Large Claims. As a condition of reinsurance and prior to commencing any loss adjustment activity, the Company agrees to comply with all provisions of FCIC’s Large Claims Procedures, as applicable.
Large Claims. Claims for each insured member over an agreed upon amount determined by the ECHMC in consultation with their broker.
Large Claims. As a condition of reinsurance and prior to commencing any loss adjustment activity, the Company agrees to comply with all provisions of FCIC’s Large Claims Procedures, as applicable. As a condition of reinsurance, prior to commencing any loss adjustment activities, the Company must notify FCIC upon receiving notice of a potential claim on an eligible crop insurance contract that is likely to exceed $500,000, or such other amount as determined by FCIC.
(a) FCIC, at its discretion, retains the right to participate in loss determinations in accordance with FCIC approved procedures and may, at its option, review or determine the losses for potential claims that are equal to or greater than the amount of $500,000; however, FCIC reserves the right to select any potential claim, regardless of the amount for review or to participate in the loss determination of such claim.
(b) Within 3 business days of notice by the Company of a potential claim under this subsection, FCIC will notify the Company whether it will review or participate in the loss determination; however, FCIC reserves the right to delay the decision to review or participate in the loss determination if FCIC determines additional information is needed to make that decision.
(c) If FCIC elects to review a potential claim, the Company is required to provide a copy of all documents associated with the claim as specified by FCIC.
(d) If FCIC decides to participate in the loss determinations, FCIC will make arrangements to coordinate efforts, if FCIC determines such arrangements are required.
(e) If FCIC elects to participate in the loss determination, the Company must notify FCIC of and give FCIC the opportunity to participate in all aspects of the loss adjustment process, including field inspections or gathering evidence and documentation.
(f) Company loss payments approved by FCIC will relieve the Company of further review by FCIC.
(g) In the event FCIC participates in the field inspection, in accordance with FCIC approved procedures and loss determination, or determines, revises, modifies or corrects any claim for loss, FCIC shall be responsible for all subsequent disputes by the policyholder under the eligible crop insurance contract that relate to the actions of FCIC. The Company shall provide FCIC with cooperation and assistance as needed in any dispute.
(h) If there is a dispute between FCIC and the Company with respect to FCIC’s determination of a loss under this subsection, the Company will pay t...
Large Claims. The largest one-third of Forfeited Amounts appearing on the Class List (calculated to be $225 or more as of the date of the Agreement, subject to change with final calculations).
