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Part II The Bermuda Form in Detail, 10 Attachment Point, Underlying Coverage, Limits of Liability

David Scorey, Richard Geddes, Chris Harris

From: The Bermuda Form: Interpretation and Dispute Resolution of Excess Liability Insurance (2nd Edition)

David Scorey QC, Richard Geddes, Chris Harris

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 18 June 2024

Contracts and insurance

This chapter discusses Article II of the Bermuda Form, which addresses the mathematics of the policy. The Article lays out the framework that translates the general grant of coverage into an actual financial response. It sets out the principles that determine at what point the insurer's liability to the policyholder is engaged; the relevance and consequences of underlying insurance; how the level of policy response to an excess liability is determined; and how it is limited. It also addresses the financial complications that may develop when a policyholder notifies an occurrence to the insurer, and subsequently notifies an integrated occurrence that includes the earlier notified individual occurrence. Finally, the Article addresses the special circumstances relevant to the presence of an insured joint venture, partnership, or other similarly organized, non-corporate entity in the equation.

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