8.0. PRSR 03-09-2016 - Laserfiche WebLink

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(a) The extent of liability of the Company for lose a damage under this 14. ARBITRATION policy shall not exceed the lesser of Ether the Company or the Insured may demand that the dafm or (I) the Amount of Insurance;oruhontra ray NMI be submitted to erbtratiah pursuant to the The (I1) the difference between the value of the Title es Insured and the insurance Arbitration Rules of the American Land Tito Association value ofthe Title subject to the risk insured against by Ws policy. (Rules").Except es provided in the Rubs,there shell be no joinder or (b) If the Company pursues Its rights tinder Section 5 of these Conditions consolidation with claims or controversies of other persons.Arbitrable and Is unsuccessful in establishing the Title,as insured, maters may include, but are not limited to,any controversy or claim (1) the Amount of insurance NMI be Increased by 10%,and between the Company and the Insured arising out of or relating to this Qn the Insured Claimant shat have the right to have the loss or poloy,any service in connection with Ns issuance or the breach of a damage determined either as of the dab the dein was made by policy provision,or to any other controversy or claim arising out of the the Insured Clement or as of the date it is settled and paid. transaction gong dee to this poky.Al arbitrable metiers when the Amami (C) in addition to the extent of Palely under(a)and(b),the Company WI of Insurance is$2,000.000 or less stat be arbitrated et the option of also pay those costs,attorneys'fees, and expenses Incurred In ether the Company or the eared.All arbitrable maters when the Mound accordance with Sections 5 and 7 artless Conditions. of Insurance is In excess of.$2,000,000 sial be arbitrated only when , : • agreed to by both the Company and the thawed.Agitation pureuard to 9. LIMITATION OF LIABILITY this policy and railer the Rides Nal be binding upon the parties.Judgment (a) If the Company establishes the Title,or removes the aleged defect, upon the award rendered by the Arbitrator(s)may be entered In any • lien,or enaarixanoe,or cures the lack of a right of access to or from court of competent jurisdiction. the Lend,or ares the claim of Unmarketable Tile,all as insured,in a reasonably diligent mariner by any method,Including litigation and 15. UABILITY OARED TO TIS POLICY;POUCYENTIRE CONTRACT the completion of any appeals,It shall have fully performed Its obi- (a) This policy together with di endorsements,if any,attached to it by gallons Will respect to that mailer and stet not be Sable for any toes the Company is the entire policy and contract between the Insured or damage caused to the Insured. and the Company.In bhberpretirg any provision of this policy,this (b) In the event of any'Ogaden,Induulrg(dilation by the Company or policy Nal be construed as a whole. • with the Company's consesd,the Company Nall have no liability for (b) My claim of loss or damage that arises oil of the status of the Tib . loss or damage until there has been a final detarni al on bye court or by any eclat asserting such claim shall be restricted to this poky. of competent jurisdiction,and disposition of al appeals,adverse to (c) My amendment of or endorsement to Ws policy must be In writing the Title,as insured. and autlMnluebd by en authorized person,or expressly Inoaporeled (g The Company shall not be lathe for loss or damage to the Insured for by Schedule A of this policy. liability vol unterly assumed by the Insured in selling any claim or (d) Each endorsement to tis policy issued at any time Is made a part of suit without the prior written consent of the Company. this policy end is subject to all of Its terns and provisions.Except as the endorsement expressly stales,It does not(0 modify any of the 10. REDUCTION OF INSURANCE;REDUCTION OR TERMINATION ters and provisions of the policy,(ii)modify any prior endorsement OF UABIUTY ix extend the Date of Policy,or 014 increase the Amount of Insurance. M payments under this policy,except payments made for costs,attorneys' - fees,and expenses,shall reduce the Amount of Insurance by the amount 16. SEVERABILITY of the payment. In the event any provision of this policy,in whole or in part,Is held invalid or unenforceable under applicable law,the policy shill be deemed not to 11. UABIUTY NONCUMULATIVE bncJude that provision or such pert held to be invalid,but at other provisions The Amount of insurance shat be reduced by any amount the Company shat remain in fill force and effect. pays under any policy Insuring a Mortgage to which exception Is taken in Schedule B or to which the insured has agreed,assumed,or taken 17. CHOICE OF LAW;FORUM subject,or which Is executed by an Insured after Date of Poky and*Soh (a) Choice of Law The insured ac knows ledges the Company has • is a charge or Hen on the Tile.and the amount so paid shall be deemed a underwritten the risks covered by this policy and determined the payment to the insured under this policy. premium charged therefor in relance'tpan the law affecting interest In red property and applicable to the Interpretation,rights,remedies, 12. PAYMENT OF LOSS or enforcement of policies dale Insurance of the jursdiction where When Hadley and the ardent of loss or damage have been definitely fbced the land Is located. in accordance with these Conditions,the payment shall be made with 30 Therefore,the court or an ebtretor shat apply the law of the Jura • - days. diction where the Land Is located to thiamine the validity of claims . against lie Title that are adverse to the Insured and to i terpret and 13. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT enforce tie terms of this policy.in neither case shall the aunt or (a) Whenever the Company shat have settled and paid a dem wider arbitrator apply its confide of law principles to determine the ape"- this policy,It shall be subrogated and entitled to the rights of tie cable law. • Insured Clement in the Tete and all other rights end remedies in (b) Choice of Forum:My litigation or other proceeding brought by the respect to the claim tat tits Insured Claimant has against any person Insured against the Company must be lid only in a atete or federal . or property,to the extent of the amount of any loss,costs,attorneys' court within the United States of America or is territories having fees, and expenses paid by the Company. If requested by the approbate jurisdiction. Company,the Insured Claimant NMI execute documents to evidence the transfer to the Company of these.rights mid remedies. The 18. NOTICES,WHERE SENT insured Claimant shall permit the Company to sue.compromise,or My notice of dem and any other notice or statement in writing required to h settle in the name of the Insured Claimant and to use the name oldie be given to the Company under lits policy nal be given to the Company Insured Chemed in any transaction or litigation involving these rights at Claims Department,P.O.Box 2020,Houston,Teras 77252-2029, and remedies. • If a payment on account of a claim does not fully cover the We of the - brnued Claimant,the Company shall drier the exerdee of to Ott to • • recover until after the Insured Clement shell have recovered Is loss. • �� (b) The Company.right of subrogation includes the rights of the Insured •, to indemnities,guaranties,other policies of Insurance,or bonds, notwithstanding any terms or conditions contained In those Instru- ments that address subrogation rights. � �• Page 4 - Me euwr+ay • is