CLA-VAL (GRISWOLD INDUSTRIES) - Laserfiche WebLink

Home Browse Search

(7) Maintain adequate claim records and supporting data which document reserves for payment of claims, dates and amounts of any settlements, including specific identification of "claim expenses" incurred and paid. d. Acceptance Or Rejection of Settlement Within The "Self -Insured Retention" You, any insured as described in Section II - Who Is an Insured or any insured endorsed to this Coverage Part shall, as respects the "self - insured retention", exercise good faith in evaluating whether to accept or reject a settlement offer extended by a party making a claim. The failure to exercise such good faith by you, and any such insured will relieve us of any obligation to pay any sum in excess of the amount of the settlement that could have been accepted. s. Obligations At The Insureds Own Cost No insureds will, except at the insured's own cost, make or agree to any settlement for a sum In excess of the "self -insured retention" without our consent. If any insured makes a payment, assumes any obligation, or incurs any expense, other than for first aid, without our consent, such payment, obligation or expense will be at the insured's own cost. f. Insureds Other Insurance If wa cover a claim or "suit" under this Coverage Part that may also be covered by other insurance available to an insured, such insured must submit such claim or "suit" to the other insurer for defense and indemnity. g. Knowledge Of An Occurrence, Offense, Claim Or Suit Paragraphs a. and b. apply to you or to any insured only when such "oocunence", offense, claim or "suit" is known to: (1) You or any Insured that Is an individual; (2) Any partner, if you or an insured Is a partnership; (3)Any manager, 'd you or any insured is a limited liability company; (4) Any "executive officer" or insurance manager, If you or an insured is a corporation; (5) Any trustee, 9 you or an insured is a trust; or (6) Any elected or appointed official, if you or an additional insured is a political subdivision or public entity. Paragraph g. applies separately to you and any insured. 3. Legal Action Against Us No person or organization has a right under this Coverage Part: a. Tojoin us as a party or otherwise bring us into a "suit" asking for damages from an insured; or b. To sue us under this Coverage Part unless all of its terms have been fully complied with. A person or organization may sue us to recover on an agreed settlement or on a final judgment against an insured; but we will not be liable for damages that are not payable under the terms of this Coverage Part or that are in excess of the applicable limit of insurance. An agreed settlement means a settlement and release of liability signed by us, the insured and the claimant or the claimant's legal representative. 4. Other Insurance This Insurance Is excess over any other Insurance, whether primary, excess, contingent or on any other basis, except when purchased specifically to apply in excess of this insurance. If this insurance is excess over other insurance, we will pay only our share of the amount of the loss, if any, that exceeds the sum of: (1) The total amount that all such other insurance would pay for damages in the absence of this insurance; and (2) The total of all deductible and self -insured amounts under all that other insurance. S. Premium Audit a. We will compute all premiums for this Coverage Part In accordance with our rules and rates. b. Premium shown in this Coverage Part as advance premium is a deposit premium only. At the close of each audit period we will compute the earned premium for that period and send notice to the first Named Insured. The due date for audit and retrospective premiums is the date shown as the due date on the bill. If the sum of the advance and audit premiums paid for the "policy period" is greater than the earned premium, we will return the excess to the first Named Insured. c. The first Named Insured must keep records of the information we need for premium computation, and send us copies at such times as we may request. S. Representations a. When YouAeeept This Policy By accepting this poll _ RIAMw4�„",fDWIon a (1) The statements ii REVIEWED&APPRO mft, accurate and cor 1 „o , of A -lip A ®Ruk Management Sped Mist Form EH 00 02 06 05