Introduction to Reinsurance.pdf - Prince Lobel

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The Loss (Cont.): Due to the extensive damage to the basement (all the refrigeration and other mechanical equipment is there), the bar is closed for three months to repair the damage to the basement and mechanical equipment. The damage to the party room and the main bar area are repaired in two weeks. The bar owner submits a claim for not only the damages to the bar and equipment, but also submits a business interruption claim for the entire three months the bar is shut down. Big Heart Insurance Company pays the entire claim under the Windstorm provision of the primary property contract. The claim submitted by the insured is $1M.
The Reinsurance Claim Big Heart Insurance Company was reinsured on a facultative basis by the "Big or Small Deny them All Reinsurance Company" for all losses in excess of $500,000.00. The certificate contains the wording "flood" under the exclusion section. The reinsurer utilizes the exclusion to deny payment to the Big Heart Insurance Company.
Page 1 and 2: April 4, 2008 Introduction to Reins
Page 3 and 4: Overview What is Reinsurance Insu
Page 5 and 6: Insurance/Reinsurance Similarities
Page 7 and 8: How Reinsurance Works It spreads th
Page 9 and 10: April 4, 2008 Types and Characteris
Page 11 and 12: Characteristics of The Reinsurance
Page 13 and 14: Forms of Reinsurance Pro Rata (“
Page 15 and 16: Per Occurrence Excess Multiple Risk
Page 17 and 18: The Anatomy of a Reinsurance Claim
Page 25 and 26: April 4, 2008 Two Key Principles in
Page 27 and 28: “Uberrimae Fides” or the Duty o
Page 29 and 30: April 4, 2008 Common Problems and I
Page 31 and 32: Right of Inspection: Virtually all
Page 33 and 34: Non-Congruence of Insurance and Rei
Page 35 and 36: Declaratory Judgment Actions: Alth
Page 37 and 38: Agreements to Arbitrate and Confide
Page 39 and 40: Agreements to Arbitrate and Confide
Page 41: The Loss - Scenario A Mitchell's N

Introduction to Reinsurance.pdf - Prince Lobel

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