2. **LIMIT OF LIABILITY -**

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

USD 25,000,000
Part of USD 50,000,000 (as stated in Item 5. a) of the Declarations)

USD 25,000,000
Part of USD 50,000,000 (as stated in Item 5. b) of the Declarations)

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

USD 400,000,000 (as stated in Item 6. a) of the Declarations)
in respect of each Occurrence, Claim or Loss but

USD 400,000,000 (as stated in Item 6. 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

which in turn is excess of various insurances and/or retentions as more fully set forth in the Followed Policy.

**CONDITIONS:**

1. **MAINTENANCE OF UNDERLYING INSURANCE -**

It is a condition of this Policy that the Underlying Policy(ies) shall be maintained in full force and effect, except for any reduction of the aggregate limits contained therein solely by payment by Underlying Policy(ies) of any loss(es) covered by this Policy. In the event of the Insured's failure to maintain the Underlying Policy(ies) in full force and effect and except with respect to the aforementioned aggregate reduction, coverage hereunder shall not be invalid, but shall apply to the same extent that it would have applied had there been compliance with this condition.

In the event any Underlying Policy(ies) excludes loss(es) which are covered by the Followed Policy and subsequently covered hereunder in accordance with the provisions of Insuring Agreement 1 - Coverage, the Company shall not drop down to apply in place of such excluded coverage.