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.
Appears in 4 contracts
Sources: Contractors Environmental Liability Insurance Policy, Premises Environmental Liability Insurance Policy, Contractors Environmental Liability Insurance Policy