Sabtu, 04 Mei 2013

Cut through clause (+)

Reinsurers hereon note and agree the following cut-trough Endorsement attaching to the mentioned Original Policies:

“For value received, the undersigned Reinsurer (the “Reinsurer”) hereby agreed to pay directly to the named Insured in, or claiment under, the above mentioned Insurance Policy with respect to any claim under said Policy the amount due by the Reinsurer with respect to such claim in accordance with the provisions of with reinsurance agreement applying to said Policy, provided that all the following conditions are fulfilled :
Inability of Ceding Company to effect payment because of bankruptcy
Ceding Company must have either (I) admitted the claim as to Liability or Quantum as per terms and conditions of said Policy or as per Co-insurance clause or (II) been required to make payment in accordance with the arbitration clause of said Policy or by non-appealable court decision provided always that any such claim referred to herein shall be properly cognizable under and establinshed within the terms of the Reinsurance Policy.
Ceding Company (in case of its bankruptcy, the official receiver) must instruct Reinsurer in writing to make a direct payment to the claimant, provided that the instruction given to Reinsurers by Ceding Company or its receiver be irrevocable and provided further that Reinsurer’s payment to the claimant relieves it of any and all liability towards Ceding Company or its receiver with respect to such quantum of the claim in question paid Reinsurer.
If applicable, before making a direct payment, Ceding Company has to prove to Reinsurer’s satisfaction that a direct payment to claimant will not violate applicable currency or exchange regulations
Before making a direct payment hereunder Reinsurer shall have the right to deduct from such payment any overdue balances relating to the said Reinsurance Policy owed by Ceding Company to Reinsurer provided, however, that Reinsurer maintains adequate accounting procedures with respect to said Insurance Policy, and provided further that Reinsurer immediately informs the Insured of any such overdue balances.
Reinsurers are only responsible for their signed share and no joint responsibility exists.

Company and the Reinsurer under which the Reinsurer has assumed reinsurance on the policy. In the event of cancellation or termination of any such agreement, the Policyholder and other named loss payees, if any, shall be notified thereof and the liability of the reinsurer under this and all other Endorsements shall cease 30 days after the mailing of such notice to the Policyholder and other named loss payees, if any Cancellation of the Policy shall automatically and simultaneously cancel this Endorsement.

This Endorsement is valid and binding contract which the undersigned have the right to make and the persons signing for them below are duly authorized to do so.”

The original assured shall be entitled to recover claim directly from reinsurers as specified above through Aon Hudig Nederland subject to the reinsurance policy terms and conditions and only for the proportion subcribed by reinsurers hereon.

In the event of a claim being made under this clause reinsurers hereon agree if required to accept service of suit at Rotterdam direct from original assured and liability to be in accordance with English Law.

However, direct payment to original assured under this clause shall only be admissible if reinsurers agree not to claim against reinsurers hereon in respect of such.

It is further noted and agreed that all reinsurers of this policy shall pay in full subject to policy deductibles only, any and all losses covered by this policy or claims agreed to the insured in lieu of payment to the company , its successors in interest and or assignees. This clause shall operate unless and until cancelled in writing by insured.

In the event that the company becomes insolvent or goes into liquidation and as a result defaults in the payment of any loss or losses payable under the terms of this policy, the reinsures shall notwithstandaing  such defaults assume liability for such losses, payment or payments and make payments thereof to the insured to the full extent of their interest without any deduction or deductions whatsoever.

The company hereby agrees that any such payments made by the reinsurer herein in accordance with this agreement shall constitute a discharge of reinsurers liability in respect of the particular claims and shall release them from any liability they would have had to the company in respect of such claims.

The insurers agree not to exercise the right of cancellation in event of non payment of reinsurance premium without first giving 30 days prior notice to insured named herein.
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