HomeMy WebLinkAboutProf Liab - Blanket Waiver Of Subrogation - SectioDP 0001 (Ed. 02 11) Page 10 of 10
L. Policy Territory
Coverage under this Policy applies to Claims made in any jurisdiction in the world. If a Claim is made outside
the United States of America and its territories and possessions, Puerto Rico or Canada:
1. We shall have the right but not the duty to investigate, defend or settle any such Claims brought against
you.
2. If we do not exercise such right, you shall, under our supervision, arrange for such investigation and
defense of the Claim as is reasonably necessary, and subject to our prior authorization, shall effect such
settlement thereof as we and you deem expedient;
3. Subject to the terms of this Policy, we will reimburse the Named Insured for the reasonable cost of such
investigation and defense and the amount of any such settlement or judgment.
4. Such reimbursement shall be made in United States currency at the conversion rate published in The Wall
Street Journal on the date the judgment is rendered or the date that the amount of the settlement is
agreed upon or the date expenditure is made.
M. Representations
By accepting this Policy, you agree that:
1. the statements made and information contained in the Application for this insurance furnished to us are
true, accurate and complete, and are representations that the Named Insured made on behalf of all
Insureds; and
2. we have issued this Policy in reliance upon those representations.
If such representations or such information are not true, accurate and complete, this Policy shall be null and
void in its entirety and we shall have no liability hereunder.
N. Severability
Misrepresentations, concealment, breach of condition or violation of any duty under this Policy by one
Insured shall not prejudice the interest or coverage of another Insured under this Policy.
O. Subrogation and Recovery
In the event of any payment under this Policy, we will be subrogated to all of your rights of recovery therefore
against any person or organization, and you shall execute and deliver instruments and papers and do whatever
else is necessary to secure such rights. You shall do nothing to prejudice such rights.
We will have no rights of subrogation against any Insured hereunder, or against your clients if prior to the
Claim, a waiver of subrogation was so required and accepted under a specific contractual undertaking by you
for such client.
Any recoveries shall be applied first to us up to the amount we have paid for Damages and Claim Expense;
then, to you as recovery of Deductible amounts paid as Damages and Claim Expense.