In a slightly different formulation, the Second Circuit also has stated that treaty reinsurance "involves an ongoing agreement between two insurance companies binding one in advance to cede and the other to accept certain reinsurance business pursuant to its provisions."Progressive Cas. Ins. Co. v....
Indemnity– The idea of indemnity is that, after an insurance company have indemnified the insured under the insurance contract, the insurance company should be indemnified by the reinsurance company under the reinsurance contract. Benefits of reinsurance Providing capacity to insurance compani...
3. Facultative Obligatory Treatysubmit: 提交 Types of Reinsurance Reinsurance agreements may also be categorized as proportional or excess: Proportional or pro rata reinsurance involves sharing both premiums and losses in the same predetermined percentage. Excess reinsurance is non-...
contractandthenonlytoseekfurtherreinsurance protectionforamountsinexcessofthetreatylimit. 3.bind:约束;upto:一直到 Treaties 1.Itwillbenotedthatnooffersofindividualrisksare madetoreinsurers. 2.Butitwillnotdispensewith the recording of cessions made to the reinsurers in the Ceding Company's books, if ...
Facultative reinsurance: reinsurance, which as its name suggests Case-by-case risk transfer involves obligatory risk sharing, the reinsurer in a facultative contract retains Insurance underwriters use the term risk the option – or the ‘faculty’ – to accept to refer not only to specific hazards...
2.ThisagreementwillbebindtheCedingCompanyto offertheexcesslinetothistreaty,ifitisfirstinthe lineofseveralreinsuranceagreementseffectedby theCedingCompany,uptothelimitspecifiedinthe contractandthenonlytoseekfurtherreinsurance protectionforamountsinexcessofthetreatylimit. 3.bind:约束;upto:一直到 Treaties 1.Itwill...
The arbitrators shall make their decision with regard to the custom and usage of the insurance and reinsurance business at the time of contract, or amendment if the dispute involves an amendment. The panel shall issue its decision in writing within sixty (60) days following the termination of ...
Id. at *2. The Magistrate Judge's analysis focused on the purpose of reinsurance, finding that, similar to insurance reserves, which the Magistrate Judge also ruled were not discoverable, "reinsurance involves a business decision, not a legal determination regarding policy interpretation or coverage...
2.2 Marine Hull A marine insurance contract is an agreement where the insurer undertakes to indemnify the insured in an agreed manner against losses, namely marine-related losses. Marine Hull product itself is insurance that protects physical damage to the ship [5]. In accept- ing marine hull ...
The term spot reinsurance refers to aninsurancecontract that spreads the risk from an insurance company to areinsurerfor a single event. A spot reinsurance contract involves transferring the coverage from the original insurer to the reinsurer. As such, it is a form of insurance for insurance com...