Application of Excess. (a) The Insured shall be liable to pay the amount of the Excess in respect of each Event/Occurrence. If a series of claims are made under a Section of this Policy arising out of the one Event/Occurrence then only one Excess shall apply in respect of that Policy Section. In respect to Section 2, the Excess is inclusive of Defence and Other Costs as described.
Application of Excess. Save where provided to the contrary in any Section of Part 1 of this Policy, the applicable amount shown in the Schedule as an Excess is the amount of all damages, loss, costs and expenses for which the Insured is responsible in respect of each and every before the Company is liable to make any payment under Part 1 of this Policy. The applicable Excess amount shall not erode the applicable Limit shown in the Schedule. Claims handling up to this Excess shall be the responsibility of the Insured. Where cover in respect of any one occurrence is provided under more than one Section of Part 1 of this Policy, the highest applicable Excess shall apply. The Company may, at its discretion, pay any part or all of the Excess to settle any claim or proceedings, in which case the Insured shall promptly reimburse the Company for any such sum. Average / index linking If “index linking” is shown as operative in the Schedule the declared value for buildings and general contents and Sum Insured for stock at the commencement of the Period of Insurance shall be calculated by the Company applying an index to the amounts declared for the preceding Period of Insurance. If the Insured does not elect “index linking”, the following condition of Average shall apply: In respect of items of stock If at the time of damage the Sum Insured on any item is less than the value of the property covered by such item then the Insured shall be considered as being its own insurer for the difference and shall bear a rateable share of the loss accordingly. The amount payable by the Company in respect of such damage shall be proportionately reduced. In respect of electronic data processing equipment If at the time of any loss of electronic data processing equipment any such insured property is subject to a maintenance agreement and such maintenance agreement reimburses the Insured for any incurred loss, this Policy shall provide indemnity within the terms of the Policy only after such maintenance agreement shall have been exhausted.
