Co-Insurance Clause_1

C-Clauses158 Views
banner 468x60

I .       The subscription hereto of the Co-Insurance is as follows:-

  1. PT.A for xx% share
  2. PT.B for xx% share
  3. PT.C for xx% share
  4. Being Co-Insurers of the under mentioned Insurance Companies, they shall each  for themselves and not one for the other, severally and independently have rights and assume the liabilities in proportion to their shares as mentioned below.

III.      PT. Tugu Pratama Indonesia is appointed as the leading Co-Insurer for this insurance and as representative of the Co-Insurers. They are responsible for the collection of insurance premium from the Insured and the payment of any indemnifiable claim settlements to the Insured.

  1. Any agreement or decision which may be made between the Insured and PT. Tugu Pratama Indonesia in connection with this Co-Insurance shall be final and binding upon all Co-Insurers with the exception that any revision or alteration in rate, 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.
  2. Any notice which may be given by the Insured to PT. Tugu Pratama Indonesia, in writing or otherwise shall be deemed to be given to all Co-Insurers.
banner 336x280

Leave a Reply

Your email address will not be published. Required fields are marked *