PAYMENT FOR A LOSS Sample Clauses

PAYMENT FOR A LOSS. We will not pay for damages under Underinsured Vessel coverage unless the Insured Person obtains judgment against the Underinsured Vessel and/or its operator, or reaches a settlement with Our consent, and collects upon the judgment or settlement to the extent recoverable. Then to the extent the covered claim is unpaid, We will pay the difference between the amount recovered from the Underinsured Vessel and its operator, and the Underinsured Vessel limit shown on the Declarations Page of This Policy. PART F: U.S. XXXXXXXXX & HARBOR WORKERS’ COMPENSATION ACT (AS AMENDED) Where required, We will comply with all provisions of this Act and with the lawful orders of its Administrator, the U.S. Department of Labor. When coverage is shown on the Declarations Page for PART B: LIABILITY INSURANCE, insurance is also provided under this PART F: U.S. XXXXXXXXX & HARBOR WORKERS’ COMPENSATION ACT (AS AMENDED). We will provide the Named Insured of the Insured Vessel, statutory coverage under the U.S. Xxxxxxxxx & Harbor Workers’ Compensation Act, Title 33USC, 901 ct. seq., (as amended) for any Occurrence during the term of This Policy for claims under the Act for Bodily Injury at the time of Occurrence, illness, and/or death asserted by employees of the Insured Person who are covered under such Act if directly arising out of ownership, use or maintenance of the Insured Vessel.