# Certificate of Excess Insurance

This document is a Certificate of Excess Insurance issued by American Excess Insurance Company, One Liberty Plaza - 91 Liberty Street, New York, New York, 10006.

## Section 10: Subrogation and Salvage
All salvages, recoveries or payments recovered or received subsequent to a settlement under this Certificate shall be applied as if recovered or received prior to such settlement and all necessary adjustments shall then be made between the Insured and the Company.

## Section 11: Term
This Certificate applies only to accidents or occurrences happening between the effective and expiration dates shown in Item 2 of the Declarations of this Certificate, unless otherwise cancelled.

## Witness
IN WITNESS WHEREOF, the Company has caused this Certificate to be signed by its President and Secretary, but same shall not be binding upon the Company unless countersigned by an authorized representative of the Company.

**James D. Koehnen**
President

**T. Darrington Semple, Jr.**
Secretary