# Bankruptcy and Insolvency

In the event of the Named Insured's bankruptcy or insolvency or any entity comprising the Named Insured, we shall not be relieved thereby of the payment of any "claims" hereunder because of such bankruptcy or insolvency. However, the inability of the Named Insured, or any entity comprising the Named Insured, to pay any amount of self insurance required by this policy or any amount of self insurance in any Retained Amount, or the inability of any insurer to pay any Retained Amount will in no way increase or expand our liability under this policy.

# First Named Insured

The first Named Insured in Item 1 of the Declarations shall be responsible for payment of all premiums, and shall act on behalf of all other "insureds" with respect to the giving and receiving of notice of cancellation and the receipt of any return premium that may become payable under this policy.

# Legal Actions Against Us

No person or organization has a right under this policy:

- To join us as a party or otherwise bring us into a suit asking for damages from an "insured"; or
- To sue us under this policy unless all of its terms have been fully complied with.

A person or organization may sue us to recover on an agreed settlement or on a final judgment against an "insured" obtained after an actual trial; but we will not be liable for damages that are not payable under the terms of this policy or that are in excess of the applicable limit of liability. An agreed settlement means a settlement and release of liability signed by us, the first Named Insured and the claimant or the claimant's legal representative.

# Arbitration

Should an irreconcilable difference of opinion arise as to the interpretation of this policy, it is hereby mutually agreed that, as a condition precedent to any right of action hereunder, such difference shall be submitted to arbitration. If either of the parties fails to appoint an arbitrator within one month after being required by the other party in writing to do so, or if the arbitrators fail to appoint an umpire within one month of a request in writing by either of them to do so, such arbitrator or umpire, as the case may be, shall at the request of either party be appointed by a Justice of the Supreme Court of the State of New York.