Common use of Joint Insured Clause in Contracts

Joint Insured. B. If more than one Insured is covered under this Rider, the Insured first named shall act for itself and for every other Insured for all purposes of this Rider. Knowledge possessed or discovery made by any Insured or by any partner or officer thereof shall, for the purposes of Sections 7, 8 and 15, constitute knowledge possessed or discovery made by every Insured. Cancellation of the insurance hereunder as respects any “Employee” as provided in Section 15 shall apply to every Insured. If, prior to the cancellation or termination of this Rider, this Rider or any Insuring Agreement hereof is cancelled or terminated as to any Insured, there shall be no liability for any “loss” sustained by such Insured unless discovered within one year from the date of such cancellation or termination. Payment by the Insurer to the Insured first named of any “loss” under this Rider shall fully release the Insurer on account of such “loss”. If the Insured first named ceases for any reason to be covered under this Rider, then the Insured next named shall thereafter be considered as the Insured first named for all purposes of this Rider. Loss Under Prior Bond or Policy

Joint Insured. B. If more than one Insured is covered under this Rider, the Insured first named shall act for itself and for every other Insured for all purposes of this Rider. Knowledge possessed or discovery made by any Insured or by any partner or officer thereof shall, for the purposes of Sections 7, 8 and 15, constitute knowledge possessed possess or discovery made by every Insured. Cancellation of the insurance hereunder as respects any “Employee” Employee as provided in Section 15 shall apply to every Insured. If, prior to the cancellation or termination of this Rider, this Rider or any Insuring Agreement hereof is cancelled or terminated as to any Insured, there shall be no liability for any “loss” loss sustained by such Insured unless discovered within one year from the date of such cancellation or terminationtermination or, as respects Insuring Agreement I, Form B, within two years therefrom. Payment by the Insurer to the Insured first named of any “loss” loss under this Rider shall fully release the Insurer on account of such “loss”. If the Insured first named ceases for any reason to be covered under this Rider, then the Insured next named shall thereafter be by considered as the Insured first named for all purposes of this Rider. Loss Under Prior Bond or Policy.

Joint Insured. B. If more than one Insured is covered under this Rider, the Insured first named shall act for itself and for every other Insured for all purposes of this Rider. Knowledge possessed or discovery made by any Insured or by any partner or officer thereof shall, for the purposes of Sections 7, 8 and 15, constitute knowledge possessed or discovery made by every Insured. Cancellation of the insurance hereunder as respects any “Employee” Employee as provided in Section 15 shall apply to every Insured. If, prior to the cancellation or termination of this Rider, this Rider or any Insuring Agreement hereof is cancelled or terminated as to any Insured, there shall be no liability for any “loss” loss sustained by such Insured unless discovered within one year from the date of such cancellation or terminationtermination or, as respects Insuring Agreement I, Form B, within two years therefrom. Payment by the Insurer to the Insured first named of any “loss” loss under this Rider shall fully release the Insurer on account of such “loss”. If the Insured first named ceases for any reason to be covered under this Rider, then the Insured next named shall thereafter be considered as the Insured first named for all purposes of this Rider. Loss Under Prior Bond or Policy.