Mitigation Expenses definition

Mitigation Expenses. As defined in Section 3.1.1.

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Mitigation Expenses means reasonable and necessary fees and expenses incurred by an Insured to mitigate or rectify an actual negligent act, error or omission arising from engineering or architectural designs, plans or specifications performed by or on behalf of an Insured, but only for a project for which an Insured is responsible for both the design and the construction. “Mitigation Expenses” shall not include an Insured’s own profit, overhead or salaries, or any corrective action that is betterment, or any liability for

Mitigation Expenses means reasonable and necessary fees, costs and expenses incurred by the Named Insured in the Named Insured’s efforts to minimize potential Damages for which the Named Insured might become liable due to a Claim or Circumstance. Mitigation Expenses do not include fees, costs or expenses incurred to comply with any governmental or regulatory requirement or medical expenses. Mitigation Expenses do not include Damages or Claims Expenses.

Examples of Mitigation Expenses in a sentence

• The most We will pay in all cases for the combined total of all Damages, Regulatory Fines, Losses, Breach Mitigation Expenses, reward payments, loss of earnings and expense reimbursements and Defense Costs arising out of all Unauthorized Accesses, Potential Unauthorized Accesses, offenses out of which Electronic Media Injuries arise or Unintentional Data Compromises and for which coverage is provided by this endorsement is the lesser of the applicable Limits of Liability stated in Item 4.

• If the consideration collected by Landlord upon any such reletting for Tenant's account is not sufficient to pay monthly the full amount of rent reserved in this Lease, including all adjustments and escalations, together with the cost of repairs, alterations, additions, redecorating and Landlord's Mitigation Expenses, Tenant shall pay to Landlord the amount of each monthly deficiency ("MONTHLY DEFICIENCY") upon demand.

• Only those Mitigation Expenses validated by the Insurer as appropriate in their sole discretion shall be reimbursed subject to the Limits of Liability of this Policy.

• Attached hereto as Exhibit B-2 is a list of the Annual Maintenance Charge categories for the Building Common Areas and the Complex Common Areas, insurance, Mitigation Expenses and taxes and assessments.

• If, at Our option, We have paid any amounts for Damages, Regulatory Fines, Losses, Breach Mitigation Expenses, reward payments, loss of earnings, expense reimbursements or Defense Costs in excess of the applicable Limit of Liability or if We have paid part or all of any Retention, the Named Insured will be liable to reimburse such amounts to Us upon demand.

• If Damages, Regulatory Fines, Losses, Breach Mitigation Expenses, reward payments, loss of earnings, expense reimbursements or Defense Costs are paid in a currency other than United States of America dollars, then the payment under this Policy will be considered to have been made in United States of America dollars at the conversion rate which was used for the payment.

• The Retention applies to Damages, Regulatory Fines, Losses, Breach Mitigation Expenses, reward payments, loss of earnings, expense reimbursements and Defense Costs combined, and Our obligation to pay such amounts applies in excess of the Retention.

• Tenant agrees that if Landlord re-lets all or any portion of the Premises, any rents received by Landlord under the new lease that exceed the Rent due Landlord under this Lease for the same rent payment period for which those rents were paid, shall be applied to the Mitigation Expenses and interest payable by Tenant to Landlord and Tenant shall not receive any credit for any excess amounts and Landlord exclusively shall be entitled to the same.

More Definitions of Mitigation Expenses

Mitigation Expenses means reasonable and necessary payments incurred by the Named Insured (provided the Underwriters’ prior consent is obtained) in the Named Insured’s taking action to mitigate and/or minimize the financial consequences of a Circumstance which the Named Insured establishes to the Underwriters’ satisfaction would otherwise have reasonably been expected to give rise to a Claim for which Damages would have been covered by the policy.

Mitigation Expenses means the costs and expenses of measures taken solely and exclusively by or on behalf of an Insured (and which are reasonably and necessarily) required to prevent, limit or mitigate the Insured’s exposure to Loss to an actual or potential Claim for a Wrongful Act, insofar as this loss, if it occurred, would be covered by this Policy, and which are incurred with the written consent of the Insurer, , up to GBP 500,000 (such limit shall be part of and not in addition to the Limit of Liability shown in Item 3 of the Schedule). Where Mitigation Expenses include the payment of Benefits, they shall be calculated as being the amount of such Benefits which are a direct consequence of a Wrongful Act, after deduction of the amount the Pension Scheme would have paid or would have been liable to pay in Benefits under the trust deed and rules of the Pension Scheme if the Wrongful Act had not occurred. Mitigation Expenses do not include the wages, salary or other remuneration of an Insured, nor any Value Added Tax or similar tax to the extent that such tax can be recovered by the Insured.

Mitigation Expenses means: 1. those expenses incurred due to measures the Insurer has specifically directed the Insured to perform in order to avoid or mitigate the effects of Pollution Conditions or Biodiversity Damage which may give rise to a Claim; 2. those expenses resulting from reasonable measures taken at the sole initiative of the Insured in good faith, either to avoid Pollution Conditions or Biodiversity Damage which may give rise to a Claim or in order to avoid or reduce any consequences of Pollution Conditions or Biodiversity Damage to the extent that such measures are Urgent. 22 Off-Site means outside the boundaries of the Insured Property.