SUBROGATION OF RIGHTS AND WAIVER OF SUBROGATION

INSURANCE POLICY original wording

General conditions applicable to all sections of this policy

The terms and conditions of the various sections and/ or sub-sections of this policy shall supersede those set forth in these general conditions wherever the same may conflict.

DEFINITION OF THE ASSURED

Only the following are included in the definition of the «Assured» under this policy: —

(a) the named Assured,

(b) the named Assured's subsidiary, owned or controlled companies as their respective right and interest may appear,

(c) any person or entity to whom the Assured is obliged by virtue of a written contract entered into before any relevant Accident or occurrence, to provide insurance within the coverage afforded by this policy.

(d) Said person or entity shall be covered only to the extent of such obligation of the Assured and then only in respect of products manufactured by or operations carried out by or on behalf of the Assured or of facilities of the Assured or of facilities used by the Assured,

(e) additional Assureds, other than as provided for in b) or c) above, which have been declared and accepted by Insurers at the inception date of this policy,

(e) any officer, director, stockholder, partner or employee of an Assured, but only in respect of a claim made against him in his capacity as such,

(f) such additional percentage of any joint venture, operation or partnership where the Assured is required by written contract to provide insurance for any other partner in the joint venture and which has been declared to and accepted by Insurers at the inception date of this policy,

(g) any person or entity that would otherwise fall under b), d), or f) above but for which the named Assured first seeks coverage after the inception date and during the period of this policy, will automatically be covered hereon subject to the retroactive date, where applicable, for such person or entity being the date from which coverage is required and provided satisfactory advice and full information is received by Insurers from the first named Assured of such additional person or entity within 45 days after the date such coverage is required. Insurers reserve the right to charge such additional premium and/or impose such specific terms, conditions and exclusions upon any person or entity covered under this paragraph g) as Insurers think fit,

(h) any subsidiary or affiliated company insured under b), d), f), or g) above which ceases to be a subsidiary or affiliated company, but only in so far as such former subsidiary or affiliated company does not have any other insurance.

Loss Payee:Losses and returns of premiums payable to the Company or order.

DUE DILIGENCE

It is a condition of this insurance that the Assured shall exercise due care and diligence in the conduct of all operations covered hereunder, utilizing all safety practices and equipment generally considered prudent for such operations, and in the event any hazardous condition develops with respect to an insured property, the Assured shall at its sole expense make all reasonable efforts to prevent the occurrence of a loss insured hereunder.

DEFENCE

Insurers shall not be called upon to assume the handling or control of the defense or settlement of any claim made against the Assured but Insurers shall have the right, but not the duty, to participate with the Assured in the defense or settlement of any claim which may be indemnifiable in whole or in part.

Insurers will pay any defense expenses incurred after exhaustion of the Deductible/ Excess, provided the prior written consent of Insurers is obtained before those defense expenses are incurred and subject to Insurers' limits of liability.

SUBROGATION OF RIGHTS AND WAIVER OF SUBROGATION

The Insurers shall be subrogated to the extent of any payment hereunder to all the Assured's rights of recovery, and the Assured shall do nothing after loss to prejudice such rights and shall do everything necessary to secure such rights.

However, the Insurers shall not have the right to be subrogated to or to require assignment of the Assured's right or rights of recovery against:

A.any party with whom the Assured has effected contracts or agreements customary to the conduct of the business of the Assured and under which the Assured may have assumed liability or granted releases therefrom, without prejudice to this Policy, provided such contracts or agreements, written, insofar as they effect any loss hereunder, are concluded prior to such loss;

В. any of the Assureds under this Policy, or their directors, officers, stockholders, partners or employees.

Date: 2015-12-11; view: 779