Excess of Loss Wording

Transcription

1 Excess of Loss Wording Barlow House Minshull Street Manchester M1 3DZ T E info@nucleusunderwriting.com

2 Nucleus Underwriting Excess of Loss Wording In consideration of the Insured having paid in full the Premium and submitted to the Company a written Proposal Form and/or any other written information bearing the date stated in the Schedule; the Company hereby agrees to indemnify the Insured to the extent and in the manner hereafter provided, subject to the terms, exclusions, conditions and limitations contained herein or endorsed hereon. Such a written Proposal Form and or any other written information is incorporated into and shall form the basis of this Policy Contents 1. INSURING CLAUSE INTERPRETATION AND GOVERNING LAW CONDITIONS EXCLUSIONS DEFINITIONS POLICYHOLDER COMPLAINTS... 8 Barlow House Minshull Street Manchester M1 3DZ T E info@nucleusunderwriting.com

3 1. Insuring Clause 1.1. The Company shall indemnify the Insured for damages, claimant s cost and expenses arising out of the Insured s legal liability for injury and/or damage and/or any other event in respect of which the Company has agreed to provide indemnity and which is more fully described in the Policy and the Underlying Insurance: (a) up to the Limit of Liability specified in the Schedule, including costs fees and expenses where the Underlying Insurance provide for costs fees and expenses to be inclusive of the Underlying Insurance; or (b) up to the Limit of Liability specified in the Schedule, with costs fees and expenses payable in addition where the Underlying Insurance provide for costs, fees and expenses to be in addition to the Underlying Insurance 1.2. The liability of the Company for costs fees and expenses is proportional to the amount payable under all contributing policies before cost, fees and expenses are paid out The date of loss falling within the period of the Underlying Insurance and notified under the Underlying Insurance determines whether the loss falls within the Period of Insurance as specified in the Schedule The terms, conditions and exclusions of the Underlying Insurance shall apply except as otherwise provided in this Policy. The Policy terms, conditions and exclusions of this Policy shall prevail. Provided always that: 1.5. Liability under this Policy shall not attach unless liability attaches to Underlying Insurers and the Insured is liable to pay a sum in excess of the Underlying Limit of Liability specified in the Schedule If the Underlying Insurers pay the Underlying Limit of Liability specified in the Schedule and are liable only for costs fees and expenses incurred up to the time of such payment then the Company shall only pay that proportion of the costs fees and expenses for which it would have been liable up to the time of such payment In the event of the partial exhaustion of any aggregate Underlying Limit of Liability specified in the Schedule, the Company shall provide indemnity in excess of the reduced Underlying Limit of Liability In the event of the total exhaustion of any aggregate Underlying Limit of Liability specified in the Schedule, the Company shall continue the Policy in force as the Underlying Insurance but always subject to the terms and conditions of this Policy Where the Underlying Insurance is not concurrent with this Policy the Company will accept the erosion of the Underlying Insurance before the Policy incepted only where the Company has been previously advised. The aggregate Limit of Liability specified in the Schedule of this Policy will always apply. Nucleus Underwriting - NUW XOL 0614 Page 1 of 8

4 1.10. Any decision of the Underlying Insurers to accept a Claim ex-gratia or without prejudice without the prior written acceptance of the Company shall not bind the Company or erode any aggregate Underlying Limit of Liability specified in the Schedule; nor will any decision of the Underlying Insurers prejudice the Company in the conduct or settlement of any Claim under this Policy This Policy shall not apply to any coverage provided by the Underlying Insurance for which a separate sublimit applies for cover, not referred to in the Limit of Liability specified in the Schedule, in respect of which a loss payment will not contribute to the erosion of any aggregate limit specified in the Schedule as the Underlying Limit of Liability This Policy shall not apply to any or be eroded by coverage provided by the Underlying Insurance for which an unlimited amount of indemnity or an unlimited period of insurance applies Where he Underlying Insurance aggregate Limit of Liability specified in the Schedule exceeds its each and every Claim limit, no provision of the Underlying Insurance shall operate to make the Company liable before the full amount of the Underlying Insurance s aggregate limit has been exhausted except where and to the extent a single loss has exceeded the each and every Claim Underlying Limit of Liability. Nucleus Underwriting - NUW XOL 0614 Page 2 of 8

5 2. Interpretation and Governing Law In this Policy: (a) reference to any Act, statute or statutory provision shall include a reference to that provision as amended, re-enacted or replaced from time to time whether before or after the date of the inception, or subsequent renewal or alteration, of this Policy; (b) if any term, condition, exclusion or endorsement or part thereof is found to be invalid or unenforceable the remainder shall be in full force and effect; (c) the headings herein are for reference only and shall not be considered when determining the meaning of this Policy; (d) the singular includes the plural and vice versa; (e) the male gender includes the female and neutral genders. This Policy shall be governed by and construed in accordance with the laws of England and Wales. Any dispute or difference arising under or in respect of this Policy shall be subject to the exclusive jurisdiction of the courts of England and Wales. Nucleus Underwriting - NUW XOL 0614 Page 3 of 8

6 3. Conditions Contracts (Rights of Third Parties) Act Under the contract of insurance comprised by this Policy, no rights are conferred on any party except the Company and the Insured and no third party shall acquire any rights under or in relation to this Policy nor be entitled to the benefit of any of its terms by operation of the Contracts (Rights of Third Parties) Act 1999 or any re-enactment of or amendment to it. Claim Notification The Insured must give to the Company written notice of any Claim made against the Insured or circumstances which are likely to give rise to such a Claim and which are likely to fall within the scope of this Policy. Such notice should be provided within a reasonable time but no later than thirty days after the of the Claim or circumstance. The Company shall be entitled to full cooperation with Underlying Insurers in their management of the defence and/or settlement of any Claim excess of 50% of the Underlying Limit of Liability; but not obligated to take over the management of any Claim once such a Claim is likely to fall within the scope of this Policy. The Insured shall give all such information and assistance as the Company requires but the Company shall not defend a Claim against the wishes of the Insured unless Queen's Counsel advice is such that a defence is likely to be successful. The selection of a Queen s Counsel shall be by mutual agreement between Insured and the Company. All Queen s Counsel expenses shall be assumed by the Company. Costs In the event of a Claim arising to which the Company may be liable to contribute, no costs fees or expenses shall be incurred on its behalf without the Company s express permission and such contribution to be on the basis stated in the Limits of Liability specified in the Schedule; If an out-of-court settlement is agreed for a sum not exceeding the Underlying Limit of Liability, no costs fees or expenses shall be payable by the Company; No settlement of any Claim by agreement shall be effected by the Insured for a sum in excess of the Underlying Limit of Liability without the express consent of the Company. Damages and Warranties Other than for liability attaching in their absence, no liability shall attach to the Company arising out of liquidated damages, penalty clauses or performance warranties. Maintenance of Underlying Insurance It is a condition precedent to the Company s liability that the Insured maintains in full force and effect Underlying Insurance during the currency of this Policy. Insolvency The insolvency, bankruptcy, receivership, or any refusal or inability to pay of the Insured and/or any Underlying Insurer shall not reduce the Underlying Limit of Liability; or increase the Company s liability under this Policy. Fraudulent Policy Claims This Policy shall become void if any Claim under this Policy is in any respect fraudulent. Nucleus Underwriting - NUW XOL 0614 Page 4 of 8

7 Cancellation The Company may cancel this Policy by sending written thirty-day notice of cancellation to the Insured's last known address. Following Form Except as herein provided to the contrary, this Policy is subject to the same warranties, terms, definitions, conditions, and exclusions as the Underlying Insurance that existed at the time this Policy is incepted. Unless at the express agreement of the Company, the Company shall not be bound by any provision of the Underlying Insurance in relation to any renewal agreement or extension of period; any long term agreement or extended reporting period option; any performance bonus; or any arbitration agreement, choice of law clause or duty to defend provision. Non-Admission of Liability Without prior express agreement of the Company, the Insured shall not admit to liability or negotiate a compromise in respect of any Claim or any circumstance likely to give rise to a Claim. Subrogation In the event of any payment under this Policy, the Company shall have full rights of subrogation to all of the lnsured's rights of recovery against any natural person or organisation, and the Insured shall execute and deliver instruments and papers and do whatever else is necessary to secure such rights. The Insured shall do nothing after loss to prejudice such rights. Nucleus Underwriting - NUW XOL 0614 Page 5 of 8

8 4. Exclusions Regardless of the provisions of any Underlying Insurance this Policy shall not indemnify the Insured for any loss, cost or expense directly or indirectly arising out of, resulting as a consequence of, or related to: Asbestos asbestos whether or not there is another cause of loss which may have contributed concurrently or in any sequence to a loss or in respect of that part of any property insured by this Policy which consists of asbestos. Pollution Pollution occurring: (a) in the United States of America or Canada; (b) anywhere other than the United States of America or Canada unless as a direct result of a sudden, identifiable, unintended and unexpected event occurring in its entirety at a specific time and place during the Period of Insurance as specified in the Schedule. Radioactive Contamination (a) radioactive contamination by nuclear materials and waste; (b) the hazardous properties of any nuclear assembly or nuclear component thereof. Terrorism Acts of Terrorism regardless of any other cause or event contributing concurrently or in any other sequence to the loss including action taken in controlling, preventing, suppressing or in any way relating to any act of Terrorism. In the event that any portion of this Exclusion is found to be invalid or unenforceable, the remainder shall remain in full force and effect. Toxic Mould (a) the actual, potential, alleged or threatened formation, growth, presence, release or dispersal of any fungi, moulds, spores or mycotoxins of any kind; or (b) any action taken by any party in response to the actual, potential, alleged or threatened formation, growth, presence, release or dispersal of fungi, moulds, spores or mycotoxins of any kind, such action to include investigating, testing for, detection of, monitoring of, treating, remediating or removing such fungi, moulds, spores or mycotoxins; or (c) any governmental or regulatory order, requirement, directive, mandate or decree that any party take action in response to the actual, potential, alleged or threatened formation, growth, presence, release or dispersal of fungi, moulds, spores or mycotoxins of any kind, such action to include investigating, testing for, detection of, monitoring of, treating, remediating or removing such fungi, moulds, spores or mycotoxins. War War, invasion, act of foreign enemy, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection or military or usurped power. Nucleus Underwriting - NUW XOL 0614 Page 6 of 8

9 5. Definitions Claim means Any claim as stated in the Underlying Insurance. Company means Nucleus Underwriting on behalf Mitsui Sumitomo at Lloyd's and other Lloyd s Underwriters. Insured means: The Insured named in the Schedule and covered by the Underlying Insurance but excluding any entity registered under the laws of the United States of America or Canada or domiciled in those countries. Pollution means All pollution or contamination of structures, water, land or atmosphere and Damage or Injury caused by such pollution or contamination. Terrorism means A UK Government-declared act of Terrorism or Terrorism declared by any other body authorised to do so in the country in which the act occurred. Underlying Insurance means The primary policy and all policies providing indemnity in excess of the primary policy up to the Underlying Limit of Liability specified in the Schedule. Underlying Insurers means The primary policy insurer and all the insurers providing indemnity in excess of the primary policy insurer up to the Underlying Limit of Liability specified in the Schedule. Nucleus Underwriting - NUW XOL 0614 Page 7 of 8

10 6. Policyholder Complaints Mitsui Sumitomo at Lloyd's values the opportunity to investigate any concerns the Insured may have about any aspect of its service and is committed to handling all complaints fairly, thoroughly and promptly. Many concerns can be resolved straight away therefore in the first instance, please get in touch with your usual contact as they will generally be able to provide you with an immediate response to your satisfaction. Contact details will be provided on correspondence that Mitsui Sumitomo at Lloyd's or our representative have sent you. If Mitsui Sumitomo at Lloyd's cannot resolve your complaint straight away, it will aim to resolve the Insured s concerns as soon as possible and will keep you informed of progress while enquiries are continuing. The majority of complaints Mitsui Sumitomo at Lloyd's receives are resolved within four weeks of receipt. Next steps if you are not happy with the response provided Mitsui Sumitomo at Lloyd's is dedicated to its customers and seeks to do what is right. Sometimes it may not be able to reach an agreement with the Insured. If this is the case and the Insured remains dissatisfied with Mitsui Sumitomo at Lloyd's response the Insured may contact the Lloyd s Complaints department at: Policyholder & Market Assistance Market Services Lloyd s One Lime Street London EC3M 7HA complaints@lloyds.com Telephone: +44 (0) Fax: +44 (0) If Lloyd s is unable to resolve the complaint to the Insured s satisfaction then, in certain circumstances, the Insured may then ask the Financial Ombudsman Service (FOS) to review the complaint. Details will be provided to the Insured at the appropriate stage of the complaint process. The Financial Services Compensation Scheme (FSCS) Mitsui Sumitomo at Lloyd's is covered by the Financial Services Compensation Scheme (FSCS). The Insured may be entitled to compensation should Mitsui Sumitomo at Lloyd's be unable to meet its obligations. Further information is available on or the Insured may contact the FSCS on Following this complaints procedure does not affect the Insured s legal rights. Nucleus Underwriting - NUW XOL 0614 Page 8 of 8