Common use of Investigation of Claims and Reports Clause in Contracts

Investigation of Claims and Reports. Manager shall promptly investigate and, as soon as reasonably practicable, make a full written report to Owner as to all material accidents, claims for damage relating to the ownership, operation and maintenance of the Project and the estimated cost of repair thereof, and shall prepare at the expense of and for the approval of Owner, any and all reports required by any insurance company in connection therewith. All such reports shall be promptly filed with the applicable insurance company. All policies of insurance required under this Agreement shall provide for adjustment of losses of less than Fifty Thousand Dollars ($50,000) by Manager alone and of greater losses by Owner and Manager jointly (provided, however, that Manager’s approval of any such adjustment of greater losses shall not be required in respect of insurance procured by Owner, rather than by Manager, unless such insurance by its terms requires such approval by Manager).