Insolvency of the Insured Sample Clauses

The 'Insolvency of the Insured' clause defines how an insurance policy responds if the insured party becomes insolvent or bankrupt. Typically, this clause clarifies whether the insurer remains liable for claims made before or after the insured's insolvency, and may specify that insolvency does not release the insurer from its obligations under the policy. Its core function is to ensure that coverage continues or is properly managed in the event of the insured's financial failure, thereby protecting claimants and clarifying the insurer's responsibilities in such situations.
Insolvency of the Insured. In the event of the Insolvency of the Insured this Policy will terminate immediately. The Insurer will then have no liability under the Policy for any claims that have not already been submitted at the date of Insolvency. The Insurer will be entitled to retain all premiums and other monies paid and to receive and retain all premiums and other monies due and payable to the Insurer up to and including the effective date of such Insolvency but always not less than the Minimum Premium. For the purpose of this condition the definition of Insolvency will be the same as that applying to an Insured Buyer under this Policy.
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Insolvency of the Insured. The Contractor shall be deemed to be insolvent for the purpose of this Policy when i) any filing of a petition for bankruptcy by or against the Contractor before any Court / Tribunal OR ii) the Contractor is declared bankrupt by the competent court of jurisdiction OR iii) the Contractor has made a valid assignment, composition or other arrangement for the benefit of his creditors OR iv) a Receiver / Administrator / Liquidator has been appointed by the Court to manage his estate OR v) an order by the competent Authority has been made for compulsory winding up OR vi) an effective resolution has been passed for voluntary winding up provided that this resolution is not merely for the purpose of reconstruction or amalgamation OR vii) an arrangement binding on all creditors has been sanctioned by the appropriate Court OR viii) such conditions exist as are, by any other system of law, substantially equivalent in effect to any of the foregoing conditions.
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Related to Insolvency of the Insured

  • Insolvency, Etc In the event of the firm being adjudged insolvent or having a receiver appointed for it by a court or any other order under the Insolvency Act made against them or in the case of a company the passing any resolution or making of any order for winding up, whether voluntary or otherwise, or in the event of the firm failing to comply with any of the conditions herein specified AIIMS, Jodhpur shall have the power to terminate the contract without any prior notice.