Common use of NOTICE OF LOSS AND LOSS SETTLEMENTS Clause in Contracts

NOTICE OF LOSS AND LOSS SETTLEMENTS. A. The Company shall advise the Reinsurer promptly of all losses which, in the opinion of the Company, may result in a claim hereunder and of all subsequent developments thereto which, in the opinion of the Company, may materially affect the position of the Reinsurer. B. When so requested in writing, the Company shall afford the Reinsurer or its representatives an opportunity to be associated with the Company, at the expense of the Reinsurer, in the defense of any claim, suit or proceeding involving this reinsurance, and the Company and the Reinsurer shall cooperate in every respect in the defense of such claim, suit or proceeding. C. All loss settlements made by the Company that are within the terms and conditions of the Policy or by way of compromise, and except as otherwise provided in this Contract, shall be binding upon the Reinsurer. Upon receipt of satisfactory proof of loss and within no more than 25 days of receipt of the proof of loss, the Reinsurer agrees to pay or allow, as the case may be, its share of each such settlement in accordance with this Contract. D. Ex-gratia payments shall be recoverable hereunder only where the Company, through written communication prior to settlement, counsels with the Reinsurer and the Reinsurer concurs, in writing, with the settlement proposed by the Company.