# PART I - INSURING AGREEMENTS

## 1. Excess Liability Indemnity
To indemnify the insured for the amount in excess of the applicable limits of liability of the underlying insurance, as shown in column 4 of the declarations, provided that the aggregate limit of liability of the underlying insurance is not less than the applicable amount inserted in column 3, and further that the limit of the company's liability under this part shall not exceed the applicable amount inserted in column 3.

The provisions of the immediate underlying policy incorporated as part of this policy except for any obligation to investigate and defend and pay for costs and expenses incident to the same, the amount of the excess liability, or other non-cancellation provision and any other provisions which are inconsistent with the provisions of this policy.

If the specified coverage of the immediate underlying policy covers accidents rather than occurrences then "accident" means "occurrence" in the applicable coverage of this policy.

## 2. Immediate Underlying Policy
"Immediate underlying policy" means the policy of the underlying insurance which provides the layer of coverage, whether primary or excess, immediately preceding the layer of coverage provided by this policy.

## 3. Loss
"Loss" means the sums paid as damages in settlement of a claim or in satisfaction of a judgment for which the insured is legally liable, after making deductions for all recoveries, salvages, and other insurances, whether recoverable or not, other than the underlying insurance and savings mutual purchased specifically to be in excess of this policy. Loss does include investigation, adjustment, defense in appearance, settlements, costs and expenses incident to any of the same, notwithstanding that the underlying insurance may provide insurance for such costs and expenses.

## 4. Underlying Insurance
"Underlying insurance" means the insurance policies cited in item 3 of the declarations and includes any renewal or replacement of such policies.

# PART II - DEFINITIONS

## 1. Reduction of the Aggregate
This provision applies only if this policy contains an aggregate limit of liability which applies to each occurrence.

If the "each occurrence" or "each person" limit of liability of the underlying insurance is less than as stated in column 3 of Item 4 in the declarations because the aggregate limit of liability of the underlying insurance has been reduced, this policy becomes excess of such reduced limit of liability. If such reduction occurs after the issue date, any increase or deduction occurring after the inception date of this policy and not before the date contained herein shall operate to increase the limit of the company's liability.

## 2. Application of the Aggregate to Separate Projects
To the extent that the aggregate limits of liability of the immediate underlying policy apply separately to various operations, projects, contracts, hazards, types of injury, the aggregate limits of liability of this policy, likewise apply separately to such operations, projects, locations, hazards, or types of injury.

# PART III - PROVISIONS GOVERNING THE APPLICATION OF THE AGGREGATE LIMITS OF LIABILITY

## 1. Application of the Aggregate to Periods of Time
The aggregate limits of liability of this policy apply to the first aggregate period of the effective date of this policy and to each succeeding aggregate period of this policy. If the aggregate period of the immediate underlying policy is concurrent with the aggregate period of the immediate underlying policy, it is the final aggregate period. The aggregate period of the policy renewed is the term from the inception date of the immediate underlying policy until the expiration date of this policy. This paragraph does not apply if the expiration date of this policy and the expiration date or anniversary date of the immediate underlying policy coincide. In the event of a loss during the period of this policy, the company, the applicable aggregate period of this policy shall be reduced by any amounts paid or payable on account of any injury or destruction taking place during the final aggregate period of the policy renewed. The final aggregate period of the policy renewed shall be determined in the same manner as the final aggregate period of this policy.

## 2. Nuclear Energy Liability Exclusion
The following exclusion applies in addition to those in the immediate underlying policy.

Except with respect to automobiles registered in the State of New York, this policy does not apply:

A. To bodily injury or property damage:
   (1) With respect to which an insured under this policy is also an insured under a nuclear energy liability policy issued by Nuclear Energy Mutual, Mutual Atomic Energy Liability Association, or Nuclear Insurance Association of Canada, or would be an insured under such policy but for its termination upon exhaustion of its limit of liability.
   (2) Resulting from the hazardous properties of nuclear material, and with respect to which (a) any person or organization is required to maintain financial protection pursuant to the Atomic Energy Act of 1954, or any law amendatory thereof; (b) the insured was, or had this policy not been in effect, entitled to immunity from the United States of America, or any agency thereof, under any agreement entered into by the United States of America, or any agency thereof, with any person or organization.

B. To bodily injury or property damage resulting from the hazardous properties of nuclear material, if:
   (1) The nuclear material is at any nuclear facility owned by, or operated by or on behalf of, an insured or has been discharged or dispersed therefrom;
   (2) The nuclear material is contained in spent fuel or waste at any time possessed, handled, used, processed, stored, transported, or disposed of by or on behalf of an insured, or
   (3) The bodily injury or property damage arises out of the handling of a nuclear material, parts, or equipment in connection with the planning, construction, maintenance, operation, or use of a nuclear facility. But if such facility is located within the United States, a densely populated area, or possession of Canada, the exclusion applies only to property damage to such nuclear facility and on property thereof.

As used in this exclusion:
   "Hazardous properties" means radioactive, toxic, or explosive properties.
   "Nuclear material" means source material, special nuclear material, or byproduct material.
   "Source material," "special nuclear material," and "byproduct material" have the meanings given them in the Atomic Energy Act of 1954, or any law amendatory thereof.
   "Spent fuel" means any fuel element or fuel component, which is used, and has been used or exposed to radiation in a nuclear reactor.
   "Waste" means any waste material, including byproduct material, arising from the operation by any person or organization of any nuclear facility included within the definition of nuclear facility under Department 101 of this Act.
   "Nuclear facility" means:
      (a) Any nuclear reactor,