SUBROGATION AND SALVAGE. The Reinsurer shall be credited with subrogation and salvage collected and received by the Company, less the actual cost, excluding salaries and expenses of officials and employees of the Company respecting their time spent on subrogation and salvage recoveries and also excluding sums paid to any attorney as a retainer in obtaining such reimbursement or making such recovery, on account of claims and settlements involving the reinsurance coverage hereunder. Enforcement of subrogation and salvage rights shall be determined solely by the Company.
Appears in 4 contracts
Samples: Stock Purchase Agreement (Everest Re Group LTD), Stock Purchase Agreement (Everest Reinsurance Holdings Inc), Proportional Excess of Loss Reinsurance Agreement (Everest Re Group LTD)
SUBROGATION AND SALVAGE. The Reinsurer shall be credited with subrogation and salvage collected and received by the Company, less the actual cost, excluding salaries and expenses of officials and employees of the Company respecting their time spent on subrogation and salvage recoveries and also excluding sums paid to any attorney as a retainer in obtaining such reimbursement or making such recovery, on account of claims and settlements involving the reinsurance coverage hereunder. Enforcement of subrogation and salvage rights shall be determined solely by the Company.. ARTICLE X -
Appears in 1 contract
Samples: Stock Purchase Agreement
