JPW COMMUNICATIONS, INC. - Laserfiche WebLink

Home Browse Search

insured's rights against all those other premium in accordance with our rates and insurers. rules then in effect. c. When this insurance is excess over other 3. With our consent, you may continue this policy insurance, we will pay only our share of in force by paying a continuation premium for the amount of the loss, if any, that each successive one-year period. The exceeds the sum of: premium must be: (1) The total amount that all such other a. Paid to us prior to the anniversary date; insurance would pay for the loss in the and absence of this insurance; and b. Determined in accordance with paragraph (2) The total of all deductible and self- 2. above. insured amounts under all that other Our forms then in effect will apply. If you do insurance. not pay the continuation premium, this policy d. We will share the remaining loss, if any, will expire on the first anniversary date that we with any other insurance that is not have not received the premium. described in this provision and was not 4. Undeclared exposures or change in your bought specifically to apply in excess of business operation, acquisition or use of the Limits of Insurance shown in the locations may occur during the policy period Declarations for this Coverage. that is not shown in the Declarations. If so, we e. Method of Sharing may require an additional premium. That If all of the other insurance permits premium will be determined in accordance contribution by equal shares, we will follow with our rates and rules then in effect. this method also. Under this approach J. Premium Audit each insurer contributes equal amounts 1. This policy is subject to audit if a premium until it has paid its applicable Limit of designated as an advance premium is shown Insurance or none of the loss remains, in the Declarations. We will compute the final whichever comes first. premium due when we determine your actual If any of the other insurance does not exposures. permit contribution by equal shares, we 2. Premium shown in this policy as advance will contribute by limits. Under this premium is a deposit premium only. At the method, each insurer's share is based on close of each audit period, we will compute the the ratio of its applicable Limit of earned premium for that period and send Insurance to the total applicable limits of notice to the first Named Insured. The due insurance of all insurers. date for audit premiums is the date shown as f. When this insurance is excess, we will the due date on the bill. If the sum of the have no duty under Business Liability advance and audit premiums paid for the Coverage to defend any claim or "suit" policy period is greater than the earned that any other insurer has a duty to premium, we will return the excess to the first defend. If no other insurer defends, we will Named Insured. undertake to do so; but we will be entitled 3. The first Named Insured must keep records of to the insured's rights against all those the information we need for premium other insurers. computation and send us copies at such times I. Premiums as we may request. 1. The first Named Insured shown in the K. Transfer of Rights of Recovery Against Others Declarations: to Us a. Is responsible for the payment of all 1. Applicable to SECTION I — PROPERTY premiums; and Coverage: b. Will be the payee for any return premiums If any person or organization to or for whom we pay. we make payment under this policy has rights 2. The premium shown in the Declarations was to recover damages from another, those rights computed based on rates in effect at the time are transferred to us to the extent of our the policy was issued. On each renewal, payment. That person or organization must do continuation or anniversary of the effective everything necessary to secure our rights and date of this policy, we will compute the must do nothing after loss to impair them. But you may waive your rights against another party in writing: 391-1003 08 16 Includes copyrighted material of Insurance Services Office, Inc.,with its permission. Page 80 of 81