Common use of Aircraft Accumulation Limit Clause in Contracts

Aircraft Accumulation Limit. The liability of the Company under this Policy in respect of all Insured Persons undertaking Air Travel shall not exceed £5,000,000 otherwise the liability of the Company in respect of each Insured Person shall be proportionately reduced until the total does not exceed that figure Disappearance In the event of the disappearance of an Insured Person if after a reasonable period of time it is believed based on reasonable evidence available at the relevant time that Death has occurred as a result of bodily injury the benefit amount of Benefit 1 shall become payable subject to a signed undertaking that if the belief is subsequently found to be wrong such amount shall be refunded to the Company Exposure If an Insured Person suffers Death or Disablement as a direct result of exposure to the elements the Company will consider that as having been caused by bodily injury Financial and Trade Sanctions The Company shall not provide coverage or be liable to provide any indemnity or payment or other benefit under this Policy if and to the extent that doing so would breach any Prohibition If any Prohibition takes effect during the Policy period the Insured or the Company may cancel that part of this Policy which is prohibited or restricted with immediate effect by giving written notice to the other at their last known address If the whole or any part of the Policy is cancelled the Company shall, if and to the extent that it does not breach any Prohibition, return a proportionate amount of the premium for the unexpired period subject to minimum premium requirements and provided no claims have been paid or are outstanding For the purposes of this clause a Prohibition shall mean any prohibition or restriction imposed by law or regulation Insurance Act 2015 In respect of any: A. duty of disclosure B. effect of warranties C. effect of acts of fraud the rights and obligations applying to the Insured and the Company shall be interpreted in accordance with the provisions of the Insurance Act 2015 Law and Jurisdiction Under the laws of the United Kingdom (England, Scotland, Wales and Northern Ireland) both parties may choose the law which applies to this contract, to the extent permitted by those laws. Unless the parties agree otherwise in writing, the Company has agreed with the Insured that the law which applies to this contract is the law which applies to the part of the United Kingdom in which the Insured is based, or, if based in the Channel Islands or the Isle of Man, the law of whichever of those two places in which the Insured is based The parties have agreed that any legal proceedings between them in connection with this contract will only take place in the courts of the part of the United Kingdom in which the Insured is based, or, if the Insured is based in either the Channel Islands or the Isle of Man, the courts of whichever of those two places in which the Insured is based Policy Cancellation This Policy may be cancelled by either the Insured or the Company by giving 30 days written notice to the Company or the Insured at their last known registered address The Company shall retain pro rata earned premium for the period that the Policy was in force General Claims Settlement Conditions Arbitration If any difference shall arise as to the medical assessment and the amount to be paid under this Policy, such dispute shall be referred to an independent medical consultant to be agreed by both the Insured and the Company In the event that any dispute is referred to an independent medical consultant their decision shall be final and binding on all parties Claims Notification As soon as practicable and in any case within 90 days after the happening of an event which may give rise to a claim written notice shall be given to the Company Evidence Required In connection with any claim:

Aircraft Accumulation Limit. The liability of the Company under this Policy in respect of all Insured Persons undertaking Air Travel shall not exceed £5,000,000 otherwise the liability of the Company in respect of each Insured Person shall be proportionately reduced until the total does not exceed that figure Disappearance In the event of the disappearance of an Insured Person if after a reasonable period of time it is believed based on reasonable evidence available at the relevant time that Death has occurred as a result of bodily injury the benefit amount of Benefit 1 shall become payable subject to a signed undertaking that if the belief is subsequently found to be wrong such amount shall be refunded to the Company Exposure If an Insured Person suffers Death or Disablement as a direct result of exposure to the elements the Company will consider that as having been caused by bodily injury Financial and Trade Sanctions The Company shall not provide coverage or be liable to provide any indemnity or payment or other benefit under this Policy if and to the extent that doing so would breach any Prohibition If any Prohibition takes effect during the Policy period the Insured or the Company may cancel that part of this Policy which is prohibited or restricted with immediate effect by giving written notice to the other at their last known address If the whole or any part of the Policy is cancelled the Company shall, if and to the extent that it does not breach any Prohibition, return a proportionate amount of the premium for the unexpired period subject to minimum premium requirements and provided no claims have been paid or are outstanding For the purposes of this clause a Prohibition shall mean any prohibition or restriction imposed by law or regulation Insurance Act 2015 In respect of any: A. duty of disclosure B. effect of warranties C. effect of acts of fraud the rights and obligations applying to the Insured and the Company shall be interpreted in accordance with the provisions of the Insurance Act 2015 Law and Jurisdiction Under the laws of the United Kingdom (England, Scotland, Wales and Northern Ireland) both parties may choose the law which applies to this contract, to the extent permitted by those laws. Unless the parties agree otherwise in writing, the Company has agreed with the Insured that the law which applies to this contract is the law which applies to the part of the United Kingdom in which the Insured is based, or, if based in the Channel Islands or the Isle of Man, the law of whichever of those two places in which the Insured is based The parties have agreed that any legal proceedings between them in connection with this contract will only take place in the courts of the part of the United Kingdom in which the Insured is based, or, if the Insured is based in either the Channel Islands or the Isle of Man, the courts of whichever of those two places in which the Insured is based Policy Cancellation This Policy may be cancelled by either the Insured or the Company by giving 30 days written notice to the Company or the Insured at their last known registered address The Company shall retain pro rata earned premium for the period that the Policy was in force General Claims Settlement Conditions Arbitration If any difference shall arise as to the medical assessment and the amount to be paid under this Policy, such dispute shall be referred to an independent medical consultant to be agreed by both the Insured and the Company In the event that any dispute is referred to an independent medical consultant their decision shall be final and binding on all parties Claims Notification As soon as practicable and in any case within 90 days after the happening of an event which may give rise to a claim written notice shall be given to the Company Evidence Required In connection with any claim:Conditions