Reinstatement Premium definition

Reinstatement Premium means premium paid by the Company for each Layer under the provisions of the Reinstatement Article of the Original Contract. Reinstatement Premium shall be calculated at pro rata of the original reinsurance premium, being pro rata only for the amount being reinstated. If, at the time of a loss settlement under the Original Contract, the reinsurance premium thereunder is not yet known, Reinstatement Premium shall be based upon the deposit premium, subject to adjustment when said reinsurance premium is finally established. Nothing in this clause shall be construed to mean that amounts are not recoverable hereunder until the Company’s final Reinstatement Premium has been ascertained. All recoveries received subsequent to reimbursement hereunder shall be applied as if received prior to the aforesaid settlement, and all necessary adjustments shall be made by the parties hereto.

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Reinstatement Premium means premium paid by the Company under the provisions of the Reinstatement Article of the Original Contract. Reinstatement Premium shall be calculated at pro rata of the original reinsurance premium, being pro rata only for the amount being reinstated. If, at the time of a loss settlement under the Original Contract, the reinsurance premium thereunder is not yet known, Reinstatement Premium shall be based upon the deposit premium, subject to adjustment when said reinsurance premium is finally established. Effective: June 1, 2021 DOC: July 13, 2021 UBWP0008C 5 of 22 Nothing in this clause shall be construed to mean that amounts are not recoverable hereunder until the Company’s final Reinstatement Premium has been ascertained. All recoveries received subsequent to reimbursement hereunder shall be applied as if received prior to the aforesaid settlement, and all necessary adjustments shall be made by the parties hereto.

Reinstatement Premium means that optional premium required under any KSI Insurance Policy to reinstate the maximum amount of any and all limits of liability coverage under such KSI Insurance Policy.

Examples of Reinstatement Premium in a sentence

The Subscribing Reinsurer shall have no liability for Reinstatement Premium arising from Loss Occurrences commencing after termination.
The Reinsurer shall be liable to pay the Reinstatement Premium obligations under the Original Contract.
Reinstatement Premium, if applicable, shall have as a due date the date when the Company receives payment for the claim giving rise to such Reinstatement Premium, and payment shall be overdue 30 days thereafter.
This Contract is to indemnify the Company in respect of the liability that may accrue to the Company as a result of Reinstatement Premium the Company may become liable to pay under the reinstatement provisions of the Property Catastrophe Excess of Loss Reinsurance Contract, effective at 12:01 a.m., Standard Time, June 1, 2020 and expiring 12:01 a.m., Standard Time, June 1, 2021, Document Number: U8GR0001 (the “Original Contract”), subject to the terms and conditions herein contained.
This Contract is to indemnify the Company in respect of the liability that may accrue to the Company as a result of Reinstatement Premium the Company may become liable to pay under the reinstatement provisions of the Property Catastrophe Excess of Loss Reinsurance Contract, effective at 12:01 a.m., Standard Time, June 1, 2021 and expiring 12:01 a.m., Standard Time, June 1, 2022, Document Number: UBWP0001 (the “Original Contract”), subject to the terms and conditions herein contained.
This Contract is to indemnify the Company in respect of the liability that may accrue to the Company as a result of Reinstatement Premium the Company may become liable to pay under the reinstatement provisions of the Property Catastrophe First Excess of Loss Reinsurance Contract, effective at 12:01 a.m., Standard Time, June 1, 2020 and expiring 12:01 a.m., Standard Time, June 1, 2021 (the “Original Contract”), subject to the terms and conditions herein contained.
This Contract is to indemnify the Company in respect of the liability that may accrue to the Company as a result of Reinstatement Premium the Company may become liable to pay under the reinstatement provisions of the Property Catastrophe Excess of Loss Reinsurance Contract, effective at 12:01 a.m., Standard Time, June 1, 2021 and expiring 12:01 a.m., Standard Time, June 1, 2022, Document Number: U8GR0001 (the “Original Contract”), subject to the terms and conditions herein contained.
As respects the underlying excess layer of coverage provided by this Contract, the ratio of the ultimate net loss resulting from Hurricane ▇▇▇▇▇▇▇ incurred by reinsurers under Section I of the Company's Underlying Excess Catastrophe and Reinstatement Premium Protection Reinsurance Contract, effective July 1, 2004, to the amount, shown as "Reinsurer's Per Occurrence Limit" in Schedule A attached hereto, for the underlying excess layer.
Reinstatement The Reinstatement Premium is the minimum premium for which we would then issue this policy based on the policy year and underwriting classes of both insureds as of the effective date of the reinstated policy.
This Contract is to indemnify the Company in respect of the liability that may accrue to the Company as a result of Reinstatement Premium the Company may become liable to pay under the reinstatement provisions of the Non-Florida Property Catastrophe Excess of Loss Reinsurance Contract, effective at 12:01 a.m., Standard Time, June 1, 2021 and expiring 12:01 a.m., Standard Time, June 1, 2022, Document Number: UBWP0003 (the “Original Contract”), subject to the terms and conditions herein contained.

More Definitions of Reinstatement Premium

Reinstatement Premium. As respects each contract year, and in the event of the whole or any portion of the second Coverage D indemnity limit being exhausted by loss, the amount so exhausted shall be automatically reinstated from the time of the loss and the Company shall pay to the Reinsurer an Additional Premium calculated by applying to the annual Minimum Premium to the Reinsurer for the respective contract year the percentage that the amount of indemnity so reinstated bears to the total amount of indemnity coverage afforded under Coverage C, subject to a minimum of 100% as to time, to be paid simultaneously with the payment of loss by the Reinsurer. Notwithstanding the above, the first 90% of $15,000,000 indemnity limit shall be reinstated by the Reinsurer free of charge. Nevertheless, the Reinsurer's liability in any one claim shall never exceed 90% of $15,000,000 Ultimate Net Loss plus pro rata Loss Adjustment Expenses in respect of Coverage D." All other terms and conditions remain unchanged.

Reinstatement Premium. A pro rata reinsurance premium is charged for the reinstatement of the amount of reinsurance coverage that was reduced as the result of a reinsurance loss payment under a catastrophe cover.

Reinstatement Premium. In the last paragraph, removed the phrase “any one person” to be consistent with the LIMIT AND RETENTION article.

Reinstatement Premium means premium paid by the Company for the Fourth Layer and Fifth Layer under the provisions of the Reinstatement Article of the Original Contract. Reinstatement Premium shall be calculated at pro rata of the original reinsurance premium, being pro rata only for the amount being reinstated. If, at the time of a loss settlement under the Original Contract, the reinsurance premium thereunder is not yet known, Reinstatement Premium shall be based upon the deposit premium, subject to adjustment when said reinsurance premium is finally established. Nothing in this clause shall be construed to mean that amounts are not recoverable hereunder until the Company’s final Reinstatement Premium has been ascertained. All recoveries received subsequent to reimbursement hereunder shall be applied as if received prior to the aforesaid settlement, and all necessary adjustments shall be made by the parties hereto.