Shared Limit of Liability definition

Shared Limit of Liability means the applicable Shared Limit of Liability, if any, stated in ITEM 4 of the Declarations, which limit of liability shall be shared between all Liability Coverage Sections listed below such Shared Limit of Liability in the Declarations.
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Shared Limit of Liability means the Shared Limit of Liability, if any, which shall be applicable to and shared between two or more Coverage Sections, as listed below such Shared Limit of Liability in Item 3 of the Declarations.
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Shared Limit of Liability means the Shared Limit of Liability (to the extent elected for a Coverage Part) set forth in Item 4. of the Declarations.
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Examples of Shared Limit of Liability in a sentence

  • The Shared Limit of Liability is a sublimit of and erodes the Policy Year Aggregate Limit of Liability set forth in Item 3.

  • Solely with respect to the Directors and Officers Liability Coverage Part, SECTION III – LIMIT OF LIABILITY AND RETENTION of the General Terms and Conditions Applicable to All Coverage Parts is amended to add the following: The Shared Limit of Liability set forth in Item 4.

  • Payment of Loss from such sublimit shall reduce the Aggregate Limit of Liability and any applicable Shared Limit of Liability.

  • If the Separate Limit of Liability or Shared Limit of Liability applicable to any Liability Coverage Section is exhausted by the Underwriter’s payment of Loss, all obligations of the Underwriter under such Liability Coverage Section(s) will be completely fulfilled and exhausted, and the premium for such Liability Coverage Section(s) will be fully earned.

  • The Limit of Liability respecting each Coverage Part which is indicated as Shared Limit of Liability in Item 2.

  • Unless specifically stated otherwise, the insurance provided under this policy shall apply only as excess over any other valid and collectible insurance, unless such other insurance is written as specific excess insurance over the Aggregate Limit of Liability or Shared Limit of Liability provided by this policy.

  • If the Shared Limit of Liability or the aggregate limit of liability under this Policy is exhausted due to payment of Claims under this Policy, payment of Claims under the Other Policy or any combination thereof, the Insurer’s obligations under this Policy shall be completely fulfilled and extinguished.

  • Any such Shared Limit of Liability shall be part of, and not in addition to, the Policy Aggregate Limit of Liability stated in ITEM 4 of the Declarations and shall in no way serve to increase such Policy Aggregate Limit of Liability.

  • Furthermore, the Shared Limit of Liability for the Discovery Period shall be part of and not in addition to, this Shared Limit of Liability for the Policy Period.

  • Each Shared Limit of Liability shall be part of and not in addition to the POLICY MAXIMUM AGGREGATE LIMIT OF LIABILITY in Item 1.

Related to Shared Limit of Liability

  • Limit of Liability means, with respect to any Insuring Agreement, the limit of liability of the Underwriter for any Single Loss covered by such Insuring Agreement as set forth under the heading “Limit of Liability” in Item 3 of the Declarations or in any Rider for such Insuring Agreement.

  • Limitation of Liability Insert the following Section 15, after Section 14:

  • Maximum Liability has the meaning assigned to such term in Section 10.10.

  • Limit of Indemnity means the amount stated in the Schedule pursuant to Clause 5 of this Policy.

  • Indemnity Cap has the meaning set forth in Section 8.4.3.

  • Indemnification Obligations means each of the Debtors’ indemnification obligations in place as of the Effective Date, whether in the bylaws, certificates of incorporation or formation, limited liability company agreements, other organizational or formation documents, board resolutions, management or indemnification agreements, or employment or other contracts, for their current and former directors, officers, managers, employees, attorneys, accountants, investment bankers, and other professionals and agents of the Debtors, as applicable.

  • Liability Cap has the meaning ascribed to it in paragraph 1 of Schedule 9;

  • Loss in excess of policy limits means 90.0% of any amount paid or payable by the Company in excess of its policy limits, but otherwise within the terms of its policy, such loss in excess of the Company’s policy limits having been incurred because of, but not limited to, failure by the Company to settle within the policy limits or by reason of the Company’s alleged or actual negligence, fraud or bad faith in rejecting an offer of settlement or in the preparation of the defense or in the trial of an action against its insured or reinsured or in the preparation or prosecution of an appeal consequent upon such an action.

  • Indemnification Cap has the meaning set forth in Section 9.4(a).

  • Indemnity Obligations means all obligations of the Company to Indemnitee under this Agreement, including the Company’s obligations to provide indemnification to Indemnitee and advance Expenses to Indemnitee under this Agreement.

  • Indemnification Obligation means any existing or future obligation of any Debtor to indemnify current and former directors, officers, members, managers, agents or employees of any of the Debtors who served in such capacity, with respect to or based upon such service or any act or omission taken or not taken in any of such capacities, or for or on behalf of any Debtor, whether pursuant to agreement, the Debtors’ respective memoranda, articles or certificates of incorporation or formation, corporate charters, bylaws, operating agreements, limited liability company agreements, or similar corporate or organizational documents or other applicable contract or law in effect as of the Effective Date, excluding any obligation to indemnify any of the foregoing parties with respect to any act or omission for or on behalf of the Debtors arising out of any act or omission determined by a Final Order to constitute actual fraud, willful misconduct, or gross negligence.

  • Defects Liability Expiry Certificate means the certificate to be issued by the Client to the Contractor, in accordance with the Contract.

  • Indemnity, Subrogation and Contribution Agreement means the Indemnity, Subrogation and Contribution Agreement among Xxxxx 0, the Borrower, the Subsidiary Loan Parties and the Collateral Agent, substantially in the form of Exhibit C-3.

  • Legal Liability means responsibility which courts recognize and enforce between persons who sue one another.

  • Indemnity Matters means any and all actions, suits, proceedings (including any investigations, litigation or inquiries), claims, demands and causes of action made or threatened against a Person and, in connection therewith, all losses, liabilities, damages (including, without limitation, consequential damages) or reasonable costs and expenses of any kind or nature whatsoever incurred by such Person whether caused by the sole or concurrent negligence of such Person seeking indemnification.

  • Cumulative Shared-Loss Payments means (i) the aggregate of all of the payments made or payable to the Assuming Institution under the Shared-Loss Agreements minus

  • Loss Payable Clauses means the provisions regulating the manner of payment of sums receivable under the Insurances which are to be incorporated in the relevant insurance document, such Loss Payable Clauses to be in the forms set out in paragraph 4 of this Schedule, or such other form as the Bank may from time to time agree in writing;

  • Standard Amendment Coversheet refers to the form used by the Judicial Council to amend agreements with other parties. Several originally signed, fully executed versions of a Standard Amendment, together with the integrated Contract Documents, shall each represent an Amendment as an individual contract counterpart.

  • Hovercraft Liability This policy does not cover "hovercraft liability".

  • Cumulative Shared-Loss Amount means the excess, if any, of the Cumulative Loss Amount over the First Loss Tranche.

  • Errors and Omissions Insurance Policy means an errors and omissions insurance policy maintained by the Master Servicer, the Special Servicer, the Trustee, the Custodian or the Certificate Administrator, as the case may be, in accordance with Section 8.2, Section 9.2 and Section 7.17, respectively.

  • BRRD Liability means a liability in respect of which the relevant Write Down and Conversion Powers in the applicable Bail-in Legislation may be exercised.