(c) as respects any liability of a person or party who is not an Insured assumed by an insured under a contract or agreement, by an Insured at the time of such assumption.

(3) Commercial Risk

As respects any Integrated Occurrence arising out of the Insured's Products, actual or alleged Personal Injury or Property Damage similar to, and not vastly greater in order of magnitude than, that included in such Integrated Occurrence arising out of sales, if any, of such products by the Insured after the date of the Notice of Integrated Occurrence shall be deemed Expected or Intended. No inference shall be drawn from the giving of a Notice of Integrated Occurrence or from this paragraph (3) that actual or alleged Personal Injury or Property Damage arising out of sales of such products by the Insured prior to the date of such Notice of Integrated Occurrence either was or was not Expected or Intended.

N. "Inception Date" means the date set forth in Item 4 of the Declarations; provided, however, that with respect to any Insured which becomes an Insured subsequent to the Inception Date, the Inception Date for that Insured shall be the date such person or entity became an Insured under this Policy or such other date as may be agreed in writing between the Named Insured and the Insurer; provided further that as respects any layer of coverage not set forth in Items 2 and 3 of the original Declarations which is added by Endorsement, the Inception Date shall be the effective date of such Endorsement unless otherwise agreed in writing between the Named Insured and the Insurer.

O. "Incidental Watercraft Use" means use by the Insured of any owned, leased or chartered Watercraft less than 75 feet in length but shall not include:

(1) use of Watercraft for the commercial carriage for a fee of passengers or cargo for parties other than the Insured in exchange for a fee;

(2) use of Watercraft in connection with the commercial provision of marine services to others for a fee;

(3) use of any Watercraft held in inventory or otherwise for lease or charter to another person by an Insured in the business of lease or charter of Watercraft;

(4) use of Watercraft owned by a party other than the Insured which is being serviced, maintained, fueled, or tested or otherwise is in the temporary care, custody or control of the Insured in connection with any business operations of the Insured relating to Watercraft servicing, maintenance, fueling, testing, storage or associated or similar matters.

P. The "Insured" means, except as specifically stated otherwise in this Policy, all Insureds as defined below:

(1) the Named Insured and, if the Named Insured is designated in Item 1(a) of the Declarations as a partnership or Joint Venture, the partnership or Joint Venture so designated and each partner or member thereof but only with respect to his or its liability as such;

(2) (a) any subsidiary or affiliate of the Named Insured for any Annual Period whose accounts as of the date of the financial statements of the Named Insured submitted to the Insurer most recently prior to the rating of the premium for such Annual Period (i) are consolidated in the financial statements of the Named Insured in accordance with generally accepted accounting principles in the United States of America, or (ii) were eligible for such consolidation (or in the case of a non-United States Named Insured would have been consolidated or