# Participation Endorsement

This endorsement changes the policy. Please read it carefully.

## Participation Endorsement

It is agreed that the total Limits of Insurance for all contributing insurance (insured or self-insured) is $200,000,000. The Company's percentage of participation under this policy is 12.5% or $25,000,000 part of $200,000,000 and the liability of this Company is limited to the same proportion, namely 12.5% (being $25,000,000 part of $200,000,000) of any loss hereunder.

It is a condition of this insurance that the Insured maintain in full force and effect during the currency of this policy insurance coverage for Limits of Insurance of 87.5% part of 100% (being $175,000,00 part of $200,000,000). However, the failure of the Insured to comply with the foregoing shall not invalidate this insurance, but in the event of such failure, this Company shall only be liable to the same extent as it would have been had the Insured complied with the said condition.

This endorsement does not change any other provision of the policy.