Defining Indemnity in Actual Cash Value Calculations

Defining Indemnity In The Context Of Actual Cash Value Calculations

Section 47.09 addresses dispute resolution for stated value, actual cash value and agreed value policies in the event a claim over value cannot be easily resolved. The appraisal process and arbitration process are again explored, as is litigation strategy. Consideration is given to insureds’ assertions that the insurer has waived an appraisal or arbitration procedure. Section 47.03 addresses the various types of deductibles. Deductibles can be applied on a per event or aggregate basis, and may be either a specific dollar figure or percentage of the loss amount.

AIFMs availing themselves of those netting rules shall not include other sources of risk such as volatility in their interest rate strategy. Consequently, interest rate arbitrage strategies shall not apply those netting rules. AIFMs managing AIFs that, in accordance with their core investment policy, primarily invest in interest rate derivatives shall make use of specific duration netting rules in order to take into account the correlation between the maturity segments of the interest rate curve as set out in Article 11. Subject to paragraph 6, derivative instruments used for currency hedging purposes and that do not add any incremental exposure, leverage or other risks shall not be included in the calculation. Where one compartment within an internally or externally managed AIF invests in another compartment of that AIF, that investment may be excluded from the calculation of the AIFMs assets under management. Where an AIF invests in other AIFs managed by the same externally appointed AIFM, that investment may be excluded from the calculation of the AIFM’s assets under management.

Standards for prompt investigation of a claim.

The authorised lower amount of additional own funds shall be not less than 0,008 % of the value of the portfolios of AIFs managed by the AIFM. Where the total value of assets under management exceeds the relevant threshold and the AIFM considers that the situation is of a temporary nature, the AIFM shall notify the competent authority without delay, stating that the situation is considered to be of a temporary nature. The notification shall include supporting information to justify the AIFM’s assessment of the temporary nature of the situation, including a description of the situation and an explanation of the reasons for considering it temporary.

Choose from a broad listing of topics suited for law firms, corporate legal departments, and government entities. Would you mind examining the score if your insurance company is on this list? If you have a poorly rated insurance carrier, we recommend contacting your insurance agent and switching Defining Indemnity In The Context Of Actual Cash Value Calculations carriers. Identify the top five counterparties that have the greatest mark-to-market net counterparty credit exposure to the AIF, measured as a percentage of the NAV of the AIF. The long and short equivalent underlying asset positions shall be netted within each maturity range.

h Circuit Sides With Policyholder in Depreciation for Labor Costs Dispute

Under the tenants policy , ALE is 30 percent of the personal property limit, while under the condominium unit owners policy , the limit of ALE is 50 percent of the personal property limit. The required itemization must be given to a named insured no later than at the time of delivery of a policy and must accompany each offer to renew thereafter. [The claimant, S, was the proprietor of a small business which processed animal waste products. The insurers wrongfully denied liability and it was not until nearly four years later that S finally received indemnification in respect of the machinery. The trial judge found that S’s claim should have been paid by October 1986. S claimed £75,000 in damages for the consequential losses he suffered as a result of the delay].

Defining Indemnity In The Context Of Actual Cash Value Calculations

AIFMs shall establish, implement and apply written policies and procedures on due diligence and implement effective arrangements for ensuring that investment decisions on behalf of the AIFs are carried out in compliance with the objectives, the investment strategy and, where applicable, the risk limits of the AIF. Professional liability risks shall be covered at all times either through appropriate additional own funds determined in accordance with Article 14 or through appropriate coverage of professional indemnity insurance determined in accordance with Article 15. AIFMs shall establish, implement and apply procedures to monitor on an ongoing basis the total value of assets under management. Monitoring shall reflect an up-to-date overview of the assets under management and shall include the observation of subscription and redemption activity or, where applicable, capital draw downs, capital distributions and the value of the assets invested in for each AIF. The value of assets can be determined, in different ways, such as by reference to observable prices in an active market or by an estimate using other valuation methodologies according to national law, the AIF rules or its instruments of incorporation.

Insurer must make independent evaluation.

The policy, and if it is covered, how much should be paid. Still determine whether the insured satisfies the definition of disability stated in the policy. Deliberately caused loss is not random event because the insured known when the loss occur. These costs and benefits are discussed in this chapter. Must be spent in negotiating the insurance coverage.

Defining Indemnity In The Context Of Actual Cash Value Calculations

In determining appropriate action, AIFMs shall consider the adequacy of the liquidity management policies and procedures, the appropriateness of the liquidity profile of the AIF’s assets and the effect of atypical levels of redemption requests. The risk management function shall have the necessary authority and access to all relevant information necessary to fulfil the tasks set out in paragraph 1. The competent authority of the home Member State of the AIFM may request the AIFM to provide additional own funds higher than the amount referred to in paragraph 2 if it is not satisfied that the AIFM has sufficient additional own funds to appropriately cover professional liability risks. The competent authority shall give reasons why it considers that the AIFM’s additional own funds are insufficient. An AIFM shall set up a historical loss database, in which any operational failures, loss and damage experience shall be recorded. This database shall record, without being limited to, any professional liability risks as referred to in Article 12 that have materialised.

Insurance policies and contracts—Coverage for drugs.

In this decision, the court noted multiple times in reaching its decision that the policies did not state whether labor expenses could be depreciated. Without controlling language in the policy, the court held that the insurance provisions were susceptible to more than one interpretation, making them ambiguous and construed in favor of the insured and coverage. If, however, the policy defined depreciation as including labor, it is not clear from the face of the opinion that such a provision would not be upheld. Again, the scope of coverage should be governed by the specific language of the policy. While Auto-Owners argued that Tennessee is a broad evidence state, the Supreme Court stated that it had never adopted the broad evidence rule. HENDRY, C.J., WRIGHT, CONNOLLY, GERRARD, STEPHAN, McCORMACK, and MILLER-LERMAN, JJ. Albert M. Engles, Jason R. Yungtum, and Robert B. Quigley, of Engles, Ketcham, Olson & Keith, P.C., Omaha, for appellant.

  • In general, any type of insurance covering the legal liability of one party to another party.
  • An exclusion common to several forms of liability insurance, which eliminates coverage with respect to damage to property in the insured’s care, custody, or control.
  • Each shall provide the other with copies of documents establishing facts related to an environmental claim.
  • An AIFM should not engage in activities which might be detrimental to the objective understanding and practical use of the information to investors prior to its disclosure such as window dressing.
  • Used in conjunction with construction bidding processes.

Additional insured status is commonly used in conjunction with an indemnity agreement between the named insured and the party requesting additional insured status . Having the rights of an insured under its indemnitor’s commercial general liability policy is viewed by most indemnities as a way of backing up the promise of indemnification. If the indemnity agreement proves unenforceable for some reason, the indemnitee may still be able to obtain coverage for its liability by making a claim directly as an additional insured under the indemnitor’s CGL policy.

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