MEMORANDUM OF COVERAGE Clause Samples
The Memorandum of Coverage serves as a foundational document that outlines the specific terms, conditions, and scope of insurance or risk coverage provided to the insured party. It typically details what types of losses or incidents are covered, any exclusions or limitations, and the procedures for making a claim. By clearly defining the extent and boundaries of coverage, this clause ensures that both the insurer and the insured have a mutual understanding of their rights and obligations, thereby reducing the potential for disputes and misunderstandings.
MEMORANDUM OF COVERAGE. A Memorandum of Coverage shall be issued by PRISM evidencing membership in the Program and setting forth terms and conditions of coverage.
MEMORANDUM OF COVERAGE. A Memorandum of Coverage will be issued by PRISM evidencing membership in the GL2 Program and setting forth terms and conditions of coverage.
MEMORANDUM OF COVERAGE shall be the document issued by the Authority to member entities specifying the type, amount and conditions of pooled coverage provided to each participant by the Authority;
MEMORANDUM OF COVERAGE. 1. The Pool will provide a Memorandum of Coverage to each Member upon joining the Pool and will make or secure payment on behalf of each Member under criteria and procedures to be established for the payment of claims as provided in the Member's Memorandum of Coverage. A Member may, with the approval of the Executive Director, add additional parties provided it is the Member's obligation or prerogative to provide coverage for such additional named party.
2. The Pool may obtain excess insurance or reinsurance.
3. In the event that a claim or a series of claims exceed the amount of protection provided by the Member's Memorandum of Coverage, or in the event that a claim or a series of claims should exhaust the self-insured retention and the excess limit, then payment of valid claims shall be the sole and separate obligation of the individual Member or Members against whom the claim was made and perfected by litigation or settlement or otherwise.
4. The Board may make changes in the Memorandum of Coverage, the amount of protection or retention by the Pool upon consideration of the needs and requirements of Members, loss experience, the kind and amounts of reinsurance or other excess coverage available and any such changes shall require a two-thirds (2/3) majority of the Board. Where the Board takes such action immediate notice after the taking of such action shall be sent to all Members (or their representatives) together with a replacement or updated Appendix to reflect the changes made.
MEMORANDUM OF COVERAGE. The Authority shall provide coverage according to a Memorandum of Coverage. The Authority and each “Member” shall be bound by the terms and conditions of such Memorandum of Coverage. Each Memorandum of Coverage shall have an effective date and apply as if a new Memorandum were adopted annually, unless otherwise expressly stated. The Memorandum of Coverage may be amended by endorsement. The procedure for such amendment shall be described in the Bylaws.
MEMORANDUM OF COVERAGE. LBCWD shall make a copy of its Memorandum of Liability Coverage available to EBSD on its request, and EBSD shall make a copy of its Memorandum of Liability Coverage or insurance policies available to LBCWD on its request.
MEMORANDUM OF COVERAGE. A Memorandum of Coverage will be issued by PRISM evidencing membership in the Medical Malpractice Program and setting forth terms and conditions of coverage.