Examples of Insured Firm in a sentence
To be completed by the Participating Insurer (or by the broker on behalf of the Participating Insurer) and sent to the Insured Firm at inception.
The Insured Firm will account to the Insurer for any asset or entitlement of any person who committed or condoned any dishonesty or fraudulent act or omission, provided that the Insured Firm is legally entitled to withhold that asset or entitlement from that person.
Any actual or alleged breach of the Insured Firm’s Partnership or shareholder agreement or arrangements, including any equivalent agreement or arrangement where the Insured Firm is a Limited Liability Partnership or a company without a share capital.
If different to the contact given in answer to 3 above, please provide details of the firm or person you nominate as the Authorised Insured (the Individual or entity nominated by the Insured Firm who acts on behalf of each and every Insured where provided for in the Terms of Cover, principally with regard to notifying Circumstances and Claims).
If the Insured Firm wishes a claim to be settled, but the Insurer does not, the Insurer will brief senior counsel (to be mutually selected or, in default of agreement, to be selected by the Society) to advise on whether or not the Claim against the Insured is likely to succeed.
It shall be a condition of the cover provided by these Terms of Cover that the Insured Firm shall have paid every and all Premiums and Supplementary Premiums when and as due.
Those persons who are at any time during the Period of Insurance Principals of the Insured Firm (including, for these purposes, every person held out as a partner of a Sole Practitioner) will reimburse the Insurer for any Excess paid by the Insurer on an Insured’s behalf.
Unless otherwise agreed by PAMIA and the Insured Firm any and every Claim indemnified by PAMIA under these Terms of Cover will be subject to a Deductible which will be stated in the Certificate of Insurance.
Unless otherwise agreed between the Insured Firm and PAMIA, the cover provided by PAMIA shall be worldwide.
Without prejudice to any other provision of these Terms of Cover, PAMIA may set off any amount due from the Insured Firm against any amount due to the Insured.