**ORIGINAL POLICY**

**GAI 6011 (Ed. 06/97)**

**GENERAL ENDORSEMENT**

**JOINT VENTURE LIMITATION ENDORSEMENT**

This policy applies only to liability which is insured and which arises in any manner whatsoever out of the operations or existence of any joint venture, co-venture, joint lease, joint operating agreement or partnership (hereinafter called "joint venture") in which the Insured has an interest. Liability under this policy shall be limited to the product of (1) the percentage of interest of the Insured in the joint venture, and (2) the total Limit of Liability insurance afforded the Insured by this policy. Where the percentage interest of the Insured in the joint venture is not set forth in writing, the percentage to be applied shall be that which would be imposed by law at the inception of the joint venture. Such percentage shall not be increased by the insolvency of others interested in said joint venture.

It is further agreed that, where any underlying insurance has been reduced by a clause having the same effect as Paragraph A., the liability of the Company under this policy, as limited by Paragraph A., shall be excess of the sum of (1) such reduced limits of any underlying insurance and (2) the limits of any underlying insurance not so reduced.