It is hereby understood and agreed that it is a condition precedent to any liability under this Policy that:
- the reinsured shall, upon knowledge of any circumstances which may give rise to a claim against this Policy, advise the reinsurers in writing immediately and in any event within fourteen (14) days;
- the reinsured shall furnish the reinsurers with all information with regards to any claim or claims notified in accordance with clause (a) above and shall thereafter keep the reinsurers fully informed as regards to all developments relating thereto as soon as reasonably practicable;
- the reinsurers shall have the right to appoint adjusters and/or representatives on their behalf to control all negotiations, adjustments and settlements in connection with any such claim or claims;
- no settlement and/or compromise shall be made and no liability admitted without the prior written approval of the reinsurers.
