Laserfiche WebLink
1 <br />2 13. Separate limits <br />3 <br />4 If two or more MEMBERS are jointly or jointly and severally liable for the same CLAIM or <br />5 OCCURRENCE, a separate SELF-INSURED RETENTION and LIMIT OF LIABILITY applies <br />6 collectively to each MEMBER and its AGENCIES, its EMPLOYEES and any COVERED <br />7 PARTY under Definition 6.e. <br />8 <br />9 14. Severability: <br />10 <br />11 This MEMORANDUM uses the term COVERED PARTY severally and not collectively, so that <br />12 it applies separately to each COVERED PARTY as if it were the only COVERED PARTY. <br />13 However, this provision shall not increase a MEMBER'S SELF-INSURED RETENTION or <br />14 BICEP's LIMIT OF LIABILITY. <br />15 <br />16 15. Interpretation: <br />17 <br />18 a. This MEMORANDUM does not provide insurance so that the rule that all ambiguities must <br />19 be construed against an insurer does not apply. This MEMORANDUM shall be construed <br />20 according to the principles of contract law, giving full effect to the intent of the MEMBERS <br />21 and BICEP's Board of Directors in adopting it. <br />22 <br />23 b. This MEMORANDUM shall be interpreted without regard to the drafter. Its terms and intent, <br />24 with respect to the rights and obligations of any COVERED PARTY or BICEP, shall be <br />25 interpreted and construed on the express assumption that the MEMBERS and BICEP <br />26 participated equally in its drafting. <br />27 <br />28 16. Law governing the MEMORANDUM: <br />29 <br />30 This MEMORANDUM shall be governed and construed in accordance with the laws ofthe State <br />31 of California. <br />32 <br />33 17. Cancellation: <br />34 <br />35 This MEMORANDUM may, with respect to any MEMBER, be cancelled by BICEP on ninety <br />36 (90) days' notice either for the then-current MEMORANDUM PERIOD or, in the event of <br />37 expulsion, permanently upon the occurrence of the events and under terms set forth in the <br />38 LIABILITY PROGRAM. <br />39 <br />40 19. Named Member: <br />41 <br />42 The MEMBER first named in Item 1 of the Declarations is authorized to act on behalf ofitself, its <br />43 AGENCIES, its EMPLOYEES, and any COVERED PARTY under Definitions 6.e and 6.f with <br />44 respect to giving and receiving Notice of Cancellation and for receiving any return premium that <br />45 may become payable under this MEMORANDUM. That MEMBER is also responsible for the <br />46 payment of all premiums. <br />47 <br />48 <br />49 <br />U3-OS-06 14 <br />