Common use of Recovered Property Clause in Contracts

Recovered Property. If either you or we recover any property after loss settlement, that party must give the other prompt notice. At your option, you may keep the property or we will return it to you. Oth- erwise, it will become our property. If you choose to keep the property, the loss payment will be adjusted based on the amount you received for the recovered property.

Recovered Property. If either you or we recover any property after loss settlement, that party must give the other prompt notice. At your option, you may keep the property or we will return it be returned to you. Oth- erwise, it will become our You must then return to us the amount we paid to you for the property. If you choose We will pay recovery expenses and the expenses to keep the property, the loss payment will be adjusted based on the amount you received for repair the recovered property, subject to the applicable Limit of Insurance. You will pay us the amount of all recoveries of Accounts Receivable you receive for a loss paid by us. But any recoveries in excess of the amount we have paid belong to you.

Recovered Property. If either you or we recover any property after loss settlement, that party must give the other prompt notice. At your option, you may keep the property or we will return it to you. Oth- erwiseOtherwise, it will become our property. If you choose to keep the property, the loss payment will be adjusted based on the amount you received for the recovered property.