A list of additional reinsurance contracts that are initially implemented in accordance with the conditions of a certain reinsurance agreement in order to lessen the loss covered by that specific reinsurance agreement.
These additional “inuring” reinsurances essentially insure the specific reinsurance contract they insure. It is argued that the other reinsurances only benefit the reinsured if they are to be ignored in regards to loss under that specific arrangement.
For instance: A ceding insurer has a per occurrence excess of loss contract (catastrophe reinsurance) for £80 million over £20 million and a 50% quota share agreement. There is a £100 million disaster loss.
In the event that the quota share contract benefits the catastrophe reinsurer, the ceding insurer bears the £20 million catastrophe retention, the catastrophe reinsurer reimburses the ceding insurer to the extent of £30 million, and the quota share reinsurer receives the first £50 million of the £100 million gross loss.
The catastrophe reinsurer would have suffered a loss of £80 million following the ceding insurer’s £20 million retention, and the QS cession would have applied to the remaining £20 million, netting the cedent’s loss to £10 million, had the quota share not inured to the catastrophe reinsurer’s benefit.
Any Medicare claim that contains complete, necessary information but is illogical or incorrect (e.g., listing an incorrect provider number for a referring physician). Invalid claims are identified to the provider and may be resubmitted.
Detailed description of quantities and locations of kinds of facilities, equipment, and personnel that are available in a geographical area with the amount, type, and distribution of services these resources can support.
The clause provides that an inventory and valuation of the contents should be carried out by a professional valuer and the value set opposite to each item by the valuer is accepted as the value of the property on the date of valuation and the claims would be settled without insisting on any other evidence as to value or cost. This clause, however, provides that a reasonable allowance for appreciation or depreciation of the value should be allowed within the limit of the sum insured.
Refers to a supplemental type of insurance coverage available from some D&O insurers pursuant to which costs incurred by the insured company in investigating a demand by shareholders that the board of directors bring a claim on behalf of the insured company against certain directors and officers for alleged wrongdoing. Shareholders who wish to bring a derivative lawsuit on behalf of the company against directors and officers generally must first demand the board of directors to bring the claim against the directors and officers. Once that demand is made, the board on behalf of the company is required to thoroughly investigate the merits of the shareholders’ allegations and determine whether it is in the best interests of the company that the proposed claim be prosecuted against those directors and officers. Because that investigation is for the benefit of the company as a potential plaintiff, and not for the benefit of the target directors and officers as potential defendants, costs incurred in that investigation are not covered under a standard D&O insurance policy. If the insureds purchase the supplemental investigation cost coverage, the expenses incurred in investigating this shareholder derivative demand would be covered.