Claim Negotiation/Settlement Clause Samples

Claim Negotiation/Settlement. Promptly notify Company of the following: (i) Any loss or Claim resulting in a lawsuit being instituted against the Administrator and /or the Company. (ii) Any complaint filed with any insurance department or other regulatory authority relating to any loss or Claim. (iii) Any Claim, which the Administrator reasonably determines, is not covered by the Company’s policy or involves a coverage dispute. (iv) Any loss, which the Administrator anticipates, will result in a loss payment in excess of $50,000. (v) Any Claim open for more than twelve (12) months, or which involves extra contractual allegations, or is in excess of policy limits. (vi) Any suspected fraud, or any allegation of “bad faith” in Claims handling against the Administrator or the Company.