BICEP 2-1988 - Laserfiche WebLink

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Co SECTION VIII -- CONDITIONS PREMIUM AND AUDIT The premium designated in the Declaration as "Deposit Premium" is a deposit premium only. The Authority shall be permitted but not obligated to inspect the Insured's property and ooerations at any reasonable time. Neither the lnsured's rights to make inspections nor the making thereof nor any report thereon shall constitute an undertaking, on behalf of or for the benefit of the Insured or others, to determine or warrant that such property or operations are safe. The Authority may examine the Insured's books and records at any reasonable time during the MEMORANDUM PERIOD and extensions thereof and within three years after the final termination of this memorandum, as far as they relate to the subject matter of this AGREEMENT. DUTIES IN '['HE EVENT OF AN OCCURRENCE CITY's duty in the event of an OCCURRENCE, claim or suit: In the event of an OCCURRENCE reasonably likely to involve a COVERED ULTI- MATE NET LOSS written notice containing particulars sufficient to identify the entity and also reasonably obtainable information with respect to the time, place and circumstances thereof, and the names and addresses of the entity(s) and of available witnesses shall be given by or for the Insured to the Authority or any of its authorized agents as soon as practicable. If a claim is made or suit brought against the Insured, the Insured shall be obligated upon demand to forward tO the Authority every demand, notice, summons or other process received by the Insured or the Insured's representative. The Insured shall cooperate with the Authority and upon its request assist in en- forcing any right of contribution or indemnity against any person or organization who may be liable to the Insured because of an OCCURRENCE with respect to which coverage is afforded under this AGREEMENT: and the Insured shall attend hearings and trials and assist in securing and giving evidence and obtaining the at- tendance of witnesses. The Insured shall not, except at its own cost, voluntarily make any payment, assume any. obligation or incur any expense which is likely to result in a~ ULTIMATE NET LOSS that exceeds the Retained Limit stated in Item (5) of the Declarations. In the event that the amount of ULTIMATE NET LOSS be- comes certain either through final court judgement of agreement among the In- sured, the claimant and the Authority shall then pay ~n behalf of the Insured the COVERED ULTIMATE NET LOSS. BANKRUPTCY AND INSOLVENCY PROVISION Bankruptcy or insolvency of the CITY shall not relieve the Authority of any of its ob[iga. tJons hereunder. OTHER INSURANCE if cc!lectible insurance or other coverages with any joint powers Authority or other self- funCing mechanism is available to the Insured covering a loss also covered hereunder (whether on a primary, excess or contingent basis), such contribution shall apply to- wards the satisfaction of the Insured's Retained Limit. The coverage hereunder shall contribute with, such other, insurance, provided that this clause does'not apply with rest. eot to excess insurance purchased specifically to be in excess of this AGREEMENT. ~JCE. P 3/9/88 F-8