Multiple Insureds Sample Clauses
The MULTIPLE INSUREDS clause defines how insurance coverage applies when more than one party is insured under the same policy. It typically clarifies the rights and obligations of each insured, such as whether coverage limits are shared or separate, and how claims by or against one insured affect the others. This clause is essential for preventing disputes among insured parties and the insurer, ensuring that all parties understand their coverage and responsibilities under the policy.
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Multiple Insureds. The certificate(s) shall provide that the inclusion of more than one insured shall not operate to impair the rights of one insured against another insured, the coverage afforded applying as though separate policies had been issued to each insured, but the inclusion of more than one insured shall not operate to increase the limits of the company’s liability.
Multiple Insureds. The number of Insureds covered by this policy shall not operate to increase the Limits of Liability as specified above.
Multiple Insureds. If property insurance is provided by more than one party (e.g., Borrower and major tenants), the sum of the coverages provided shall equal or exceed the Insurable Value.
Multiple Insureds. Where the Contract requires insurance to be effected in joint names or extend the benefit of cover to the Principal as an insured in respect of its vicarious liability for the acts or omissions of the Integration Partner and its Subcontractors, the Integration Partner must ensure that the insurance policy provides that:
(a) insofar as the policy may cover more than one insured, all insuring agreements and endorsements (with the exception of limits of liability) will operate in the same manner as if there were a separate policy of insurance covering each insured;
(b) the insurer waives all rights, remedies or relief to which it might become entitled by subrogation against any of the parties covered as an insured and that failure by any insured to observe and fulfil the terms of the policy will not prejudice the insurance in regard to any other insured;
(c) any non-disclosure by one insured does not prejudice the right of any other insured to claim on the policy; and
(d) a notice to the insurer by one insured will be deemed to be notice by all insured parties.
Multiple Insureds. Where there is more than one entity specified as an Insured in the Schedule, the first entity specified must act on behalf of all other Insureds with respect to the exercise of all their rights and the discharge of all their duties in respect of this Policy, including but not limited to payment of all premiums and receiving of any return premiums, the acceptance of endorsements, the giving or receiving of any notice provided for under this Policy, adherence by the Insureds to the duties of disclosure and utmost good faith and the duty not to misrepresent, and the receipt of amounts payable by Company under this Policy.