**American Home Insurance Company**

102 Maiden Lane, New York 5, N.Y.

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**INSURING AGREEMENTS**

1. **Coverage**
   - To indemnify the Insured for all sums which the Insured shall be obligated to pay by reason of the liability:
     - (a) imposed upon the Insured by law,
     - or
     - (b) assumed by the Insured under written contract or agreement but only in respect of operations by or on behalf of the Named Insured.
   - for damages, direct or consequential, and expenses, all as more fully defined by the term "ultimate net loss" on account of personal injuries including death at any time resulting therefrom, and property damage caused by or arising out of each occurrence.

2. **Limit of Liability**
   - The Company shall only be liable for the ultimate net loss in excess of either:
     - (a) the amount recoverable under underlying insurance as set out in the attached schedule,
     - or
     - (b) $25,000 ultimate net loss in respect of each occurrence not covered by said underlying insurance (hereinafter called the "underlying limits").
   - and then only up to an amount not exceeding the Company's limit of liability, stated in Item 3 of the Declarations, as a result of any one occurrence.