# Great American Assurance Company

**Administrative Offices**
301 E 4th Street
Cincinnati OH 45202
513 369 5000 ph

**EXU 4003 (Ed. 05/16)**

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

### 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 exhausted when:

1. the "underlying limits of insurance" have been exhausted by actual payment of "loss"; or
2. the insured and/or the underlying insurers have paid, or have been held liable to pay, the full amount of "underlying limits of insurance" and have agreed to fund such payment.

All other Policy terms and conditions remain unchanged.