Common use of Claims and Loss Adjustment Expense Clause in Contracts

Claims and Loss Adjustment Expense. A. Losses shall be reported by the Company in summary form as hereinafter provided, but the Company shall notify the Reinsurer immediately when a specific case involves unusual circumstances or large loss possibilities. The Reinsurer shall have the right to participate, at its own expense, in the defense of any claim or suit or proceeding involving this reinsurance. B. All loss settlements made by the Company, whether under strict policy conditions or by way of compromise, shall be binding upon the Reinsurer, and the Reinsurer agrees to pay or allow, as the case may be, its proportion of each such settlement in accordance with the Reports and Remittances Article. It is agreed, however, that if the Reinsurer’s share of any loss is equal to or greater than $500,000, the Reinsurer will pay its share of said loss as promptly as possible after receipt of reasonable evidence of the amount paid (or scheduled to be paid) by the Company. C. Notwithstanding the provisions of paragraph B above, any ex-gratia settlement made by the Company on a loss subject to this Contract shall be binding on the Reinsurer, provided the Company has submitted the settlement to the Reinsurer and received the Reinsurer’s agreement to the settlement. If the ex-gratia settlement is accepted by the Reinsurer, it shall be subject to the terms of this Contract.

Claims and Loss Adjustment Expense. A. Losses shall be reported by the Company in summary form as hereinafter provided, but the Company shall notify the Reinsurer immediately when a specific case involves unusual circumstances or large loss possibilities. The Reinsurer shall have the right to participate, at its own expense, in the defense of any claim or suit or proceeding involving this reinsurance. B. All loss settlements made by the Company, whether under strict policy conditions or by way of compromise, shall be binding upon the Reinsurer, and the Reinsurer agrees to pay or allow, as the case may be, its proportion of each such settlement in accordance with the Reports and Remittances Article. It is agreed, however, that if the Reinsurer’s share of any loss is equal to or greater than $500,000250,000, the Reinsurer will pay its share of said loss as promptly as possible after receipt of reasonable evidence of the amount paid (or scheduled to be paid) by the Company. C. Notwithstanding In the provisions event of paragraph B abovea claim under a policy subject hereto, any ex-gratia settlement made the Reinsurer shall be liable for its proportionate share of loss adjustment expense incurred by the Company on a loss subject to this Contract in connection therewith, and shall be binding on the Reinsurer, provided the Company has submitted the settlement to the Reinsurer and received the Reinsurer’s agreement to the settlement. If the ex-gratia settlement is accepted by the Reinsurer, it shall be subject to the terms credited with its proportionate share of this Contractany recoveries of such expense.

Claims and Loss Adjustment Expense. A. Losses shall be reported by the Company in summary form as hereinafter provided, but the Company shall notify the Reinsurer immediately when a specific case involves unusual circumstances or large loss possibilities. The Reinsurer shall have the right to participate, at its own expense, in the defense or control of any claim or suit or proceeding involving this reinsurance. B. All loss settlements made by the Company, whether under strict policy conditions or by way of compromise, shall be binding upon the Reinsurer, and the Reinsurer agrees to pay or allow, as the case may be, its proportion of each such settlement in accordance with the Reports and Remittances ArticleArticle XIII. It is agreed, however, that if the Reinsurer’s share of any loss is equal to or greater than $500,00025,000, the Reinsurer will pay its share of said loss as promptly as possible after receipt of reasonable evidence of the amount paid (or scheduled to be paid) by the Company. C. Notwithstanding In the provisions event of paragraph B abovea claim under a policy subject hereto, any ex-gratia settlement made the Reinsurer shall be liable for its proportionate share of loss adjustment expense incurred by the Company on a loss subject to this Contract shall be binding on in connection therewith. Additionally the Reinsurer, provided Reinsurer will reimburse the Company has submitted 20% of the settlement to the Reinsurer and received the Reinsurer’s agreement to the settlement. If the ex-gratia settlement is accepted by the Reinsurer, it shall be subject to the terms of this Contractunallocated claims expense.

Claims and Loss Adjustment Expense. A. Losses shall be reported by the Company in summary form as hereinafter provided, but the Company shall notify the Reinsurer immediately when a specific case involves unusual circumstances or large loss possibilities. The Reinsurer shall have the right to participate, at its own expense, in the defense or control of any claim or suit or proceeding involving this reinsurance. B. All loss settlements made by the Company, whether under strict provided they are within the terms of the original policies (other than extra contractual obligations and loss in excess of policy conditions or by way of compromiselimits), shall be binding upon the Reinsurer, and the Reinsurer agrees to pay or allow, as the case may be, its proportion of each such settlement in accordance with the Reports and Remittances ArticleArticle XIV. It is agreed, however, that if the Reinsurer’s 's share of any loss is equal to or greater than $500,000375,000, the Reinsurer will pay its share of said loss as promptly as possible after receipt of reasonable evidence of the amount paid (or scheduled to be paid) by the Company. C. Notwithstanding In the provisions event of paragraph B abovea claim under a policy subject hereto, any ex-gratia settlement made the Reinsurer shall be liable for its proportionate share of loss adjustment expenses incurred by the Company on a loss subject to this Contract in connection therewith, and shall be binding on the Reinsurer, provided the Company has submitted the settlement to the Reinsurer and received the Reinsurer’s agreement to the settlement. If the ex-gratia settlement is accepted by the Reinsurer, it shall be subject to the terms credited with its proportionate share of this Contractany recoveries of such expense.