Un-Aggregated Excess definition
Un-Aggregated Excess. “ means, in respect of any Policy that a Firm is required to maintain under the Regulations in accordance with the Minimum Terms and Conditions, the amount of any excess (howsoever expressed) whether or not insured by a Participating Insurer (or any other person) and in respect of which no aggregate limit is specified under the Policy (including, without limitation, by restricting the number of occasions or maximum value to which the excess and/or deductible (as the case may be) can be applied). For the purposes of the definitions of Un-Aggregated Excess and Aggregate Excess, where a Policy that a Firm is required to maintain under the Regulations in accordance with the Minimum Terms and Conditions is provided by more than one (1) Participating Insurer on a co-insurance basis, the amount of the excess or deductible shall be the total excess applicable to the co- insurance arrangement and not the Insurer’s proportion of it.