LEGAL RECOURSE. The policy must contain a provision that the insured must file suit within 1 year after the date of written denial of all or part of the claim. The Lender will accept an endorsement to the policy that reads as follows (“Service of Suit Endorsement”): “No suit, action or proceeding for the recovery of any claim will be sustained in any court of law or equity unless the Insured has fully complied with all provisions of this policy. Insured must file suit within 1 year after the date of written denial of all or part of the claim.”
Appears in 2 contracts
Samples: Agreement Regarding Required Insurance (Lodging Fund REIT III, Inc.), Insurance Agreement
