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.
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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.
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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.

  • 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.

  • 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.

  • 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 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.

  • INSpire will promptly deposit any monies collected through salvage and subrogation to the Claim Account, and maintain a register of all such collections and deposits (the "SALVAGE AND SUBROGATION REGISTER").