Examples of Residual Liability in a sentence
Automotive Liability insurance covering all owned, hired, and non-owned vehicles with Personal Protection insurance to comply with the provisions of the Michigan No Fault Insurance Law including Residual Liability insurance with minimum bodily injury limits of $1,000,000 (One Million Dollars) each occurrence and/or aggregate minimum property damage limits of $1,000,000 (One Million Dollars) each occurrence and/or aggregate.
The CONTRACTOR shall carry AUTOMOBILE insurance as follows: Residual Liability $1,000,000 each accident, combined single limit Personal Injury Protection Statutory Property Protection Statutory This coverage shall protect the Agency and Ottawa County, its employees, agents, representatives, and subcontractors against claims arising out of the work performed or products provided.
The transfer of any Transferring Asset, Transferring Liability, Residual Asset or Residual Liability to the Transferee shall have effect notwithstanding any provision (whether express or implied) to the contrary in any contract or arrangement with any policyholder or any other person.
The Transferee shall have sole conduct of any third party claim in respect of any matter which constitutes or is reasonably likely to constitute a Residual Liability and the Transferor shall, and shall procure that other members of the Transferor Group shall, as soon as practicable after becoming aware of any such third party claim, notify the Transferee by written notice.
If any doubt or difference shall arise as to the allocation or attribution of any of the Transferred Business (including any Transferred Policy, Transferred Business Asset or Transferred Liability), or any Residual Asset or Residual Liability, in accordance with this Scheme, the same shall be determined by the Transferee Board, having regard to appropriate actuarial advice.