# VII. PAYMENT OF LOSS

Payment of loss, if any, with respect to any claim or suit shall not be collectible unless and until the Insured and the Underlying Insured have paid the amount of the Underlying Liability plus Costs thereon, forthwith, promptly by Gibraltar, on behalf of the Insured the amount of the loss, subject to the terms of this policy.

# VIII. INSOLVENCY

The insolvency of the Insured, Underlying Insured, or both shall not increase the liability of Gibraltar and Gibraltar shall pay only such sums in excess of the amount at the Insured's retention, if any, and of the Underlying Insured's retention, if any.

# IX. OTHER INSURANCE

If other valid and collectible insurance with any other insurer is available to the Insured covering all risks covered by this policy, other than insurance that would be in excess of insurance afforded by this policy, the insurance afforded by this policy shall be in excess of and shall not contribute with such other insurance.

# X. SUBROGATION

Although this policy is "excess insurance," the insured's right of recovery against any person or other entity cannot be exclusively subrogated to Gibraltar. It is, therefore, understood and agreed that in case of any payment hereunder, Gibraltar will act in concert with any other parties concerning the insured concerned in the use or sale of such goods of recovery. The insured shall do nothing after loss to prejudice such rights. The apportionment of any amounts which may be so recovered shall follow the principle that several parties (including the insured) that shall have paid an amount over and above any payment hereunder, shall first be reimbursed up to the amount paid by them. Gibraltar is then to be reimbursed out of any balance remaining up to the amount paid hereunder, lastly, the parties (including the insured) of whom the coverage is in excess are

In Witness Whereof, Gibraltar has caused this policy to be signed by its authorized officers, but the policy shall not be binding upon Gibraltar unless signed on the Declarations page of this policy by a duly authorized representative of Gibraltar.