# Exclusions:

(a) The insurance afforded by this endorsement shall not apply to any liability hereunder unless such liability is covered by valid and collectible underlying insurance as described in the schedule of underlying insurance, and then only for such hazards for which coverage is afforded under said underlying insurance.

(b) The insurance afforded by this endorsement shall not apply as respects any claim made against the insured which is based upon the Employee Retirement Income Security Act of 1974, Public Law 93-406, commonly referred to as the Pension Reform Act of 1974, and Amendments thereto, or similar provisions of any Federal, State or Local Statutory Law or Common Law.