Common use of RISK MITIGATION CREDIT Clause in Contracts

RISK MITIGATION CREDIT. A. The Insurer will reduce the Insured Entity’s retention for a Claim by 50%, up to $10,000, whichever is less, if the Insured Entity involved in such Claim demonstrates, to the Insurer’s reasonable satisfaction, the existence of three (3) out of the four (4) following conditions: 1. the existence of a written contract, with final project approval and any interim midterm changes, approved in writing by the client; 2. Material, created by the Insured for the client, is reviewed and approved by the Insured’s editorial staff or an outside media counsel, prior to dissemination; 3. release forms obtained prior to, or simultaneous with, receiving any Material for a client from any agent or independent contractor; 4. continuing education, within twenty-four (24) months of such Claim, on current media and libel laws for those employees who create Material on behalf of the Insured Entity. B. In the event that one Claim is eligible for both this Risk Mitigation Credit Section and the Mediation provision found in the General Terms and Conditions, Section XXI. DEFENSE/SETTLEMENT/MEDIATION /PRE-CLAIM ASSISTANCE, Paragraph B.2. Mediation, then the Insured Entity shall receive only the benefit of one retention credit, but not both. In no way shall either section be construed to afford any more than a total of 50% or $10,000 credit toward any one retention for any one Claim.

RISK MITIGATION CREDIT. A. The Insurer will reduce the Insured Entity’s retention for a Claim by 50%, up to $10,000, whichever is less, if the Insured Entity involved in such Claim demonstrates, to the Insurer’s reasonable satisfaction, the existence of three (3) out of the four (4) following conditions: 1. the existence of a written contract, with final project approval and any interim midterm changes, approved in writing by the client; 2. Material, created by the Insured for the client, is reviewed and approved by the Insured’s editorial staff or an outside media counsel, counsel prior to dissemination; 3. release forms obtained prior to, or simultaneous with, receiving any Material for a client from any agent or independent contractor; 4. continuing education, within twenty-four (24) months of such Claim, on current media and libel laws for those employees who create Material on behalf of the Insured Entity. B. In the event that one Claim is eligible for both this Risk Mitigation Credit Section and the Mediation provision found in the General Terms and Conditions, Section XXI. .. DEFENSE/SETTLEMENT/MEDIATION /PREMEDIATION/PRE-CLAIM ASSISTANCE, Paragraph B.2. Mediation, then the Insured Entity shall receive only the benefit of one retention credit, but not both. In no way shall either section be construed to afford any more than a total of 50% or $10,000 credit toward any one retention for any one Claim.