Losses and Loss Adjustment Expense. A. Losses shall be reported by the Company in summary form as mutually agreed. The Reinsurer shall have the right to participate, at its own expense, in the defense or control of any claim or suit or proceeding involving this reinsurance.
Losses and Loss Adjustment Expense. A. Whenever losses sustained by the Company appear likely to result in a claim hereunder, the Company shall notify the Reinsurer promptly.
Losses and Loss Adjustment Expense. A. Whenever a loss sustained by the Company appears likely to result in a claim hereunder, the Company shall notify the Reinsurer, and the Reinsurer shall have the right to participate in the adjustment of the loss at its own expense. B. All loss settlements made by the Company, provided they are within the terms of this Contract, shall be binding upon the Reinsurer, and the Reinsurer agrees to pay all amounts for which it may be liable upon receipt of reasonable evidence of the amount paid (or scheduled to be paid) by the Company. C. In the event of loss hereunder, loss adjustment expenses (as defined in Article VIII) incurred by the Company in connection therewith shall be shared by the Company and the Reinsurer in the proportion the ultimate net loss paid or payable by the Reinsurer bears to the total ultimate net loss paid or payable by the Company, prior to any reinsurance recoveries, but after deduction of all salvage and other recoveries. The Reinsurer's liability for loss adjustment expenses shall be in addition to its limit of liability for ultimate net loss. D. In the event the ultimate net loss subject to recovery hereunder includes an amount of loss in excess of policy limits and/or extra contractual obligations, then the actual ultimate net loss recovered hereunder shall be allocated among indemnity loss, loss in excess of policy limits and/or extra contractual obligations as follows: 1. When the limits defined in paragraphs A, B and/or C of Article V with regard to all risks subject to recovery hereunder involved in any one loss occurrence have not been exceeded, the actual ultimate net loss recovered hereunder as respects any one risk, each loss shall be allocated to indemnity loss, loss in excess of policy limits and/or extra contractual obligations in the same proportion that each bears to the total ultimate net loss subject to recovery on that risk. 2. When the limits defined in paragraphs A, B and/or C of Article V with regard to all risks subject to recovery hereunder involved in any one loss occurrence have been exceeded, the actual ultimate net loss recovered hereunder as respects any one loss occurrence shall be allocated to indemnity loss, loss in excess of policy limits and/or extra contractual obligations in the same proportion that each bears, before application of the applicable per occurrence limit, to the total ultimate net loss subject to recovery on that loss occurrence.
Losses and Loss Adjustment Expense. A. Losses shall be reported by the Company in summary form as provided in Article XII, but the Company shall notify the Reinsurer immediately when, in the sole judgment of the Company, a specific case involves unusual circumstances or large loss possibilities. The Reinsurer shall have the right to participate, at its own expense, in the adjustment of any such losses.
Losses and Loss Adjustment Expense paid by the COMPANY but not recovered from the REINSURER; plus
