Additional Cover definition

Additional Cover means the overcollateralisation of the Cover Pool by the Issuer from Substitute Assets or Mortgage Assets (as determined by the Issuer in its sole discretion) to pay the Issuer’s obligations under the Transaction Documents to the Agents, the Security Agent, the Calculation Agent, the Cover Monitor, the Offshore Account Bank, the Covered Bond Calculation Agents and any other Other Secured Creditor permitted by Article 29 of the Covered Bonds Communiqué to benefit from such overcollateralisation (for the purpose of clarification, the Issuer is not required by the Covered Bonds Communiqué to provide any Additional Cover). To the extent that the Issuer has not provided Additional Cover, the Other Secured Creditors will not be permitted to have recourse to the Cover Pool. Each such asset shall be an “Additional Cover Cover Pool Asset.” Any such assets shall be specifically identified by the Issuer in the Cover Register. For the avoidance of doubt, the Additional Cover Cover Pool Assets do not include the Mandatory Excess Cover.

Additional Cover means cover available under the Eligibility Conditions which a Sunsuper for life Corporate Member makes on application to the Company subject to Evidence of Insurability.

Examples of Additional Cover in a sentence

• We will not pay more than the sub limit stated in the schedule for this Additional Cover.

• This Additional Cover extends to include loss or damage caused by an Accident to storage tanks or water tanks (other than sprinkler system tanks) including connected pipework belonging to You or for which You are responsible at the Premises.

• Our maximum liability in respect of this Additional Cover will not exceed £15,000 for frozen or chilled foods and £5,000 in respect of any other Perishable Goods for any one Accident.

• Our maximum liability in respect of this Additional Cover will not exceed £25,000 in any one Period of Insurance.

• In addition this Additional Cover covers loss of the contents of storage tanks caused by: a escape of contents leakage discharge or overflow from the storage tanks caused by or resulting from an Accident; b contamination of the contents of the storage tanks caused by or resulting from an Accident; including cleaning costs incurred as a result of such loss.

• Provided that: a liability is limited solely to the cost of reinstating data onto Media; b We will not be liable for any losses discovered later than six months after the loss was initiated; c We will not be liable for Damage to software; d We will not be liable under this Additional Cover for costs more specifically described under the Increased Costs Of Working Additional Cover.

• Our maximum liability under this Additional Cover will not exceed £30,000 in the aggregate during any one Period of Insurance.

• Provided that we shall not pay more than the sub limit stated in the schedule for this Additional Cover.

• Our maximum liability under this Additional Cover will not exceed £20,000 any one Accident.

• This Additional Cover extends to include loss or damage caused by an accident to storage tanks or water tanks (other than sprinkler system tanks) including connected pipework belonging to you or for which you are responsible at the premises.