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)

Strikes Clauses: This insurance covers loss of or damage to the subject-matter insured caused by strikers, locked-out workmen, or persons taking part in labour disturbances, riots or civil commotions, any act of terrorism being an act of any person acting on behalf of, or in connection with, any organization which carries out activities directed towards the overthrowing or influencing, by force or violence, of any government whether or not legally constituted, any person acting from a political, ideological or religious motive. Strike clauses only cover physical damage arising from the specified perils and not losses arising from delay or interruption of the transit. Two additional exclusions help to make this clear. (1) loss damage or expense arising from the absence shortage or withholding of labour of any description whatsoever resulting from any strike, lockout, labour disturbance, riot or civil commotion (2) any claim based upon loss of or frustration of the voyage or adventure. Duration (transit) clause is the same as under ICC-A, B or C.

Wind having a speed ranging fro 31 to 47 knots (47 to 54 miles per hour, 76 to 87 kilometers per hours, according to Beaufort Scale. On the water high waves (23-32 ft), sea begins to roll, dense streaks of foam, spray may reduce visibility. On land Slight structural damage occurs, slate blows off roofs. Also refer, Gale.