# LIMITS OF INSURANCE

A. The Limits of Insurance shown in the Declarations and the rules below fix the most we will pay regardless of the number of:

1. "Insureds";
2. Claims made or "suits" brought; or
3. Persons or organizations making claims or bringing "suits".

B. The General Aggregate Limit shown in the Declarations is the most we will pay for all damages, except:

1. Damages because of "bodily injury" or "property damage" included in the "products-completed operations hazard"; and
2. Damages because of "bodily injury" or "property damage" arising out of the ownership, maintenance or use of a covered "auto".

C. The Products-Completed Operations Aggregate Limit shown in the Declarations is the most we will pay for damages because of "bodily injury" and property damage" included in the "products-completed operations hazard".

D. Subject to Paragraphs B and C above, the Each Occurrence Limit shown in the Declarations is the most we will pay for the sum of all damages because of "bodily injury", "property damage", and "personal and advertising injury" arising out of any one "occurrence".

E. If the applicable limits of "underlying insurance" have been:

1. Reduced by the payment of "loss" covered by this policy, then this policy will be excess of the reduced limit of "underlying insurance".
2. Exhausted by the payment of "loss" covered by this policy, then this policy will continue in force as "underlying insurance".

F. If any "underlying insurance" has a policy period that is non-concurrent with the "policy period" of this insurance, the applicable limits of such "underlying insurance" will only be reduced or exhausted by the amount of "loss" resulting from "bodily injury" or "property damage" which takes place during the "policy period" of this insurance, or from a "personal and advertising injury" offense committed during the "policy period" of this insurance.

G. The Limits of Insurance of this insurance apply separately to each consecutive annual period and to any remaining period of less than 12 months, starting with the beginning of the "policy period", unless the "policy period" is extended after issuance for an additional period of less than 12 months. Then the aggregate limit of the expiring policy shall be increased in proportion to the policy extension. If the insured elects to accept the terms, conditions and rates of a conditional renewal notice, a new annual aggregate shall become effective as of the inception date of the renewal, subject to regulations promulgated by the Superintendent of the Insurance Department of the State of New York.

## EXCLUSIONS

This insurance does not apply to:

A. Aircraft or Watercraft

"Bodily injury" or "property damage" arising out of the ownership, maintenance, use or entrustment to others of any aircraft or watercraft owned or operated by or rented or loaned to any "insured". Use includes operation and loading or unloading.

This exclusion applies even if the claims against any "insured" allege negligence or other wrongdoing in the supervision, hiring, employment, training or monitoring of others by that "insured", if the "occurrence" which caused the "bodily injury" or "property damage" involved the ownership, maintenance, use or