Underlying Insurance Policy definition
Underlying Insurance Policy means, with respect to any Underlying Collateral, the insurance policy maintained by or on behalf of the Obligor pursuant to the related Contract that covers physical damage to the related Equipment (in an amount sufficient to insure completely the value of such Equipment) and general liability (including policies procured by the Borrower or the Servicer, or any agent thereof, on behalf of the Obligor).
Underlying Insurance Policy means the primary insurance policy and each excess policy other than this Policy covering the first party liability and/or property risks of the Insured with respect to the Insured Property, but shall not mean any third party nuclear energy liability policy pursuant to which the Insured is either covered, would be entitled to coverage, or can make a claim against any third party insured under a nuclear energy liability policy issued by any third party liability insurer.
Underlying Insurance Policy signifies the Insurance Policy covering Physical Damage (collision, fire and theft, comprehensive coverage) for the Described Vehicle issued in British Columbia; j."Underlying Insurer" signifies the legal entity in British Columbia who issued the Underlying Insurance Policy;
Examples of Underlying Insurance Policy in a sentence
The terms of the Underlying Insurance Policy are incorporated into this Certificate and a default under the Underlying Insurance Policy is a default under this Certificate.
In the event of a loss covered under the Underlying Insurance Policy during which the Insured is deprived of the Described Vehicle for more than three (3) days, the Insurer will pay for a maximum amount of one hundred dollars ($100) per day, up to a maximum total of one thousand dollars ($1,000), including taxes.
More Definitions of Underlying Insurance Policy
Underlying Insurance Policy means the primary insurance policy and each excess policy other than this Policy covering the first party liability and/or property risks of the Insured with respect to the Insured Property, issued by the Underlying Insurer identified in Item 12 of the Declarations, but shall not mean any third party nuclear energy liability policy issued by American Nuclear Insurers, Nuclear Energy Liability Insurance Association, Mutual Atomic Energy Liability Underwriters or other third party liability insurer or other third party entity.