# ENDORSEMENT NO. 24 (Continued)

interests in the joint venture, partnership, or limited liability company.

O. However, upon final settlement or adjudication of the claim or Suit, Paragraphs F. and N. above shall no longer apply to the settled or adjudicated claim and our Limits of Insurance under this policy shall be limited to the amount of the Named Insured's Loss divided by the amount of the final settlement or adjudication of the claim and then multiplied by the total Limits of Insurance shown in Item 3. of the Declarations.

P. It is further agreed that our Limits of Insurance as limited by Paragraph O. above shall be excess of the greater of:

1. Any Self Insured Retention applicable under the terms and conditions of this policy and its endorsements, or

2. Any valid and collectible insurance issued in the name of the joint venture, partnership, or limited liability company, or

3. The amount of the Named Insured's Loss divided by the amount of the final settlement or adjudication of the claim or Suit and then multiplied by the applicable retained limit listed in the Schedule of Retained Limits providing coverage to the Named Insured.

Q. If we indemnified the Named Insured for any amount based upon the terms set forth in Paragraphs F. and N. above, then:

1. If the amount payable under Paragraphs O. and P. on behalf of the Named Insured's Loss arising out of such joint venture, partnership, or limited liability company is more than the amount already paid under the requirements of Paragraphs F. and N., we will indemnify the Named Insured for the difference up to the amount payable under Paragraphs O. and P.

2. If the amount payable under Paragraphs O. and P. on behalf of the Named Insured's Loss arising out of such joint venture, partnership, or limited liability company is less than the amount already paid under the requirements of Paragraphs F. and N., the Named Insured shall reimburse us for the difference up to the amount payable under Paragraphs O. and P.

Solely for the purpose of this endorsement, Section V. EXCLUSIONS is amended to include the following additional exclusion:

Joint Ventures, Partnerships, or Limited Liability Companies

This insurance does not apply to any liability arising out of a joint venture, partnership, or limited liability company for any Occurrence that took place before the Named Insured acquired, joined or formed the joint venture, partnership, or limited liability company.

Solely for the purpose of this endorsement, Section VII. DEFINITIONS, Paragraph Z. Retained Limit, is deleted and replaced by the following:

**Z. Retained Limit means:**

NOTICE: THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK STATE INSURANCE DEPARTMENT. HOWEVER, SUCH FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.