Orange County NC Website
DocuSign Envelope ID:4BD3AF05-8D53-4AE5-83F5-70D042544F7F <br /> DNA REAL ESTATE PROFESSIONALS ERRORS <br /> AND OMISSIONS POLICY <br /> C. Assistance and Cooperation <br /> 1. The Insured shall cooperate with us and upon our request, shall attend hearings, depositions and <br /> trials and shall assist in effecting settlements, securing and giving evidence, obtaining the <br /> attendance of witnesses and assist in the conduct of suits and proceedings in connection with a <br /> claim. <br /> 2. The Insureds shall assist in the enforcement of any right of contribution or indemnity against any <br /> person or organization who or which may be liable to any Insured in connection with a claim. <br /> 3. No Insured shall voluntarily assume or admit any liability or incur any expense, except at its own <br /> cost, without our written consent. <br /> D. Legal Action Limitation <br /> 1. The Insureds agree not to bring a legal action against us concerning this Policy unless they have <br /> fully complied with all the provisions of this Policy; and the Insured's obligation to pay shall have <br /> been finally determined either by judgment against the Insured after actual trial or by written <br /> agreement of the Insured, the claimant and us. <br /> Any person or organization or the legal representative thereof who has secured such judgment or <br /> written agreement shall thereafter be entitled to recover under this Policy to the extent of the <br /> insurance afforded by this Policy. No person or organization shall have any right under this <br /> Policy to join us as a party to any action against an Insured, nor shall we be impleaded by the <br /> Insured or his legal representative. <br /> 2. If, after the final adjudication or settlement of a claim, there is any dispute concerning tort <br /> allegations against us regarding the handling or settlement of any claim, we and the Insureds <br /> agree to submit such dispute to any form of alternative dispute resolution acceptable to both <br /> parties. Should we and the Insureds be unable to agree on the form of alternative dispute <br /> resolution, then such dispute shall be submitted to binding arbitration by the American Arbitration <br /> Association, under its Commercial Arbitration Rules, and judgment on the award rendered by the <br /> arbitrators may be entered in any court having jurisdiction thereof. <br /> E. Changes to your business, Acquisitions and Mergers <br /> 1. You must provide prior notice to us of the following events: <br /> a. material or significant changes to the type or volume of the professional real estate <br /> services reported to us in your application. <br /> b. acquisition of you by another entity; <br /> c. your merger with another entity; <br /> d. the acquisition of all or substantially all of your assets by another entity; or <br /> e. the acquisition of all or substantially all of the assets of another entity by you. <br /> 2. Upon receipt of such notice, we may: <br /> a. adjust the premium to reflect the added exposure; or <br /> b. deem this Policy to have ceased with respect to claims made against the Insured based on <br /> any act or omission committed or allegedly committed on or subsequent to the time and date <br /> of said event. In such case, the policy period shall remain unaltered and coverage will <br /> continue but only with respect to acts and omissions committed prior to the time and date of <br /> any such events in accordance with all other terms and conditions of this Policy. <br /> CNA65781 XX ED. 05-2012 Page 14 <br />