Stickel v. Excess Ins. Co. of America

A construction of the contract of reinsurance is the first and most important matter arising in a decision of these cases. The pertinent provisions of the contract are as follows:

“Section I. The reinsurer [Excess Insurance Company] agrees to reinsure the company [Central Mutual Insurance Company] as respects all third party automobile public liability policies * * * except those hereinafter excluded, becoming effective while this contract is in force and agrees to repay any amounts of ultimate net loss which the company may pay in excess of the first five thousand dollars ($5,000) on account…