Res09 14919 - Laserfiche WebLink

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01/12/2009 loss in excess of the covered party's retained limit. No claim shall be settled for an amount in excess of the covered party's retained limit without the prior written consent of the Authority or its designated representative. If the Authority assumes control of the handling of a claim, the covered party shall be obligated to pay at the direction of the Authority any sum necessary for the settlement of the claim, or to satisfy liability imposed by law, up to its applicable retained limit. The covered party shall fully cooperate in all matters pertaining to the investigation, settlement, or adjudication of such claim. The Authority shall not be obligated to pay any award, judgment, or settlement in excess of the limit of coverage afforded to the covered party. SECTION IV - THE AUTHORITY'S LIMIT OF COVERAGE Regardless of the number of (1) persons or entities covered under this MOC, (2) persons or organizations making claims or bringing suits, or (3) claims made or suits brought, the limit of coverage stated on the Declarations, less the retained limit, or any sub -limit contained in this MOC, is the most the Authority will pay for an ultimate net loss arising out of any one occurrence. In the event that a structured settlement, whether purchased from or through a third party or paid directly by the covered party in installments, is utilized in the resolution of a claim or suit, only the present value of the agreed -upon payments (the present value "cost" of the structured settlement) shall be considered in satisfaction. of the covered party's retained limit. The limit of coverage for an additional covered party, including its officials, employees, and volunteers, shall be the limit stated in its additional covered party certificate, regardless of the limit which applies to the Participant. In the event that a structured settlement, whether purchased from or through a third - party, or paid . directly by the covered party in installments, is utilized in the resolution of a claim or suit, the Authority will pay only up to the amount stated in the Declarations or certificate of coverage, in present value of the claim as determined on the date of settlement, regardless of whether the full value of the settlement exceeds the amount stated in the Declarations or certificate of coverage. SECTION V - COVERAGE PERIOD AND TERRITORY This MOC applies to bodily injury, personal injury, property damage, public official's errors and omissions, or sudden and accidental pollution which occur anywhere in the world during the coverage period identified in the applicable Declaration or certificate of coverage. SECTION VI - EXCLUSIONS (A) This MOC does not apply to: (1) Except as provided under sudden and accidental pollution, any claim arising out of the contamination of the environment by pollutants introduced at any time, into, under or upon land, the atmosphere, or any watercourse or body of water or aquifer. This exclusion applies whether or not the contamination is introduced A J:\ 3CJPIAIAdminlDocuments lGoverning\MOC's and MPD's12008- 20091Liability /Liability MOC 2008 -2009 FINAL 050808.doe 14919 MUFF #505