Common use of Insolvency of the Insured Clause in Contracts

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.

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 InsolvencyofInsolvency. 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.

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 Tenant under this Policy.