# Excess Liability Insurance Policy

In consideration of the payment of the premium, in reliance upon the statements in the declarations made a part hereof and subject to all of the terms of this policy, the Company agrees with the insured as follows:

## I. INSURING AGREEMENT

The Company will indemnify the insured for the amount of ultimate net loss applicable to the insurance to which this policy applies, in excess of the applicable limits of liability designated in Item 4 of the declarations as underlying insurance.

Except as may be inconsistent with the provisions of this policy, the insurance afforded by this policy shall follow all the provisions of the underlying insurance (whether primary or excess) immediately preceding the layer of insurance afforded by this policy, including any changes by endorsement.

The first named insured shall give the Company written notice as soon as practicable of any change in the scope of coverage or in the amount of limits of liability under any underlying insurance, and of the termination of any coverage or of exhaustion of aggregate limits of liability of any underlying insurance.

## II. MAINTENANCE OF UNDERLYING INSURANCE

Each policy described in Item 4 of the declarations shall be maintained in full effect during the currency of this policy, except for the reduction of the aggregate limit or limits of liability, if any, contained therein solely by payment of claims because of occurrences taking place during the period of this policy. Failure of the insured to comply with the foregoing shall not invalidate this policy but, in the event of such failure, the Company shall be liable only to the extent that it would have been liable had the insured complied therewith.

Upon notice that any aggregate limit of liability under any policy of underlying insurance has been exhausted, the first named insured shall immediately make all reasonable efforts to reinstate such limits.

## III. NOTICE OF LOSS

The insured shall immediately notify the Company of any occurrence which appears likely to result in liability under the provisions of this policy and of subsequent developments likely to affect the Company's liability hereunder. At no time shall the Company be called upon to assume charge of the defense or settlement of any claims made or suits brought or proceedings instituted against the insured. The Company shall, however, have the right to rely on documents in its business records. At this time, the company does not certify that these documents constitute a complete and accurate copy of the policy.