SALVAGE AND SUBROGATION definition

SALVAGE AND SUBROGATION. The Reinsured shall pay to the Reinsurer its pro rata share of any recoveries, salvages or reimbursements on account of any Loss paid by the Reinsurer hereunder within ten (10) days of the last day of the calendar quarter of receipt by Reinsured thereof. In the event there are any recoveries, salvage or reimbursements recovered subsequent to a Loss payment, it is agreed that the amount recovered shall first be applied to the reimbursement of the expense of recovery and then in proportion to the liability of each party for the Loss before such recovery had been obtained. Expenses hereunder shall exclude all office expenses and salaries of officials and employees of the Reinsured. Notwithstanding anything herein to the contrary, this article shall remain in effect until all recoveries, salvages or reimbursements on account of any Loss paid by the Reinsurer hereunder shall have been obtained.
Sample 1
SALVAGE AND SUBROGATION means salvage, subrogation and similar recoveries in respect of the Covered Business but does not include any reinsurance recoverables. All references to amounts of Salvage And Subrogation in this Reinsurance Agreement, including Ceded Reinsurance with respect thereto, are only to amounts Actually Received by the Reinsured and/or Actually Paid to reinsurers on Ceded Reinsurance.
Sample 1

Examples of SALVAGE AND SUBROGATION in a sentence

  • SALVAGE AND SUBROGATION The Reinsurers will be credited with their share of salvage and/or subrogation in respect of claims and settlements under this Agreement, less their share of recovery expense.

  • With regard to the methodology for the audit work, reports and audit opinions, the audit authority must comply with international standards on auditing in particular as regards the areas of risk assessment, audit materiality and sampling.

  • ARTICLE XIV SALVAGE AND SUBROGATION [RESERVED] ARTICLE XV DELAYS, ERRORS, AND OMISSIONS Any inadvertent delay, error, or omission made in connection with this Agreement or any transaction hereunder shall not relieve either party from any liability that would have attached had such delay, error, or omission not occurred, provided that any error or omission is rectified as soon as reasonably practical.

  • Mr. President, I ask unanimous consent that the Com- mittee on Veterans’ Affairs be author- ized to meet during the session of the Senate on Wednesday, July 25, 2007, in order to conduct a hearing on VA health care funding.

  • ARTICLE XV — SALVAGE AND SUBROGATION (LM-01800-2006.09.12-A) The Subscribing Reinsurer shall be credited with their share of salvage and/or subrogation in respect of claims and settlements under this Contract, less their share of recovery expense.

  • SALVAGE AND SUBROGATION RECOVERIES Certain short-term insurance contracts allow Discovery to sell property acquired as a result of a claim (salvage).

  • LOSS AND LOSS EXPENSE; SALVAGE AND SUBROGATION; FOLLOW THE FORTUNES Retrocessionaire shall be liable for one hundred percent (100%) of all future loss, loss adjustment expenses, incurred but not reported losses and other payment obligations as incurred by Retrocedant under the Reinsurance Contracts on and after the Effective Date.

  • ARTICLE XII SALVAGE AND SUBROGATION The Reinsurer shall be credited with salvage or subrogation recoveries (i.e., reimbursement obtained or recovery made by the Company, less Loss Adjustment Expense incurred in obtaining such reimbursement or making such recovery) on account of claims and settlements involving reinsurance hereunder.

Related to SALVAGE AND SUBROGATION

  • protection and indemnity risks means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/11/95) or clause 8 of the Institute Time Clauses (Hulls) (1/10/83) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision;

  • Subrogation means the right of the insurer to assume the rights of the insured person to recover expenses paid out under the policy that may be recovered from any other source.

  • Crew Insurances means insurances against crew risks which shall include but not be limited to death, sickness, repatriation, injury, shipwreck unemployment indemnity and loss of personal effects.

  • General Liability means:Your legal liability in respect of Personal Injury and/or Property Damage and/or Advertising Injury caused by or arising out of an Occurrence happening in connection with the Business other than Products Liability.

  • General Liability Insurance Subcontractor shall carry minimum primary General Liability Insurance for the following amounts:

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

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

  • FHA Insurance means the Federal mortgage insurance authorized pursuant to Section 220, 221(d)(3), 221 (d)(4) or 223(f) of Title II of the National Housing Act of 1934, as amended.

  • Primary insurance means the policies listed in this policy’s Umbrella Schedule.

  • Reinsurance means the activity consisting in accepting risks ceded by an insurance undertaking or by another reinsurance undertaking or, in the case of the association of underwriters known as Lloyd's, the activity consisting in accepting risks, ceded by any member of Lloyd's, by an insurance or reinsurance undertaking other than the association of underwriters known as Lloyd's;

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • Liability Insurance means compulsory professional liability errors and omissions insurance required by a governing body;

  • Insurance means (i) all insurance policies covering any or all of the Collateral (regardless of whether the Collateral Agent is the loss payee thereof) and (ii) any key man life insurance policies.

  • Company Insurance Policies has the meaning set forth in Section 4.15.

  • Insurers means the underwriters or insurance companies with whom any Obligatory Insurances are effected and the managers of any protection and indemnity or war risks association in which any or the Collateral Vessels may at any time be entered.

  • Exclusions means that certain things are deliberately not covered in a particular policy type

  • Self-insurance means the licence holder's financial capacity to meet any liability to a third party in respect of which the licence holder does not otherwise have insurance.

  • Insurances means, in relation to a Ship:

  • 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.

  • group insurance means blanket insurance and franchise insurance and any other forms of group insurance.

  • 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.

  • R&W Insurance Policy has the meaning set forth in Section 6.15.

  • First party insurance means an insurance policy or contract in which the insurer

  • War Risks means any event specified in paragraphs (a) and (b) of CC Sub-Clause 37.1 and any explosion or impact of any mine, bomb, shell, grenade or other projectile, missile, munitions or explosive of war, occurring or existing in or near the country (or countries) where the Site is located.

  • Insurance Provider s Tender” means the completed Tendering Document submitted by the Insurance Provider to the Procuring Entity

  • 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.