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Anexo IV Tratado de reaseguro de exceso de pérdida

Document Citado por Relacionados
Vincent
AutorMaría Concepción Hill Prados
Cargo del AutorProfesora Titular de Derecho Mercantil

FIRE EXCESS OF LOSS REINSURANCE AGREEMENT made between ... (hereinafter called the 'REINSURED') of the one part and ... (hereinafter called the 'REINSURER') of the other part.

IN CONSIDERARON of the payment of the premium hereinafter provided it is agreed:

ARTICLE I

(a) In respect of each ultÌmate net loss (as hereinafter defÌned) sustained by the REINSURED under those insurances specified in the Schedule the REINSURER shall indemnify the REINSURED by way of excess of loss reinsurance within the limits set out in the Schedule.

(b) The REINSURED shall be the solÈ judge as to what constitutes one risk, it being understood and agreed that one risk shall mean all property or interest at any one location and designated by the REINSURED in its records as subject to one risk retention.

(c) It is warranted that the REINSURED undertakes not to retain on one risk an amount greater than that stated in the Schedule.

(d) An insurance granted by the REINSURED wherein the REINSURED is named as the Insured either alone or jointly with another party or parties shall not be excluded from this Agreement merely because no legal liability may arise in respect thereof by reason of the fact that the REINSURED be the Insured or one of the Insureds.

ARTICLE II

(a) The term 'ultÌmate net loss' shall be understood to mean the total amount which the REINSURED has actually paid in settlement of any one claim any one risk which may occur during the period set out in the Schedule including any legal costs and professional fees and expenses (excluding salaries of all employees and office expenses of the REINSURED) reasonably incurred in connection therewith. Recoveries including amounts under reinsurances which inure to the benefit of this Agreement shall be first deducted from such amount to arrive at the amount of liability, if any, attaching hereunder. Any recoveries effected subsequent to a settlement of any such ultÌmate net loss shall be applied as if effected prior to such settlement and such adjustment as may be necessary shall be made forthwith. Nothing in this Article however shall be construed to mean that claims are not recoverable hereunder until the ultÌmate net loss of the REINSURED has been ascertained.

(b) The liability of the REINSURER hereunder in respect of each ultÌmate net loss shall not be increased by reason of the inability of the REINSURED to recover amounts from any other Reinsurers for any reason whatsoever.

ARTICLE III

(a) The REINSURED shall pay to the REINSURER premium at the net rate stated in the Schedule calculated on the Gross Net Premium Income of the REINSURED in respect of insurances covered hereunder. The term 'Gross Net Premium Income' shall mean gross original premiums less returns and cancellations under the terms and conditions of the original insurances and less premiums paid for...

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