# 14. PREMIUM:

The premium stated in Item 3 of the Declarations Page as payable at inception is due and payable at the effective date of this policy. If that premium is designated as an adjustable premium, it is subject to adjustment pursuant to the terms of a premium schedule or other endorsement attached to this policy. If this policy terminates prior to the expiration date shown in Item 2 of the Declarations Page, unearned paid premium shall be computed on a pro rata basis and promptly returned to the insured. However, if the insured cancels this policy, on 90% of unearned paid premium shall be returned and we shall retain the balance as though it were earned premium.

## 15. INSPECTION:

We shall be permitted but not obligated to inspect the insured's property and operations at any time. Neither our right to make inspections, nor the making of them, nor any report concerning them shall constitute an undertaking on behalf of or for the benefit of the insured or others to determine or warrant that the property or operations are safe or healthful or are in compliance with any law, rule or regulation.

## 16. CERTIFICATION:

When this policy is certified as:
- Proof of financial responsibility for the future under the provisions of any motor vehicle financial responsibility law, such insurance as is afforded by this policy for bodily injury liability or for property damage liability shall comply with the provisions of such law to the extent of the coverage and limits of liability required by such law;
- Other evidence of coverage, such insurance as is afforded by this policy shall comply with the evidence furnished subject to the limits of liability of this policy;

the insured agrees to reimburse us for any payment made by us which it would not have been obligated to make under the terms of this policy except for the agreements contained in Sections a. and b. above.

## 17. OTHER INSURANCE:

If other valid and collectible insurance is available to the insured for loss covered hereunder, this policy shall be excess of such other insurance. This condition does not apply to insurance purchased specifically to be either quota share with this policy or excess of this policy.

# 18. EXTENDED REPORTING PERIOD OPTION

a. This section applies only if you elect to purchase an extended reporting period in any "controlling underlying policy."

Then we will issue an extended reporting period endorsement to form a part of this policy if:
- A written request for the endorsement is made by the insured first named on the Declarations and received by us within 60 days after the end of this policy period; and
- Such insured pays promptly when due an additional premium. We will determine the actual premium after the request for the endorsement is made. This is not subject to any limitation if additional premium contained in any "controlling underlying policy." If this policy has been cancelled for non-payment of premiums any payments received will first reduce any outstanding premiums due and then apply to the extended reporting period.

b. Any extended reporting period will not reinstate or increase the Limits of Liability or extend the policy period.

c. All other provisions of any extended reporting period option granted to you under any "controlling underlying policy" apply to this policy.

# 19. BANKRUPTCY OR INSOLVENCY OF "UNDERLYING POLICY" INSURER:

In the event of the bankruptcy or insolvency of any "underlying policy" insurance company, this policy shall not apply as a replacement of such bankrupt or insolvent insurance company's "underlying policy." This policy shall not drop down if limits of liability of "underlying policies" are reduced or exhausted or are not available or applicable because of the bankruptcy or insolvency of any "underlying policy" insurance company.

In witness whereof The Travelers has caused this policy to be signed by its President and Secretary at Hartford, Connecticut and countersigned on the Declarations Page by a duly authorized agent of The Travelers.