Insurable Claims Sample Clauses
The Insurable Claims clause defines which types of losses or damages are covered under an insurance policy and can be submitted for compensation. Typically, this clause outlines the specific events, incidents, or circumstances that qualify as insurable, such as property damage, liability claims, or business interruptions, and may also specify exclusions or limitations. By clearly delineating what constitutes an insurable claim, this clause helps prevent disputes between the insured and insurer, ensuring both parties understand the scope of coverage and facilitating efficient claims processing.
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Insurable Claims. To the extent any Claim for Damages under Article VIII constitutes an Insurable Claim (as defined herein), Purchaser agrees to assert and pursue with reasonable diligence such Insurable Claim against the Title Company (which shall include commencing litigation and diligently prosecuting such Insurable Claim to judgment) prior to pursuing a Claim for Damages under Article VIII. If at any time following a non-favorable judgment that substantially denies the relief sought by Purchaser from the Title Company in connection with the Insurable Claim (each a "Non-Favorable Judgment"), Purchaser shall be permitted, following such Non-Favorable Judgment, to pursue Seller with a Claim for Damages under Article VIII (any such Claim against Seller following an attempted Insurable Claim against the Title Company being a "Residual Title Claim"). Notwithstanding anything to the contrary in Article VIII, Purchaser shall have the right to assert a Claim for Damages based upon a Residual Title Claim for a sixty (60) day period after the Non-Favorable Judgment. For purposes of this Section 6.03(c), an "Insurable Claim" shall mean a Claim that: (i) arises out of Purchaser's discovery of a title defect or encumbrance with respect to any of the Real Property following the Closing that materially restricts or prevents the use of such Real Property at issue in the operation of the System; and (ii) constitutes a colorable claim against the Title Company under Purchaser's final title policies contemplated by Section 6.01(b) hereof.
Insurable Claims. To the extent an insurable claim arises, the Parties agree to first pursue recovery under such insurance coverage before seeking indemnification from the other Party. For the avoidance of doubt, a Party’s deductible under its respective insurance policies constitutes Losses for which it may seek indemnification from the Indemnifying Party (to the extent permitted by Article IX).