SPECIAL INSURANCE EXCLUSION: SERIAL LOSSES #
This endorsement forms part of Section I and is subject otherwise to the terms, provisions, conditions, limitations and exclusions contained in the Policy or endorsed thereon except for the following:
- Condition
1.1 The Insurer shall indemnify the Insured in respect of a loss or damage insured under Section I resulting from a Serial Loss Event according to the following scale:
Enter number. % of the first 2 loss amounts,
Enter number. % of the 3rd loss amounts,
Enter number. % of the 4th loss amounts, and
Enter number. % of the 5th loss amounts.
1.2 The Insurer shall not indemnify the Insured for the 6th and following loss amounts.
1.3 If no declaration is made under Paragraph 1.1 the indemnification shall be based on the following: 100% the first 2 loss amounts, 80% the third, 60% the fourth and 50% of the fifth loss amount.
- Definition
Serial Loss Event:
means a fault, defect, error or omission in design, plan, specification, material or workmanship which is attributable to a common originating cause or a common originating set of circumstances.
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