Page 110 - Hollard Business Policy - Binder

13.8 Bankruptcy or insolvency
In the event of bankruptcy, insolvency or sequestration of the estate of the Insured, whether voluntary or involuntary, or upon takeover of the Insured's business by any Court Official, Trustee or Liquidator, acting or appointed for this purpose, this Policy shall thereupon terminate without the necessity of the Insurers giving notice of such cancellation. In the event of such termination the Insurer will refund such Court Official, Trustee or Liquidator the unearned premium or pro-rata thereon whichever is the lesser.
13.9 Underlying insurances
The Indemnity granted by this Policy is conditional upon the Underlying Insurances remaining in force throughout the Period of Insurance for the indemnity limits stated on the Schedule of underlying insurances attached to this Policy (other than where reduced or exhausted by claims).
13.10 Other insurance
If the Insured has effected insurance for the purpose of providing indemnity other than a policy specifically to provide indemnity in excess of this Policy, the insurance afforded by this Policy shall not contribute with such other insurance. The Provisions of this Condition shall apply notwithstanding that the aforesaid policy be voidable or that the Insurer be entitled to avoid liability for an occurrence which has given rise to a claim under such other policy.
13.11 Subrogation
No admission, offer or payment which results in a claim under this Policy may be made or given by or on behalf of the Insured or the Insurers of any Scheduled underlying Insurance Policy without the written consent of the Insurers. The Insured will take all reasonable steps to ensure that the underlying Insurers will co-operate with the Insurers in the defence and settlement of any claim which is indemnifiable both by a Scheduled underlying insurance policy and this Policy, and in the exercise of any subrogation rights. The costs incurred in exercising such rights and any amounts recovered shall be apportioned to each party according to the sums paid or payable under the respective policies.
13.12 Changes
Notice to or knowledge possessed by any agent or by any other person shall not effect a waiver or a change in any part of this Policy nor stop the Insurers from asserting any rights under the terms of this Policy; nor shall the terms of this Policy be waived or changed, except by endorsement issued to form a part of this Policy, signed by an authorised representative of the Insurers.
13.13 Assignment
Assignment of interest under this Policy shall not bind the Insurers until their consent is endorsed hereon.
13.14 Cancellation Insurer
This policy may be cancelled by the Insurers by the giving of 31 (thirty one) days' written notice of such cancellation.
Insured
This policy may be cancelled by the Insured by giving immediate notice of such cancellation;
PROVIDED THAT:
the Insurers have not been notified of any claim under the policy or any circumstance, matter or thing which may give rise to such a claim there shall be a pro rata refund premium subject to the terms of Condition 13.2.
13.15 Currency
Indemnity payments for Damages, costs, fees and expenses shall be made in the currency where the claim against the Insured arose.
Umbrella Liability (Commercial Risk)
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Hollard Business Policy – Binder – Version 8 2024