Master Policy definition
Examples of Master Policy in a sentence
Any person or organization or the legal representative thereof who has secured such judgment or written agreement shall there- after be entitled to recover under this Mas- ter Policy to the extent of the insurance af- forded by this Master Policy.
In the event of any payment under this Master Policy, the companies may partici- ▇▇▇▇ with the insured and any underlying in- surer in the exercise of all the insured’s rights of recovery against any person or or- ganization liable therefor.
For each subsequent calendar year, beginning January 1 next following the effective date of this Master Policy, the subscribing com- panies and the proportionate liability of each such company shall be stated in an en- dorsement issued to form a part of this Mas- ter Policy, duly executed by the President of Nuclear Energy Liability Insurance Associa- tion on behalf of each such company, and mailed or delivered to the Nuclear Regu- latory Commission.
No action shall lie against the companies or any of them unless, as a condition ▇▇▇▇▇- ▇▇▇▇ thereto, the insured shall have fully complied with all the terms of this Master Policy, nor until the amount of the insured’s obligation to pay shall have been finally de- termined either by judgment against the in- sured after actual trial or by written agree- ment of the insured, the claimant and the companies.
Each company subscribing this Master Pol- icy upon its issuance shall be liable only for its stated proportion of any obligation as- sumed or expense incurred under this Master Policy because of bodily injury or property damage caused during the period from the ef- fective date of this Master Policy to the close of December 31 next following.