Allocation of Defence Costs Sample Clauses

Allocation of Defence Costs. If any claim involves both covered matters and matters not covered by this policy, a fair and proper allocation of any defence costs, judgments and/or settlements shall be made between the insured and the insurer taking into account the relative legal and financial exposures attributable to covered matters and matters not covered under this policy. If an allocation cannot be agreed between the insured and the insurer then the insurer shall, at the request of the insured, resolve the matter by arbitration. The arbitrator shall be mutually agreed by the parties to the arbitration, or in the absence of mutual agreement appointed by the President of the Law Society or equivalent organization in the country or region in which the defence costs were incurred. The costs of the arbitration shall be borne by the Insurer. The allocation finally agreed upon shall be applied retrospectively to any defence costs incurred prior to the determination. Notwithstanding, if an allocation is determined by a court it shall be binding on all parties and the insurer shall apply it retrospectively to any payments made prior to such determination. In using their best efforts to agree on such an allocation, it is understood that all parties will uphold the principle of utmost good faith and that the allocation finally agreed upon will be fair and reasonable.
Sample 1
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Allocation of Defence Costs. If a claim is covered only partly by this policy, then we will attempt to ensure fair and proper allocation of the defence costs for insured and uninsured portions. If all parties are unable to agree upon the allocation of the defence costs then that allocation shall be decided by a lawyer that we and you agree to instruct, whose determination shall be binding upon all parties. The cost of the lawyer’s determination is to be taken as part of the defence costs covered under this policy. If the parties cannot agree on a lawyer, then a lawyer will be appointed by the President of the New Zealand Law Society.
Sample 1

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