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Common use of Policy Limits Clause in Contracts

Policy Limits. Regardless of the number of persons or entities insured or included in Part I. E. Covered Persons and Entities, or the number of claimants or Claims made against the Insured: 1. The maximum liability of the Company for Damages and Claim Expenses resulting from each Claim first made against the Insured during the Policy Period and the Extended Reporting Period, if purchased, shall not exceed the amount shown in the Declarations as each Claim; 2. The maximum liability of the Company for all Damages and Claim Expenses as a result of all Claims first made against the Insured during the Policy Period and the Extended Reporting Period, if purchased, shall not exceed the amount shown in the Declarations as Aggregate. The Company shall not be obligated to pay any Claim for Damages or defend any Claim after the applicable Limit of Liability has been exhausted by payment of judgments, settlements, Claim Expenses or any combination thereof. Claim Expenses are part of and not in addition to the applicable Limits of Liability. Payment of Claim Expenses by the Company reduces the applicable Limits of Liability. The inclusion of more than one Insured, or the making of Claims by more than one person or organization, does not increase the Company’s Limit of Liability. In the event two or more Claims arise out of a single negligent act, error or omission, or a series of related negligent acts, errors or omissions, all such Claims shall be treated as a single Claim. Whenever made, all such Claims shall be considered first made and reported to the Company during the Policy Period in which the earliest Claim arising out of such negligent act, error or omission was first made and reported to the Company, and all such Claims shall be subject to the same Limit of Liability.

Appears in 4 contracts

Samples: Medical Professional Liability Coverage Form, Miscellaneous Professional Liability Coverage Form, Miscellaneous Professional Liability Coverage Form

Policy Limits. Regardless of the number of persons or entities insured or included in Part I. E. Covered Persons and Entities, or the number of claimants or Claims made against the Insured: 1. The maximum liability of the Company for Damages and Claim Expenses resulting from each Claim first made against the Insured during the Policy Period and the Extended Reporting Period, if purchased, shall not exceed the amount shown in the Declarations as each Claim; 2. The maximum liability of the Company for all Damages and Claim Expenses as a result of all Claims first made against the Insured during the Policy Period and the Extended Reporting Period, if purchased, shall not exceed the amount shown in the Declarations as Aggregate. The Company shall not be obligated to pay any Claim for Damages or defend any Claim after the applicable Limit of Liability has been exhausted by payment of judgments, settlements, Claim Expenses or any combination thereof. Claim Expenses are part of and not in addition to the applicable Limits of Liability. Payment of Claim Expenses by the Company reduces the applicable Limits of Liability. The inclusion of more than one Insured, or the making of Claims by more than one person or organization, does not increase the Company’s Limit of Liability. In the event two or more All Claims arise arising out of a single negligent act, error or omission, or a series of related negligent acts, errors or omissions, all such Claims omissions by one or more Insureds shall be treated as a single ClaimClaim for all purposes of this policy. Whenever made, all such All Claims shall be considered deemed first made and reported to when the Company earliest of such Claims is first made, regardless of whether such date is before or during the Policy Period in which the earliest Claim arising out of such negligent act, error or omission was first made and reported to the Company, and all such Claims shall be subject to the same Each Claim Limit of LiabilityLiability during that Policy Period.

Appears in 3 contracts

Samples: Miscellaneous Professional Liability Coverage Form, Insurance Agents and Brokers Professional Liability Coverage Form, Miscellaneous Professional Liability Coverage Form

Policy Limits. Regardless of the number of persons or entities insured Insured or included in Part I. E. D. Covered Persons and or Entities, or the number of claimants or Claims made against the Insured: 1. The maximum liability of the Company for Damages and Claim Expenses resulting from each Claim first made against the Insured during the Policy Period and the Extended Reporting Period, if purchased, shall not exceed the amount shown in the Declarations as for each Claim; 2. The maximum liability of the Company for all Damages and Claim Expenses as a result of all Claims first made against the Insured during the Policy Period and the Extended Reporting Period, if purchased, shall not exceed the amount shown in the Declarations as Aggregatein the aggregate. The Company shall not be obligated to pay any Claim for Damages or defend any Claim after the applicable Limit of Liability has been exhausted by payment of judgments, settlements, Claim Expenses or any combination thereof. Claim Expenses are a part of and not in addition to the applicable Limits of Liability. Payment of Claim Expenses by the Company reduces the applicable Limits of Liability. The inclusion of more than one Insured, or the making of Claims by more than one person or organization, does not increase the Company’s Limit of Liability. In the event two or more Claims arise out of a single negligent act, error or omission, or a series of related negligent acts, errors or omissions, all such Claims shall be treated as a single Claim. Whenever made, all such Claims shall be considered first made and reported to the Company during the Policy Period in which the earliest Claim arising out of such negligent act, error or omission was first made and reported to the Company, and all such Claims shall be subject to the same Limit of Liability. Limits of Liability apply above the retention amount stated in the Declarations.

Appears in 2 contracts

Samples: Professional Liability Coverage Form, Professional Liability Coverage Form