**CONTINENTAL CASUALTY COMPANY**

*Chicago, Illinois*

**INCORPORATED BY THE STATE OF ILLINOIS AS A STOCK COMPANY**

**HEREINAFTER CALLED THE COMPANY**

Agrees with the Named Insured specified in the Declarations, made a part hereof, subject to the limitations, terms and conditions hereinafter mentioned:

**INSURING AGREEMENTS**

1. **Coverage**

To indemnify the Insured for all sums which the Insured shall be obligated to pay by reason of the liability,

(a) imposed upon the Insured by law,

or

(b) assumed by the Insured under contract or agreement but only in respect of operations by or on behalf of the Named Insured,

for damages, direct or consequential, and expenses, all as defined by the term "ultimate net loss" on account of,

- Personal Injuries, including death at any time resulting therefrom; or
- Property Damage; or
- Advertising Liability,

caused by or arising out of each occurrence.

2. **Limit of Liability**

(a) The Company shall only be liable for the ultimate net loss in excess of either,

(1) the amount recoverable under underlying insurance as set out in the attached schedule,

or

(2) the amount stated in Item 3(A)(2) of the policy declarations, ultimate net loss in respect of each occurrence not covered by said underlying insurance,