6. The Primary Insurance Company insures the general liability exposure for 10 subcontractors working on a single job site. Each of the ten contractorspurchases a General Liablity Policy with apolicy limit = $1,500,000 per policy issued. The Primary Insurance Co. purchases excess of loss reinsurance with a policy limit of $5M excess of $500,000 per occurrence and includes clash cover of $8M excess of 1M from Risk re. There is an accident on the job site and claims are brought against all ten subcontractors totaling $15M, or each contractor's full policy limit. The claimants are awarded damages that total $15M from the 10 contractors' General Liability insurance policies. How are losses paid out for each of these two policies. How much of the total loss is uninsured for the Primary Insurance Company? (5 points) Contractor Policy Primary Insurer Retention Risk Re Clash Coverage 1 1,500,000 2 1,500,000 3 1,500,000 4 1,500,000 5 1,500,000 6 1,500,000 7 1,500,000 8 1,500,000 9 1,500,000 10 1,500,000 Totals: 15,000,000