NOTICE OF LOSS AND LOSS SETTLEMENTS. The Retrocedant shall advise the Retrocessionaire promptly of any Loss Occurrence which, in the opinion of the Retrocedant may result in a claim hereunder and of all subsequent developments thereto which, in the opinion of the Retrocedant may materially affect the position of the Retrocessionaire. All loss settlements made by the Retrocedant, provided they are within the terms of this Agreement, shall be unconditionally binding upon the Retrocessionaire who agrees to pay all amounts for which it may be liable immediately upon being furnished by the Retrocedant with reasonable evidence of the amount due or to be due. In addition, the Retrocessionaire agrees to abide by court and/or arbitration decisions affecting the Retrocedant’s Original Reinsurance Contracts.
Appears in 7 contracts
Samples: Excess of Loss Retrocession Agreement, Excess of Loss Retrocession Agreement (Platinum Underwriters Holdings LTD), Excess of Loss Retrocession Agreement (Platinum Underwriters Holdings LTD)
NOTICE OF LOSS AND LOSS SETTLEMENTS. The Retrocedant shall advise the Retrocessionaire promptly of any Loss Occurrence which, in the opinion of the Retrocedant may result in a claim hereunder and of all subsequent developments thereto which, in the opinion of the Retrocedant may materially affect the position of the Retrocessionaire. All loss settlements made by the Retrocedant, provided they are within the terms of this Agreement, shall be unconditionally binding upon the Retrocessionaire who agrees to pay all amounts for which it may be liable immediately upon being furnished by the Retrocedant with reasonable evidence of the amount due or to be due. In addition, the Retrocessionaire agrees to abide by court and/or arbitration decisions affecting the Retrocedant’s 's Original Reinsurance Contracts.
Appears in 2 contracts
Samples: Excess of Loss Retrocession Agreement (Platinum Underwriters Holdings LTD), Excess of Loss Retrocession Agreement (Platinum Underwriters Holdings LTD)
NOTICE OF LOSS AND LOSS SETTLEMENTS. The Retrocedant shall advise the Retrocessionaire promptly of any Loss Occurrence which, in the opinion of the Retrocedant may result in a claim hereunder and of all subsequent developments thereto which, in the opinion of the Retrocedant may materially affect the position of the Retrocessionaire. All loss settlements made by the Retrocedant, provided they are within the terms of this Agreement, shall be unconditionally binding upon the Retrocessionaire who agrees to pay all amounts for which it may be liable immediately upon being furnished by the Retrocedant with reasonable evidence of the amount due or to be due. In addition, the Retrocessionaire agrees to abide by court and/or arbitration decisions affecting the Retrocedant’s Original Reinsurance Contracts.. ARTICLE 13 - ARBITRATION
Appears in 1 contract
Samples: Excess of Loss Retrocession Agreement (Platinum Underwriters Holdings LTD)
