Common use of SUBROGATION AND SALVAGE Clause in Contracts

SUBROGATION AND SALVAGE. (A) The Reinsurer shall be subrogated, as respects any Ultimate Net Loss for which the Reinsurer shall actually pay or become liable to pay, but only to the extent of the amount of payment by, or the amount of liability of, the Reinsurer, to all rights of the Reinsured against any Person who may be legally responsible in damages for said Ultimate Net Loss. The Reinsured hereby agrees to use commercially reasonable efforts to enforce such rights. In the event the Reinsured shall fail or neglect to do so, the Reinsurer is hereby authorized and empowered to bring any commercially reasonable appropriate action in the name of the Reinsured or in the name of a Policyholder under an insurance policy of the Subject Business reinsured hereunder to enforce such rights.

SUBROGATION AND SALVAGE. (Aa) The Reinsurer shall be subrogated, as respects any Ultimate Net Loss for which the Reinsurer shall actually pay or become liable to pay, but only to the extent of the amount of payment by, or the amount of liability of, the Reinsurer, to all rights of the Reinsured against any Person who may be legally responsible in damages for said Ultimate Net Loss. The Reinsured hereby agrees to use commercially reasonable efforts to enforce such rights. In the event the Reinsured shall fail or neglect to do so, the Reinsurer is hereby authorized and empowered to bring any commercially reasonable appropriate action in the name of the Reinsured or in the name of a Policyholder under an insurance policy of the Subject Business reinsured hereunder to enforce such rights.