Common use of Accumulation Limit Clause in Contracts

Accumulation Limit. Where a single accident or series of accidents in a twenty kilometres radius originates from the same occurrence and where: a) within twenty-four (24) consecutive hours of the event; or b) within twenty-four (24) consecutive hours of the first event in the series of events; the accident or series of accidents causes injury to more than one insured person, then the maximum amount of benefits payable by the insurer under this policy in connection with all injuries arising from such accident or series of accidents shall be the accumulation limit specified in the schedule irrespective of the number of insureds and/or insured persons claiming. Where the aggregate value of benefits claimed under this policy in connection with injuries arising from an event or series of events exceeds the accumulation limit specified in the schedule, the amount claimed by each insured and/or insured person will be reduced in proportion to the ratio that the accumulation limit bears to the total amount claimed.