Spark Manufacturing has purchased a commercial liability policy from Excel Insurance Company. During the policy
period, Spark Manufacturing had a total of ten claims, with values as follows: $12,000; $2,000; $5,000; $8,000; $33,000; $100,000; $550,000; $50,000; $75,000; $15,000. The $75,000 claim is due to employee #7 driving a company vehicle while intoxicated. What would each party pay if:
- The policy is subject to a $10,000 per occurrence deductible and a $300,000 per occurrence policy limit.