# Excess Liability Policy

## Royal Insurance
**Claim Notice**

Please notify Royal Specialty Underwriting, Inc. of all claims.

**Royal Specialty Underwriting, Inc.**
945 East Paces Ferry Road
Suite 1890
Atlanta, GA 30326
Attention: Claims Department

---

In consideration of the payment of premium, this Company does insure the Insured named in the Declarations subject to all of the terms and conditions of this Policy including all of the terms and conditions of the Declarations and Insuring Agreement(s) which are made a part thereof.

## INSURING AGREEMENTS

### 1. Coverage:
To indemnify the Insured for such loss as would have been payable under all of the terms of the Liability Coverages afforded by the underlying policies listed in Item 5 of the Declarations if the limits of liability stated in Item 4 of the Declarations were available under the underlying policies in addition to the limits of liability stated in Item 4 of the Declarations (hereinafter called the "underlying limits"); provided the Company's obligation hereunder shall apply only to loss in excess of such underlying limits.

### 2. Limits of Liability - Underlying Limits:
Liability under this policy shall attach to the Company only after the underlying insurers have paid or have been held to pay the full amount of their respective loss liability as described in the underlying limits, and the limits of the Company under this policy shall then be as shown in Item 4 of the Declarations.

## CONDITIONS

### 1. Maintenance of Underlying Insurance:
This policy is subject to the same terms, definitions, exclusions and conditions (except as regards the premium, the amount and limits of liability and except as otherwise provided herein) as are contained in or are applicable to the underlying policies stated in Item 5 of the Declarations prior to the happening of an occurrence for which claim is made hereunder. It is a condition of this policy that the underlying policies shall be maintained in full effect during the currency hereof except for any reduction in the aggregate limits contained therein solely by payment of claims in respect of accidents and/or occurrences occurring during the period of this policy or by the operation of Conditions of the underlying policies.

### 2. Notice of Occurrence:
Whenever the Insured has information from which they may reasonably conclude that an occurrence covered hereunder involves injuries or damage which, in event that the Insured shall be held liable, is likely to involve this policy, notice shall be sent to the Company within thirty (30) days from the time of occurrence, or that failure to give notice of any occurrence which at the time of its happening did not appear to involve this policy, but which, at a later date, would appear to give rise to claims hereunder, shall not prejudice such claims.

### 3. Other Insurance:
If other valid and collectible insurance with any other insurer is available to the Insured covering a loss also covered by this policy, other than insurance that is in excess of the insurance afforded by this policy, the insurance afforded by this policy shall be in excess of and shall not contribute with such other insurance.

### 4. Application of Salvage:
All salvage, recoveries, or payments recovered or received subsequent to a loss settlement under this policy shall be applied as if recovered or received prior to such settlement, and all necessary adjustments shall then be made between the Insured and the Company, provided always that nothing in this clause shall be construed to mean that losses under this policy are not recoverable until the Insured's ultimate net loss has been finally ascertained.

### 5. Attachment of Liability:
Liability under this policy shall not attach unless and until the underlying insurers shall have admitted liability for the underlying limits or unless and until the Insured has by final judgment been adjudged to pay a sum which exceeds such underlying limits.

### 6. Premium Computation:
The deposit premium stated in the Declarations is an advance premium only unless otherwise specified. Upon termination of this policy, the earned premium shall be computed in accordance with the rates and minimum premium applicable to this insurance as stated in the Declarations. If the earned premium thus computed exceeds the advance premium paid by the Named Insured, the Named Insured shall pay the excess to the Company; if less, the Company shall return to the Named Insured the unearned portion paid by such Insured. The Named Insured shall maintain records of the information necessary for premium computation on the basis stated in the Declarations and shall send copies of such records to the Company at the end of the policy period or at any time the Company may request.

### 7. Inspection and Audit:
The Company shall be permitted but not obligated to inspect the Named Insured's property and operations at any time. Neither the Company's right to make inspections nor the making thereof nor any report thereon shall constitute an undertaking, on behalf of or for the benefit of the Named Insured or others, to determine whether or not any such property or operations are in compliance with any law, regulation, ordinance, standard, or practice.

The Company may examine and audit the Named Insured's books and records at any time during the policy period and extensions thereof and within three years after the final termination of this policy, as far as they relate to the subject matter of this insurance.

### 8. Action Against Company:
No action shall lie against the Company unless, as a condition precedent thereto, the Insured shall have fully complied with the terms of this policy, nor until the amount of the Insured's obligation to pay shall have been finally determined either by judgment against the Insured after actual trial or by written agreement of the Insured, the claimant and the Company.

### 9. Subrogation:
In the event of any payment under this policy, the Company shall be subrogated to all the Insured's rights of recovery therefor against any person or organization and the Insured shall execute and deliver instruments and papers and do whatever else is necessary to secure such rights. The Insured shall do nothing after loss to prejudice such subrogation.

### 10. Changes:
Notice to or knowledge possessed by any person shall not effect a waiver or change in any part of this policy or stop the Company from asserting any rights under the terms of this policy; nor shall the terms of this policy be waived or changed, except by endorsement issued to form a part hereof, signed by an authorized representative of the Company.

### 11. Assignment:
Assignment of interest under this policy shall not bind the Company until its consent is endorsed hereon; if, however, the Named Insured shall be adjudged bankrupt or insolvent, this policy shall cover the Named Insured's legal representative as Named Insured, provided that notice of cancellation addressed to the Insured named in the Declarations and mailed to the address shown in this policy shall be sufficient notice to effect cancellation of this policy.