The ISO HO 00 03 states that it is excess over all other valid and collectible insurance except that which is specifically excess over this policy. Therefore, the other tenants should collect from their carriers first. The policy has no parameters for how multiple claims that exceed limits are to be paid. However, Couch on Insurance 3rd edition states in section § 203:29 that the insurer can exercise its discretion as to how the claims are paid as long as the decision is reasonable and keeping with its good faith duties to the insured. This may leave some claimants without any payout. The section states:

In order to show that the insurer's settlement under these circumstances is reasonable, the insurer may be required to show that it fully investigated all claims arising from a multiple claim accident, sought to settle as many claims as possible within the policy limit, and minimized the magnitude of possible excess judgments against the insured by reasoned claim settlement.

For example, it has been held that where an insurer requested and received specific information from each claimant, tendered its policy limits to all claimants on a global basis, allowed the claimants substantial time to negotiate an agreement as to how to divide the policy limit amongst themselves, arranged and attended a mediation conference in a further effort to effectuate a settlement of all claims within the policy limits, offered the full policy limit to one claimant only after settlement negotiations had failed, and determined that one claim posed the greater risk for an excess judgment against the insured, the insurer acted reasonably and in good faith when it settled one claim to the exclusion of another four. Accordingly, an insurer's actions in declining to offer the policy limits to one claimant before obtaining information on other claimants does not constitute bad faith.