(d) After issuance of this policy or after the last renewal date, discovery of an act or omission, or a violation of any policy condition, that substantially and materially increases the hazard insured against, and which occurred subsequent to inception of the current policy period;

(e) Material change in the nature or extent of the risk, occurring after issuance or last annual renewal anniversary date of this policy, which causes the risk of loss to be substantially and materially increased beyond that contemplated at the time this policy was issued or last renewed;

(f) Required pursuant to a determination by the Superintendent that continuation of Our present premium volume would jeopardize Our solvency or be hazardous to the interest of Our policyholders, Our creditors or the public; or

(g) A determination by the Superintendent that the continuation of this policy would violate, or would place Us in violation of, any provision of the Insurance Code.

(C) Cancellation of policies in effect for more than sixty (60) days.

If this policy has been in effect for more than sixty (60) days, or if this policy is a renewal or continuation of a policy We issued, We may cancel this policy only for any of the reasons listed in (B)(2) above provided We mail the first Named Insured a notice of cancellation at least fifteen (15) days before the effective date of cancellation.

(D) We will mail or deliver our notice including the reason to the first Named Insured at the address shown in this policy and the authorized agent or broker.

(E) If this policy is cancelled, We will send the first Named Insured at the address shown in the Declarations any premium refund due. If the Named Insured initiates cancellation of this policy, the earned premium shall be computed in accordance with the customary short rate table and procedure. If We cancel this policy, the earned premiums shall be computed pro rata. Premium adjustment may be made either at the time cancellation is effected or as soon as practicable thereafter. Payment of unearned premium is not a condition of cancellation.

(F) The mailing of notice as aforesaid shall be sufficient proof of notice, and the effective date of cancellation stated in the notice shall become the end of Our policy period.

E. CONDITION 5. NOTICE OF OCCURRENCE - INSURED'S DUTY., the following paragraph is added:

Notice given by or on behalf of any Insured, or written notice by or on behalf of the injured person or any other claimant, to any agent of Ours in New York State, with particulars sufficient to identify the Insured, shall be considered notice to Us.

F. CONDITION 6. PAYMENT OF LOSS., is replaced by the following:

6. PAYMENT OF LOSS, LEGAL ACTION AGAINST US.

(A) It is a condition of this policy that the insurance afforded under this policy shall apply only after all Underlying Insurance has been exhausted by payment of their limits of insurance. Upon final determination of the Insured's liability by