Co-Insurance Clause

This Co-insurance is subject to all the clauses, terms and conditions of the collective co-insurance policy issued by <Lead Insurer Name> or to “Company”/”Insurer” wherever it appears shall be deemed to refer to the participating co-insurers and they shall each for themselves and not one for the other severally and independently have the rights and assume the liabilities in proportion to their respective shares shown below.

It is understood and agreed that <Lead Insurer Name> as the representative of the co-insurers shall attend to all matters connected with this co-insurance and any agreement or decision which may be made between the Insured and <Lead Insurer Name> shall be final and binding upon all other co-insurers, with the exception of increase in sum insured and revision in rates, terms and conditions which is subject to the prior agreement of the co-insurers.

The co-insurers hereon agree to follow the claim settlement of <Lead Insurer Name> in all respect and to bear their respective proportion of any expenses incurred whether legal or otherwise in the investigation and defence of any claims hereunder, except for ex-gratia claims settlement where the consent of the co-insurers shall be obtained prior to settlement.