coverage under such policy other than the limits of the underlying insurer's liability.

With respect to any person or organization who is not an insured under an underlying insurance policy, coverage under this policy shall apply only to ultimate net loss in excess of the underlying insurance or self-insured retention applicable to the named insured.

This insurance does not apply to bodily injury, personal injury, property damage, or advertising injury arising out of the conduct of any partnership or joint venture of which the insured is a partner or member and which is not designated in this policy as a named insured.

### IV. LIMITS OF LIABILITY

Regardless of the number of (a) insureds under this policy, (b) persons or organizations who sustain injury or damage or (c) claims made or suits brought on account of such injury or damage, the company's liability is limited as follows:

1. The total liability of the company for all ultimate net loss as the result of any one occurrence shall not exceed the limit of liability stated in the declarations as applicable to "each occurrence."

2. Subject to the above provision respecting "each occurrence", the total liability of the company for all ultimate net loss because of all bodily injury and property damage to which this policy applies and which is described in either of the numbered subparagraphs below shall not exceed the limit of liability stated in the declarations as "aggregate":

(a) all bodily injury and property damage included within the products hazard and within the completed operations hazard.

(b) all bodily injury because of occupational diseases of employees of insureds.

The aggregate limit of liability shall apply separately to the injury or damage described in subparagraphs (a) and (b) above.

3. For the purpose of determining the limit of the company's liability, all advertising injury, bodily injury, personal injury and property damage described in either of the subparagraphs below shall be considered as arising out of one occurrence:

(a) all bodily injury and property damage arising out of continuous or repeated exposure to substantially the same general conditions.

(b) all advertising injury and personal injury arising out of repeated publications or utterances of the same or similar material.
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This text provides detailed information about the coverage and limitations of a specific insurance policy, including definitions of terms like "advertising injury," "automobile," and "bodily injury." It also outlines the limits of liability for various types of claims and injuries covered by the policy.