supersede any policy provision or endorsement wording that states that this policy shall be no broader than "underlying insurance". However, this provision shall not apply in the event the policy or its endorsements contain a provision that expressly provides that a person or organization is not an "insured" under this policy. Additionally, the above referenced self-insured retention shall not apply to coverages specifically designated to be excess of the "enhanced coverage self-insured retention" or excess of a "scheduled retained limit".

8. Section VII. DEFINITIONS, “Named Insured”, paragraph 3.b. is deleted in its entirety and replaced with the following:

3b. Any newly formed or acquired organization, other than a partnership, joint venture, or limited liability company, in which the first “Named Insured” shown in the Declarations maintains, either directly or indirectly, more than a fifty percent (50%) ownership interest.

However, with respect to 3b. above, the following conditions apply:

1.) Coverage under this provision is afforded only until:
   i. the 90th day after the acquisition or formation of the organization directly or indirectly by the first “Named Insured” shown in the Declarations as set forth in subparagraph 3.b. above, or
   ii. the end of the “policy period”,
   whichever is earlier, unless we agree to continue the coverage beyond the ninetieth (90th) day.

2.) This insurance does not apply to “bodily injury” or “property damage” that occurred before the acquisition or formation of the organization directly or indirectly by such first “Named Insured” as set forth in subparagraph 3.b.;

3.) This insurance does not apply to “personal and advertising injury” arising out of an offense committed before the acquisition or formation of the organization directly or indirectly by such first “Named Insured” as set forth in subparagraph 3.b.; and

4.) We reserve the right to charge an additional premium if such organization qualifies as a “Named Insured”.

However, this paragraph 8. of the endorsement shall not apply in the event another endorsement to the policy amends paragraph 3.b. of the definition of “Named Insured”.

9. Section VII. DEFINITIONS, “Retained limit” and “Umbrella coverage self-insured retention” are deleted in their entireties and replaced with the following:

- “Retained limit” means the following, as applicable:
  1. The total limits of “underlying insurance”, if applicable, and any “other insurance” providing coverage to the “insured”;
  2. The amount shown in the Declarations as the Umbrella Coverage Self-Insured Retention applicable to each “occurrence” that results in damages not covered by applicable “underlying insurance”, and any “other insurance” providing coverage to the “insured”. This paragraph shall not apply in the event paragraphs 3. or 4. below apply;
  3. The amounts shown in the Declarations as the Enhanced Coverage Self-Insured Retention applicable to damages that are described as subject to the “enhanced coverage self-insured retention”, and any applicable “other insurance” providing coverage to the “insured”. This paragraph shall not apply if paragraph 4. below applies; or
  4. The applicable “scheduled retained limit” listed in any Schedule of Retained Limits attached to this policy, and any applicable “other insurance” providing coverage to the “insured”.

XSE-52219a (06/20)
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