# COMMERCIAL EXCESS LIABILITY COVERAGE FORM

Various provisions in this policy restrict coverage. Read the entire policy carefully to determine the "Insured's" rights and duties and what is and is not covered by this policy.

Throughout this policy, the words "you" and "your" refer to the "Named Insured." The words "we," "us," and "our" refer to the Company providing this insurance.

The word "Insured" means any person or organization qualifying as such in the "Designated Underlying Policy."

Other words and phrases that are printed in bold-faced type are defined in the policy. These definitions are found in the Definitions section or in specific policy provisions where they appear.

In consideration of the payment of the premium and in reliance upon the statements shown in the Declarations and made a part of this policy, we agree to provide coverage as follows:

## SECTION I -- INSURING AGREEMENTS

### A. COVERAGE

1. We will pay on behalf of the "Insured" that part of "Loss" covered by this insurance in excess of the limits of liability of the "Underlying Insurance" as set forth in the Schedule of Underlying Insurance but only up to an amount not exceeding our Limits of Liability as set forth in Item 4. of the Declarations, provided the "Insured Event" takes place during our "Policy Period."

2. Except when stated to apply otherwise, this policy is subject to all of the terms, conditions, insuring agreements, definitions, and exclusions (hereinafter called "provisions") of the "Designated Underlying Policy"; but in no event shall this policy be subject to the provisions of the "Designated Underlying Policy" with respect to the premium, the "Policy Period", the renewal or extension agreement (if any), the amount or limits of liability or any other provision of the "Designated Underlying Policy" that may be inconsistent with this policy.

3. Notwithstanding anything to the contrary contained in this policy, if the "Designated Underlying Policy" does not cover "Loss" for any reason other than exhaustion of an aggregate limit of liability by payment of claims, then we will not cover such "Loss."

## B. LIMITS OF LIABILITY

1. Our Limits of Liability set forth in Item 4. of the Declarations and the rules described in this policy shall establish the maximum amount that we are obligated to pay for "Loss" under this policy, regardless of the number of:
   - a. "Insureds";
   - b. Claims made, suits brought or proceedings instituted;
   - c. Coverages provided under this policy; or
   - d. Persons or organizations making claims, bringing suits or instituting proceedings.

2. It is expressly agreed that liability shall attach to us only with respect to such coverages as are set forth in the Schedule of Underlying Insurance and only after the "Insured" has become legally obligated to pay the limits of liability of the "Underlying Insurance."

3. The Each Occurrence Limit of Liability set forth in Item 4. of the Declarations is the most we will pay for "Loss" arising out of any one occurrence. Any amount paid for damages arising out of an occurrence will reduce the amount of our applicable Aggregate Limit of Liability available for payment for damages arising out of any other occurrence. If our applicable Aggregate Limit of Liability has been reduced by pay-