Hi I am having trouble to understand these underlined parts in a Property Policy:
Limits of Liability
In the event of loss or damage insured under this policy, the Insurer shall be liable for USD 500,000,000 per Occurrence excess of the per Occurrence policy deductibles, subject to the following 100% program sub-limits that are excess of deductibles.
USD 100,000,000 per Occurrence and in the aggregate annually excess of the per Occurrence policy deductible(s) for the peril of Earthquake Shock at Newly Acquired Property outside of High Hazard Earth Movement Zones;
...
USD500,000,000 per accident excess of the policy deductibles as respects Boiler Explosion and Machinery Breakdown, not to exceed:
USD100,000,000 per accident excess of the policy deductibles Ammonia Contamination;
Could someone please explain to me what does per Occurrence excess of the per Occurrence policy deductibles. Who has to pay what exactly? or maybe paraphrase it in plain English
Thank you
Limits of Liability
In the event of loss or damage insured under this policy, the Insurer shall be liable for USD 500,000,000 per Occurrence excess of the per Occurrence policy deductibles, subject to the following 100% program sub-limits that are excess of deductibles.
USD 100,000,000 per Occurrence and in the aggregate annually excess of the per Occurrence policy deductible(s) for the peril of Earthquake Shock at Newly Acquired Property outside of High Hazard Earth Movement Zones;
...
USD500,000,000 per accident excess of the policy deductibles as respects Boiler Explosion and Machinery Breakdown, not to exceed:
USD100,000,000 per accident excess of the policy deductibles Ammonia Contamination;
Could someone please explain to me what does per Occurrence excess of the per Occurrence policy deductibles. Who has to pay what exactly? or maybe paraphrase it in plain English
Thank you
