Commutation. The Company or the Reinsurers may, at any time express their desire to the other party to commute all losses applicable to this Agreement and which are still unsettled. In such event the Company and the Reinsurers shall mutually determine and evaluate such losses and the payment by the Reinsurers of their proportion of the amount so ascertained and mutually agreed to be the value of such losses shall relieve them of all further liability, in respect of this Agreement in respect of such known and/or unknown losses. If the Company and Reinsurers are unable to eventually agree upon the value of said losses, no commutation of such losses shall be made.
Appears in 4 contracts
Samples: Interests and Liabilities Contract (Eastern Insurance Holdings, Inc.), Interests and Liabilities Contract (Eastern Insurance Holdings, Inc.), Interests and Liabilities Contract (Eastern Insurance Holdings, Inc.)
