**PUNITIVE DAMAGES ENDORSEMENT**

Notwithstanding the Lead Umbrella Policy written by ACE Property & Casualty Insurance Company to which this Policy is Follow Form, the following Definition shall apply to this Policy:

*“Damages” means all forms of compensatory damages, monetary damages and statutory damages, punitive or exemplary damages and costs of compliance with equitable relief, other than governmental (civil or criminal) fines or penalties, which the Insured shall be obligated to pay by reason of judgment or settlement for liability on account of bodily injury, property damage, personal injury and/or advertising injury covered by this Policy.*

To the extent that any of the Underlying Insurances do not cover Punitive Damages, the Insured shall be self-insured as respects Punitive Damages, and the coverage provided by this Policy and this Endorsement shall not drop down on a difference-in-conditions basis.

**CONTRACT ISSUANCE PRIOR TO ISSUANCE/RECEIPT OF THE FOLLOWED POLICY**

This Policy has been issued on the basis that it is following the same warranties, terms, definitions, exclusions and conditions (except as otherwise provided herein) as are, at inception hereof, contained in the Followed Policy as shown in Item 3 of the Declarations, and that such policy(ies) should reflect bound coverage as contained in the Binder dated 03rd May 2017, which has been noted by the Company and is held on file by Aon UK Limited, London.

Following the issuance of the above referenced policy, a copy of such policy should be forwarded to the Company, via Aon UK Limited, London, for review and agreement by the Company. Any difference in coverage between the binder and the policy will not be binding upon the Company hereunder until agreed by the Company in writing.

The Company does not require a copy of the Punitive Damages policy (if applicable).

Upon satisfactory review of the above referenced policy by the Company, an endorsement will be issued to this Policy deleting this endorsement in its entirety.

**SCHEDULE OF UNDERLYING POLICY(IES)**

Layer 3

| Company: | National Liability & Fire Insurance Company / Federal Insurance Company / The Ohio Casualty Insurance Company / Liberty Insurance Underwriters Inc |
| --- | --- |
| Policy Number: | 43-XSF-100238-04 / 7966-56-84 / E C O (18) 54088246 / 1000040626-16 |
| Limits of Liability: | USD 100,000,000 |

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This text is a legal document detailing the terms of a Punitive Damages Endorsement for an insurance policy. It outlines the definition of "damages," the conditions under which the endorsement applies, and the process for issuing and reviewing the policy. Additionally, it includes a schedule of underlying policies and their respective limits of liability.