# VII. PAYMENT OF LOSS

In the event of loss under this policy with respect to any underlying insurance that is not collectible, unless and until the Insured or the Underlying Insurer(s) shall have paid the amount of the underlying claim plus Costs, Statemaster, Calculator profit or any other payment on behalf of the Insured for the amount of the loss, Statemaster shall not be liable.

# VIII. INSOLVENCY

The insolvency of the Insured's underlying insurer, of both shall not increase the liability of Gibraltar and Gibraltar shall pay only such sums in excess of the amount of the insured protection, if any, and at the Underlying Limit.

# IX. OTHER INSURANCE

If there is 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 specifically in excess of insurance afforded by this policy, the insurance affected by this policy shall be an excess of and shall not contribute with such other insurance.

# X. SUBROGATION

In consideration of this policy is "Excess Insurance", the Insured's right of recovery against any person or other entity cannot be exclusively subrogated to Gibraltar. It is therefore understood and agreed that in case of any loss, and Gibraltar will act in concert with all other parties (including the Insured) concerned in the exercise of such rights of recovery. The Insured shall have nothing after loss to subrogate such rights. The appropriation of any amounts which may be so recovered shall follow the principle that any parties (including the Insured) that shall have paid an amount over and above any payment hereunder, shall first be reimbursed up to the amount paid by them. Gibraltar is then to be reimbursed out of any balance that remaining upon the amount paid hereunder. Lastly, the parties (including the Insured) of whom the coverage is in excess are

# XI. ASSIGNMENT

This policy is assigned under the terms of the assignment agreement and until dissolution of the same.

# XII. CHANGES

Any change in knowledge provided by the Insured shall be promptly notified to Gibraltar. Any change in the name of the Insured and/or any right, title, interest or lien of the Insured over the property that is subject to this policy and/or account number of the Insured shall be promptly notified to Gibraltar.

# XIII. CANCELLATION

This policy can be cancelled by the Insured or Gibraltar at any time without notice. The cancellation notice must be given to Gibraltar in writing. If Gibraltar cancels this policy, it will notify the Insured in writing. If the Insured cancels this policy, it will notify Gibraltar in writing. This notice must be given at least 30 days prior to the effective date of the cancellation. If the Insured cancels this policy, the premium paid to the date of cancellation will be refunded. If Gibraltar cancels this policy, the premium paid to the date of cancellation will be retained.

# Witness

Witness whereof, Gibraltar has caused this policy to be signed by its authorized representative and the undersigned.

**[Signature]**

**[Name]** Secretary

**[Signature]**

**[Name]**