Ultimate Net Loss Law and Legal Definition

Ultimate Net Loss is defined as “sums payable by the reinsured as covered liability, including judgments, settlements, damages, claim payments, and any other covered expenses.” Callon Petroleum Co. v. Nat'l Indem. Co., 2009 U.S. Dist. LEXIS 75514 (E.D.N.Y. Aug. 24, 2009)