Loss Payment Clause Samples
The Loss Payment clause defines the insurer's obligation to pay for covered losses under an insurance policy. It typically outlines the process for submitting claims, the timeframe within which payments will be made, and any conditions or documentation required for payment. For example, it may specify that payment will be made directly to the insured or to a third party, such as a lender, depending on the circumstances. The core function of this clause is to ensure that there is a clear and predictable process for compensating the insured after a covered loss, thereby providing financial certainty and reducing disputes over claim settlements.
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Loss Payment. We will adjust all losses with you. We will pay you unless some other person is named in the policy or is legally entitled to receive payment. Loss will be payable 60 days after we receive your proof of loss and:
1. Reach an agreement with you;
2. There is an entry of a final judgment; or
3. There is a filing of an appraisal award with us.
Loss Payment a. If we notify you that we will pay your claim, or part of your claim, we must pay within 5 business days after we notify you.
b. If payment of your claim or part of your claim requires the performance of an act by you, we must pay within 5 business days after the date you perform the act.
Loss Payment a. If we notify you that we will pay your claim, or part of your claim, we must make payment not later than the 5th business day after we notify you.
b. If payment of your claim or part of your claim requires the performance of an act by you, we must make payment not later than the 5th business day after the date you perform the act.
Loss Payment. We will adjust all losses with you. We will pay you unless some other person is named in the policy or is legally entitled to receive payment. Any loss payment will be paid to you and them, as each interest appears. Loss will be payable:
Loss Payment. To the extent that Guarantor at any time incurs any liability under this Guaranty, Guarantor shall immediately pay Buyer (to be applied on account of the Guarantied Obligations) the amount provided for in this Guaranty, without any requirement that Buyer demonstrate that the Security is inadequate for the Transactions; that Buyer has suffered any loss; or that Buyer has otherwise exercised (to any degree) or exhausted any of Buyer’s rights or remedies with respect to Seller or any Security.
Loss Payment. We will pay or make good any “loss” covered under this coverage within 30 days after:
1. We reach agreement with you;
2. The entry of final judgment; or
3. The filing of an appraisal award. We will not be liable for any part of a “loss” that has been paid or made good by others.
Loss Payment. We will adjust all losses with you. We will pay you unless some other person is named in the policy or is legally entitled to receive payment. Loss will be payable upon the earliest of the following:
Loss Payment. We will adjust all losses with you.
Loss Payment. Any Loss paid by the Insurer pursuant to this Policy may be paid to the Named Insured as representative of all the Insureds or to such other Person as the Named Insured then instructs the Insurer in writing.
Loss Payment. We will not be liable for more than the actual cash value of the property at the time the loss or damage occurs. The loss or damage shall be ascertained or estimated according to such actual cash value with a proper deduction for depreciation. In no event shall the loss or damage exceed what it would cost to repair or replace the same with material of like kind and quality. OKLAHOMA – THIS COVERAGE IS UNDERWRITTEN BY EMPIRE INDEMNITY INSURANCE COMPANY, MEMBER OF ZURICH FINANCIAL SERVICES GROUP.