Difference in coverage Sample Clauses
The 'Difference in coverage' clause defines how discrepancies between insurance coverage levels or types are handled within an agreement. Typically, this clause outlines the procedures to follow if one party's insurance policy provides less coverage than required by the contract, such as requiring the party to obtain additional insurance or to bear the risk of uncovered losses. Its core function is to ensure that all parties maintain adequate insurance protection as intended by the contract, thereby minimizing gaps in risk coverage and preventing disputes over liability in the event of a claim.
Difference in coverage. When the subject matter covered is purchased on CIF or similar terms this agreement will cover the difference in the agreement conditions of the cover arranged by the seller or their agents and the cover provided by this agreement provided such difference has arisen from fault or neglect of the seller or their agents complying with your instructions. Consignments coming within the terms of this extension will be valued and declared in accordance with the agreement conditions. Claims recoverable under this clause are subject to the following provisions:
4.11.1 you should protect and pursue all legally enforceable means to recover the full amount of the loss or damage from the seller in accordance with the terms of purchase before claiming on this agreement;
4.11.2 you should give to us all rights and remedies in respect of any recourse you may have for such loss or damage; and
4.11.3 you should cooperate in all aspect of the recovery. The existence of this clause should not be disclosed to the seller or any other interested party.
Difference in coverage. In the event that the coverage provided in the Forms attached to this Policy is more restrictive than the coverage provided in the directly equivalent Forms in force at the expiration of such preceding policy period, the latter shall take precedence;