Settlement Program Notice definition
Examples of Settlement Program Notice in a sentence
The Underwriter shall pay on behalf of the Insureds any Voluntary Settlement and Defense Expenses which the Insureds become legally obligated to pay resulting from a Voluntary Settlement Program Notice first given to the Underwriter during the Policy Period, provided such Voluntary Settlement and Defense Expenses are incurred after such Voluntary Settlement Program Notice is first given to the Underwriter.
The Underwriter shall pay, on behalf of the Insureds, Settlement Fees and Defense Expenses with respect to a Settlement Program Notice first given to the Underwriter during the Policy Period or applicable Extended Reporting Period; provided, that such Settlement Fees and Defense Expenses are incurred after such Settlement Program Notice is first given to the Underwriter.
If an Insured elects to seek coverage for a Fiduciary Inquiry or a Voluntary Settlement Program Notice, the Insured shall give notice of such Fiduciary Inquiry or Voluntary Settlement Program Notice to the Underwriter no later than ninety (90) days after the expiration of the Policy Period or Extended Reporting Period, if exercised.
Settlement Fees and Defense Expenses incurred with respect to a Settlement Program Notice will be subject to the applicable Retention set forth in ITEM 5 of the Declarations.
The Insured will not enter into a Settlement Program or incur any Defense Expenses in connection with a Settlement Program Notice or Settlement Fees without the Company’s prior written consent, such consent not to be unreasonably withheld.
However, if ITEM 5 of the Declarations indicates that Additional Defense Coverage is applicable, Defense Expenses incurred in connection with a Settlement Program Notice will apply first to and reduce the remaining Additional Defense Limit of Liability; provided that the Settlement Program Limit of Liability will be reduced and may be exhausted by payment of such Defense Expenses under the Additional Defense Limit of Liability.
The Company will pay on behalf of the Insured, Settlement Fees and Defense Expenses incurred by the Insured in connection with any Settlement Program Notice; provided that participation by the Insured in any Settlement Program commences during the Policy Period or, if exercised, during the Extended Reporting Period or Run-Off Extended Reporting Period.
If a Claim results in a Settlement Program Notice, the applicable Retentions will be applied separately to such Claim and Settlement Program Notice, respectively, but the sum of such Retentions will not exceed the largest of such Retentions.
The Insurer shall pay a Voluntary Settlement and Defense Costs on behalf of the Insureds resulting from a Settlement Program Notice first given to the Insurer during the Policy Period or Extended Reporting Period, if applicable, provided such Voluntary Settlement and Defense Costs are incurred after such Settlement Program Notice is first given to the Insurer.
The Company’s maximum limit of liability for all Settlement Fees and Defense Expenses in connection with a Settlement Program Notice will be the amount set forth in ITEM 5 of the Declarations as the Settlement Program Limit of Liability, which amount is included within, and not in addition to, any applicable limit of liability.