CLA-VAL (GRISWOLD INDUSTRIES) - Laserfiche WebLink

Home Browse Search

(2) Those statements are based upon representations you made to us; and (3) We have issued this policy in reliance upon your representations. b. Unintentional Failure To Disclose Hazards If unintentionally you should fail to disclose all hazards relating to the conduct of your business that exist at the inception date of this Coverage Part, we shall not deny coverage under this Coverage Part because of such failure. 7. Separation Of Insureds g Except with respect to the Limits of Insurance, your responsibility under the "self -insured retention" and any rights or duties specifically assigned in this Coverage Part to the first Named Insured, this insurance applies: a. As if each Named Insured were the only Named Insured; and b. Separately to each insured against whom claim is made or "suit" is brought. B. Transfer Of Rights Of Recovery Against Others To Us a. Transferof Rights Of Recovery If the insured has rights to recover all or part of any payment, including Supplementary Payments, we have made under this Coverage Part, those rights are transferred to us. The insured must do noticing after loss to impair them. At our request, the insured will bring "suit" or transfer those rights to us and help us enforce them. b. How Recoveries Shall Be Applied Recoveries shall be applied to reimburse: (1) First, any interest (including the Named Insured) that paid any amount in excess of our Limits of Insurance; (2) Second, us, along with any other insurers having a quota share interest at the same level; and (3) Third, such interests (including the Named Insured) of whom this insurance is excess. However, a different apportionment may be made to effect settlement of a claim by agreement signed by all interests. c. Apportionment Among All Interests Reasonable expenses incurred In the exercise of rights of recovery shall be apportioned among all interests in the ratio of their respective losses for which recovery is sought. Page 18 of 23 d. Waiver Of Rights Of Recovery (Waiver Of Subrogation) If the insured has waived any rights of recovery against any person or organization for all or part of any payment, including Supplementary Payments, we have made under this Coverage Part, we also waive that right, provided the insured waived their rights of recovery against such person or organization in a contract, agreement or permit that was executed prior to the injury or damage. When We Do Not Renew If we decide not to renew this Coverage Part, we will mail or deliver to the first Named Insured shown In the Declarations written notice of the nonrenewal not less than 30 days before the expiration date. If notice is mailed, proof of mailing will be sufficient proof of notice. 10. Maintenance of Self -Insured Retention You shall do whatever is required, including provision of sufficient funds, to maintain the "self - insured retention" In full effect during the currency of this policy. If the "self -insured retention" becomes invalid, suspended, unenforceable or uncoliectable for any reason, including bankruptcy or insolvency, we shall be liable only to the extent we would have been had such "self -insured retention" remained in full effect. The first Named Insured shall give us written notice as soon as practicable of any change in the operating status of any "self -insured retention", or when the sum of all incurred losses and "claim expenses" equals or exceeds 70% of the "self - insured retention". 11.Appeals a. For amounts within the "self -insured retention": (1) If we or you with our consent, elect to appeal a judgment, then any resultant additional expenses, settlements or judgments to which this insurance applies shall reduce the amount of the "self - insured retention". We shall be liable for such additional expenses, settlements or judgments that are in excess of the "self - insured retention'. (2) If you or any insured, without our consent, elects to appeal a judgment, any resultant additional expenses, settlements or judgments shall not reduce the amount of the "sell -insured be liable for sw > ltiak ManagemottDiWafrnt 16-'A ED&APPROVm BY: A� ®' Risk Management SpeaAM