# ENDORSEMENT #12

This endorsement, effective 12:01 A.M., forms a part of policy No. issued to by Lexington Insurance Company

## JOINT VENTURE CLAUSE

It is agreed that, as regards any liability of the "insured" which is insured under this policy and arises out of the operations or existence of any joint venture, co-venture, joint operating agreement or partnership (hereinafter called "Joint Venture") in which the "insured" has an interest, the liability of the Company under this policy shall be limited to:

(a) the percentage interest of the "insured" in the said joint venture, and;
(b) the total limit of liability insurance afforded the "insured" by this policy.

Where the percentage interest of the "insured" in said joint venture is not set forth in writing, the percentage to be applied shall be that which would be imposed by law. Such percentage shall not be increased by the insolvency of others interested in the said joint venture.