# ASPEN BERMUDA LIMITED

## THE BERMUDA SHORT FORM

### 7. RESTRICTIVE AS UNDERLYING AND QUOTA SHARE

Notwithstanding the terms, conditions and exclusions or limitations of this Policy, if either:

- Any Underlying Policy(ies) with limits of liability in excess of the Followed Policy but underlying to this Policy (the Intervening Policy(ies)) as set forth in Section I – Schedule of Underlying Policy(ies) of Endorsement 'Schedule of Excess Policy(ies)' to this Policy and hereinafter referred to as "Intervening Policy(ies)"; or
- Any Quota Share Policy(ies) (as set forth in Section II – Schedule of Quota-Share Policy(ies) of Endorsement 'Schedule of Excess Policy(ies)' to this Policy and hereinafter referred to as "Quota Share Policy(ies)");

contains warranties, terms, conditions, exclusions or limitations more restrictive than this Policy or the Followed Policy, whether on the effective date of this Policy or at any time during the Policy Period of this Policy, then this Policy shall be deemed to follow those more restrictive warranties, terms, conditions, exclusions or limitations of the Intervening Policy(ies) and Quota Share Policy(ies).

IN WITNESS WHEREOF, this Policy has been made, entered into and executed by the undersigned in Hamilton, Bermuda this 10th day of July, 2013.

Tim Proctor
Senior Vice President

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