Orange County NC Website
Browse       Search
Associated Industries Insurance Company, Inc. <br /> 800 Superior Avenue <br /> Cleveland, OH 44114 <br />CYS 0122 19 <br />If an Insured has waived its right to subrogate against a Third Party through written agreement made <br />before an incident or event giving rise to a Claim or Loss has occurred, then the Insurer waives its rights <br />to subrogation against such Third Party. Any recovery received will first be applied against any payment <br />made by the Insurer with any balance remaining thereafter being remitted to or retained by the Company <br />or Insured. Recovery by the Insurer from reinsurance will not be deemed a recovery hereunder. <br />Settlement of Claims <br />If the Insured refuses to consent to settle a Claim as recommended by the Insurer, the Insurer’s liability <br />for such Claim will not exceed: <br />(A) the amount of Defense Costs incurred prior to the date of such recommendation; plus <br />(B) 60% of all future Defense Costs incurred after the date such settlement or compromise was <br />recommended to the Insured plus 60% of any Damages above the amount for which the Claim <br />could have been resolved. <br />LIMIT OF LIABILITY AND RETENTION <br />Limit of Liability <br />The Insurer’s liability to pay or indemnify under this Policy for each and every Loss and for all Loss in the <br />aggregate will not exceed the Aggregate Limit of Liability. Any amounts paid by the Insurer under this <br />Policy will erode the Aggregate Limit of Liability. <br />Each limit of coverage specified in the Declarations or elsewhere in this Policy is the maximum amount the <br />Insurer will pay for the coverage to which it applies and is part of, and not in addition to, the Aggregate <br />Limit of Liability. <br />Retention <br />Coverage under this Policy will apply only after the Insured has paid the applicable Retention. In the event <br />of a Loss, the Insurer will be responsible only for the amount of Loss that is in excess of the applicable <br />Retention. <br />If more than one Retention applies to a Related Event, the Insured is responsible to pay an amount equal <br />to the largest of such applicable Retention amounts. <br />GENERAL PROVISIONS <br />Extended Discovery Period <br />In the event of cancellation or non-renewal of this Policy, by either the Company or Insurer (for reasons <br />other than for non-payment of the premium), the Company will be entitled to purchase an Extended <br />Discovery Period by making a request in writing not later than 60 days after expiration of the Policy Period <br />and paying the additional premium listed in Item 4. of the Declarations for such Extended Discovery <br />Period. The purchase of the Extended Discovery Period will in no way increase the Aggregate Limit of <br />Liability. Such additional premium will be deemed fully earned and not eligible for refund or repayment. <br />The Extended Discovery Period will provide for extended coverage under this Policy only for Claims (i) <br />first made against an Insured during the Extended Discovery Period, and (ii) arising out of a Cyber Event <br />or Media Wrongful Act occurring before the end of the Policy Period. <br />New Subsidiaries <br />DocuSign Envelope ID: ED55B3D5-BAD0-45B4-977B-F09C4091C16A