CLAIM SETTLEMENT. The Insureds agree not to admit any liability for any Claim, offer to settle or settle any Claim, incur any Defense Expenses or otherwise assume any contractual obligation, without the Underwriter’s prior written consent, such consent shall not be unreasonably withheld. The Underwriter shall not be liable for or as a result of any offer to settle, settlement, Defense Expenses, assumed obligation, admission or stipulated judgment to which it has not given its prior consent; provided, however, if the Insured is able to fully and finally settle all Claims in their entirety, which are subject to a single retention, for an aggregate amount including Defense Expenses not exceeding fifty percent (50%) of such retention, the Underwriter’s consent will not be required for the settlement of such Claims. The Underwriter shall have the right to make investigations and conduct negotiations and, with the consent of the Insureds, enter into such settlement of any Claim as the Underwriter deems appropriate.
Appears in 6 contracts
Samples: Not for Profit Management Liability Policy, Not for Profit Management Liability Policy, Not for Profit Management Liability Policy
CLAIM SETTLEMENT. The Insureds agree not to admit any liability for any Claim, offer to settle or settle any Claim, incur any Defense Expenses or otherwise assume any contractual obligation, without the Underwriter’s prior written consent, such consent shall not be unreasonably withheld. The Underwriter shall not be liable for or as a result of any offer to settle, settlement, Defense Expenses, assumed obligation, admission or stipulated judgment to which it has not given its prior consent; provided, however, that if the Insured is able to fully and finally settle all Claims in their entirety, which are subject to a single retention, for an aggregate amount including Defense Expenses not exceeding fifty percent (50%) of such retention, the Underwriter’s consent will not be required for the settlement of such Claims. The Underwriter shall have the right to make investigations and conduct negotiations and, with the consent of the Insureds, enter into such settlement of any Claim as the Underwriter deems appropriate.
Appears in 3 contracts
Samples: Employed Lawyers Liability Coverage, Not for Profit Management Liability Policy, Private Company Management Liability Policy
