Underlying Policy Limits definition
Underlying Policy Limits means the combined limits of liability of the Underlying Policies, including costs and expenses incurred in the defense or settlement of any claim.
Examples of Underlying Policy Limits in a sentence
Liability to pay under this Policy shall not attach unless and until the insurers of the Underlying Policies shall have paid or have admitted liability or have been held liable to pay, the full amount of the Underlying Policy Limits.
It is a condition of this Policy that the Underlying Policies shall be maintained in full effect during the Period of Insurance except for any reduction of the Underlying Policy Limits solely by payment of any claims or costs and expenses incurred in the defense or settlement of such claims.