UNDERLYING POLICIES Clause Samples

UNDERLYING POLICIES. As respects Excess Liability Coverage, copies of the underlying binders and policies are required and the policy for the Followed Policy must be received and reviewed prior to issuance of the Bowhead policy. The underwriter is responsible for reviewing and approving in writing the issuance of our policy. If specific limitations or exclusions apply to the underlying policies, our policy will also contain those limitations or exclusions via the policy form wording or with further coverage limitations for our layer exposure available via specific endorsements. Underlying binders must be received, reviewed and attached to the file with minimum of the binder for Followed Policy received prior to binding and releasing a policy number. Excess quotes should not normally be released without full confirmation of underlying terms and conditions without Financial Lines Manger approval.

UNDERLYING POLICIES. A. Unless otherwise agreed to by the REINSURER, no reinsurance shall be bound hereunder on any policy where the limits of the underlying primary polices are less than the following: General Liability $1,000,000 Each Occurrence $1,000,000 General Aggregate $1,000,000 Products and Completed Operations Aggregate Automobile Liability: $1,000,000 Combined Single Limit Employers Liability: $100,000 Each Accident $500,000 Policy Limit $100,000 Each Employee by Disease or $10,000 Self Insured Retention whichever shall apply B. Underlying primary coverages not written by the COMPANY shall be written only by insurance companies possessing a Best's rating of "B" or better.