Over a year ago we ran a Reinsurance Nuts & Bolts feature entitled “Aggregate Extension Clauses” (here). To our considerable surprise, that article was, and remains, one of our more popular ones.
At the close of the article we said (tongue in cheek): “If you, the reader, have gotten this far, then perhaps you would like to delve into a discussion of ‘Aggregate Extraction Clauses.’ But these clauses – which conjure up some of the more frightening scenes from Marathon Man (1976) – are better left for another day. . . . ” Brace yourselves, for we fear that day has arrived. . . . Continue Reading »