Common use of Retentions Clause in Contracts

Retentions. The following provisions shall apply in addition to the provisions of Section IV of the General Terms and Conditions Section: (1) The Underwriter’s obligation to pay Loss under this Coverage Section shall only be in excess of the applicable Retention stated in ITEM 5 of the Declarations. Such Retention shall only be eroded (or exhausted) by the Insured’s payment of Loss otherwise covered under this Coverage Section, and shall be borne by the Insureds uninsured and at their own risk. The Underwriter shall have no obligation whatsoever, either to the Insureds or any other person or entity, to pay all or any portion of the applicable Retention on behalf of any Insured. The Underwriter shall, however, at its sole discretion, have the right and option to do so, in which event the Insureds will repay the Underwriter any amounts so paid. (2) No Retention shall apply to any Loss resulting from any Fiduciary Claim incurred by an Insured Person if such Loss cannot be indemnified by the Organization or Plan because such Organization or Plan is either not legally permitted or required to indemnify, or is unable to indemnify, such Insured Person by reason of Financial Impairment. (3) No Retention shall apply under Insuring Agreement (B) of this Coverage Section.

Retentions. The following provisions shall apply in addition to the provisions of Section IV of the General Terms and Conditions Section: (1) The Underwriter’s obligation to pay Loss under this Coverage Section shall only be in excess of the applicable Retention stated in ITEM 5 of the Declarations. Declarations Such Retention shall only be eroded (or exhausted) by the Insured’s payment of Loss otherwise covered under this Coverage Section, and shall be borne by the Insureds uninsured and at their own risk. The Underwriter shall have no obligation whatsoever, either to the Insureds or any other person or entity, to pay all or any portion of the applicable Retention on behalf of any Insured. The Underwriter shall, however, at its sole discretion, have the right and option to do so, in which event the Insureds will repay the Underwriter any amounts so paid. (2) No Retention shall apply to any Loss resulting from any Fiduciary Claim incurred by an Insured Person if such Loss cannot be indemnified by the Organization or Plan because such Organization or Plan is either not legally permitted or required to indemnify, or is unable to indemnify, such Insured Person by reason of Financial Impairment. (3) No Retention shall apply under Insuring Agreement (B) of this Coverage Section.

Retentions. The following provisions shall apply in addition to the provisions of Section IV of the General Terms and Conditions Section: (1) The Underwriter’s obligation to pay Loss under this Coverage Section shall only be in excess of the applicable Retention stated in ITEM 5 of the Declarations. Such Retention shall only be eroded (or exhausted) by the Insured’s payment of Loss otherwise covered under this Coverage Section, and shall be borne by the Insureds uninsured and at their own risk. The Underwriter shall have no obligation whatsoever, either to the Insureds or any other person or entity, to pay all or any portion of the applicable Retention on behalf of any Insured. The Underwriter shall, however, at its sole discretion, have the right and option to do so, in which event the Insureds will repay the Underwriter any amounts so paid. (2) No Retention shall apply to any Loss resulting from any Fiduciary Claim incurred by an Insured Person if such Loss cannot be indemnified by the Organization or Plan because such Organization or Plan is either not legally permitted or required to indemnify, or is unable to indemnify, such Insured Person by reason of Financial Impairment. (3) . No Retention shall apply under Insuring Agreement (BD) or (E) of this Coverage Section. (2) If the Organization fails or refuses, other than for reason of Financial Impairment, to indemnify any Insured Person for Loss, or to advance Defense Expenses on behalf of any Insured Person, to the fullest extent permitted by statutory or common law, then, notwithstanding any other terms, conditions or limitations of this Coverage Section to the contrary, any payment by the Underwriter of such Defense Expenses or other Loss shall be subject to the applicable Insuring Agreement (B) Retention stated in ITEM 5 of the Declarations.

Retentions. The following provisions shall apply in addition to the provisions of Section IV of the General Terms and Conditions Section: (1) The Underwriter’s obligation to pay Loss under this Coverage Section shall only be in excess of the applicable Retention stated in ITEM 5 of the Declarations. Such Retention shall only be eroded (or exhausted) by the Insured’s payment of Loss otherwise covered under this Coverage Section, and shall be borne by the Insureds uninsured and at their own risk. The Underwriter shall have no obligation whatsoever, either to the Insureds or any other person or entity, to pay all or any portion of the applicable Retention on behalf of any Insured. The Underwriter shall, however, at its sole discretion, have the right and option to do so, in which event the Insureds will repay the Underwriter any amounts so paid. (2) No Retention shall apply to any Loss resulting from any Fiduciary Claim incurred by an Insured Person if such Loss cannot be indemnified by the Organization or Plan because such Organization or Plan is either not legally permitted or required to indemnify, or is unable to indemnify, such Insured Person by reason of Financial Impairment. (3) . No Retention shall apply under Insuring Agreement (BD) of this Coverage Section. (2) If the Organization fails or refuses, other than for reason of Financial Impairment, to indemnify any Insured Person for Loss, or to advance Defense Expenses on behalf of any Insured Person, to the fullest extent permitted by statutory or common law, then, notwithstanding any other terms, conditions or limitations of this Coverage Section to the contrary, any payment by the Underwriter of such Defense Expenses or other Loss shall be subject to the applicable Insuring Agreement (B) Retention stated in ITEM 5 of the Declarations.