Common use of MULTIPLE INSURED CLAUSE Clause in Contracts

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. 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 Insurerinsurer’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 insurer to any insured party as a result of an occurrence of loss or damage shall reduce, by the amount of that payment, the Insurerinsurer’s liability towards all the insured parties that constitute the insured arising from that occurrence under this policy of insurance.