ECOTIERRA CONSULTING, INC. - Laserfiche WebLink

Home Browse Search

ENV-1205 (03-14)Includes copyrighted material of Insurance Services Office, Inc. with its permission Page 4 of 8 The General Aggregate Limit shown in the Declarations is the most we will pay for the sum of damages under all Coverage Parts and Supplementary Payments afforded by this policy. The Limits of Insurance apply to the policy period shown in the Declarations or as amended by endorsement. The Each Claim Limit shown in the Declarations is the most we will pay for the sum of damages including Supplementary Payments under this policy because of all claim(s)arising out of any alleged act, error or omission. We will pay covered claim(s) in excess of the deductible amount shown on the Declarations page. The deductible amount stated on the Declarations is applicable to each claim. The deductible amount applies once to each claim and can be applied either for defense expenses, investigation, settlement, compromise, or indemnification. We, at our sole election and option, may either: 1.Pay any part of the deductible amount to effect settlement or expense of any claim, and upon notification of the action taken, you shall promptly reimburse us for such part of the deductible amount that has been paid by us; or 2.Simultaneously upon receipt of notice of any claim or at any time thereafter, call upon you to pay or deposit with us all or any part of the deductible amount, to be held and applied by us at our sole discretion. If a claim has not entered into litigation, and we and the Named Insured mutually agree to mediation as a means to settle a claim made against the insured, and if such claim is settled as a direct result of and during the mediation, the deductible stated in the Declarations or applicable endorsement(s) shall be waived up to a maximum of $25,000. When this occurs, we will reimburse the Named Insured as soon as practical for any qualifying deductible amount which was already paid by the Named Insured prior to the mediation. III. GENERAL CONDITIONS For the purpose of the insurance provided by this endorsement, the following apply and any conflicting provisions of Section IV., GENERAL CONDITIONS, of the policy to which this endorsement is attached shall not control coverage afforded herein: Duties in the event of a Claim: 1.When you first become aware of any act, error, omission or circumstance which may subsequently give rise to a claim you must give us written notice of such act, error, omission or circumstance as soon as practicable in accordance with the reporting provisions in COVERAGES – PROFESSIONAL LIABILITY, A. Insuring Agreement, 2.c.Written notice should include: a.A description of the act, error, omission or circumstance; and b.The identity(ies) of potential claimant(s) and involved insured(s); and c.The injury or damages which have resulted and/or may result from such act, error, omission or circumstance; and d.The manner and date on which you first became aware of such act, error, omission or circumstance; and e.The reasons why you believe a claim is likely to be made. If the above act, error, omission or circumstance is reported to us as stated above, then any claim(s) subsequently made against you arising out of such act, error, omission or circumstance will be treated as if it had been first made during the policy period. 2.If a claim is made or suit is brought against any insured, you must: a.Immediately record the specifics of the claim or suit and the date received; b.Notify us, in writing, of the claim or suit as soon as practicable. 3.You and any other involved insured must: a.Immediately send us copies of any demands, notices, summons or legal papers received in connection with the claim or suit;