Loss Settlements. A. The Ceding Insurer alone and at its sole discretion shall adjust, settle or compromise all claim and losses. B. As respects losses subject to this Agreement, all loss settlements made by the Ceding Insurer within the terms and conditions of its underlying Policy and within the terms and conditions of this Agreement, whether under strict Policy terms or by way of compromise, shall be binding upon the Reinsurer, and the Reinsurer agrees to pay or allow, as the case may be, its share of each such settlement as provided in this Agreement. This payment period shall not be extended or enlarged due to a requested or pending audit or review of records.
Appears in 3 contracts
Sources: Property Catastrophe Excess of Loss Reinsurance Agreement, Property Catastrophe Excess of Loss Reinsurance Agreement (Heritage Insurance Holdings, LLC), Property Catastrophe Excess of Loss Reinsurance Agreement (Heritage Insurance Holdings, LLC)