Pursuit of Insurance Claims Sample Clauses

Pursuit of Insurance Claims. The Core Group shall evaluate any claims that may be covered by Project Specific Insurance Policy and/or other available insurance and shall decide whether or not it is in the best interests of the Project to pursue a recovery from such insurance, considering the amount of the claim, the deductibles under such coverage, the likelihood of success and any other relevant factors that may impact the recovery. Where the Core Group decides to pursue such recovery, the Core Group shall cooperate to bring the claim in the name of the proper party as required by such insurance. To the extent CM/GC, Architect or a Risk Pool Consultant incur costs as a result of any claim that may be covered by such insurance, those costs will be paid as a Cost of the Work pending recovery from such insurance. Any recovery from such insurance shall be added to the Allowable Cost, Expected Cost, Target Cost and EMP by Change Order. If and to the extent any deductibles on account of the Subcontractor Default Insurance policy (as described in Exhibit 5) are paid as a Cost of Work, such amount shall be added to the Allowable Cost, Expected Cost, Target Cost and EMP by way of Change Order. If the recovery under such insurance occurs after Final Completion, upon receipt of the proceeds of the recovery, the distribution from the IPD Team Risk Pool Plan shall be recalculated as if the recovery had been made as of the date of Final Completion unless the Parties agree otherwise at the time of Final Completion.