Common use of Claims Reports Clause in Contracts

Claims Reports. 6.5 The Insurer shall provide a report (a Claims Report) to any Firm to which it has issued a Policy, either in the current or in any previous Indemnity Period, within five working days from receiving a request to do so, setting out (as applicable), as at the date specified in the Claims Report: 6.5.1 a summary of each claim (or series of related claims) of which the Insurer is aware made against the Firm under each Policy; 6.5.2 the amount reserved by the Insurer against each claim (or series of related claims); 6.5.3 the basis on which each such amount is calculated (for example, whether the figure represents a loss actually incurred, an estimate of probable maximum loss, or any other basis of reserving); 6.5.4 whether or not each such amount includes defence costs; 6.5.5 whether each such amount includes or is in excess of the amount of any deductible that may apply in relation to such claim (or series of related claims), and the amount of any such deductible; and 6.5.6 any amounts paid out in relation to each claim, in each case indicating whether such sums include any deductible due from but not paid by the Firm.