Underwriter's Liability. 1. The Underwriter shall be liable only if and when the Ultimate Net Loss sustained by the Assured and covered hereunder in respect of interests described herein in any one Occurrence exceeds the amount specified as the deductible in the Policy Declaration in effect at the time of the commencement of the Occurrence. The Underwriter shall thereupon be liable for the amount by which the said Ultimate Net Loss exceeds the amount specified as the deductible in the Policy Declaration in effect at the time of the commencement of the Occurrence. 2. Irrespective of the number and timing of losses, the Underwriter shall be liable in respect of any one Occurrence only up to a limit of the amount specified as the Occurrence limit in the Policy Declaration in effect at the time of the commencement of the Occurrence. 3. The Occurrence limits applicable under this policy and any other policy or policies issued by the Underwriter having the same Named Insured and the same expiration date as this policy shall in the aggregate be the Occurrence limits referred to in Condition F.
Appears in 12 contracts
Samples: Shareholders Agreement, Shareholder Agreements, Shareholders Agreement
Underwriter's Liability. 1. The Underwriter shall be liable only if and when the Ultimate Net Loss sustained by the Assured Named Insured and covered hereunder in respect of interests described herein in any one Occurrence exceeds the amount specified as the deductible in the Policy Declaration in effect at the time of the commencement of the Occurrence. The Underwriter shall thereupon be liable for the amount by which the said Ultimate Net Loss exceeds the amount specified as the deductible in the Policy Declaration in effect at the time of the commencement of the Occurrence.
2. Irrespective of the number and timing of losses, the Underwriter shall be liable in respect of any one Occurrence only up to a limit of the amount specified as the Occurrence limit in the Policy Declaration in effect at the time of the commencement of the Occurrence.
3. The Occurrence limits applicable under this policy and any other policy or policies issued by the Underwriter having the same Named Insured and the same expiration date as this policy shall in the aggregate be the Occurrence limits referred to in Condition F.
Appears in 8 contracts
Samples: Shareholders Agreement, Shareholder Agreements, Shareholders Agreement