Underwriter's Liability. The Underwriter shall be liable only if and when the Ultimate Net Loss sustained by the 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.
Appears in 4 contracts
Samples: Shareholders Agreement, Shareholder Agreements, Shareholders Agreement