Coverage B. The Company shall retain and be liable for the first six hundred thousand dollars ($600,000) of Ultimate Net Loss arising out of each Loss Event, whether involving one or several of the Company’s Policies or Insureds. The Reinsurer shall then be liable for the amount by which such Ultimate Net Loss exceeds the Company’s retention, but the liability of the Reinsurer shall not exceed two million two hundred thousand dollars ($2,200,000) excess of six hundred thousand dollars ($600,000) as respects any one Loss Event, nor more than two million two hundred thousand dollars ($2,200,000) during the applicable annual period. Recoveries from Coverages A and C shall inure to the benefit of this Coverage B.
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Sources: Reinsurance Contract (Positive Physicians Holdings,inc.), Reinsurance Contract (Positive Physicians Holdings,inc.)