to create any rights in non-parties to this Agreement (including, without limitation, the insured under the policies issued by Prior Insurer or Current Insurer) or to give rise to any claim by a non-party that he, she or it is a third-party beneficiary of this Agreement.

  • Until the Prior Insurer is notified of a claim, Prior Insurer has no obligation under this Agreement to take any action.

  • After a Current Insurer relies upon this Agreement to issue a Current Policy, the duration of the indemnity of Prior Insurer shall continue in force so long as the Current Insurer has liability under the Current Policy or under its indemnities to subsequent insurers for a Defect.


More Definitions of Prior Insurer

Prior Insurer means a title insurance company which has issued a policy which is still in effect and which is being requested to indemnify “Current Insurer”. “Prior Insurer” may also be referred to as “Indemnifying Company”.
Sample 1
Prior Insurer means one which has issued a policy which is still in effect and which is being requested to indemnify the Current Insurer. The policy must – in general – be an owner’s policy. If the Prior Insurer’s policy is a loan policy, the insured lender (as opposed to another party) must have acquired title by foreclosure or deed in lieu of foreclosure. The Prior Insurer’s policy must not have lapsed; i.e., the “Insured” (as de- fined in the policy) must still hold title to the land insured. Assume that B obtained a policy from X Title Insurance Company, but B has conveyed to C, and Current In- surer is asked to insure a conveyance from C to D. The Treaty (2009) is not effective against X, because its policy lapsed when B conveyed to C. It is also important to remember that the liens, interests, and other matters listed above cannot have arisen against the current owner. They must have arisen against a prior owner and must not have been excepted from coverage. This is because (as explained below) the Treaty (2009) does not cover matters which are excluded or excepted from coverage under the existing policy. Furthermore, although the scope of covered items has been expanded by the Treaty (2009), not all title exceptions fall within its scope. For example, tidelands claims and outstanding ownership inter- ests are not covered. Note that items A, B, and D above require that the Current Insurer provide for “contemporaneous notice” to the Prior Insurer. However, the Prior Insurer is not required to take affirmative steps to satisfy the lien in question upon receipt of such notice. To the extent the Prior Insurer is prejudiced by the failure to provide such notice in a timely fashion, it may not be obligated under Treaty (2009) to indemnify the Current Insurer.30 As noted above, liens and interests which are excepted (or excluded) from coverage under the Prior Insurer’s policy are not subject to the operation of Treaty (2009). Liens or interests arising against the Prior Insurer’s insured are excluded from Treaty (2009) because they are excluded from coverage under the “acts of the insured” exclusion found in the policy. Similarly, liens, etc., attaching after the orig- inal effective date of the Prior Insurer’s policy are beyond the scope of the Treaty. This is consistent with the wording of the policy, which excludes post-policy matters from coverage.31 30 Art. IV, §§A, B, and D (requiring the Current Insurer to provide contemporaneous notice) must be read together with...
Sample 1
Prior Insurer means an insurer, including the Insurer and any subsidiary or affiliate of the Insurer, who has issued a real estate developers liability insurance policy that is applicable to a Claim, such policy having an inception date prior to the Policy Term. Professional Services means Construction Management Services, Design Professional Services, Property Management Services, Real Estate Professional Services, and Real Estate Development Services.
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Related to Prior Insurer

  • Member insurer means any person who:

  • R&W Insurer means AIG Specialty Insurance Company.

  • Insurer means a person who insures or guarantees for the benefit of the mortgagee all or any portion of the risk of loss upon borrower default on any of the mortgage loans originated, purchased or serviced by the Company or any of its Subsidiaries, including the Federal Housing Administration, the United States Department of Veterans’ Affairs, the Rural Housing Service of the U.S. Department of Agriculture and any private mortgage insurer, and providers of hazard, title or other insurance with respect to such mortgage loans or the related collateral.

  • Qualified Insurer A mortgage guaranty insurance company duly authorized and licensed where required by law to transact mortgage guaranty insurance business and approved as an insurer by Xxxxxx Xxx or Xxxxxxx Mac.

  • Authorized insurer means, in the case of an interstate motor carrier whose operations may or may

  • Existing insurer means the insurance company whose policy or contract is or will be changed or affected in a manner described within the definition of “replacement.”

  • Fidelity Insurance means insurance coverage with respect to employee errors, omissions, dishonesty, forgery, theft, disappearance and destruction, robbery and safe burglary, property (other than money and securities) and computer fraud in an aggregate amount acceptable to Seller’s regulators.

  • Approved Insurer Each insurance policy shall be issued by insurance companies authorized to do business in the State of Nevada or eligible surplus lines insurers under federal and Nevada law and having agents in Nevada upon whom service of process may be made, and currently rated by A.M. Best as “A-VII” or better.

  • NIMS Insurer Any insurer that is guaranteeing certain payments under notes secured by collateral which includes, among other things, all or a portion of the Class CE Certificates, the Class P Certificates and/or the Residual Certificates.

  • Primary Insurance Policy Each policy of primary mortgage guaranty insurance or any replacement policy therefor with respect to any Mortgage Loan.

  • Certificate of Insurance means a document showing that an insurance policy has been written and includes a statement of the coverage of the policy.

  • authorised insurer means an insurer that holds an authorisation to carry on insurance business for the purposes of Directive 73/239/EEC or that is otherwise entitled to carry on non-life insurance business in the State;

  • Errors and Omissions Insurance Policy means an errors and omissions insurance policy maintained by the Master Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator, as the case may be, in accordance with Section 8.2, Section 9.2 and Section 7.17, respectively.

  • insurance broker means an insurance brokerage firm,

  • Environmental Insurance Policy With respect to any Mortgaged Property securing a Serviced Mortgage Loan or any Administered REO Property, any insurance policy covering pollution conditions and/or other environmental conditions that is maintained from time to time in respect of such Mortgaged Property or Administered REO Property, as the case may be, for the benefit of, among others, the Trustee on behalf of the Certificateholders.

  • contract of insurance means an agreement between the Secretary of Education and either the Trustee or the Seller providing for the insurance by the Secretary of Education of the principal of and accrued interest on a FFELP Loan to the maximum extent permitted under the Higher Education Act.

  • Insurance Consultant or "consultant" means a person who:

  • Insured Trust means a Trust which is comprised entirely of Pre-Insured Bonds and/or Bonds as to which such Trust has obtained Portfolio Insurance.

  • Dental Insurance The District shall contribute $360.00 annually toward the cost of dental insurance whether for single or family coverage for full-status employees who qualify for and enroll in the plan. The cost of the premium not contributed by the District for family coverage shall be borne by the employee through payroll deduction.

  • R&W Insurance Policy means the representations and warranties insurance policy issued to Buyer in connection with the transactions contemplated hereby.

  • D&O Liability Insurance Policies means all insurance policies (including any “tail policy”) of any of the Debtors for liability of any current or former directors, managers, officers, and members.

  • Insurance Policy With respect to any Mortgage Loan included in the Trust Fund, any insurance policy, including all riders and endorsements thereto in effect, including any replacement policy or policies for any Insurance Policies.

  • Insurance Report means an insurance report in respect of the Insurances confirming that such Insurances are placed with such insurers, insurance companies and/or clubs in such amounts, against such risks and in such form as acceptable to the Agent (acting on the instructions from the Finance Parties) and comply with the requirements under Clause 26.3 (Insurance) and the GIEK Guarantee prepared by Bank Assure Insurance Services Inc., or such other reputable insurance advisor approved by the Agent, and dated on or about 11 June 2010 and addressed to, and capable of being relied upon by, the Finance Parties.

  • Sum Insured means the sum as specified in the Schedule to this Policy against the name of Insured / each Insured Person, which sum represents the Company's maximum liability for any or all claims under this Policy during the Policy period for the respective benefit(s) against which the sum is mentioned in the Schedule to this Policy.

  • Required Insurance Policy With respect to any Mortgage Loan, any insurance policy that is required to be maintained from time to time under this Agreement.

  • The Insured means the person specified as such in the Schedule.