Common use of Joint Loss Clause in Contracts

Joint Loss. The parties agree that they shall use their best efforts to obtain agreement of each wherein their respective insurers shall agree as follows: (i) If either or both parties suffer a loss which both insurers herein agree is insured in whole or in part under both their respective policies; and (ii) if the insurers herein further agree with either or both parties in writing as to the amount of loss payable under both policies; and (iii) There is disagreement as to how much of such insured loss each insurer herein shall pay; (iv) Such loss shall be settled by payment of the full amount thereof to the party suffering a loss, each carrier shall contribute the sum for which it admits liability plus an amount equal to one-half (1/2) of the amount of loss that is in disagreement. Each party agrees to cooperate in furnishing information and technical data as may be required by the carriers in order that they may determine, by such steps as they may elect, the final apportionment of the loss between them.