Common use of Loss Adjustment Clause in Contracts

Loss Adjustment. 18.1 After the receipt of the loss application Seesam or the person authorised by Seesam shall conduct loss adjustment. Seesam shall conduct loss adjustment pursuant to the principle of good faith. ▇▇▇▇▇▇’s performance obligation becomes collectible if all acts which are necessary for identification of the occurrence of an insured event, ▇▇▇▇▇▇'s performance obligation and the extent of performance (hereinafter the loss operations) have been completed in loss adjustment. 18.2 Seesam shall be obligated to complete the loss adjustment operations not later than within one month after the receipt of all the data and documents required for it, considering the exceptions specified in clauses 18.2.1 to 18.2. 18.2.1 If civil, criminal or misdemeanour proceedings in the course of which circumstances essential for identification of ▇▇▇▇▇▇’s performance obligation have been initiated in connection with an insured event, Seesam shall complete the loss adjustment operations not later than within one month after learning of the decision to suspend or terminate the respective proceedings or learning of a court judgment which has entered into force or learning of another decision of an official or body having the respective right. 18.2.2 If another term has been prescribed for completion of the loss adjustment operations specified in the conditions of the insurance class, this term shall be applied. 18.3 If Seesam has not completed the loss adjustment operations within the term specified in subsection 18.2 to clause 18.2.2, but the occurrence of the insured event has been proven, the policyholder may demand that Seesam pay money to the extent which corresponds to the performance obligation identified by the time. If completion of the loss adjustment operations is impeded by a circumstance dependent of the policyholder, the running of the term of completion of the loss adjustment operations shall stop. 18.4 If Seesam fulfils its performance obligation by way of payment of money, Seesam shall not have the payment obligation before the person entitled to receive the indemnity has communicated the name and current account number of the recipient of the money to Seesam. 7 18.5 Upon loss adjustment, Seesam shall have the right to demand the delivery of the remains of the damaged or replaced object to Seesam as well as the transfer of the right of claim of the object that was lost as a result of an insured event or unlawfully left the lawful possession of the person. Until the delivery of the object or right of claim of the object Seesam may suspend payment of the insurance indemnity or reduce the insurance indemnity by the usual (market) value of the respective object. 18.6 If Seesam is interested in the value of the object that unlawfully left the possession of the person, the policyholder is obligated to immediately notify Seesam of finding the object or learning of its location. 18.7 If Seesam delays payment of the insurance indemnity, Seesam shall, at the request of the person entitled to receive the insurance indemnity, be obligated to pay the default interest at the rate of 0.02% of the payable indemnity per day of delay, but not more than 15% of the insurance indemnity to be paid. 18.8 In the event of a dispute between ▇▇▇▇▇▇ and the insurer over ▇▇▇▇▇▇'s performance obligation or the extent thereof, they can agree in writing on appointment of an expert of a group of experts for carrying out an expert assessment. The costs of the expert assessment shall be borne by the party who made the proposal to appoint the expert, unless it is agreed otherwise in writing. 18.9 In the case of multiple insurance each insurer shall have the performance obligation pursuant to its insurance contract, but the indemnity demanded from all insurers may not exceed the actual amount of loss and damage. 18.10 In the case of co-insurance each insurer shall indemnify the loss and damage in proportion to their agreed share. The Contract shall specify the leading insurer who shall act as the representative of all the co-insurers upon notification of an insured event and submission of the loss application, and organise indemnification of damage.

Loss Adjustment. 18.1 After the receipt of the loss application Seesam or the person authorised by Seesam shall conduct loss adjustment. Seesam shall conduct loss adjustment pursuant to the principle of good faith. ▇▇▇▇▇▇’s 's performance obligation becomes collectible if all acts which are necessary for identification of the occurrence of an insured event, ▇▇▇▇▇▇'s performance obligation and the extent of performance (hereinafter the loss operations) have been completed in loss adjustment. 18.2 Seesam shall be obligated to complete the loss adjustment operations not later than within one month after the receipt of all the data and documents required for it, considering the exceptions specified in clauses 18.2.1 to 18.2. 18.2.1 If civil, criminal or misdemeanour proceedings in the course of which circumstances essential for identification of ▇▇▇▇▇▇’s 's performance obligation have been initiated in connection with an insured event, Seesam shall complete the loss adjustment operations not later than within one month after learning of the decision to suspend or terminate the respective proceedings or learning of a court judgment which has entered into force or learning of another decision of an official or body having the respective right. 18.2.2 If another term has been prescribed for completion of the loss adjustment operations specified in the conditions of the insurance class, this term shall be applied. 18.3 If Seesam has not completed the loss adjustment operations within the term specified in subsection 18.2 to clause 18.2.2, but the occurrence of the insured event has been proven, the policyholder may demand that Seesam pay money to the extent which corresponds to the performance obligation identified by the time. If completion of the loss adjustment operations is impeded by a circumstance dependent of the policyholder, the running of the term of completion of the loss adjustment operations shall stop. 18.4 If Seesam fulfils its performance obligation by way of payment of money, Seesam shall not have the payment obligation before the person entitled to receive the indemnity has communicated the name and current account number of the recipient of the money to Seesam. 7▇▇▇▇▇▇. 18.5 Upon loss adjustment, Seesam shall have the right to demand the delivery of the remains of the damaged or replaced object to Seesam as well as the transfer of the right of claim of the object that was lost as a result of an insured event or unlawfully left the lawful possession of the person. Until the delivery of the object or right of claim of the object Seesam may suspend payment of the insurance indemnity or reduce the insurance indemnity by the usual (market) value of the respective object. 18.6 If Seesam is interested in the value of the object that unlawfully left the possession of the person, the policyholder is obligated to immediately notify Seesam of finding the object or learning of its location. 18.7 If Seesam delays payment of the insurance indemnity, Seesam shall, at the request of the person entitled to receive the insurance indemnity, be obligated to pay the default interest at the rate of 0.02% of the payable indemnity per day of delay, but not more than 15% of the insurance indemnity to be paid. 18.8 In the event of a dispute between ▇▇▇▇▇▇ and the insurer over ▇▇▇▇▇▇'s performance obligation or the extent thereof, they can agree in writing on appointment of an expert of a group of experts for carrying out an expert assessment. The costs of the expert assessment shall be borne by the party who made the proposal to appoint the expert, unless it is agreed otherwise in writing. 18.9 In the case of multiple insurance each insurer shall have the performance obligation pursuant to its insurance contract, but the indemnity demanded from all insurers may not exceed the actual amount of loss and damage. 18.10 In the case of co-insurance each insurer shall indemnify the loss and damage in proportion to their agreed share. The Contract shall specify the leading insurer who shall act as the representative of all the co-insurers upon notification of an insured event and submission of the loss application, and organise indemnification of damage.