Non-executive director’s reinstatement of cover Sample Clauses

Non-executive director’s reinstatement of cover. In the event that payments are made exhausting the limit of indemnity of this policy, and of all other applicable management liability policies operating in excess of it, and any other source available to provide indemnification for loss to the non-executive director then the insurer agrees to provide an indemnity to the non-executive director for non-indemnifiable loss. For the avoidance of doubt the non-executive director’s reinstatement of cover limit of indemnity shall apply only once for each non-executive director. The insurer will only be liable under this extension to pay the sums described in insuring clause 3.1 incurred by each non-executive director up to a limit of ten (10%) percent , subject to an annual aggregate of twenty five (25%), of the limit of indemnity stated in the schedule.
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