# THE CHUBB COMMERCIAL EXCESS - NEW YORK

## Contract

Please read this policy carefully. It explains your rights and duties and what is and what is not covered.

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 controlling underlying insurance.

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 provision where they appear.

## Insuring Agreements

We will pay on behalf of the insured, that part of loss covered by this insurance in excess of underlying limits of insurance, provided the injury or offense takes place during the Policy Period of this policy. The terms and conditions of controlling underlying insurance are made a part of this policy, except with respect to:

A. any contrary provision contained in this policy; or
B. any provision in this policy for which a similar provision is not contained in controlling underlying insurance.

With respect to the exceptions stated above, the provisions of this policy will apply.

The amount we will pay is limited as described in Limits of Insurance.

Notwithstanding anything to the contrary contained above, if controlling underlying insurance does not cover loss for reasons other than exhaustion of an aggregate limit of insurance by payment of claims, then we will not cover such loss.

We have no obligation under this insurance with respect to any claim or suit settled without our consent.

If we are prevented by law from paying on behalf of the insured for coverage provided under this insurance, then we will indemnify the insured.

## Defense and Supplementary Payments

A. Our obligations with respect to the investigation, settlement or defense of any claim made, or suit brought, or proceedings instituted against you are as follows:

1. We have the right and the duty to assume control of the investigation, settlement or defense of any claim or suit against the insured for damages covered by this policy, even if the allegations of the suit are groundless, false or fraudulent when the applicable limit of all underlying insurance has been exhausted by payment of claim.