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1. In the event of a collision where both vessels are at fault, liability is apportioned between the two parties according to their degree of fault. See Collision Clause. 2. A clause often used in contracts and in the Additional Assured Endorsement to an insurance policy stating even though both parties are named as an Assured for joint coverage under a policy of insurance, each will retain the rights against the other as though separate policies had been issued to each Assured. Also called a "Severability of Interest" clause, it is usually required to be shown on the Certificate of Insurance and/or Additional Assured Endorsement when the other party is to be named on the policy.