Common use of Loss Assessment Clause in Contracts

Loss Assessment. We will pay up to $1000 for your share of loss assessment charged during the policy period against you by a corporation or association of property owners, when the assessment is made as a result of: a. Bodily injury" or "property damage" not excluded under Section II of this policy; or b. Liability for an act of a director, officer or trustee in the capacity as a director, officer or trustee, provided: (1) The director, officer or trustee is elected by the members of a corporation or association of property owners; and (2) The director, officer or trustee serves without deriving any income from the exercise of duties which are solely on behalf of a corporation or association of property owners. a. One accident, including continuous or repeated exposure to substantially the same general harmful condition; or b. A covered act of a director, officer or trustee. An act involving more than one director, officer or trustee is considered to be a single act.

Loss Assessment. We will pay up to $1000 for your share of loss assessment charged during the policy period against you by a corporation or association of property owners, when the assessment is made as a result of: a. Bodily injury" or "property damage" not excluded under Section II of this policy; or b. Liability for an act of a director, officer or trustee in the capacity as a director, officer or trustee, provided: (1) The director, officer or trustee is elected by the members of a corporation or association of property owners; and (2) The director, officer or trustee serves without with• out deriving any income from the exercise of duties which are solely on behalf of a corporation or association of property owners. a. One accident, including continuous or repeated exposure to substantially the same general harmful condition; or b. A covered act of a director, officer or trustee. An act involving more than one director, officer or trustee is considered to be a single act.

Loss Assessment. We will pay up to $1000 50,000 for your share of loss assessment charged during the policy period against you by a corporation or association of property owners, when the assessment is made as a result of: a. Bodily injury" bodily injury or "property damage" damage not excluded under Section II of this policy; or b. Liability liability for an act of a director, officer or trustee in the capacity as a director, officer or trustee, provided: (1) The the director, officer officer, or trustee is elected by the members of a corporation or association of property owners; and (2) The the director, officer officer, or trustee serves without deriving any income from the exercise of duties which are solely on behalf of a corporation or association of property owners. a. One accident, a) one accident including continuous or repeated exposure to substantially the same general harmful condition; or b. A b) a covered act of a director, officer or trustee. An act involving more than one director, officer or trustee is considered to be a single act.