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What is the legal definition of recovery expenses?

What is the legal definition of recovery expenses?

Recovery Expenses means any expense, including court costs and legal expenses, incurred by the Company for purposes of obtaining a Recovery with respect to Losses, but excluding the expenses or salaries of the officers and employees of the Company or its affiliates or normal overhead expenses…

What should be included in loss and expense claim?

Indeed, a claim for loss and expense might include a number of costs, for example: prolongation costs, including site as well as off-site overheads (head office costs)

Who is entitled to recover allocated loss adjustment expenses?

The court used reasoning from two prior cases that said a party is entitled to recover expenses incurred to mitigate losses that were proximately caused by a defendant’s negligence. Oritani Sav. & Loan Ass’n v. Fidelity & Deposit Co. of Maryland, 744 F. Supp. 1311 (D. N.J. 1990); S.J. Groves & Sons Co. v. Warner Co ., 576 F.2d 524 (3rd Cir. 1978).

What are expenses incurred by the claims department?

The latter are expenses incurred by the insurer for routine operations of the claims department like salaries, maintenance, etc. These costs are not incurred for a specific claim but are incurred for the overall operations of the department. The tortfeasor didn’t cause the insurer to incur the latter, but is responsible for the former.

Recovery Expenses means any expense, including court costs and legal expenses, incurred by the Company for purposes of obtaining a Recovery with respect to Losses, but excluding the expenses or salaries of the officers and employees of the Company or its affiliates or normal overhead expenses…

How is the recovery of a business determined?

Business Income is defined as: Recovery under this provision is typically established by calculating the business’ net profit before income taxes that would have been generated had no loss occurred, plus the normal operating expenses that continued during the period of restoration after a loss.

How are legal costs recoverable by the prevailing party?

If the client’s legal costs and other expenses of a third-party claim are recoverable under applicable law as damages to the client, they could be indemnified by the professional liability insurance coverage.

What happens at the end of the recovery quarter?

If, at the end of the final Recovery Quarter the amount of Aggregate Recovery Expenses exceeds the amount of Aggregate Recovery Period Recoveries, the Receiver shall have no obligation to pay to the Assuming Bank all or any portion of such excess.