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KEY REINSURANCE CONDITIONS
 

KEY REINSURANCE CONDITIONS

 

 

SPECIFIC EXCLUSION LIST*

 

*ACCOUNTS WHICH WOULD REQUIRE A “SPECIAL ACCEPTANCE” IN WRITING BY VK UNDERWRITERS.

 

 

A) Director & Officers Liability

 

 

1)   There shall be no coverage given for Directors' and Officers' Liability policies issued to any Original Insureds with any of the following characteristics or exposures unless otherwise agreed by Reinsurers:

 

•  Any and All companies subject to any and all SEC (U.S. Securities and Exchange Commission) regulation or Enforcement

•  Partnerships of any nature

•  Financial Institutions of any nature unless the PI exposure is specifically excluded via an absolute FI/PI exclusion.

•  Real Estate Investment Trusts (REITS)

•  Entity Employment Practices Liability

•  Pension Trust Liability

•  Companies with any pending or prior Directors' and Officers' claims or litigation unless specifically excluded via a current pending and prior litigation exclusion. Removal of the exclusion requires special acceptance from reinsurers.

•  Companies with negative net worth on most recent audited Financial Statement unless specifically excluded via an absolute insolvency and creditor exclusion. Removal of the exclusion requires special acceptance from reinsurers.

•  Companies involved in Mergers, Acquisitions, or divestitures within the last 12 months or the forthcoming 12 months in which more than 50% of the actual or voting shares changed hands thus causing a change of control.

 

  

•  No policies are to be bound more then 30 days in advance of its inception date.

•  The term of each policy shall not exceed 12 months,( plus 6 months odd time)

•  All policies must contain the following exclusions unless a special acceptance has been received to remove it.

•  Absolute Initial and Secondary Offerings Exclusion

•  Absolute Worldwide Pension Trust Exclusion

•  Absolute General E&O Exclusion

•  Pending and Prior Litigation Exclusion

 

 

GENERAL EXCLUSION LIST

•   

Absolute Pollution.

 

•   

All loss circumstances known to the insured prior to the inception of the Claims Made policy.

 

•   

Any claim, directly or indirectly, based upon, arising out of or related to:

 

•  asbestos or any asbestos related injury or damage;

•  any alleged act, error, omission or duty involving asbestos, its use, exposure, presence, existence, detection, removal, elimination or avoidance;

•  the use, exposure, presence, existence, detection, removal, elimination or avoidance of asbestos in any environment, building or structure.

 

•   

Any loss or damage occasioned by or through or in consequence, directly or indirectly of:

 

•  mutiny, civil commotion assuming the proportions of or amounting to a popular uprising, military uprising, insurrection, rebellion, revolution, military or usurped power, or any act of any person acting on behalf of or in connection with any organization with activities directed towards the overthrow by force of the government de jure or de facto or to the influencing of it by terrorism or violence.

•  war, invasion, act of foreign enemy, hostilities, or warlike operations (whether war be declared or not), civil war; Hostile or warlike action in time of peace or war, including action in hindering combating or defending against an actual, impending or expected attack by;

 

•  Military naval, or air forces;

•  Any government or sovereign power (de jure or de facto) or by any authority maintaining or using military, naval, or air forces;

•  An agent of such government, power, authority, or forces.

 

•  Loss, destruction, or damage occasioned by an act or multiple or related acts of Terrorism; whether such loss, destruction or damage is caused directly, indirectly, happening through, or in consequence of such Terrorism.

 

The term “Terrorism” as used herein, shall mean an activity that:

 

• i. involves a violent act or an act dangerous to human life that is a violation of the criminal laws of the United States or of any State or Country, or that would be a criminal violation if committed within the jurisdiction of the United States or of any State or Country; and

 

• ii. appears to be intended to intimidate or a civilian population; or
to influence the policy of a government by intimidation or to affect the conduct of a government by assassination or kidnapping;

 

 

•   

Any direct obligation of the insured under a Workers' Compensation, disability benefits or unemployment compensation law or any similar law.

 

•   

Business to the extent that it is Reassured outside of this agreement.

 

•   

Nuclear Energy Risks as per the attached Nuclear Energy Risks Exclusion Clause (Reinsurance) (1984 and 1994) Worldwide Excluding USA and Canada

 

•   

Obligatory reinsurance's and retrocession's.

 

•   

Reinsurance assumed by the REASSURED unless agreed as a retrocession by the REINSURER

 

•   

Retroactive cover for known loss occurrences and/or known incidents and/or circumstances.

 

•   

The Reasured's liability as a participant, member, subscriber or reinsurer of any pool, syndicate, association, insolvency fund, guaranty fund or other combination of insurers or reinsurers formed for the purpose of covering specific coverages, specific lines of business or for the purpose of insuring or reinsuring risks located in specific geographical areas.

•   

No multi year policy periods permitted.

 

REINSURANCE CLAUSES

 

SEVERAL LIABILITY NOTICE - LSW 1001 (REINSURANCE)

The subscribing Reinsurers obligations under this contract of reinsurance to which they subscribe are several and not joint and are limited solely to the extent of their individual subscriptions. The subscribing Reinsurers are not responsible for the subscription of any Co-subscribing Reinsurer who for any reason does not satisfy all or part of its obligations.

 

CLAIMS CONTROL CLAUSE :

It is understood and agreed that the Reinsurers shall have sole control of the settlement, investigation, defense, negotiation, and/or adjustment of all claims. It is also agreed that the Reinsured upon being advised of any claims or any situation, without regard to Liability, likely to result in a claim shall give immediate notice thereof to the Reinsurers who upon receipt of such notice shall have the right to appoint representatives.

 

The Reinsured shall furnish the Reinsurer(s) with all information known to the Reinsured in respect of claims or possible claims notified in accordance with the above and shall thereafter keep the Reinsurer(s) fully informed as regards all developments relating thereto as soon as reasonably practicable.

 

Both Reinsuers and Reinsured shall co-operate with one another and any other person or persons designated by Reinsurers in the investigation, adjustment and settlement of such claims notified to the Reinsurers as aforesaid.


 

 
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