Opinion ID: 617545
Heading Depth: 1
Heading Rank: 5

Heading: THIS ENDORSEMENT CHANGES THE POLICY..PLEASE READ IT CAREFULLY.SELF-INSURED RETENTION.Per Occurrence.Self-Insured Retention: $1,000,000 Per Occurrence Including Loss Adjustment Expense

Text: In consideration of the premium charged, it is agreed the insurance afforded by the policy to which this endorsement is attached is subject to the following additional terms, conditions and provisions. In the event of a conflict between any of the terms, conditions or provisions of the policy and this endorsement, this endorsement will control the application of insurance to which the policy applies. Unless otherwise specified, all terms used in this endorsement have the meaning set forth in the policy. 1. The Self-Insured Retention, shown above, applies to each and every occurrence or offense made against any insured, to which this insurance applies, irrespective of the number of claims which may be joined in to any one suit or claim. 2. Our total liability will not exceed the Limits of Insurance as specified in the policy Declarations, Coverage Parts or endorsements. The Limits of Insurance will apply only in excess of the Self-Insured Retention, hereinafter referred to as the Retained Limit. 3. We have no duty to defend or indemnify unless and until the amount of the Retained Limit is exhausted by payment of settlements, judgments, or Claims Expense by you. 4. Should any claim under this policy result in a settlement or judgment not exceeding the Retained Limit, including Claims Expense, then no Claims Expense, damages or indemnity will be payable by us. 5. Should any claim arising under this policy result in a settlement or judgment, including Claims Expense incurred by the insured or on the insured's behalf, in excess of the Retained Limit, we will pay those amounts in excess of the Retained Limit to which this insurance applies subject to the Limits of Insurance as specified in the Declarations. 6. The Retained Limit will only be reduced by payments made by the insured. 7. No Claims Expense will be incurred on our behalf without our prior consent, nor will the insured voluntarily enter into a settlement which is in whole or in part in excess of the Retained Limit, without our express written approval. 8. Should any claim within the terms of the coverage be subject to a demand for settlement whether below the amount of the Retained Limit, or in excess of it, and should the insured decline to settle such a claim or demand, or to tender the remainder of the Retained Limit to us, our maximum liability will be limited to the amount for which the claim could have been settled, but only for that portion of the settlement or judgment in excess of the Retained Limit. 9. Based upon the unique nature of this program and the need to coordinate the warranty program with the general liability insurance program, the insured agrees to retain Bridgeworks Commercial Management as its self-insurance service company for the purposes of providing claims service at its expense. Bridgeworks Commercial Management will provide service and coordination for claims under the Retained Limits on behalf of the insured and under the control of the insured. However, this service will not be terminated or altered without our express written permission (or this policy will be declared null and void). The insured's agreement to enter into and abide by the terms and conditions of the contract with Bridgeworks Commercial Management, including payment and advance deposit of funds when a claim is reported, is a material representation under this policy. 10. Loss settlements made by the insured or its self-insurance company, in excess of the Retained Limit, will not be binding against us. 11. With respect to any claim payable under this insurance and subject in whole or in part to the Retained Limits as provided in this endorsement, we will have the right, but not the obligation to assume the control of said claim and to pay any part of or all of the amount of any such loss including Claims Expense within the Retained Limit on behalf of and for the account of the insured to affect settlement of said claim. Amounts paid by us pursuant to this paragraph will be reimbursed to us by the insured within ten (10) days from the date of our written request to the insured. We will have the right to make partial recoveries from the insured when partial settlements or Claims Expense are incurred by us within the Retained Limit as provided by this endorsement. 12. We will have the right, but not the duty, to defend any suit. The insured will have the obligation to defend any claim or suit which may involve this coverage without respect to the Retained Limit, and to settle same within the Retained Limit where possible. Said obligation to defend continues until the Retained Limit has been exhausted by settlements or Claims Expense, or until written permission to discontinue said defense is granted by us. 13. For purposes of this endorsement, the term Claims Expense will include all fees, costs, charges and expenses generated by attorneys designated to represent the insured, and all other costs, charges and expenses incurred in the investigation, adjustment, settlement, arbitration, defense or appeal of any claim to which this insurance otherwise applies. Claims Expense will not include the cost of investigating or adjusting a claim by salaried employees of the insured, the insured's self-insurance service company, wages or salaries of any employee of any insured and/or operating expense of any insured. 14. The insolvency, bankruptcy, receivership of the insured, or any refusal by or inability of the insured to satisfy its obligations pursuant to this endorsement will not reduce the Retained Limit as set forth in the endorsement, nor will it require us to pay any amounts within the Retained Limit. The payment of the Retained limits by the insured is a condition precedent for our obligation to pay any sums either in defense or indemnity and we shall not pay any such sums until and unless the insured has satisfied its Retained limits. 15. The Retained limits shall not be exhausted or satisfied by any payments or claims expenses for damages that would not have been covered by the terms of this policy. The Retained limits shall not be utilized in response to any claims that are not otherwise covered by the terms and conditions of this policy. All other terms and conditions of the Policy remain unchanged. (emphasis added by the parties).