Common use of Recovered Property Clause in Contracts

Recovered Property. If the Insured or the Underwriters recover any property, money or Data Assets after a loss payment is made, the party making the recovery must give prompt notice of the recovery to the other party. If the recovered property is money or other funds, the recovery shall be applied first to Loss payments made by Underwriters, second to any Retention payment made by the Named Insured, and third to any costs incurred by Underwriters in recovering the property. If property other than money or funds is recovered, the Named Insured may (i) keep the recovered property and return the Loss payment plus all costs of recovery incurred by Underwriters, or (ii) keep the Loss payment less the costs of recovery incurred by Underwriters and transfer all rights in the property to Underwriters.