## THE CHUBB COMMERCIAL EXCESS - NEW YORK

**Limits of Insurance (continued)**

2. The limit for Each Occurrence specified in Item 4 a. of the Declarations is the most we will pay for loss arising out of any one occurrence.

Any amount paid for damages arising out of an occurrence will reduce the amount of insurance available for payment of damages arising out of any other occurrence.

If the applicable aggregate limit of insurance has been reduced by payment of damages to an amount that is less than the limit for Each Occurrence stated in Item 4 a. of the Declarations, the remaining aggregate limit of insurance is the most that will be available for payment of damages arising out of any other occurrence.

3. Subject to paragraph B.2. above, the limit stated in Item 4 b. of the Declarations for the Products Completed Operations Aggregate is the most we will pay for loss during our Policy Period under the products completed operations hazard, as defined in controlling underlying insurance.

4. Subject to paragraph B.2. above, the limit stated in Item 4 c. of the Declarations for the Other Aggregate is the most we will pay for loss during our Policy Period, except for loss covered under the products completed operations hazard. However, the Other Aggregate of this policy:

a. will not apply to loss when controlling underlying insurance does not apply an aggregate limit to loss, provided all other underlying insurance also does not apply an aggregate limit to loss; or

b. will apply to loss in the same manner as the aggregate limit in controlling underlying insurance applies to loss, provided all other underlying insurance also applies an aggregate limit to loss in the same manner as controlling underlying insurance.

5. Subject to paragraphs B.2., B.3. and B.4. above:

a. if the limits of underlying insurance have been reduced by payment of loss for injury or offense which takes place during the Policy Period of this policy, then this policy will drop down to become immediately excess of the reduced underlying limits, provided all underlying insurance applies to loss and also drops down; or

b. if the limits of all underlying insurance have been exhausted by payments of loss for injury or offense which takes place during the Policy Period of this policy, then this policy will continue in force as controlling underlying insurance.

However, when 5.a. or 5.b. above apply, we will not pay that portion of a loss that is within the underlying limits of insurance, which the insured has agreed to fund by self-insurance or means other than insurance.