PRESUMPTIVE INDEMNIFICATION. If the Insured Organisation is permitted or required to indemnify the Insured Person for any Loss pursuant to the memorandum or articles of association, certificate or articles of incorporation, by-laws or constitution of the Insured Organisation in effect at the inception of coverage hereunder, or any subsequently amended, restated or superseding memorandum or articles of association, certificate or articles of incorporation, by-laws or constitution which broaden the Insured Organisation's ability to indemnify the Insured Person and fails or refuses to indemnify the Insured Person for Loss other than for reason of Financial Impairment, then, notwithstanding any other conditions, provisions or terms of this Policy to the contrary, any payment by the Company of such Loss shall be subject to: (a) The Indemnity Clause 2 Deductible Amount as set forth in the Policy Schedule; and (b) All of the Exclusions set forth in clauses 19 & 20 of this Policy. For purposes of this clause, the shareholders and board of directors resolutions of the Insured Organisation shall be deemed to provide indemnification for such Loss to the fullest extent permitted by such memorandum or articles of association, certificate or articles of incorporation, by-laws or constitution.
Appears in 3 contracts
Samples: Directors & Officers Liability Insurance Policy, Directors & Officers Liability Insurance, Directors & Officers Liability Insurance
PRESUMPTIVE INDEMNIFICATION. If the Insured Organisation is permitted or required to indemnify the Insured Person for any Loss pursuant to the memorandum or articles of association, certificate or articles of incorporation, by-laws or constitution of the Insured Organisation in effect at the inception of coverage hereunder, or any subsequently amended, restated or superseding memorandum or articles of association, certificate or articles of incorporation, by-laws or constitution which broaden the Insured Organisation's ability to indemnify the Insured Person and fails or refuses to indemnify the Insured Person for Loss other than for reason of Financial Impairment, then, notwithstanding any other conditions, provisions or terms of this Policy to the contrary, any payment by the Company of such Loss shall be subject to:
(a) The Indemnity Clause 2 Deductible Amount as set forth in the Policy Schedule; and
(b) All of the Exclusions set forth in clauses 19 & 20 of this Policy. For purposes of this clause, the shareholders and board of directors resolutions of the Insured Organisation shall be deemed to provide indemnification for such bedeemed toprovideindemnification forsuch Loss to the tothe fullest extent permitted by such memorandum or articles of association, certificate or articles of incorporation, by-laws or constitution.
Appears in 2 contracts
Samples: Directors & Officers Liability Insurance Policy, Directors & Officers Liability Insurance Policy
