Probable Maximum Loss definition

Probable Maximum Loss. The value of the largest monetary loss within one area that may be expected to result from a single fire, assuming the normal functioning of passive protective features and proper functioning of most active suppression systems.

Probable Maximum Loss means the probable maximum loss (i.e. repair and reprocurement expenses) that would be incurred should the largest earthquake that has a 10% probability of occurring during a 50 year assumed service life of a building (i.e. an earthquake of the type that has a probability of occurrence once every 475 years) occur. Probable Maximum Loss is commonly utilised in the Japanese real estate industry for the purpose of asset securitisation. Traditionally in the Japanese real estate investment trust industry, unless Probably Maximum Loss is in excess of 15%, buildings are not insured for earthquake due to the relatively high insurance premium and the high deductible amount.

Probable Maximum Loss has the meaning specified and as used by each applicable Insurance Regulatory Authority.

Examples of Probable Maximum Loss in a sentence

• The amount of coverage shall be purchased on a full replacement cost basis, except for earthquake, windstorm and flood perils which shall be provided as sublimits and aggregate limits supported by a Probable Maximum Loss (PML) study and/or Catastrophe (CAT) Modeling report, if such insurance amounts are appropriate and available on commercially reasonable terms.

• The amount of coverage shall be purchased on a full replacement cost basis (no coinsurance shall apply) except for earthquake, windstorm and flood perils which shall be provided as sublimits and aggregate limits supported by a Probable Maximum Loss (PML) study and/or Catastrophe (CAT) Modeling reports, if such insurance amounts are appropriate and available on commercially reasonable terms.

• The amount of coverage shall be purchased on a full replacement cost basis (no coinsurance shall apply) except for named windstorm, earthquake, and flood perils which shall be provided as sublimits and aggregate limits supported by a Probable Maximum Loss (PML) study and/or Catastrophe (CAT) Modeling report, if such insurance amounts are appropriate and available on commercially reasonable terms.

• None of the Directors have any material interest in the transactions contemplated under the Software License Agreement (except by virtue of being a director and/or shareholder of the Company or a Group entity) and/or other parties involved in the transaction, and accordingly no Directors were required to abstain from voting on the board resolutions of the Company approving the Software License Agreement and the transactions contemplated thereunder.

• On and after the Commercial Operation Date, Seller shall maintain or cause to be maintained insurance against loss or damage from all causes under standard “all risk” property insurance coverage in amounts that are not less than the actual replacement value of the Facility, provided, however, with respect to property insurance for natural catastrophes, Seller shall maintain limits equivalent to a Probable Maximum Loss amount determined by a firm with experience providing such determinations.

More Definitions of Probable Maximum Loss

Probable Maximum Loss means, for any date, the "probable maximum loss" as most recently calculated prior to such date by Risk Management Solutions, Inc., Applied Insurance Research, EQECAT Inc., Tillinghast (a Towers Perrin Company) or another independexx xxxxxxxxg firm satixxxxxxry to the Agent (each, a "MODELLING FIRM") and "THUNDERSTORM PERIL" shall mean peril caused by lightning, straight line wind, rain, hail and/or tornado.

Probable Maximum Loss means the sum of the product of (A) the scenario expected loss as determined by an approved seismic engineering firm and (B) the sum of the full replacement cost of the Improvements of the Property inclusive of furniture, fixtures and equipment and twelve (12) months of business interruption insurance increased each year commencing on the first (1st) anniversary of the Closing Date by the percentage increase in the Consumer Price Index for All Urban Consumers that is published by the Bureau of Labor Statistics for the city in which the Property is located. Proceeds shall mean amounts, awards or payments payable to Borrower (including, without limitation, amounts payable under any title insurance policies covering Borrower’s ownership interest in the Property) or Administrative Agent with respect to any insurance required to be maintained hereunder (after the deduction therefrom and payment to Borrower and Administrative Agent, respectively, of any and all reasonable expenses incurred by Borrower and Administrative Agent in the recovery thereof, including all attorneys’ fees and disbursements, the fees of insurance experts and adjusters and the costs incurred in any litigation or arbitration with respect to any claim under such insurance policies).

Probable Maximum Loss. ’ or ‘‘PML’’ means, with respect to any Mortgaged Property, the estimated loss as a percentage of Mortgaged Property’s replacement cost in the event of an earthquake having a magnitude calculated assuming a 10% exceedance probability and a 50-year return period (a ‘‘475-year event’’).

Probable Maximum Loss is defined in Section 7.6(F).

Probable Maximum Loss means the product of (1) the then estimated replacement cost of the Improvements as determined by Lender in its sole discretion and (2) the "90% Confidence Damage Ratio" calculated in such Seismic Review based upon a 475 year return interval. As used herein, "Average Loss" shall mean the product of (1) the estimated replacement cost of the improvements as determined by Lender in its sole discretion and (2) the "Average Damage Ratio" calculated in such Seismic Review based upon a 475 year return interval. As used herein, "Replacement Cost" shall mean, at any given time, the replacement cost of the Project as determined at such time by Lender in its sole discretion.

Probable Maximum Loss means, for any date, the "probable maximum loss" as most recently calculated prior to such date by Risk Management Solutions, Inc., Applied Insurance Research, EQECAT Inc., Tillxxxxxxx (x Towers Perrxx Xxxpany) or another independent modelling firm satisfactory to the Agent (each, a "Modelling Firm").

Probable Maximum Loss means, with respect to any Data Centers located in an area prone to geological phenomena, the maximum loss that such Data Center is likely to sustain during the most severe geological phenomena that could reasonably be expected to affect such Data Centers during the 500-year succeeding period based on the replacement cost of such Data Center (including all costs associated with meeting legal requirements, including building codes, and ordinances that may have gone into effect since such Data Center’s original construction). The Probable Maximum Loss with respect to the Closing Date Data Centers that are located in areas prone to geological phenomena as of the Initial Closing Date is $2,400,000.