REINSURANCE: A pro-rate reinsurance premium is charged for the reinstatement of the amount of reinsurance coverage that was reduced as the result of a reinsurance loss payment under a catastrophe cover.
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An additional premium paid to replenish (reinstate) the limit consumed in the event of a loss.
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REINSURANCE: An additional reinsurance premium that may be charged for reinstating the amount of reinsurance coverage reduced as the result of a reinsurance loss payment under a reinsurance contract, typically a “Cat” or “Clash” cover/program. See Reinstatement Clause.
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Premium to reinstate the sums insured which has been eroded by claim payments.