Common use of Commutation Clause in Contracts

Commutation. A. As respects all losses, known or unknown, that may cause a claim under this Contract, the losses shall be commuted two years after the expiration date of this Contract. As promptly as possible after such date, the Company shall submit a statement of valuation of the outstanding claim or claims showing the elements considered reasonable to establish the commutation amount, and, if the Reinsurer concurs with the Company’s calculation, it shall promptly pay the amount requested.