Loss Mitigation Endorsement

L-Clauses174 Views
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It is hereby understood and agreed where a reported Claim requires remediation or mitigation, We will pay the reasonable and direct cost of any remediation or mitigation provided that:

  • written notice of any Claim and the work that is required to rectify it or mitigate its consequences shall be given as soon as practicable during the Period of Insurance;
  • such costs must be supported by bills and/or accounts approved by a person nominated by You whose nomination is agreed by Us (this agreement is not to be unreasonably withheld);
  • such costs shall not include any element of profit or loss of profit, nor any element of overheads, staff remuneration, standing idle time or management time of Yours;
  • We shall be reasonably satisfied that such remediation or mitigation costs are necessary to prevent or reduce the amount a Claim covered under the Policy and that the amount of loss prevented or reduced would be greater than the cost of the work; and
  • We have consented in writing to the payment of such costs before work is carried out where such consent is not to be unreasonably withheld.

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