MULTIPLE INSURED CLAUSE Sample Clauses
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MULTIPLE INSURED CLAUSE. 3.1. If in any section the insured comprises more than one party each operating as a separate and distinct entity, this policy of insurance shall, unless otherwise provided for in this policy of insurance, apply as if a separate policy had been issued to each of these parties provided always that the Insurer’s overall liability towards the parties that constitute the insured in any section shall not exceed the sum insured and any limits of indemnity specified in the schedule to that section.
3.2. Any payment made by the Insurer to any insured party as a result of an occurrence of loss or damage shall reduce, by the amount of that payment, the Insurer’s liability towards all the insured parties that constitute the insured arising from that occurrence under this policy of insurance
MULTIPLE INSURED CLAUSE. Cover hereunder shall apply in the same manner and to the same extent as if individual policies had been issued to each insured party provided that the total liability of the Insurers to all of the insured parties collectively shall not exceed the sums insured and limits of indemnity including any inner limits set by memorandum or endorsement stated in the policy.
MULTIPLE INSURED CLAUSE. Cover hereunder shall apply in the same manner and to the same extent as if individual contracts of reinsurance had been issued by the Reinsurer to each reinsured party provided that the total liability of the Reinsurer to all of the reinsured parties collectively shall not exceed the sums reinsured and any limits of indemnity including any inner limits set by memorandum or endorsement stated in the original policy.
MULTIPLE INSURED CLAUSE. It is noted and agreed that the insured hereunder comprises more than one insured party each operating as separate and distinct entities and that cover hereunder shall apply in the same manner and to the same extent as if individual policies had been issued to each such insured party. Provided that the total liability of the Insurers to all of the insured parties collectively shall not exceed the respective Sums Insured and Limits of Indemnity defined in this Policy.