Rights and Settlements Clause Samples
Rights and Settlements. All losses, compromises, payments and expenses and allowances in consequence of a claim or a potential claim under the Covered Policies shall be settled by the Ceding Company without the intervention of the Assuming Company and shall be binding upon the Assuming Company and the Assuming Company shall allow or pay as the case may be each settlement in accordance with the terms of this Agreement. The Ceding Company shall be the sole judge of (i) the interpretation of the Covered Policies, (ii) what shall constitute a claim or Covered Losses covered under the Covered Policies; and (iii) the amount it shall be proper for the Ceding Company to pay under the Covered Policies.
Rights and Settlements. The Retrocessionaire agrees to abide by the claim settlements of the Retrocedent. The Retrocedent shall be the sole judge of:
A. The interpretation of the Underlying Treaty;
B. What shall constitute a claim under the Underlying Treaty; and
C. The Retrocedent’s liability under the Underlying Treaty and the proper amounts for the Retrocedent to pay thereunder.
Rights and Settlements. The Reinsurer agrees to abide by the loss settlements of the Company. The Company shall be the sole judge of:
A. The interpretation of all Policies;
B. What shall constitute a claim or Loss covered under a Policy or Allocated Loss Adjustment Expenses in connection therewith; and
C. The Company’s liability with respect to a Policy and the amount it shall be proper for the Company to pay in respect thereto. The Reinsurer shall be bound by the judgment of the Company concerning the salvage and subrogation rights and remedies of the Company, and the Company shall have complete and sole control of direction of all claims and salvage and subrogation remedies.
Rights and Settlements. The Retrocessionaire agrees to abide by the claim settlements of the Retrocedent. The Retrocedent shall be the sole judge of:
A. The interpretation of the Underlying Agreements;
B. What shall constitute a claim under the Underlying Agreements; and
C. The Retrocedent’s liability under the Underlying Agreements and the proper amounts for the Retrocedent to pay thereunder. Notwithstanding the foregoing, the Retrocedent shall not settle any litigation or other disputes between the Retrocedent and the Original Reinsured without the prior consent of the Retrocessionaire, which consent shall not be unreasonably withheld.
Rights and Settlements. The liability of the Reinsurer shall attach simultaneously with that of the Reinsured and shall be subject in all respects, except as set forth herein, to the same risks, terms, conditions, interpretations, waivers, and to the same modifications, alterations, and cancellations as are contained in the respective Policies of the Reinsured, and the Reinsurer shall, in all respects, follow the underwriting fortunes of the Reinsured with respect to the Business Reinsured. Any increase in limits of liability made in such original Policy or Policies are automatically binding upon the Reinsurer from the date such increase is effective, subject to the limits of this Agreement. During the term hereof, the Reinsured shall provide Notice to the Reinsurer, in the event of any increase in limits of liability under a Policy or Policies of the Reinsured and pay to Reinsurer the Quota Share Percentage of the additional premium with respect to such increase pursuant to the terms hereof.