Statutory Liability definition
Examples of Statutory Liability in a sentence
Subject to the terms and conditions of this Policy, You are covered for Statutory Liability • caused by or arising from an Occurrence; • in the ordinary course of Your Business; • that happens after the relevant Retrospective Inception Date; • the Claim is first made against You during the Period of Insurance, and • We are not legally prohibited from disposing of or settling the Claim.
Conditional exclusion of Statutory Liability This Agreement excludes to the maximum extent permitted by law any warranty or condition implied by common law, practice or statute.
Statutory Liability Covers Penalties payable to any Regulatory Authority consequent upon breach of an Act, Plus legal costs and associated expenses incurred with the investigation, defence (including appeal) and settlement of the claim.
Subject to the terms and conditions of this Policy, You are covered for Statutory Liability • caused by or arising from an Occurrence; • in the ordinary course of Your Business as a Yacht Club; • the Claim is first made against You during the Period of Insurance, and • We are not legally prohibited from disposing of or settling the Claim.
Pursuant to Section 17B:28-9(c) of the New Jersey Insurance Statutes, none of the assets allocated to the Separate Account, to the extent of the Statutory Liability, will be chargeable with liabilities arising out of any other business of Prudential.
Notwithstanding Exclusion Clause 16 in Section 3 ‘What is Not Covered’, if this Extension applies You are covered for any Statutory Liability resulting solely from the conduct of Your Business which We are not legally prohibited from paying.
The Statutory Liability limit specified in the Schedule forms part of and is not in addition to the Limit of Liability as specified in the Schedule.
In the case when Investor and the Contracting Party cannot agree on the value, the conflict will be resolve in accordance with the Article 7 of this agreement.
Concurrent with the commencement of Reinsurer's --------------- servicing of policies, Company shall deliver to Reinsurer all financial and accounting records pertaining to the Policies, in machine readable format, to include all information which Reinsurer will need to prepare and file all GAAP and statutory statements, to calculate Net Statutory Liability and Ceding Commission, and to administer the Policies.
Notwithstanding Exclusion 3.15 (Fines, Penalties, Punitive, Exemplary or Aggravated Damages) the following is also included: You are insured for any Statutory Liability resulting solely from the conduct of Your Business which We are not legally prohibited from paying.