Common use of Transfer and Set-off of Claims Clause in Contracts

Transfer and Set-off of Claims. a) If the Insured / Insured Person have any outstanding claims against third parties, such claims shall be transferred in writing to the Company up to the amount for which the reimbursement of costs is made by the Company in accordance with the terms hereunder. b) In so far as an Insured / Insured Person receives compensation for costs he/she has incurred either from third parties liable for damages or as a result of other legal circumstances, the Company shall be entitled to set off this compensation against the insurance benefits payable. c) Claims to the insurance benefits may be neither pledged nor transferred by the Insured/ Insured Person.

Transfer and Set-off of Claims. a) If the Insured / Insured Person have has any outstanding claims against third partiesany other parties apart from the Insurer, such claims shall be transferred in writing to the Company Insurer up to the amount for which the reimbursement of costs is made by the Company Insurer in accordance with the terms hereunder. b) In so far as an Insured / Insured Person receives compensation for costs he/she has incurred either from third the parties liable for damages Damages or as a result of other legal circumstances, the Company insurer shall be entitled to set off this his compensation against the insurance benefits payablepayable if any. c) Claims to the insurance benefits may neither be neither pledged nor transferred by the Insured/ Insured Personinsured.

Transfer and Set-off of Claims. a) If the Insured / Insured Person have has any outstanding claims against third parties, such claims shall be transferred in writing to the Company Insurer up to the amount for which the reimbursement of costs is made by the Company Insurer in accordance with the terms hereunder. b) In so far as an Insured / Insured Person receives compensation for costs he/she has incurred either from third their parties liable for damages or as a result of other legal circumstances, the Company insurer shall be entitled to set off this his compensation against the insurance benefits payablepayable if any. c) Claims to the insurance benefits may be maybe neither pledged nor transferred by the Insured/ Insured Personinsured.