Common use of EXCESS OF ORIGINAL POLICY LIMITS Clause in Contracts

EXCESS OF ORIGINAL POLICY LIMITS. This Agreement shall protect the Company as provided in Article 1 - Business Covered in connection with Loss in excess of the limit of the original Policy, such Loss in excess of the limit having been incurred because of failure by the Company to settle within the Policy limit or by reason of alleged or actual negligence, fraud or bad faith in rejecting an offer of settlement or in the preparation of the defense or in the, trial of any action against its insured or reinsured or in the preparation of prosecution of an appeal consequent upon such action. However, this Article shall not apply where the Loss has been incurred due to fraud by a member of the Board of Directors or a corporate officer of the Company acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder.

EXCESS OF ORIGINAL POLICY LIMITS. This Agreement shall protect the Company as provided in Article 1 - Business Covered in connection with Loss in excess of the limit of the original Policy, such Loss in excess of the limit having been incurred because of failure by the Company to settle within the Policy limit or by reason of alleged or actual negligence, fraud or bad faith in rejecting an offer of settlement or in the preparation of the defense or in the, trial of any action against its insured or reinsured or in the preparation of or prosecution of an appeal consequent upon such action. However, this Article shall not apply where the Loss has been incurred due to fraud by a member of the Board of Directors or a corporate officer of the Company acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder.

EXCESS OF ORIGINAL POLICY LIMITS. This Agreement Contract shall protect the Company as provided in Article 1 2 - Business Covered Covered, in connection with Loss loss in excess of the limit of the original Policypolicy, such Loss loss in excess of the limit having been incurred because of failure by the Company to settle within the Policy policy limit or by reason of alleged or actual negligence, fraud or bad faith in rejecting an offer of settlement or in the preparation of the defense or in the, trial of any action against its insured or reinsured or in the preparation of or prosecution of an appeal consequent upon such action. However, this Article shall not apply where the Loss loss has been incurred due to fraud by a member of the Board of Directors or a corporate officer of the Company acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder.