Insurable Event definition
Examples of Insurable Event in a sentence
If such notice is given within the forty-eight (48) hour period or six (6) hour period as required by Section 14.1.1, then unless the provisions of Section 14.2 apply, the affected Party shall be excused from such failure or delay pursuant from the date of commencement of the relevant event provided that no Insurable Event or Non-Insurable Event shall excuse the late payment of money when due.
Further, to the extent any insurance payment for an Insurable Event is received after the Closing by Parent, and not by the Company or its Subsidiaries, Parent shall promptly remit such payment to Buyer.
After the occurrence of any Insurable Event, (a) Resident’s obligation to pay Rent hereunder shall be abated in an amount which Landlord, in its sole discretion, shall determine to be proportionate to the area of the Premises rendered unfit for use by Resident during the period of repair or restoration; and (b) Resident’s sole remedy against Landlord shall be rent abatement, and Resident shall not be entitled to any other award of damages or compensation from Landlord.
Notwithstanding the foregoing, the occurrence of a Force Majeure Event shall not relieve Shippers from their obligations to make Monthly Payments under this Agreement, except to the extent such Force Majeure Event also constitutes an Insurable Event and then such payment obligations shall be suspended only during the Temporary Suspension Period provided for in Section 3 of Article 9.
All documentation requested by the Insurer and/or Ourselves, including fully completed claim forms, are received by Us, within 30 (thirty) days of the Insurable Event.