Common use of Claims Reporting Clause in Contracts

Claims Reporting. Notice of any claim must be provided to the Fund as required by law or the applicable Coverage Agreement. Failure by Fund Member to timely report a claim may result in denial of coverage or payment of fines or penalties imposed by law or regulatory agencies. If the Fund advances payment of any fine or penalty arising from Fund Member’s late claim reporting, Fund Member will reimburse the Fund for all such costs.