# Royal Insurance

## NON-DROP DOWN DUE TO INSOLVENCY

It is agreed that, notwithstanding any of the terms of this policy that might be construed otherwise, this insurance shall not take the place of any underlying insurance which is or becomes invalid, uncollectible or otherwise unavailable due to insolvency of the underlying insurer. The risk of such insolvency is retained by the insured, and not by the Company.

The above provisions apply to both (1) the Company's obligation to indemnify or to pay on behalf of the insured, and (2) the Company's obligation to defend.

All other terms, conditions and warranties remaining unchanged.

Attached to and forming part of the Policy No. _______________________

Issued to _______________________

If this endorsement is listed in the policy declarations, it is in effect from the time coverage under this policy commences. Otherwise, the effective date of this endorsement is as shown below at the same time or hour of the day as the policy became effective.

Effective Date: ________________________ Endorsement No. 6

Countersigned By:

Authorized Representative ________________________ Date ________________________