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That is when a broker threatens to stop sending primary insurance business to an insurer unless it agrees to let the broker provide all of that company's reinsurance needs in return.
Colgate pays Summit America Insurance Services to cover expenses from care for varsity athletes that primary insurance does not cover, but the insurer decides whether it will cover the claims, Melichar said.
When a company writes excess insurance, it offers to stand behind a primary insurer, and pay claims if something so serious happens that the primary insurance is exhausted.
In some cases the excess insurer was being asked to pay for misdeeds that occurred before the primary insurance policy was even in effect.
It provides insurance to businesses after they have exhausted their primary insurance.
Profits on reinsurance, by the way, are far richer than those on primary insurance.
Munich Re would gain a bigger distribution network for its primary insurance and pensions business.
Highlands provided primary insurance for about 30,000 Brown & Root asbestos claims.
RenaissanceRe of Bermuda is a reinsurance company, selling insurance to primary insurance companies to spread risk.
Social Security benefits are calculated using a formula called the primary insurance amount, or P.I.A.
SHIP will be your primary insurance if you choose to have dual coverage.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com