Common use of Property Insurance Loss Adjustment Clause in Contracts

Property Insurance Loss Adjustment. 8.5.1 Any insured loss covered under insurances required pursuant to Article 8.4 shall be adjusted with Customer and Honeywell and made payable to Customer and Honeywell as trustees for the insureds, as their interests may appear, subject to any applicable mortgagee clause. 8.5.2 Upon the occurrence of an insured loss, monies received will be deposited in a separate account and the trustees shall make distribution in accordance with the agreement of the parties in interest, or in the absence of such agreement, in accordance with an arbitration award pursuant to Article 12. If the trustees are unable to agree between themselves on the settlement of the loss, such dispute shall also be submitted to arbitration pursuant to Article 12.

Property Insurance Loss Adjustment. 8.5.1 Any insured loss covered under insurances required pursuant to Article 8.4 shall be adjusted with Customer CUSTOMER and Honeywell HONEYWELL and made payable to Customer CUSTOMER and Honeywell HONEYWELL as trustees for the insureds, as their interests may appear, subject to any applicable mortgagee clause. 8.5.2 Upon the occurrence of an insured loss, monies received will be deposited in a separate account and the trustees shall make distribution in accordance with the agreement of the parties in interest, or in the absence of such agreement, in accordance with an arbitration award pursuant to Article 12. If the trustees are unable to agree between themselves on the settlement of the loss, such dispute shall also be submitted to arbitration pursuant to Article 12.

Property Insurance Loss Adjustment. 8.5.1 10.5.1 Any insured loss covered under insurances required pursuant to Article 8.4 shall be adjusted with Customer CUSTOMER and Honeywell HONEYWELL and made payable to Customer CUSTOMER and Honeywell HONEYWELL as trustees for the insureds, as their interests may appear, subject to any applicable mortgagee clause. 8.5.2 10.5.2 Upon the occurrence of an insured loss, monies received will be deposited in a separate account and the trustees shall make distribution in accordance with the agreement of the parties in interest, or in the absence of such agreement, in accordance with an arbitration award pursuant to Article 1214. If the trustees are unable to agree between themselves on the settlement of the loss, such dispute shall also be submitted to arbitration pursuant to Article 1214.