In a policy having multiple named Insureds, coverage for the legal liability of each party to the other.
In a policy having multiple named Insureds, coverage for the legal liability of each party to the other.
One of the basic principles of insurance where an Insurer seeks to limit his exposure on a particular location. He may do so by: (1) Accepting only part of a risk offered to him, thereby spreading the risk over a number of Insurers; and (2) Seeking to reinsure a portion of the line he has accepted with other Insurers.