Cross Liability Clause it is hereby understood and agreed that for the purpose of this policy each the parties comprising the Insured shall be considered as a separate and distinct unit and the words "the insured" shall be considered as applying to each party in the same manner as if a seoarae policy had been issed to each of the said parties and the company hereby agrees to wave all rights of subrogation or action which the company may have or acquire against either of the aforesaid parties arising out of any accident in respect of which any claim is made hereunder