9. **NOTIFICATION:**
   Written notice shall be given as soon as practicable by or on behalf of the insured to us or any of our authorized agents whenever:
   a. An act or omission takes place which may result in "loss" covered under this policy; or
   b. The insured has knowledge of an accident or occurrence likely to result in "loss" covered under this policy; or
   c. A claim is made or a suit is brought and the amount claimed exceeds the full total of all the limits of liability of the "underlying policies"; or
   d. The total incurred losses for a coverage exceed 50% of the total limits for that coverage in all of the "underlying policies".

10. **CANCELLATIONS:**
   The insured may cancel this policy by delivering it to us or any of our authorized agents or by mailing written notice to us or any of our authorized agents stating when thereafter the cancellation shall be effective.
   
   This policy may be cancelled by us by mailing written notice of cancellation to the insured first named in Item 1 of the Declarations Page at the mailing address shown in this policy. The notice shall state when the cancellation shall be effective. The effective date of cancellation shall be:
   a. Not less than ten days after mailing in case of non-payment of premium when due, whether payable directly to us or payable to our agents or others under any installment payment plan, premium finance plan, extension of credit or other payment plan;
   b. Not less than ten days after mailing in case any bankruptcy or debtor relief proceeding is brought by or against the insured named on the Declarations;
   c. Not less than sixty days (or such longer period as may be shown under Item 2 of the declarations) after mailing in all other cases.

   The time of delivery of the policy to us or the effective date and hour of cancellation stated in the notice of cancellation shall become the end of the policy period. Delivery of written notice of cancellation, either by the insured or by us, shall be equivalent to mailing. The mailing of notice by first class mail shall be sufficient proof of notice. Payment or tender of unearned premium is not a condition of cancellation.

11. **SUBROGATION:**
   In the event of any payment under this policy we may, at our option, participate with the insured and any underlying insurer in the exercise of all the insured's rights of recovery against any person or organization liable therefore. Recoveries shall be applied in the following order:
   To reimburse
   a. Any interest (including the insured) that may have paid any amount with respect to liability in excess of the limit of our liability hereunder;
   b. Us for the amount paid hereunder, as well as any other insurer having a Quota Share interest at the same level;
   c. All other interests (including the insured) with respect to the residue, if any.

   When we have elected to participate in the exercise of the insured's right of recovery, reasonable expenses resulting therefrom shall be apportioned among all interests in the ratio of their respective recoveries.

12. **BANKRUPTCY:**
   Bankruptcy or insolvency of the insured does not relieve us of our obligations under this policy.

13. **SOLE AGENT:**
   The insured first named in Item 1 of the Declarations Page is authorized to act on behalf of all insureds with respect to giving or receiving notice of cancellation, receiving unearned premium, and agreeing to any changes in this policy.

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:
   a. Proof of financial responsibility for the future under the provisions of any motor vehicle fi-