Common use of LOSS IN EXCESS OF POLICY LIMITS Clause in Contracts

LOSS IN EXCESS OF POLICY LIMITS. A “Loss in Excess of Policy Limits” is defined as loss in excess of the limit of the original Policy, such loss in excess of the limit having been incurred because of failure by the Company to settle within the Policy, limit or by reason of alleged or actual negligence, fraud or bad faith in rejecting an offer of settlement or in the preparation of the defense or in the trial of any action against its insured or in the preparation or prosecution of an appeal consequent upon such action. B However, this Article shall not apply where the loss has been incurred due to fraud by a member of the Board of Directors or a corporate officer of the Company acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder. C For the purposes of this Article, the word “loss” shall mean any amounts which the Company would have been contractually liable to pay had it not been for the limit of the original Policy.

LOSS IN EXCESS OF POLICY LIMITS. A “1. This Agreement shall indemnify the Reinsured within the limits hereof in connection with Net Loss in Excess of Policy Limits” is defined as loss in excess of the limit of the its original Policy, such loss in excess of the limit having been incurred because of failure by the Company it to settle within the Policy, Policy limit or by reason of alleged or actual negligence, fraud or bad faith in rejecting an offer of settlement or in the preparation of the defense or in the trial of any action against its insured or reinsured or in the preparation or prosecution of an any appeal consequent upon such action. 2. B However, this Article shall not apply where the loss has been incurred due to the fraud by of a member of the Board of Directors or a corporate officer of the Company Reinsured acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder. 3. C For the purposes purpose of this Article, the word “"loss” " shall mean any amounts for which the Company Reinsured would have been contractually liable to pay had it not been for the limit of the original Policy.