INDEMNIFICATION AND ERRORS AND OMISSIONS Sample Clauses
The "Indemnification and Errors and Omissions" clause requires one party to compensate the other for losses, damages, or liabilities arising from specific acts, such as mistakes, negligence, or failures to perform contractual duties. In practice, this means if one party's error or omission causes harm or financial loss to the other, the responsible party must cover those costs, including legal fees or settlements. This clause is essential for allocating risk between parties and ensuring that the party at fault bears the financial consequences of their mistakes, thereby protecting the non-breaching party from unforeseen liabilities.
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INDEMNIFICATION AND ERRORS AND OMISSIONS. 23 26 Insolvency .................................................................................. 23 27 Arbitration .................................................................................. 24 28
INDEMNIFICATION AND ERRORS AND OMISSIONS. A. The Reinsurer is reinsuring, subject to the terms and conditions of this Contract, the obligations of the Company under any Policy. The Company shall be the sole judge as to:
1. what shall constitute a claim or loss covered under any Policy;
2. the Company’s liability thereunder;
3. the amount or amounts that it shall be proper for the Company to pay thereunder.
B. The Reinsurer shall be bound by the judgment of the Company as to the obligation(s) and liability(ies) of the Company under any Policy.
C. Any inadvertent error, omission or delay in complying with the terms and conditions of this Contract shall not be held to relieve either party hereto from any liability that would attach to it hereunder if such error, omission or delay had not been made, provided such error, omission or delay is rectified immediately upon discovery.
INDEMNIFICATION AND ERRORS AND OMISSIONS. A. The Reinsurer is reinsuring, to the amount herein provided, the obligations of the Company under the Policies. The Company shall, in the exercise of its reasonable and businesslike discretion, be the sole judge as to:
1. what shall constitute a claim or loss covered under the Policies;
2. the Company’s liability thereunder; and
3. the amount or amounts that it shall be proper for the Company to pay thereunder.
B. The Reinsurer shall be bound by the judgment of the Company as to the obligation(s) and liability(ies) of the Company under the Policies. Notwithstanding the foregoing, Ex-gratia Settlements shall not be covered under any circumstances.
C. Any inadvertent error, omission or delay in complying with the terms and conditions of this Contract shall not be held to relieve either party hereto from any liability that would attach to it hereunder if such error, omission or delay had not been made, provided such error, omission or delay is rectified immediately upon discovery.
INDEMNIFICATION AND ERRORS AND OMISSIONS. The Company shall be the sole judge as to what constitutes a claim or loss covered under the Company’s original policy or policies and as to the Company’s liability thereunder, and the Reinsurer shall be bound by the judgment of the Company as to the liability and obligation of the Company under its policy or policies. Any inadvertent delays, omissions or errors shall not be held to relieve either party hereto from any liability which would attach to it hereunder if such delays, omissions or errors had not been made, provided such delays, omissions or errors are rectified immediately upon discovery.
INDEMNIFICATION AND ERRORS AND OMISSIONS. A. PRe is reinsuring, to the amount herein provided, and severally and not jointly with any other reinsurers of the Original Policy, the obligations of MSRE under the Original Policies pursuant to the Cedent Reinsurance Agreements. MSRE will determine:
(i) what constitutes a claim or Loss covered under any Original Policy assumed by MSRE;
(ii) MSRE's liability thereunder; and
(iii) the amount or amounts that are proper for MSRE to pay thereunder.
B. PRe will be bound by MSRE’s determination as to the obligation(s) and liability(ies) of MSRE under any Original Policies.
C. Any inadvertent error, omission, or delay of a clerical nature will not be held to relieve either Party from any liability that would attach to it hereunder if such error, omission, or delay had not been made, provided such error, omission, or delay is rectified immediately or as soon as possible upon discovery.
INDEMNIFICATION AND ERRORS AND OMISSIONS. Any recitals in this Agreement of the terms and provisions of the original policy or policies are merely descriptive and the Reinsurer is reinsuring, to the amount herein provided, the obligations of the Company under the original policy or policies. The Company shall be the sole judge as to what shall constitute a claim or loss covered under the Company's original policy or policies and as to the Company's liability thereunder and as to amount or amounts which it shall be proper for the Company to pay thereunder and the Reinsurer shall be bound by the judgement of the Company as to the liability and obligation of the Company under its policy or policies. Any inadvertent delay, omission or error shall not be held to relieve either party hereto from any liability which would attach to it hereunder if such delay, omission, or error had not been made, provided such delay, omission or error is rectified as soon as possible.
INDEMNIFICATION AND ERRORS AND OMISSIONS. 19 20 Insolvency................................................
INDEMNIFICATION AND ERRORS AND OMISSIONS. A. Subject to the provisions of Article 19 Claims Notification and Decision, the Company shall be the sole judge as to:
1. what shall constitute a claim or loss Reinsured under an Original Policy;
2. the Company’s liability thereunder;
3. and the amount or amounts that it shall be proper for the Company to pay thereunder.
B. Any inadvertent error, omission or delay in complying with the terms and conditions of this Contract shall not be held to relieve either party hereto from any liability that would attach to it hereunder if such error, omission or delay had not been made, provided such error, omission or delay is rectified immediately upon discovery.
INDEMNIFICATION AND ERRORS AND OMISSIONS. A. The Reinsurer is reinsuring, subject to the terms and conditions of this Contract, the obligations of the Company under any Policy. The Company shall be the sole judge as to:
1. what shall constitute a claim or loss covered under any Policy; Effective: October 1, 2010 U4VT0004 20 of 36 DOC: December 23, 2010
2. the Company’s liability thereunder;
3. the amount or amounts that it shall be proper for the Company to pay thereunder.
B. The Reinsurer shall be bound by the judgment of the Company as to the obligation(s) and liability(ies) of the Company under any Policy.
C. Any inadvertent error, omission or delay in complying with the terms and conditions of this Contract shall not be held to relieve either party hereto from any liability that would attach to it hereunder if such error, omission or delay had not been made, provided such error, omission or delay is rectified immediately upon discovery, provided neither party has been prejudiced by the error, omission or delay.
INDEMNIFICATION AND ERRORS AND OMISSIONS. A. The Reinsurer is reinsuring, to the amount herein provided, the obligations of the Company under any original insurance or reinsurance. Except as noted in Paragraph D of this Article, the Company shall be the sole judge as to:
1. what shall constitute a claim or loss covered under any original insurance or reinsurance written by the Company;
2. the Company’s liability thereunder;
3. the amount or amounts that it shall be proper for the Company to pay thereunder.
B. The Reinsurer shall be bound by the judgment of the Company as to the obligation(s) and liability(ies) of the Company under any original insurance or reinsurance.
C. Except for the conditions as provided for in the Sunset Article, any inadvertent error, omission or delay in complying with the terms and conditions of this Contract shall not be held to relieve either party hereto from any liability that would attach to it hereunder if such error, omission or delay had not been made, provided such error, omission or delay is rectified immediately upon discovery.
D. For claims or losses of a particular size or nature, as listed below, the Company shall look to the Reinsurer for approval (to the extent such approval is not prohibited by applicable State law or regulation) and assistance in the (a) determination of what shall constitute a claim or loss covered under the original insurance or reinsurance written by the Company, Effective: January 1, 2009 Document Draft Date: February 10, 2009 Ullico Casualty Tracking No.: DRAFT Contract with Firm Order Terms