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Property Catastrophe Excess of Loss Reinsurance Agreement

Sample wording for demonstration · not a real contract

ARTICLE 2 — TERMThis Agreement shall apply to losses occurring during the period from January 1, 2026 to December 31, 2026, both days inclusive, local standard time at the location of loss.

ARTICLE 3 — RETENTION AND LIMIT3.1 The Reinsurer shall be liable for the amount of Ultimate Net Loss in excess of $10,000,000 each and every Loss Occurrence, subject to a limit of liability of $10,000,000 each and every Loss Occurrence.

ARTICLE 4 — BUSINESS COVERED4.1 This Agreement covers the Company's net retained liability under policies classified as property business, in respect of the perils of fire, lightning, windstorm, hail, tornado, earthquake and flood.

ARTICLE 5 — EXCLUSIONS5.3 This Agreement excludes any loss, damage, cost or expense arising from a Communicable Disease, save for ensuing physical damage resulting from a peril otherwise covered hereunder.

ARTICLE 6 — REINSTATEMENTLoss hereunder shall reduce the limit by the amount paid. The limit shall be reinstated from the time of loss, and one full reinstatement shall be provided at 100% additional premium, pro rata as to amount only.

ARTICLE 7 — LOSS OCCURRENCEThe term "Loss Occurrence" shall mean all individual losses arising out of one catastrophe within any period of 144 consecutive hours as regards windstorm, hail or tornado, and 168 consecutive hours as regards earthquake.

ARTICLE 12 — NOTICE OF LOSSThe Company shall advise the Reinsurer promptly of any Loss Occurrence which, in the opinion of the Company, may result in a claim hereunder.

ARTICLE 18 — GOVERNING LAWThis Agreement shall be governed by and construed in accordance with the laws of the State of New York. Any arbitration shall be seated in New York, New York.

ARTICLE 21 — SANCTIONSThe Reinsurer shall not be liable to provide cover or pay any claim to the extent that doing so would expose the Reinsurer to any sanction, prohibition or restriction under applicable law.