Allocation of Liability
Underwriting Manuals
- No references available.
Standard Exceptions
- No references available.
Bulletins
- No references available.
Forms
- No references available.
Table of Contents
ALB
Allocation of Liability
If a policy covers multiple noncontiguous tracts, the Company prefers to allocate liability as to each tract. If the Company does not do so, the Owner’s Policy (only) contains an apportionment clause that may segregate liability but does not state the exact allocation. Either provision for allocation of liability is acceptable.
Exceptions
ALBX01
STG
12/01/1995
V
2
Allocation of Liability (Long Form)
The Amount of Insurance of this Policy is allocated to the various parcels, the title to which is insured, as hereinafter set forth. In the event a loss is established affecting one or more, but not all of the parcels, the loss shall be computed and settled on the basis of the insurance on the parcel or parcels as follows:
Parcel I: the Amount of Insurance is $____________. Parcel II: the Amount of Insurance is $____________.
Comment: If a policy covers multiple noncontiguous tracts, the Company prefers to allocate liability as to each tract. If the Company does not do so, the Owner’s Policy (only) contains an apportionment clause that may segregate liability but does not state the exact allocation. Either provision for allocation of liability is acceptable.
Parcel I: the Amount of Insurance is $____________. Parcel II: the Amount of Insurance is $____________.
Comment: If a policy covers multiple noncontiguous tracts, the Company prefers to allocate liability as to each tract. If the Company does not do so, the Owner’s Policy (only) contains an apportionment clause that may segregate liability but does not state the exact allocation. Either provision for allocation of liability is acceptable.
See Underwriting Manual
ALBX02
STG
12/01/1995
V
2
Allocation of Liability (Short Form)
The Amount of Insurance under this Policy as to Tract ____________ is limited to $____________.
Comment: If a policy covers multiple noncontiguous tracts, the Company prefers to allocate liability as to each tract. If the Company does not do so, the Owner’s Policy (only) contains an apportionment clause that may segregate liability but does not state the exact allocation. Either provision for allocation of liability is acceptable.
Comment: If a policy covers multiple noncontiguous tracts, the Company prefers to allocate liability as to each tract. If the Company does not do so, the Owner’s Policy (only) contains an apportionment clause that may segregate liability but does not state the exact allocation. Either provision for allocation of liability is acceptable.