Permit and Privilege Clause

PERMIT AND PRIVILEGE CLAUSE #

Permission is hereby granted to the Insured, or any other party acting on behalf of the Insured, to effect contracts or agreements customary or necessary to the conduct of the business of the Insured under which the Insured may assume liability or grant releases therefrom, without prejudice to this Insurance, provided such contracts or agreements, oral or written, insofar as they affect any loss hereunder, are concluded prior to such loss, and the rights and obligations of the Insurer shall be governed by the terms of such contracts or agreements.