AVN 37B 10.10.02 Excess Aviation Liability Policy
Policy Schedule
Item 1. Name and Address
of the Insured
Item 2. Policy
Period
From
To
Item 3. Hazards
Covered
The Insured’s legal
liability arising out of
as covered by and as
more fully set forth in the Primary Policy
Item 4. Limits
of Liability
(a) Combined Primary and Underlying Excess
Limit(s)
(b) Total limit of liability under this
Policy and the Primary and Underlying Excess Policies combined
(c)
Excess Limit
Item 5. Primary
and Underlying Excess Policy Details and Limits
Primary Insurers
Policy Number
Limit
Underlying Excess
Insurers
Policy Number
Limit
Item 6. Premium
Item 7. Address
for Notices
All
notices required to be given by the terms and conditions of this Policy shall
be given to
We the
Insurers agree, to the extent and in the manner hereinafter provided, and in
consideration of the payment of the Premium, to pay on behalf of the Insured
all sums which the Insured shall become legally obligated to pay as damages in
respect of bodily injury and/or property damage caused by an Occurrence during
the Policy Period, and arising out of the Hazards Covered set forth in Item 3
of the Policy Schedule.
PROVIDED
ALWAYS THAT:
1. Liability attaches to the Insurers only
after the Primary and Underlying Excess Insurers have paid or have been held
liable to pay the full amount set forth in Item 4 (a) of the Policy Schedule in
respect of the Ultimate Net Loss and then
(a) the limit of liability under this Policy will
be such amount of the Ultimate Net Loss as will provide the Insured with a
total limit under the Primary and Underlying Excess Policies and this Policy
combined as set forth in Item 4 (b) of the Policy Schedule; or
(b) if no amount is set forth in Item 4 (b) of
the Policy Schedule the limit of liability under this Policy shall be such
amount of the Ultimate Net Loss as set forth in Item 4 (c) of the Policy
Schedule excess of the limit set forth in Item 4 (a) of the Policy Schedule.
2. The limit of liability under this
Policy as stated in Item 4 of the Policy Schedule shall not be increased by the
inclusion hereon of more than one Insured whether by endorsement or otherwise.
3. If any of the Hazards Covered by this
Policy is subject to an aggregate limit of liability in the Primary Policy then
the limit of liability under this Policy shall, as respects such hazard, apply
in the aggregate for the Policy Period.
4. If the Hazards Covered by this Policy
include liability arising out of the ownership, operation or use of aircraft by
the Insured and if the Primary Policy provides that its terms apply separately
to each such aircraft, then the terms of this Policy shall also, as respects
that hazard, apply separately to each such aircraft.
EXCLUSIONS
This
Policy does not apply:
1. To any loss suffered by the Insured as
a result of the inability, refusal or failure to pay of the Primary and/or
Underlying Excess Insurers for any reason whatsoever including, without
limitation, any financial impairment, insolvency or liquidation.
2. To claims excluded by the attached
Noise and Pollution and Other Perils Exclusion Clause.
3. To claims excluded by the attached
Nuclear Risks Exclusion Clause.
4. To claims excluded by the attached War,
Hi-Jacking and Other Perils Exclusion Clause.
5. To claims excluded by the attached Date
Recognition Exclusion Clause.
6. To claims excluded by the attached
Contracts (Rights of Third Parties) Act 1999 Exclusion Clause.
DEFINITIONS
1. “Ultimate Net Loss” means the amount
payable in settlement of the liability of the Insured after making deductions
for all recoveries and other valid and collectible insurances, excepting
however the Primary and Underlying Excess Policies, and shall exclude all
Excluded Costs and Permitted Costs.
2. “Excluded Costs” means all office
expenses of the Insured, all expenses for salaried employees of the Insured and
general retainer fees for Counsel normally paid by the Insured.
3. “Permitted Costs” means interest
accruing after entry of judgement, investigation, adjustment and legal expenses
(excluding however all expenses for salaried employees of the Insured and
general retainer fees for Counsel normally paid by the Insured).
4. “Occurrence” shall be deemed to have
the same meaning in this Policy as is attributed to it in the Primary Policy
but, notwithstanding the foregoing, for the purposes of this Policy all legal
obligations of the Insured to pay damages arising out of exposure to
substantially the same general conditions shall be deemed to arise out of one
Occurrence.
CONDITIONS PRECEDENT
It is necessary that the Insured observes
and fulfils the following condition before the Insurers have any liability to
make any payments under this Policy.
1. Maintenance of Primary and Underlying
Excess Insurance
The
Insured shall maintain the Primary and Underlying Excess Policies in full
effect during the currency of this Policy except for any reduction of any
aggregate limits contained therein solely by payment of claims in respect of
Occurrences during the Policy Period stated in Item 2 of the Policy
Schedule. If the Primary and Underlying
Excess Policies are not so maintained in full effect at all times during the
currency of this Policy, coverage under this Policy shall immediately cease.
GENERAL CONDITIONS
1. In respect of the
Hazards Covered set forth in Item 3 of the Policy Schedule, this Policy is
subject (except as regards the Premium, the obligation to investigate and
defend, the renewal agreement, if any, the amount and limit of liability other
than the deductible or self-insurance provision where applicable, and except as
otherwise provided herein), to the same warranties, terms, conditions,
definitions and exclusions as are contained in or may be added to the Primary
Policy prior to the happening of an Occurrence for which claim is made
hereunder. Should any alteration be made
in the premium for the Primary Policy during the currency of this Policy, the
Insured shall give notice within thirty (30) days thereof to the Insurers who
shall have the right to amend the Premium hereon accordingly.
2. Attachment of Liability
Liability to pay under this Policy
shall not attach unless and until the Primary and Underlying Excess Insurers
have paid or have been held liable to pay the full amount of the Primary and
Underlying Excess Limit(s) as set forth in Item 4 (a) of the Policy Schedule.
3. Incurring of Permitted Costs
In the event of a claim or claims
arising which appear likely to exceed the Primary and Underlying Excess
Limit(s), no Permitted Costs shall be incurred by the Insured without the
consent of the Insurers.
4. Apportionment of Costs
Permitted
Costs incurred by or on behalf of the Insured with the written consent of the
Insurers, and for which the Insured is not covered by the Primary and
Underlying Excess Insurers, shall be apportioned as follows:
(a) Should any claim or claims be resolved
prior to the commencement of trial for not more than the Primary and Underlying
Excess Limit(s), then no Permitted Costs shall be payable by the Insurers.
(b) Should, however, the amount for which
the said claim or claims may be resolved exceed the Primary and Underlying
Excess Limit(s), then the Insurers, if they consent to the proceedings
continuing, shall contribute to the Permitted Costs incurred by or on behalf of
the Insured in the ratio that the amount they are liable to pay in respect of
the Ultimate Net Loss bears to the whole amount of the Ultimate Net Loss.
In the
event that the Insured elects not to appeal a judgement in excess of the
Primary and Underlying Excess Limit(s) the Insurers may elect to conduct such
appeal at their own cost and expense and shall be liable for the taxable or
assessable court costs and interest incidental thereto, but in no event shall
the total liability of the Insurers exceed the limit of liability under this
Policy as provided for herein, plus the expenses of such appeal.
5. Application of Recoveries
All recoveries or payments recovered
or received subsequent to a loss settlement under this Policy shall be applied
as if recovered or received prior to such settlement and all necessary
adjustments shall then be made between the Insured and the Insurers, provided
always that nothing in this Policy shall be construed to mean that losses under
this Policy are not payable until the Insured’s Ultimate Net Loss has been
finally ascertained.
6. Notification of Claims
In the event of an Occurrence likely
to give rise to a claim hereunder notice shall be given by the Insured to the
Insurers as soon as reasonably possible, in accordance with Item 7 of the
Policy Schedule.
7. Fraudulent Claims
If the
Insured shall make any claim knowing the same to be false or fraudulent as
regards amount or otherwise, this Policy shall become void and all claims
hereunder shall be forfeited.
8. Law and Jurisdiction
This Policy shall be governed by the laws
of
9. Variation in Risk
The
Insured, upon being aware of any material change in the circumstances or nature
of the risks covered by this Policy, shall give immediate notice thereof to the
Insurers who shall have the right to amend the Premium hereon accordingly.
10. Cancellation
This
Policy may be cancelled at any time at the written request of the Insured or
may be cancelled by or on behalf of the Insurers provided not less than thirty
(30) days notice in writing be given.
The
premium to be retained by the Insurers in the event of cancellation by the
Insured shall be calculated as follows:
(a)
If the premium is on an adjustable basis:
the earned premium hereon for the period that this Policy has been in force or
the short rate proportion of any minimum premium calculated in accordance with
the attached scale, whichever is the greater.
(b)
If the premium is on a non-adjustable
basis: the short rate proportion thereof calculated in accordance with the
attached scale.
In
the event of cancellation by the Insurers the premium due to the Insurers shall
be calculated as in (a) and (b) above except that pro rata proportion shall be
substituted for short rate proportion.
Notice of cancellation by the Insurers shall be effective even though
the Insurers make no payment or tender of return premium.
If
the period of limitation relating to the giving of notice is prohibited or made
void by any law controlling the construction hereof, such notice shall be
deemed to be amended so as to be equal to the minimum period of limitation
permitted by such law.
11. Other Insurance
To
the extent that there is other insurance providing coverage to the subject
claim (other than underlying insurance or insurance that is specifically
intended to be excess of this Policy), the liability of the Insurers under this
Policy shall be limited to their rateable proportion of the claim.
AVIATION
CANCELLATION SCALE
(applicable to
Annual Policies)
1 month on risk ... ...
... ... ...
... ... ...
... ... ... ... ...
... ... ... ...
.. 20% annual premium
2 months on risk
... ...
... ... ...
... ... ...
... ... ...
... ... ... ... ...
... ...30% annual premium
3 months on risk
... ...
... ... ...
... ... ...
... ... ...
... ... ... ... ...
... ...40% annual premium
4 months on risk
... ...
... ... ...
... ... ...
... ... ...
... ... ... ... ...
... ...50% annual premium
5 months on risk
... ...
... ... ...
... ... ...
... ... ...
... ... ... ... ...
... ...60% annual premium
6 months on risk
... ...
... ... ...
... ... ...
... ... ...
... ... ... ... ...
... ...70% annual premium
7 months on risk
... ...
... ... ...
... ... ...
... ... ...
... ... ... ... ...
... ...75% annual premium
8 months on risk
... ...
... ... ...
... ... ...
... ... ...
... ... ... ... ...
... ...80% annual premium
9 months on risk
... ...
... ... ...
... ... ...
... ... ...
... ... ... ... ...
... ...85% annual premium
Over 9 months equivalent to Annual.
AVN
37B 10.10.02
No comments:
Post a Comment