Shared Limits Sample Clauses
The Shared Limits clause defines how a single insurance limit is allocated among multiple parties or entities covered under the same policy. In practice, this means that all insureds must share the total available coverage, so if one party exhausts a portion of the limit through a claim, less coverage remains for others. This clause is commonly used in group insurance or policies covering multiple subsidiaries. Its core function is to clarify the distribution of insurance proceeds and to prevent the total payout from exceeding the policy’s aggregate limit, thereby managing the insurer’s risk exposure.
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Shared Limits. The named insureds understand, agree and acknowledge that this policy is subject to a policy limit of liability, which is applicable to and will be shared by all named insureds and any additional insureds under the policy. Therefore, all named insureds and any additional insureds agree that such policy limit of liability may be exhausted or reduced by prior payments for other claims under the policy.
Shared Limits. Whether or not insured under a MP, Applicant shall receive its own limits of insurance, which limits are not shared with any other Member. - Certificate of Insurance. Members will receive a Certificate of Insurance (“Certificate”) upon acceptance into the program by the Agent, and upon receipt of full payment of all premiums, Dues, taxes, and surcharges due. A Certificate functions as a “subpolicy” under the MP issued to RPG and its membership. The Certificate is a coverage document that states which terms, conditions, and exclusions of the MP apply or do not apply to the Member. The Certificate may contain further enhancements and restrictions of coverage unique to a given Member. - Conflicts Between Master Policy & Certificates. In the event that a term, condition, or exclusion in a Certificate conflicts with a term, condition, or exclusion of a related MP, the terms, conditions, and exclusions of the MP take precedence over and supersede the terms, conditions, and exclusions of the Certificate, unless the Certificate states on its face that the Certificate takes precedence over conflicting terms, conditions, or exclusions in the MP.
Shared Limits. The limits of liability apply collectively to Contractor (The ▇▇▇▇▇ Companies, Inc. and ▇▇▇▇▇ Construction, Inc.), enrolled Subcontractors at all tiers, and the Additional Insureds.
Shared Limits. TheApplicant shall receive its own limits of insurance, which limits are not shared with any other Member.