Common use of SUM INSURED Clause in Contracts

SUM INSURED. 1. The Sum Insured is agreed between the Assured/Insured and the Insurer and is specified in the insurance policy, separately for each clause and cover included. 2. In case of conclusion of a group insurance, the Sum Insured shall be the same for each insured persons. 3. The Sum Insured is the upper limit for which the Insurer is liable upon occurrence of an insurance event. 4. The liability of the Insurer under each individual clause during the insurance period shall be up to the amount of the Sum Insured selected by the Insured for the respective clause and specified in the policy, regardless of the number of insured events. After payment of indemnities under the insurance policy, the Sum Insured shall be reduced with the amount of payments made.