Reinsurance cover that is purchased by a ceding company to protect both itself and its reinsurers (usually in a quota share) and which applies to net and treaty losses combined. This may also be referred to as Common Account Excess of Loss Reinsurance.
Glossary of Reinsurance Terms
Joint Account Excess of Loss Reinsurance
Joint and Several Liability
A legal principle that permits the injured party in a tort action to recover the entire amount of compensation due for injuries from any tort feasor who is able to pay, regardless of the degree of that party's negligence.