BICEP 2-1988 - Laserfiche WebLink

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Eo DURATION OF AN OCCURENCE An OCCURRENCE with a duration of more than one coverage period shall be treated as a single OCCURENCE arising during the coverage period when the OCCURRENCE begins. ENDORSEMENT CONDITIONS Notice to any agent or knowledge possessed by any agent or by any person shall not ef- fect a waiver or change in any part of this AGREEMENT or stop the Authority from asserting any right under the terms of this memorandum, nor shall the terms of this AGREEMENT be waived or changed, except by endorsement issued to form a part of this memorandum. ACTION AGAINST THE AUTHORITY No actions shall lie against the Authority with respect to the coverages and related pro- visions defined in this AGREEMENT unless, as a condition precedent thereto, there shall have been full compliance with all the terms of this AGREEMENT, nor until the amount of the Insured's obligations to pay ~hall have been finally determined either by judgement against the Insured after actual trial or by written agreement of the Insured, the claimant and the Authority. Any person or organization or the representative there- of who has secured such iudgement or written agreement shall thereafter be entitled to recovery under this AGREEMENT to the extent of the coverage afforded by this AGREEMENT. No person or entity shall have any right under this AGREEMENT to join the Authority as a party to any action against the Covered Party to determine the Insured's Liability, nor shall the Authority be impleaded by the Insured's or its legal representative. SUBROGATION The Authority shall be subrogated to the extent of any payment hereunder to all the tn- sured's rights of recovery thereof, and the Insured shall do nothing after loss to pre- judice such right and shall do ever~hing necessary to secure such right. Any amount so recovered shall be apportioned as follows: The expenses of all such recovery proceedings shall be paid before any reimburse- ments are made for the highest layer of coverage. If there is no recovery in the pro- ceedings conducted by the Authority, it shall bear the expense thereof. 2. The highest layer of coverage shall be reimbursed first and if there be sufficient re- coveries then the next highest layer until all recoveries are used up.. ASSIGNMENT OF INTEREST Assignment of interest under this memorandum shall not bind the Authority unless and until its consent is endorsed hereon. CROSS LIABILITY In the event of ULTIMATE NET LOSS to one or more Insureds for which another Insured is or may be held liable, then this policy shall cover such entity or person against whom" claim is made or may be made, the same as if separate memorandums o! coverage had been issued to each Insured, except that the Limits of Liability for ali such Insureds shall not exceed the Limits of Liability set forth in the memorandum declarations. 9!CE? 3/9/88 ?-9