Coverage classification
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- Commercial PropertyEquipment Breakdown
Compare Joint loss agreement forms
| Form | Intent | Payment | Conditions |
|---|---|---|---|
HDI Global Insurance CompanyJoint Loss Agreement - Property/Boiler and Machinery CP CO 9079 N (Ed. 01-2016) Commercial Property | Provides for payment when property and boiler insurers disagree about the cause or coverage of a loss. | After a written request, the insurer pays accepted loss and/or half of disputed loss, subject to stated limits. | Requires similarly endorsed boiler coverage and arbitration within 90 days after payment. |
XL Insurance America, Inc.Joint Loss Agreement Endorsement PSP 405 0419 Commercial Property | Addresses disputed loss covered by property and equipment breakdown policies. | Upon written request, the insurer pays half the disputed amount, subject to the endorsement conditions. | Requires simultaneous payment by the equipment breakdown insurer; the endorsement states it becomes void if that insurer refuses or fails to pay as specified. |
Notable clauses
“submit our differences to arbitration within 90 days of such payment”
HDI Global Insurance Company · Joint Loss Agreement - Property/Boiler and Machinery · CP CO 9079 N (Ed. 01-2016)
Arbitration. The insurers agree to arbitrate after payment under the stated conditions.
“the Equipment Breakdown insurer will simultaneously pay to the Insured one-half”
XL Insurance America, Inc. · Joint Loss Agreement Endorsement · PSP 405 0419
Other insurer payment. The endorsement ties its operation to the equipment breakdown insurer’s specified payment.
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