**Policy Number:** WE1000145

USD (as stated in Item 4.a) of the Declarations) in respect of each Occurrence, but USD (as stated in Item 4.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 Lead Underlying Policy which in turn is excess of various insurances and/or retentions as more fully set forth in the Lead Underlying Policy.

**CONDITIONS:**

1. **MAINTENANCE OF UNDERLYING INSURANCE -**

It is a condition of this Policy that the Underlying Policy(ies) (as stated in Items 2.a) and 2.b) of the Declarations and hereinafter referred to as "Underlying Policy(ies)") shall be maintained in full force and effect, except for any reduction of the aggregate limits contained therein solely by payment of any loss(es). 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 stated in Item 2.b) of the Declarations excludes loss(es) which are covered by the Lead Underlying 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.

2. **ASSISTANCE AND CO-OPERATION -**

The Company shall not be called upon to assume charge of the settlement or defense of any claim made or suit brought or proceeding instituted against the Insured. However, the Company shall have the right and shall be given the opportunity to associate with the Insured or the Insured's underlying insurers, or both, in the defense and control of any claim, suit or proceeding relative to an Occurrence where the claim or suit involves, or appears reasonably likely to involve the Company, in which event the Insured and the Company shall co-operate in all things in the defense of such claim, suit or proceeding.

3. **CANCELLATION -**

The Named Insured or the Company hereon shall have the right to cancel this Policy in accordance with the cancellation provisions of the Lead Underlying Policy. Such notice shall be sent to the Company via the entity stated in Item 6.b) of the Declarations.

In the event of cancellation by the Named Insured, the minimum earned Premium hereunder shall be 35% of the amount stated in Item 7. of the Declarations.

4. **OTHER INSURANCE -**

If other valid and collectible insurance is available to the Insured covering a loss also covered by this Policy, other than a Policy that is specifically written to apply in excess of this Policy, the insurance afforded by this Policy shall apply in excess of and shall not contribute with such other insurance.

**ARGO RE**

Market Submission - Wording
Page 12 of 22
RM 18/05/10.01