Common use of LOSS AND LOSS ADJUSTMENT EXPENSE Clause in Contracts

LOSS AND LOSS ADJUSTMENT EXPENSE. 7.1 All loss settlements, judgments and all interest on said judgments, including losses in excess of policy limits (XPL) and extra contractual obligations (ECO) made by the Company or the Company's designee under the terms of this Agreement, whether under strict policy conditions or by way of compromise, shall be unconditionally binding upon the Reinsurer. The Reinsurer shall be credited with all salvage or recoveries by the Company on business reinsured hereunder.

LOSS AND LOSS ADJUSTMENT EXPENSE. 7.1 All loss settlements, judgments and all interest on said judgments, including losses in excess of policy limits (XPL) and extra contractual obligations (ECO) made by the Company or the Company's designee under the terms of this Agreement, whether under strict policy conditions or by way of compromise, shall be unconditionally binding upon the Reinsurer. The Reinsurer shall also be liable for and pay on behalf of the Company all loss adjustment expenses as defined in Article 2.5. The Reinsurer shall be credited with all salvage or recoveries by the Company on business reinsured hereunder.

LOSS AND LOSS ADJUSTMENT EXPENSE. 7.1 All loss settlements, judgments and all interest on said judgments, including losses Losses in excess Excess of policy limits Policy Limits (XPL) and extra contractual obligations Extra Contractual Obligations (ECO) made by the Company or the Company's ’s designee under the terms of this Agreement, whether under strict policy Policy conditions or by way of compromise, shall be unconditionally binding upon the Reinsurer. The Reinsurer shall be credited with all salvage or recoveries by the Company on business reinsured hereunder.