billed claims fund

English to German Law/Patents Insurance

Defined by applying xx% discount to the Contract Claims Fund otherwise known as the claims corridor. If the Claims Liability is less than the Billed Claims Fund [defined as 64.15% of billed premium], no further payment from the Policyholder to xxx is required.

If the Claims Liability is more than or equal to the Contract Claims Fund [defined as Billed Claims Fund divided by (1-20.62%), where 20.62% represent the claims corridor], the Policyholder is required to pay xxx, the difference between the Billed Claims Fund and the Contract Claims Fund; grossed up for any applicable commissions.

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