**FORM-CUBL- BSF02 (07/09)**

**POLICY NO.: IBM-200/CUBLBSF02-11**

**RENEWAL OF: IBM-141/CUBLBSF02-10**

Any Quota Share Policy(ies) (as set forth in Section II of Endorsement No. 1 'Schedule of Quota Share Policy(ies)' to this Policy and hereinafter referred to as "Quota Share Policy(ies)"):

contain any warranties, terms, conditions, exclusions or limitations more restrictive than this Policy or the Followed Policy, whether on the effective date of this Policy or at any time during the Policy Period of this Policy, then this Policy shall be deemed to follow those most restrictive warranties, terms, conditions, exclusions or limitations in such Intervening Policy(ies) and Quota Share Policy(ies).

**IN WITNESS WHEREOF,** the Insurer has caused this Policy to be signed by its duly Authorized Representative.

**By:**  
**Jeremy J. Wright**  
**Title:** Vice President

**Canopius Underwriting Bermuda Limited**  
**Underwriting on behalf of**  
**Syndicate 4444 at Lloyd's**