Reinsured Extra Contractual Obligations means those Extra Contractual Obligations (a) that arise from or are related to the handling of any Claim with respect to the Subject Business by the Reinsurer or its Affiliates from and after the Closing Date, (b) with respect to which Aspen has consulted with the Reinsurer after disclosing all relevant material information to the Reinsurer and prior to Aspen taking the course of conduct that gives rise to such Extra Contractual Obligations and with respect to which the Reinsurer has consented in writing to the course of conduct taken by Xxxxx, or Aspen has followed the express written direction of the Reinsurer, in each case, giving rise to such Extra Contractual Obligations or (c) any other Extra Contractual Obligation resulting from actions taken by the Reinsurer or its Affiliates.
Reinsured Extra Contractual Obligations means Extra Contractual Obligations that arise out of any act, error, or omission in the administration of the Subject Business after the Closing Date (a) by the Retrocessionaire or its Affiliates or (b) by the Retrocedent or its Affiliates (i) taken (or not taken, as applicable) at the written direction or recommendation of the Retrocessionaire or its Affiliates or (ii) required to be taken (or not taken, as applicable) by the Retrocedent or its Affiliates pursuant to the terms of Section 4.1.
Reinsured Extra Contractual Obligations has the meaning set forth in the LPT Agreements.
More Definitions of Reinsured Extra Contractual Obligations
Reinsured Extra Contractual Obligations means Extra-Contractual Obligations that arise out of any act, error or omission in the administration of the Subject Business after the Closing Date (1) by the Reinsurer or its Affiliates or (2) by the Ceding Companies or their Affiliates taken or not taken at the written direction of the Reinsurer or its Affiliates, after informed consultation by the Ceding Companies with the Reinsurer in which the Ceding Companies disclosed all material facts and information to the Reinsurer.
Reinsured Extra Contractual Obligations means those Extra Contractual Obligations (a) that arise from or are related to the handling of any Claim with respect to the Subject Business by the Reinsurer or its Affiliates from and after the Closing Date, (b) with respect to which Aspen has consulted with the Reinsurer after disclosing all relevant material information to the Reinsurer and prior to Aspen taking the course of conduct that gives rise to
Reinsured Extra Contractual Obligations means those liabilities arising from the handling of any claim on business covered hereunder because of, but not limited to, failure to settle within the Policy limit, or by reason of alleged or actual negligence, fraud or bad faith 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 preparations or prosecution of an appeal consequent upon such action, whether the handling of a claim is provided by Reinsured or Reinsurer, excluding Administrator Extra-Contractual Obligations.