Ultimate Net Loss definition

Ultimate Net Loss as used in this Contract shall mean the sum or sums (including loss in excess of policy limits, extra contractual obligations and loss adjustment expense, as defined herein) paid or payable by the Company in settlement of claims and in satisfaction of judgments rendered on account of such claims, after deduction of all salvage, all recoveries and all claims on inuring insurance or reinsurance, whether collectible or not. Nothing herein shall be construed to mean that losses under this Contract are not recoverable until the Company's ultimate net loss has been ascertained.

Ultimate Net Loss as used herein is defined as the sum or sums (including loss in excess of policy limits, extra contractual obligations and any loss adjustment expense, as hereinafter defined) paid or payable by the Company in settlement of claims and in satisfaction of judgments rendered on account of such claims, after deduction of all salvage, all recoveries and all claims on inuring insurance or reinsurance, whether collectible or not. Nothing herein shall be construed to mean that losses under this Contract are not recoverable until the Company's ultimate net loss has been ascertained.

Ultimate Net Loss means the actual loss paid by the Company or which the Company becomes liable to pay, such loss to include Loss Adjustment Expense, 100% of any Extra Contractual Obligation and 100% of any Loss in Excess of Policy Limits as defined in the Extra Contractual Obligations/Excess of Policy Limits Article. In no event, however, shall more than 25% of “Ultimate Net Loss” for any one Loss Occurrence be comprised of Extra Contractual Obligations and Loss in Excess of Policy Limits.

Examples of Ultimate Net Loss in a sentence

• For the avoidance of doubt, the Reinsurer shall not be required to post collateral that, in the aggregate, exceeds the Required Collateral Amount and in no event shall the Reinsurer be required to post collateral to the extent such posted collateral plus the aggregate Ultimate Net Loss paid by the Reinsurer under this Agreement would exceed 102% of the Reinsurer’s Limit (or 110% if circumstances arise requiring the Required Collateral Amount to be increased).

• Subject to Section 4.3, all settlements of account between the Reinsurer and AXIS shall be made in United States dollars in cash or its equivalent; provided, however, that Ultimate Net Loss paid in United States dollars, British pound sterling, Euros, Australian dollars, Canadian dollars or Japanese yen shall be settled in the applicable currency in which the amounts underlying such Ultimate Net Loss were paid.

• The Ultimate Net Loss of each AXIS reinsured ceding to ASIC will be calculated before the Intra Group Reinsurance ceded to ASIC.

• Ultimate Net Loss paid in any other currency shall be converted to United States dollars at the applicable rate of exchange used by AXIS in the preparation of the balance sheet included in its financial statements for such period, which, for the avoidance of doubt, is the same the exchange rate utilized by AXIS to establish the Applicable Reserves carried in its financial statements.

• Apart from Intra Group Reinsurance to AXIS Specialty Insurance Company (“ASIC”) the Ultimate Net Loss of each AXIS reinsured entity will be calculated after all Intra Group Reinsurance, meaning that any AXIS internal reinsurer shall act as the entity ceding those liabilities to the Reinsurer, and the internal AXIS reinsured shall cede to the Reinsurer net of those liabilities.

More Definitions of Ultimate Net Loss

Ultimate Net Loss means the actual loss sustained by the Assured arising out of or resulting from any one Occurrence

Ultimate Net Loss means the final amount of Ransom cost less any recoveries. If following our payment, part or all of the Ransom is recovered, you are required to reimburse us the value of the amount so recovered.

Ultimate Net Loss means the amount paid by the Company under any eligible crop insurance contract reinsured under this Agreement in settlement of any claim and in satisfaction of any judgment, arbitration award, or mediation (including any interest awarded as specified in section XI(e)(1) of Appendix I) rendered on account of a claim under an eligible crop insurance contract, less any recovery or salvage by the Company.

Ultimate Net Loss means the actual loss paid by the Company or which the Company becomes liable to pay, such loss to include Loss Adjustment Expense, 90% of any Extra Contractual Obligation and 90% of any Loss in Excess of Policy Limits as defined in the Extra Contractual Obligations/Excess of Policy Limits Article.

Ultimate Net Loss means the actual loss, including any pre-judgment interest which is included as part of the award or judgment, “Second Injury Fund” assessments that can be allocated to specific claims, Loss Adjustment Expense, 90.0% of Loss in Excess of Policy Limits, and 90.0% of Extra Contractual Obligations, paid or to be paid by the Company on its net retained liability after making deductions for all recoveries, subrogations and all claims on inuring reinsurance, whether collectible or not; provided, however, that in the event of the insolvency of the Company, payment by the Reinsurer shall be made in accordance with the provisions of theInsolvency Article. Nothing herein shall be construed to mean that losses under this Contract are not recoverable until the Company’s Ultimate Net Loss has been ascertained. As respects large deductible Policies, Ultimate Net Loss shall be net of any applicable deductible.

Ultimate Net Loss as used in this Contract shall mean the sum actually paid or payable by the Reassured in settlement of any loss or losses for which it is liable under its original policy or policies, including any Pre-Judgement interest awarded by any Trial Court or Appeal Court, and/or any additional liability incurred by the Reassured as a result of an award in excess of their original policy limits, and/or any additional liability incurred by the Reassured from any extra-contractual obligation, both as more fully defined in ARTICLES 8 and 9 below. The amount of the Reassured's Ultimate Net Loss shall also include all loss adjustment expenses incurred by the Reassured in connection with the adjustment, settlement or compromise of any loss including expenses of litigation, if any, and all subrogation, salvage and recovery expenses, but excluding the salaries of employees and all office expenses of the Reassured. For the purposes hereof, loss adjustment expenses shall include Post-Judgement Interest awarded by any Trial Court or Appeal Court. All salvages and recoveries, including recoveries under all reinsurances which inure to the benefit of this Contract, whether collected or not, shall first be deducted from such loss to arrive at the amount of the Reassured's actual Loss for the purposes of this Contract. All salvages, recoveries and payments recovered or received subsequent to a loss settlement under this Contract shall be applied as if recovered or received prior to the aforesaid settlement and all necessary adjustments shall be made by the parties hereto. However, nothing in the foregoing shall be construed as meaning that losses are not recoverable hereunder until the Reassured's Ultimate Net Loss has been ascertained.

Ultimate Net Loss means the amount paid by the Company under any eligible livestock price insurance contract reinsured under this Agreement in settlement of any claim and in satisfaction of any judgment, arbitration award, or mediation (including any interest awarded as specified in section XI(e)(1) of Appendix I) rendered on account of a claim under an eligible livestock price insurance contract, less any recovery or salvage by the Company.