Common use of Notice of Claim Reduction of Policy Limits Clause in Contracts

Notice of Claim Reduction of Policy Limits. The Design/Builder, upon receipt of notice of any claim in connection with the Agreement, shall promptly notify the Owner, providing full details thereof, including an estimate of the amount of loss or liability. The Design/Builder shall promptly notify the Owner of any reduction in limits of protection afforded under any policy listed in the Certificate (or otherwise required by the Contract Documents) in excess of $10,000.00, whether or not such impairment came about as a result of this Agreement. In the event the Owner shall determine that the Design/Builder's aggregate limits of protection shall have been impaired or reduced to such extent that the Owner shall determine such limits inadequate for the balance of the project, the Design/Builder shall, upon notice from the Owner, promptly reinstate the original limits of liability required hereunder and shall furnish evidence thereof to the Owner.