Common use of Claims Preparation Costs Clause in Contracts

Claims Preparation Costs. This Insurance is extended to cover: (a) reasonable costs incurred in the preparation of a proof of loss; and (b) reasonable fees payable to external auditors, accountants, architects, engineers, or other professionals for producing and certifying particulars or details of the Insured’s business in order to establish the quantum of a claim. All such costs and fees must be: (i) incurred by the Insured at the request of the Insurer; and (ii) associated with a claim under the Equipment Breakdown Coverage Form for which liability has been otherwise accepted by the Insurer. This extension does not apply to fees payable to lawyers, public adjusters, loss appraisers or loss consultants or other professionals engaged by the Insured without the prior written approval of the Insurer.

Appears in 3 contracts

Samples: Equipment Breakdown Insurance, Equipment Breakdown Insurance, Equipment Breakdown Insurance

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Claims Preparation Costs. This Insurance is extended to cover: (a) reasonable costs incurred in the preparation of a proof of loss; and (b) reasonable fees payable to external auditors, accountants, architects, engineers, or other professionals for producing and certifying particulars or details of the Insured’s business in order to establish the quantum of a claim. All such costs and fees must be: (i) incurred by the Insured at the request of the Insurer; and (ii) associated with a claim under the Equipment Breakdown Coverage Form for which liability has been otherwise accepted by the Insurer. This extension does not apply to fees payable to lawyers, public adjusters, loss appraisers or loss consultants or other professionals prof essionals engaged by the Insured without the prior written approval of the Insurer.

Appears in 1 contract

Samples: Equipment Breakdown Insurance

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