US Pollution Liabilities

jcourch@colognere.com
Thu, 24 Sep 1998 18:58:37 +0200

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"Underlap"... This term refers to the possibility that the primary policy
limit is less than the top of the reinsurer's layer so that an indemnity
loss can not exhaust (or even penetrate) the reinsurer's coverage.

Can anyone expand on this definition that I took from an NEAS handout. It
still is not clear to me. (Why "the top of the reinsurer's layer?")

Jeff

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