# AON SHORT EXCESS FORM (LONDON) 03-14 (OCC) (SURPLUS LINES BASIS)

## INSURING AGREEMENTS:

### 1. COVERAGE

The Company has received and satisfactorily reviewed the Followed Policy as shown in Item 3 of the Declarations, and Contract issuance prior to issuance/receipt of the Followed Policy Endorsement is deleted in its entirety, provided always however, that this Policy shall not apply until the Underlying Policy(ies) (as set forth in Endorsement Number One "Schedule of Underlying Policy(ies)") to this Policy and hereinafter referred to as "Underlying Policy(ies)") have paid, have been held liable to pay, or the Insured has actually paid, the full amount of their respective Limit(s) of Liability in accordance with Insuring Agreement 2., for any losses covered by this Policy.

The Company further agrees that this Policy will follow the same terms, definitions, exclusions and conditions (except as otherwise provided herein) as are, at inception hereof, contained in the Followed Policy.

Notwithstanding the foregoing, in the event that any of the following amendment(s) are subsequently made to the terms, definitions, exclusions and conditions of the Followed Policy in effect at inception hereof:

1. any change which is subject to an additional premium charge,
2. the inclusion of an additional coverage extension endorsement, or
3. any change to the insuring agreements, definitions, exclusions and conditions which is intended to broaden the scope of the coverage already provided, other than Insureds or Named Insureds added without an additional premium charge,

then such amendment(s) shall not be binding upon the Company unless otherwise agreed in writing by the Company.

### 2. LIMIT OF LIABILITY

The Company shall be liable only to pay sums up to:

USD (as stated in Item 4. a) of the Declarations) in respect of each Occurrence, subject to a limit of

USD (as stated in Item 4. b) of the Declarations) in the aggregate during the currency of this Policy, separately in respect of each hazard insured with an aggregate limit in the Followed Policy

but liability shall attach to the Company only after the Underlying Policy(ies) have paid, have been held liable to pay, or the Insured has actually paid the full amount of their respective Limit(s) of Liability as follows: