**ISSUED BY:- THE NORTH RIVER INSURANCE COMPANY (Hereinafter called "the Company")**

**INSURING AGREEMENTS**

### I. COVERAGE

The Company hereby agrees, subject to the limitations, terms and conditions hereinafter mentioned, to indemnify the Insured for all sums which the Insured shall be obligated to pay by reason of the liability caused by or arising out of hazards all as covered by and as more fully defined in the Underlying Umbrella Policies stated in Item 2 of the Schedule.

### II. LIMIT OF LIABILITY - UNDERLYING LIMITS

It is expressly agreed that liability shall attach to the Company only after the Underlying Umbrella Insurers have paid or have been held liable to pay the full amount of their respective ultimate net loss liability as follows:

- $ (as stated in Item 3 of the Schedule) - ultimate net loss in respect of each occurrence, but
- $ (as stated in Item 4 of the Schedule) - in the aggregate for each annual period during the currency of the Policy separately in respect of each hazard insured with an aggregate limit in the Underlying Umbrella Policies
- and the Company shall then be liable to pay only the excess thereof as a further
- $ (as stated in Item 5 of the Schedule) - ultimate net loss in all in respect of each occurrence - subject to a limit of
- $ (as stated in Item 6 of the Schedule) - in the aggregate for each annual period during the currency of this Policy separately in respect of each hazard insured with an aggregate limit in the Underlying Umbrella Policies.

### CONDITIONS

1. **MAINTENANCE OF UNDERLYING UMBRELLA INSURANCE**

This Policy is subject to the same terms, definitions, exclusions, and conditions (except as regards the premium, the amount and limits of liability and except as otherwise provided herein) as are contained or as may be added to the Underlying Umbrella Policies stated in Item 2 of the Schedule prior to the happening of an occurrence for which claim is made hereunder and should any alteration be made in the premium of the Underlying Umbrella Policies during the currency of this Policy, then the Premium hereon shall be adjusted accordingly.