# Allied World Assurance Company

## FOLLOWING FORM EXCESS LIABILITY INSURANCE POLICY DECLARATIONS (Cont'd)

**Policy No:** C007539/002  
**Renewal of:** C007539/001

Provided, however, that any reduction or exhaustion of underlying aggregate limits will not apply to item (ii) above, for the purposes of attachment of this Policy, to the extent such reduction is caused by uncollectibility (in whole or in part) of the Aggregate Limits of the underlying policy, the existence of a sub-limit of liability in any underlying policy, the cancellation of an underlying policy or any underlying policy containing terms and conditions different from the Followed Policy or this Policy (i.e., this Policy does not provide difference-in-conditions coverage nor will the Policy respond in the event of insolvency of the underlying insurer, unwillingness to pay by the underlying insurer, cancellation or expiration of the underlying insurance and/or failure by the Insured to satisfy any condition of any underlying policy).

IN WITNESS WHEREOF, this Policy has been made, entered into and executed by the undersigned in Hamilton, Bermuda this 15th day of August 2008.

**By:**
**Michael Hoffmann**

**Title:** Senior Vice President

Ref: ACFF-300  
(AWAC Ed. 03/07)

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