Coinsurance Clause

COINSURANCE CLAUSE #

Being a Co-Insurer of the undermentioned insurance companies, they shall, each for themselves and not one for the other, severally and independently have the rights and assume the liabilities in proportion to their respective shares as mentioned below.

The _______________ as the representative of the Co-Insurer shall attend to all matters connected with this Co-Insurance including settlement of claims within the terms and conditions of the policy but the premium collection is handled by each co-insurer independently.

Any agreement decision which may be made between the Insured and the _______________ in connection with this Co-Insurance shall be final and binding upon all Co-Insurers with the exception that any revision or alteration in rates, terms, and conditions of the policy or any increase of liability over and above the initial Sum Insured will be subject to prior agreement of Co-Insurers.

Any notice which may be given by the insured to the _______________ in writing or otherwise shall be deemed to be given to all Co-Insurers.

JAKARTA, _______________