**VII. PAYMENT OF LOSS**

Payment under this policy, if the loss is not covered by any other insurance, shall not be collectible unless and until the Insured (or his or her Underwriter: Insurer(s)) shall have paid to the Insured (or his or her Underwriter: Insurer(s)) all Losses (including Costs) which he or she reasonably shall pay on behalf of the Insured for the same or arising out of falling within the terms of this policy.

**VIII. INSOLVENCY**

The recovery of the loss under this policy, however, shall not be made the basis of an action against the Insured, and the Insurer shall pay only such sums as may be payable under this policy upon the Insured's request, if any, and subject to the provisions hereof.

**IX. OTHER INSURANCE**

If other valid and collectible insurance is available to the Insured, then the amount payable by this policy, other than deductible and excess amounts, in excess of insurance afforded by such other insurance, the Insurer shall be entitled to contribute with such other insurance.

**X. SUBROGATION**

Inasmuch as this policy is excess and above the Insured's right of recovery against any person or other entity, it shall be exclusively subrogated to the extent of the amount so understood and agreed that in the event of any claim under, Gibraltar will act in concert with the other party (including the Insured) concerned in the exercise of their rights of recovery. The Insured has no standing after such to prejudice such rights. The distribution of any amount which may be so recovered shall be at the discretion of any parties (including the Insured) that share the total or amount over and above any insurance coverage that may be hereunder up to the amounts paid by them. Should there is then to be reimbursed out of any balance that remaining up to the amount paid hereunder, lastly, the parties (including the Insured) of whom the coverage in excess are

**XI. ASSIGNMENT**

Assignment of this policy, in whole or in part, for any consideration, shall not be effective without the written consent of Gibraltar.

**XII. CHANGES**

In the event of an election to increase the premium rate, the Insured is required to notify Gibraltar in writing of any change from existing rates, and upon receipt of such notice, the Insured shall be charged the increased premium, excepting any premium already paid, as elected by Gibraltar.

**XIII. CANCELLATION**

Any policy may be cancelled by either the Insured or Gibraltar, with notice of at least thirty (30) days, and without further obligation to the other party. In the event of cancellation, the Insured shall be entitled to receive the amount of the premium paid to the date of such cancellation, less any amount paid during the period of the policy term.

Cancellation is at the request of the Insured, the premium shall be computed in accordance with the schedule table and the terms of Gibraltar, and the policy shall be cancelled forthwith. If the policy is more than one named insured, cancellation shall be the first named insured. Insureds, in case of cancellation, the first named insured shall be deemed to be the sole and pay out of any amount due, the first named insured shall be to the amount of the premium.

Premium adjustment may be made either if the condition is effected or as soon as practicable after such becomes effective, but payment of the adjusted premium is not a condition of coverage.