Sum insured and deductible Clause Samples

The 'Sum insured and deductible' clause defines the maximum amount an insurer will pay for a covered loss (the sum insured) and the portion of each claim that the policyholder must pay out-of-pocket before insurance coverage applies (the deductible). In practice, this clause specifies the monetary limits of coverage and the deductible amount, which could be a fixed sum or a percentage of the loss. By clearly outlining these financial parameters, the clause ensures both parties understand their respective financial responsibilities, thereby preventing disputes and managing expectations regarding claim payments.
Sum insured and deductible. ‌ 5.1 The Sum insured shall be determined by the Insured. This is a sum within the limit of which the insurance reimbursement is paid out; the amount of the sum insured shall reflect the reinstatement/replacement or/and market value of the insured object; sum insured for each object of insurance shall be specified in a respective insurance policy to which the provisions and terms of this Agreement shall apply; additional insurance reimbursement limits may be also determined, which will be reflected in respective insurance policy as well.
View SourceView Similar (6)
Sum insured and deductible. Our maximum liability for each and every loss and all loss in the aggregate under this policy shall not exceed the Sum Insured stated in the Schedule. We shall only be liable for that part of each and every loss which is in excess of the Deductible stated in the Schedule.
View Source

Related to Sum insured and deductible

  • Insurance, Loss Deductible The Customer shall be exempt from, and in no way liable for, any sums of money which may represent a deductible in any insurance policy. The payment of such deductible shall be the sole responsibility of the Contractor providing such insurance. Upon request, the Contractor shall furnish the Customer an insurance certificate proving appropriate coverage is in full force and effect.

  • Deductible An annual deductible of fifty dollars ($50) per person and one hundred fifty dollars ($150) per family applies to State Dental Plan non-preventive services received from in-network providers. An annual deductible of one hundred twenty-five dollars ($125) per person applies to State Dental Plan services received from out of network providers. The deductible must be satisfied before coverage begins.

  • Self-Insured Retention/Deductibles Certificates of Insurance must indicate the applicable deductible/self-insured retention on each policy. Deductibles or self-insured retentions above $100,000 are subject to approval from OGS, which shall not be unreasonably withheld, conditioned or delayed. Vendor and Contractors shall be solely responsible for all claim expenses and loss payments within the deductible or self-insured retention.

  • Umbrella/Excess Liability Insurance Umbrella or Excess Liability Insurance with limits not less than Two Million Dollars ($2,000,000.00) per occurrence, which will provide additional limits for employers’ general insurance and shall cover the Board and its employees, subject to that of the primary coverage.

  • Excess Liability Insurance $___________________ minimum required insurance policy for anything other than General Liability or Automobile coverage. ☐ - Additional Insurance Requirement: Client, Contractor, and any other entity which the Contractor is required to name as an additional insured under the Prime Contract shall be named as additional insureds under the General Liability Insurance required by this Section and any such insurance afforded to the additional insureds shall apply as primary insurance. Any other insurance maintained by the Client or Contractor shall be excess insurance and shall not be called upon to contribute to Subcontractor’s primary or excess insurance carrier’s duty to defend or indemnify unless required by law. The excess insurance required above shall also afford additional insured protection to Client and Contractor. This Section shall in no event be construed to require that additional insured insurance coverage be provided to a greater extent than permitted under the statutes or public policy governed under State law. Certificates of Insurance. Certificates of insurance, and the required additional insured and other endorsements, including waivers of subrogation shall be furnished to Contractor before the performance of any Services.