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

Notice of Claim Reduction of Policy Limits. The Construction Observer, upon receipt of notice of any claim in connection with the Project or Services, shall promptly notify the City, providing full details thereof, including an estimate of the amount of loss or liability. The Construction Observer shall monitor and promptly notify the City of any reduction in limits of protection afforded under any policy listed in the Certificate (or otherwise required by the contract) if the Construction Observer's limits of protection shall have been impaired or reduced to such extent that the limits fall below the minimum amounts required herein. The Construction Observer shall promptly reinstate the original limits of liability required hereunder and shall furnish evidence thereof to the City.