# LIMIT OF LIABILITY

The Company shall be liable only to pay sums up to:

- USD (as stated in Item 5.a) of the Declarations) in respect of each Occurrence, Claim or Loss subject to a limit of
- USD (as stated in Item 5.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 Followed Policy

but liability shall attach to the Company only after the Underlying Policy(ies) have paid or have been held liable to pay the full amount of their respective Limit(s) of Liability as follows:

- USD (as stated in Item 6.a) of the Declarations) in respect of each Occurrence, Claim or Loss but
- USD (as stated in Item 6.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 Followed Policy which in turn is excess of various insurances and/or retentions as more fully set forth in the Followed Policy.

## CONDITIONS

### 1. MAINTENANCE OF UNDERLYING INSURANCE

It is a condition of this Policy that the Underlying Policy(ies) shall be maintained in full force and effect, except for any reduction of the aggregate limits contained therein solely by payment by Underlying Policy(ies) of any loss(es) covered by this Policy. 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(ies) excludes loss(es) which are covered by the Followed 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, Claim or Loss where the claim or suit involves, or

Date of Issuance: June 24, 2010
Page 2 of 4
103271(11/09)
CHARTIS EXCESS LIMITED IS REGISTERED IN IRELAND AND REGULATED BY THE IRISH FINANCIAL SERVICES REGULATORY AUTHORITY.
REGISTERED OFFICE: 30 NORTH WALL QUAY, IFSC, DUBLIN 1, IRELAND. REGISTRATION NO. 279452