Common use of Losses and Loss Adjustment Expenses Clause in Contracts

Losses and Loss Adjustment Expenses. A. Losses shall be reported by the Company in summary form as hereinafter provided, and the Reinsurer shall have the right to participate in the adjustment of losses subject to this Contract as its own expense. B. All claim or loss settlements made by the Company, whether under strict policy conditions or by way of compromise, shall be binding on the Reinsurer, and the Reinsurer shall pay or allow, as the case may be, 100% of each such settlement as provided in Article VIII. C. In the event of a claim under a policy subject hereto, the Reinsurer shall be liable for 100% of loss adjustment expenses incurred by the Company in connection therewith (including litigation expenses and interest on judgments, but not including office expenses or salaries of the Company's regular employees), and shall be credited with 100% of any recoveries of such expense.

Losses and Loss Adjustment Expenses. A. Losses shall be reported by the Company in summary form as hereinafter provided, and the Reinsurer shall have the right to participate in the adjustment of losses subject to this Contract as at its own expense. B. All claim or loss settlements made by the Company, whether under strict policy conditions or by way of compromise, shall be binding on the Reinsurer, and the Reinsurer shall pay or allow, as the case may be, 100% of each such settlement as provided in Article VIII. C. In the event of a claim under a policy subject hereto, the Reinsurer shall be liable for 100% of loss adjustment expenses incurred by the Company in connection therewith (including litigation expenses and interest on judgments, but not including office expenses or salaries of the Company's regular employees), and shall be credited with 100% of any recoveries of such expense.