Insurance Claim Clause Examples
An Insurance Claim clause outlines the procedures and requirements for a party to notify and pursue compensation from an insurer in the event of a covered loss or damage. Typically, this clause specifies the timeframe for submitting a claim, the documentation needed to support the claim, and the process for assessment and payment by the insurer. Its core practical function is to ensure that both parties understand the steps necessary to initiate and process claims, thereby facilitating timely recovery and minimizing disputes over insurance coverage.
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Insurance Claim any insurance claims made by the Borrower, CDOT or a Construction Contractor in respect of the Project in excess of $1,000,000 either individually or in the aggregate, to the extent related to the Project or to the extent the proceeds from such insurance claim would be deposited into a Project Account;
Insurance Claim. Once Lessee obtains the real property insurance pursuant to the requirements set forth in subparagraph 37.A.10)(b), if the Premises are totally or partially destroyed by fire or other casualty, subject to the terms of this Lease, Lessee shall continue to pay Rent and shall timely take all actions necessary to secure its rights to make an insurance claim with its insurance carrier. As soon as reasonably possible after the casualty event, Lessee shall meet with the City and the Lender to prepare to submit a claim for the insurance proceeds for all insurable losses. Lessee shall then timely submit a claim for the insurance proceeds. Insurance proceeds shall be utilized to restore the Premises destroyed by a casualty event for the benefit of the City, Lessee and the Lender. All insurance proceeds received for the insurable losses resulting from the casualty event shall be deposited into the Insurance Deposit Account. Lessee shall obtain prior written approval from the Lender and the City, which approvals will not be unreasonably delayed or withheld, before making any disbursements from the Insurance Deposit Account. For purposes of this Lease, Insurance Deposit Account shall mean an interest-bearing account established by Lessee for the deposit of insurance proceeds received for the insurable loss resulting from the casualty event which account shall be utilized by Lessee for the sole purpose of restoring the Premises pursuant to a Restoration Plan (as defined herein). Lessee shall prepare, keep, and maintain books, records and documents related to the Insurance Deposit Account, including all expenditures associated with a Restoration Plan. The City and the Lender shall have the right to examine and audit such books, records and documents related to the Insurance Deposit Account.
Insurance Claim. Each of the Vendors declares that after thorough internal investigation, there is no known fact, situation or circumstance involving the Company or one of the Subsidiaries or their directors or officers, which would reasonably be expected to result in any future claim being made against the Company or any Subsidiaries.
Insurance Claim. After the Closing Date, if the Company collects the insurance proceeds payable to the Company relating to the fire that occurred on October 21, 1998, Buyer shall make an additional payment to the Shareholders by means of a single wire transfer to the Shareholders' Representative equal to the net amount (after any applicable Taxes are paid by the Company) of such proceeds received by the Company, as additional Purchase Price.
Insurance Claim any insurance claims made by the Borrower or a Construction Contractor in respect of the Project in excess of $10,000,000 either individually or in the aggregate;
Insurance Claim. “Insurance Claim” has the meaning set forth in Section 1.4(a) of this Agreement.
Insurance Claim. Intelligroup shall wherever possible make an insurance claim in relation to the Damages, provided however that any increase in premiums or excess arising from such claim shall in itself be Damages.
Insurance Claim. (a) If and to the extent that the Seller is insured against Loss that it suffers in respect of an event or circumstance, the Seller must (unless the Buyer assumes joint or sole responsibility under clause 26.5(b)) promptly make and pursue a claim against the relevant insurer in respect of that event or circumstance. The insurance claim must be properly prepared by the Seller in the manner and time required by the relevant insurer and insurance policy.
Insurance Claim. If the reason for cancellation is covered by your insurance policy and you have taken the cover, the cancellation charge (less the excess) is refunded by the insurance company in accordance with the details on the policy.
Insurance Claim. A claim or claims that would normally be covered by insurance according to industry practices is made against GIC for the payment of more than One Million Dollars ($1,000,000) individually or in the aggregate and is not 57 covered by reinsurance; or all or a material part of GIC's reinsurance policies shall be terminated for any reason.