other party in writing to do so, or if the arbitrators fail to appoint an umpire within one (1) 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.

The arbitration proceeding shall take place in New York, New York, unless some other location is mutually agreed upon by the two (2) parties in interest. The applicant shall submit its case within one (1) month after the appointment of the court of arbitration, and the respondent shall submit his reply within one (1) month after the receipt of the claim. The arbitrators and umpire are relieved from all judicial formality and may abstain from following the strict rules of law. They shall settle any dispute under this agreement according to an equitable rather than a strictly legal interpretation of its terms, and their decision shall be final and not subject to appeal.

Each party shall bear the expense of its arbitrator and shall jointly and equally share with the other the expenses of the umpire and of the arbitration.

9. Aggregate Policy Period - If the period of the underlying insurance is not concurrent with the policy period, it is agreed that for the purpose of determining the Company's liability for loss excess of the aggregate limits of the underlying insurance only loss or losses which take place during the policy period of this policy shall be included.

Further, pursuant to any statute of any state, territory, or district of the United States which makes provision therefor, the Company hereby designates the Superintendent, Commissioner or Director of Insurance, or other officer specified for that purpose in the statute, or his or her successors in office as its true and lawful attorney upon whom may be served any lawful process in any action, suit, or proceeding instituted by or on behalf of the Insured or any beneficiary hereunder arising out of this policy of insurance and hereby designates the above named Counsel as the person to whom the said officer is authorized to mail such process or a true copy thereof.

IN WITNESS WHEREOF, we have caused this policy to be executed and attested, but this policy shall not be valid unless countersigned in the Declarations by one of our duly authorized representatives.

Elizabeth M. Tuck
Secretary

L. H. Halling
President

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INSURED'S COPY