Refers to extending an insurance policy’s aggregate limit of liability over two or more policy periods. A stretched aggregate is typically used in one of two different contexts. First, a multiyear policy may be subject to a single aggregate limit of liability for the entire multiyear policy period (perhaps subject to a limit of liability reinstatement provision). Second, if upon expiration of a single year policy period the insurer is uncomfortable for underwriting reasons with renewing the policy with a new fresh limit of liability, the insurer may agree to renew the policy without a new aggregate limit of liability and merely extend or stretch the preexisting aggregate limit of liability to the new policy period as well. In either case, the stretched aggregate constitutes the insurer’s maximum liability for all loss on account of all claims first made during the extended or multiyear policy period.

A legal doctrine under which a manufacture is held responsible for injuries arising out of defective products, regardless of whether or not the manufacturer was negligent.
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Liability ascribed to a manufacturer or seller of a defective or dangerous product regardless of any fault or negligence.
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UK: Liability even when there is no proof of negligence. It may arise at common law, e.g. the rule in Rylands v. Fletcher (1868), or by statute as in the case of the Consumer Protection Act 1987. The rationale is that the person creating a recognised ‘dangerous situation’ should be liable without proof of fault for the consequences. Defences to strict liability are very limited.
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US: Liability for damages even though fault or negligence cannot be proven.

A kind of liability that manufacturers and merchandisers may be exposed to because of defective products they have sold. This liability can apply without regard to responsibility or negligence. To hold the manufacturer or merchandiser liable, the wronged party must prove that the product is defective, which makes it dangerous.

Physical damage to the insured property Directly caused by persons involved in a labour dispute resulting in a strike. It does not embrace expenses or financial loss suffered by the insured as a result of the strike.
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UK: The level of the index used in a weather derivative above or below which the writer of a call or put option starts to pay the holder. For example the strike on a weather derivative may be based on the excess of 100 Heating Degree Days.

A relatively small group of plaintiff lawyers who specialize in prosecuting shareholder class action and derivative lawsuits. These lawyers have become extremely competent and effective in creating the potential for potentially catastrophic liability exposure to the defendant corporation and their directors and officers, thus resulting in. large settlement payments by the defendants.

A clause providing that in the event of the insolvency of a ceding insurer, the reinsurer continues to be liable for its share of losses, which will then be payable directly to the insured rather than to the liquidator of the insolvent ceding insurer.
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REINSURANCE: A clause providing that in the event of the insolvency of a ceding insurer, the reinsurer continues to be liable for its share of losses, which will then be payable directly to the insured rather than to the liquidator of the insolvent ceding insurer. Also, See Also: “Reinsurance, Insolvency Clause.”

A clause that provides a way for losses to be met in the case of a ceding insurer’s inability to meet them. This clause holds the reinsurer liable for a share of the losses, which are paid directly to the insured, bypassing the ceding insurer’s liquidator.

Same as Strikes clauses (cargo)