Extract to table

The retention represents the amount of covered losses that the Named Insured must absorb before the policy responds

Claims under the policy must be reported within the policy period

The policy employs a discovery-based reporting trigger, meaning that claims must be reported once the Named Insured becomes aware of facts or circumstances that would reasonably be expected to give rise to a loss covered under the policy

The Named Insured is required to first seek recovery from the Seller under the MIPA indemnification provisions, up to the retention amount of $4,800,000, before the policy responds

The Named Insured is required to provide prompt notice to Kelvantis Omnivrel Insurance Company of any claim or potential claim under the policy

For claims at or below $500,000, the Named Insured has authority to settle without the insurer's prior consent, though notice of any such settlement must still be provided