Laserfiche WebLink
Westchester ACE Fire Underwriters Insurance ACE Advanta <br /> eg <br /> Company g <br /> A Chubb Company Miscellaneous Professional <br /> Liability Policy <br /> In consideration of the payment of the premium, in reliance upon the Application, and subject to the <br /> Declarations and the terms and conditions of this Policy, the Insureds and the Company agree as follows: <br /> I. INSURING AGREEMENT AND DEFENSE <br /> A. Insuring Agreement <br /> The Company will pay on behalf of the Insured all sums in excess of the Retention that the <br /> Insured shall become legally obligated to pay as Damages and Claims Expenses because of a <br /> Claim first made against the Insured and reported to the Company during the Policy Period by <br /> reason of a Wrongful Act committed on or subsequent to the Retroactive Date and before the <br /> end of the Policy Period. <br /> B. Defense <br /> 1. The Company shall have the right and duty to defend any covered Claim brought against the <br /> Insured even if the Claim is groundless, false or fraudulent. The Insured shall not admit or <br /> assume liability or settle or negotiate to settle any Claim or incur any Claims Expenses <br /> without the prior written consent of the Company and the Company shall have the right to <br /> appoint counsel and to make such investigation and defense of a Claim as it deems <br /> necessary. <br /> 2. The Company's duty to defend ends if the Insured refuses to consent to a settlement <br /> acceptable to the claimant/plaintiff and the Company. In such event, the Company shall <br /> tender a check to the Insured for the recommended settlement amount, and shall be relieved <br /> of any further duty or obligation, other than for covered Claims Expenses incurred until the <br /> date of such refusal. The Insured thereafter has the duty to defend at its own expense. This <br /> paragraph shall not apply to a settlement in which the total incurred Damages and Claims <br /> Expenses do not exceed the Retention. <br /> 3. The Company shall not be obligated to commence or continue to investigate, defend, pay or <br /> settle any Claim after the applicable Limit of Liability specified in Item 3 of the Declarations has <br /> been exhausted, or after the Company has deposited the remaining available Limit of Liability <br /> with a court of competent jurisdiction. In such case, the Company shall withdraw from <br /> investigation, defense, payment or settlement of such Claim and shall tender control of such <br /> Claim to the Insured. <br /> 4. If the Insureds attend hearings, depositions or trials at the request of the Company, the <br /> Company shall reimburse the Insureds for actual loss of earnings and reasonable and <br /> necessary expenses due to such attendance, up to $250.00 per day and a maximum amount <br /> of $5,000 for all Claims covered by this Policy. Such reimbursement payments by the <br /> Company to the Insured are not subject to the Retention and shall not reduce the Limits of <br /> Liability. <br /> ll. DEFINITIONS <br /> A. Application means all applications, including any attachments thereto, and all other information <br /> and materials submitted by or on behalf of the Insureds to the Company in connection with the <br /> Company underwriting this Policy or any policy of which this Policy is a direct or indirect renewal <br /> or replacement or which it succeeds in time. All such applications, attachments, information, and <br /> materials are deemed attached to and incorporated into this Policy. <br /> PF-18874 (02/06) Page 1 of 10 <br />