Organizational Disputes Sample Clauses

Organizational Disputes. If any dispute should arise within your organization concerning who controls the organization or who controls or owns your organizational property or assets, at our discretion we may elect to pay any amounts due under this policy for a loss to a court of competent jurisdiction for it to determine to whom these amounts should be paid. If an individual or an entity is shown on the declarations as a Mortgagee or additional insured, their interests will be indicated with respect to our payment to the court. In the event of a loss when this provision applies, we will pay to any putative insured the reasonable and documented cost of fulfilling the obligation under this policy to protect the insured property according to the Protect Property requirement in the What You Must Do In Case of Loss section of this policy. Once invoked by us, this coverage restriction will apply until such time as a final determination is made in a court of law (including any and all appeals) or a final settlement agreement is entered into by all parties regarding which person or group actually controls the organization. Once a final determination has been made and all appeals exhausted, then the prevailing party will be considered the representative of your organization, and: a. any coverage provided by this policy in relation to any subsequent loss will apply for the benefit of the prevailing party; and b. we will reimburse the prevailing party for extra expenses incurred by them as a result of a direct loss caused by a covered peril, in accordance with the Extra Expense coverage of this policy, if the extra expenses are incurred during the pendency of the organizational dispute. Neither attorney fees nor any other costs or expenses associated directly or indirectly with the resolution of the organizational dispute will be considered to be extra expenses with respect to this paragraph.