|
9. Declarations and Representations: By acceptance of this Policy, the NAMED INSURED agrees that the
<br /> statements contained in the Application for insurance,all supplemental materials,CLAIM information and any,
<br /> other information including submitted to the Company,including but not limited to the aforementioned,are
<br /> accurate and complete at the time such information was reported. All submitted information comprise the
<br /> INSURED'S agreements and representations,and knowledge that this Policy is issued in reliance upon the truth
<br /> of such representations and that this Policy Declarations,Provisions,and Endorsements embody all agreements
<br /> existing between all INSUREDS and the Company and supersede any prior express or implied agreements
<br /> relating to this Policy.
<br /> The NAMED INSURED acknowledges and agrees that the Application and any other information submitted
<br /> by the NAMED INSURED is incorporated into,and is part of, this Policy.The NAMED INSURED also
<br /> acknowledges and agrees that the representations and warranties and contained in the Application or in any
<br /> other information submitted by the NAMED INSURED in an effort to procure this Policy,are complete,true
<br /> and correct and that the Company issued this Policy in specific reliance upon the representations and warranties
<br /> contained in the Application and in any other information submitted by the NAMED INSURED.
<br /> 10. Independent Counsel: In the event the INSURED is entitled bylaw to selectindependent counsel to defend
<br /> the INSURED at the Company's expense,the attorney fees and all other litigation expenses the Company must
<br /> pay, to that counsel are limited to the rates the Company actually pays to counsel the Company retains in the
<br /> ordinary course of business in the defense of a similar CLAIM or in the community where the CLAIM arose or
<br /> is being defended.
<br /> Additionally,the Company may exercise the right to require that such counsel have certain minimum
<br /> qualifications with respect to their competency, including experience in defending CLAIMS similar to the one
<br /> pending against the INSURED and to require such counsel to have errors and omissions insurance coverage. As
<br /> respects any such counsel, the INSURED agrees that counsel will timely respond to the Company's requests for
<br /> information regarding the CLAIM. Furthermore,the INSURED may at any time, by its signed consent, freely and
<br /> fully waive its right to select independent counsel.
<br /> 11. Inspection and Audit: Any of the Company's authorized representatives shallhave the right and opportunity,
<br /> but not the obligation,when the Company so desires,to interview persons employed by the INSURED and to
<br /> inspect at any reasonable time,during the POLICY PERIOD or thereafter,the INSURED'S premises,
<br /> equipment,operations,COVERED LOCATIONS and allimprovements,structures,products,ways,works,
<br /> machinery and appliances thereon;but neither the Company nor its representatives shall assume any
<br /> responsibility or duty to the INSURED or to any other party,person or entity,by reason of such right or
<br /> inspection.Neither the Company's right to make inspections,nor the actual undertaking thereof nor a ny report
<br /> thereon shall constitute an undertaking on behalf of the INSURED or others, to determine or warrant that
<br /> property or operations are safe,healthful or conform to acceptable engineering practices or are in compliance
<br /> with any law,rule or regulation.The NAMED INSURED agrees to provide access to appropriate personnel to
<br /> assist the Company's representatives during any inspection.The Company shall also have the right to examine
<br /> or audit any financial records of the NATNIED INSURED to inspect for accuracy in reporting income or
<br /> revenue as represented and warranted in the Application. Premium audits may be processed as a result of such
<br /> inspection,after any policy expires or is terminated. Premium adjustment calculations shall determine additional
<br /> premiums due,if any, and shall not result in any mid-tern downward adjustment of premium.
<br /> 12.Material Change in Risk: The INSURED must endeavor to notify the Company,in writing,of any change in
<br /> operations which materially increases the risk from that originally assumed by the Company at Policy inception.
<br /> Any failure by the INSURED to notify the Company may void all additional risk presented to the Company,if
<br /> that failure to notify the Company presents additional exposure that the company has not had the opportunity
<br /> to assess or receive due consideration for.The Company reserves the right to rescind all coverage offered under
<br /> this policy,accordingly.
<br /> VP E 201(6/22) Page 7 of 10 ©2022 Virtue Risk Partners, LLC
<br />
|