# Great American Assurance Company

EXU 1025 (Ed. 05/16)

**THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.**

**NEW YORK CHANGES - EXHAUSTION OF UNDERLYING LIMITS**

This endorsement modifies insurance provided under the following:

**EXCESS LIABILITY INSURANCE POLICY**

The following is added to **SECTION II - LIMITS OF INSURANCE:**

Notwithstanding **SECTION IV - CONDITIONS**, paragraph B, Maintenance of Underlying Insurance, "underlying insurance" will be considered reduced or exhausted when:

The insured and/or underlying insurers have paid, have been held liable to pay, or are otherwise obligated to pay the full amount of the "underlying limits of insurance."

All other Policy terms and conditions remain unchanged.

EXU 1025 (Ed. 05/16)