Standard conditions of insurance coverage.

CFR · 2024-01-01 · US · Title 14

(a) Insurance obtained under § 440.9 must comply with each of the following terms and conditions of coverage: (1) Bankruptcy or insolvency of an insured, including any additional insured, shall not relieve an insurer of any of its obligations under any policy. (2) Policy limits shall apply separately to each occurrence and, for each occurrence to the total of claims arising out of a licensed or permitted activity in connection with any particular launch or reentry. (3) Except as provided in this section, each policy must pay claims from the first dollar of loss, without regard to any deductible, to the limits of the policy. A licensee or permittee may obtain a policy containing a deductible amount if the amount of the deductible (4) No policy may be invalidated by any action or inaction of the licensee or permittee or any additional insured, even by nonpayment by the licensee or permittee of the policy premium, and each policy must insure the licensee or permittee and each additional insured regardless of any breach or violation of any warranties, declarations, or conditions contained in the policies by the licensee or permittee or any additional insured (other than a breach or violation by the licensee, permittee or an additional insured, and then only as against that licensee, permittee or additional insured). (5) Each exclusion from coverage must be specified. (6) Insurance shall be primary without right of contribution from any other insurance that is carried by the licen

official document · source cfr-2024 · id 14:§ 440.13