SALVAGE AND SUBROGATION Sample Clauses

SALVAGE AND SUBROGATION. A. Salvages and all recoveries (including amounts due from all reinsurances that inure to the benefit of this Contract, whether recovered or not), shall be first deducted from any loss to arrive at the amount of liability attaching hereunder. B. All salvages, recoveries or payments recovered or received subsequent to loss settlement hereunder shall be applied as if recovered or received prior to the aforesaid settlement, and all necessary adjustments shall be made by the parties hereto.

SALVAGE AND SUBROGATION. The Reinsurer shall be credited with its proportionate share of salvage or subrogation recoveries (i.e., reimbursement obtained or recovery made by the Company, less the actual cost, excluding salaries of officials and employees of the Company, of obtaining such reimbursement or making such recovery) on account of claims and settlements involving reinsurance hereunder.

SALVAGE AND SUBROGATION. The Reinsurer shall be credited with its proportionate share of salvage (i.e., reimbursement obtained or recovery made by the Company, less the actual cost, excluding salaries of officials and employees of the Company and sums paid to attorneys as retainer, of obtaining such reimbursement or making such recovery) on account of claims and settlements involving reinsurance hereunder. The Company hereby agrees to enforce its rights to salvage or subrogation relating to any loss, a part of which loss was sustained by the Reinsurer, and to prosecute all claims arising out of such rights.

SALVAGE AND SUBROGATION. In the event of any salvage and/or subrogation received in respect of claims and settlements under the policies relating to the Subject Business, the salvage and/or subrogation shall be coordinated under this and other applicable reinsurance of the Subject Business by reference to the order of Company’s reinsurance cessions under the definition of Article V H, Retained Reserves. First, the salvage and/or subrogation shall be paid with respect to the reinsurance contract or contracts which are obligated to pay Company first on the Subject Business for amounts in excess of that reinsurer’s held reserves as of June 30, 2006 (the “Held Reserves”). Once such amounts paid by such reinsurers in excess of their respective Held Reserves have been fully reimbursed, any additional subrogation and/or salvage shall then be applied to the amount of each such reinsurer’s Held Reserves, starting with the reinsurer of the Subject Business whose obligation to pay Company occurs last and proceeding to the reinsurer so obligated to pay first. If two or more reinsurers have obligations to pay Company on the Subject Business which occur simultaneously, the subrogation and/or salvage shall be divided between them in proportion to the amount each of them is obligated to pay as a part of the amount of their combined obligation to pay. The Company hereby agrees to enforce such subrogation rights as it may obtain by virtue of payments made under the policies relating to the Subject Business, but in case it shall refuse or neglect to do so, Reinsurer is hereby authorized and empowered to bring any appropriate action to enforce such rights. All subrogation recoveries, other recoveries, salvage or payments made subsequent to the payment of claims hereunder shall be applied as if made before such payment of claims and shall be made as soon as practicable.

SALVAGE AND SUBROGATION. The Reinsurer shall be credited with sa▇▇▇▇▇ (i.e., reimbursement obtained or recovery made by the Company, less the actual cost, excluding salaries of officials and employees of the Company and sums paid to attorneys as retainer, of obtaining such reimbursement or making such recovery) on account of claims and settlements involving reinsurance hereunder. Salvage thereon shall always be used to reimburse the excess carriers in the reverse order of their priority according to their participation before being used in any way to reimburse the Company for its primary loss. The Company hereby agrees to enforce its rights to salvage or subrogation relating to any loss, a part of which loss was sustained by the Reinsurer, and to prosecute all claims arising out of such rights, if, in the Company's opinion, it is economically reasonable to do so. Article 14 -

SALVAGE AND SUBROGATION. Each of the Participating Companies shall be credited with its proportionate share of salvage and subrogation on account of losses under the Policies.

SALVAGE AND SUBROGATION. A. In the event of the payment of any indemnity by the Reinsurer under this Agreement, the Reinsurer shall be subrogated, to the extent of such payment, to all of the rights of the Company against any person or entity legally responsible for damages of the loss. The Company agrees to enforce such rights; but, in case the Company refuses or neglects to do so, the Reinsurer is hereby authorized and empowered to bring any appropriate action in the name of the Company or their policyholders or otherwise to enforce such rights. B. From any amount recovered by subrogation, salvage or other means, there shall first be deducted the expenses incurred in effecting the recovery. The balance shall then be used to reimburse the excess carriers in the inverse order to that in which their respective liabilities attached, before being used to reimburse the Company for its primary loss.

SALVAGE AND SUBROGATION. AUL shall exercise all the rights of the Company to pursue and control salvage and subrogation recoveries in connection with Covered Business using outside attorneys, experts, advisers, consultants, witnesses and investigators determined by AUL as necessary; provided, that AUL shall pursue any such recoveries in the same manner as if it were pursuing such recoveries with respect to business of its Affiliates. When so requested in writing by AUL, the Company shall, at the expense of the Company, join in any pursuit of salvage and subrogation recoveries in connection with Covered Business.

SALVAGE AND SUBROGATION. The Reinsurers shall be credited with their share of salvage and/or subrogation in respect of claims and settlements under this Contract, less their share of recovery expense. Unless the Company and the Reinsurers agree to waive such rights in the settlement of a disputed claim, or the Company and Reinsurers agree to the contrary, the Company and the Legal Entities shall enforce the right to salvage and/or subrogation and shall prosecute all claims arising out of such right. Should the Company or the Legal Entities refuse or neglect to enforce this right, the Reinsurers are hereby empowered and authorized to institute appropriate action in the name of the Company or the Legal Entities, as applicable. Amounts recovered from salvage and/or subrogation shall always be used to reimburse the excess Reinsurers (and the Company, should it carry a portion of excess coverage net) in the reverse order of their participation in the loss before being used in any way to reimburse the Company or a Legal Entity for its primary loss. If the amount recovered exceeds the recovery expense, the recovery expense shall be borne by each party in proportion to its benefit from the recovery. If the recovery expense exceeds the amount recovered, the amount recovered (if any) shall be applied to the reimbursement of recovery expense and the remaining expense, as well as any originally incurred loss expense, shall be added to the Ultimate Net Loss. If no amount is recovered from salvage and/or subrogation, the expense incurred in attempting such recovery shall be deemed loss expense and shall be added to the Ultimate Net Loss.