GENERAL53994 - Laserfiche WebLink

Home Browse Search

t~ " The additional premium for the DISCOVERY PERIOD Endorsement shall be as determined by the COMPANY but shall not exceed two hundred percent 1200X) of the POLICY PREMIUM stated In Item 4 of the Declarations. Such additional premium shall be fully earned when the Endorsement takes effect. (3) The DISCOVERY PERIOD shall not reinstate or Increase the COMPANY'S Limits of Llablllty or extend the POLICY PERIOD end shall apply only with respect to BODILY INJURY.or PROPERTY DAMAGE which occurs or acts pusing PERSONAL INJURY which are committed during the COVERAGE PERIOD. (4) The DISCOVERY PERIOD shall not be pncellabla by the COMPANY except for non-payment of premium where applicable or for fraud or material misrepresentatlon. (5) The DISCOVERY PERIOD shall not apply to any claim or any part of any claim which Is covered by a subsequent Insurance policy Issued by the COMPANY or by any other Insurer or would be covered but for the exhaustlan of the applicable Ilmlt of Ilablllty of such subsequent Insurance policy; except, however, that the DISCOVERY PERIOD shall apply to any claim which Is covered by a subsequent Insurance policy Issued by the COMPANY where such DISCOVERY PERIOD arises under section (1) (b) of this Condition (N) bepuse of the Imposition of a lower Ilmit of Ilablllty under such subsequent Insuronca policy; provided, however, that the maximum amount payable by the COMPANY under this POLICY for ULTIMATE NET LOSS with respect to any claim covered under such DISCOVERY PERIOD shall be the amount of the difference between the Llmlt of Llablllty under this POLICY end the lower Ilmlt of Ilablllty under the subsequent Insurance policy Issued by the COMPANY end shall apply excess of the applicable limit of Ilablllty of such subsequent Insurance policy. (p) Currency All amounts stated hereto are expressed In United States Dollars and all amounts payable hereunder ere payable In United States Dollars. (p) So/e Aged The NAMED INSURED first named In Item 1 of the Declarations shall be deemed the sole agent of each INSURED hereunder for the purpose of Issuing Instructlans for any alteration of this POLICY, making premium payments and adjustments, recelpting payments of Indemnity or receiving notices Including notice of canceflatlon from the COMPANY. (O) Cancellation This POLICY may be pncelled: (1) at any time by the NAMED INSURED by malling written notice to the COMPANY stating when thereafter cancellation shall be effective; or (7~ at any time by the COMPANY by malling written notice to the NAMED INSURED stating when, not less than ninety (90) days from the date notice was mailed, pncellatlon shall be effective; except, In the event of cancellation far non-payment of premiums, In which event such cancellation shall become effective ten (10) days after the notice was mailed. Proof of malling of notice to the respective addresses In Items 7 and 8 of the Declarations shall be sufficient proof of notice and the POUCY PERIOD shall end on the effective date and hour of pncellatlon stated In the notice. Delivery of such notice either by the NAMED INSURED or the COMPANY shall be equivalent to malling. In the event of cancellation 6y the INSURED, the premium retained by the COMPANY shall be calculated In accordance with the COMPANY'S short rate table which shall be made available to the INSURED upon request. In the event of pneellatlon by the COMPANY, the premium retained by the COMPANY shall be calculated on a pro-rata basis. The offer by the COMPANY of renewal on terms or premiums different from those In effect during the POLICY PERIOD shall not constitute cancellation or refusal to renew this POLICY. atoo tvvot [ 14 of 15 ]