if such property can be restored to use by:

1. the repair, replacement, adjustment or removal of Your Product or Your Work; or
2. your fulfilling the terms of the contract or agreement.

M. Insured means:

1. the Named Insured;
2. if you are designated in the declarations as:
   a. an individual, you and your spouse are insureds, but only with respect to the conduct of a business of which you are the sole owner;
   b. a partnership or joint venture, you are an insured. Your members and your partners are also insureds, but only with respect to the conduct of your business;
   c. a limited liability company, you are an insured. Your members are also insureds, but only with respect to the conduct of your business. Your managers are insureds, but only with respect to their duties as your managers;
   d. an organization other than a partnership, joint venture or limited liability company, you are an insured. Your executive officers and directors are insureds, but only with respect to their duties as your officers or directors. Your stockholders are also insureds, but only with respect to their liability as stockholders;
   e. a trust, you are an insured. Your trustees are also insureds, but only with respect to their duties as trustees;
3. your employees other than your executive officers (if you are an organization other than a partnership, joint venture or limited liability company) or your managers (if you are a limited liability company), but only for acts within the scope of their employment by you or while performing duties related to the conduct of your business;
4. your volunteer workers only while performing duties related to the conduct of your business;
5. any person (other than your employee or volunteer worker) or organization while acting as your real estate manager;
6. your legal representative if you die, but only with respect to duties as such. That representative will have all your rights and duties under this policy;
7. any person or organization, other than the Named Insured, included as an additional insured under Scheduled Underlying Insurance, but not for broader coverage than would be afforded by such Scheduled Underlying Insurance.
Notwithstanding any of the above:
a. no person or organization is an Insured with respect to the conduct of any current, past or newly formed partnership, joint venture or limited liability company that is not designated as a Named Insured in item 1 of the Declarations; and
b. no person or organization is an Insured under this policy who is not an Insured under Scheduled Underlying Insurance.

**NOTICE:** This Contract means that part of any contract or agreement pertaining to your business under which any Insured assumes the tort liability of another party to pay for Bodily Injury or Property Damage to a third person or organization. Tort liability means a liability that would be imposed by law in the absence of any contract or agreement.

APPLICATION OF THE REQUIREMENTS OF THE NEW YORK STATE INSURANCE DEPARTMENT HEREUNDER SUCH FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW INSURANCE LAW AND REGULATIONS.

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© 2001 American International Group, Inc.
Includes copyrighted material of Insurance Services Office, Inc. with its permission.