3. this policy has been issued in reliance upon your representations.

M. Separation of Insureds

Except with respect to the Limits of Insurance and any rights or duties specifically assigned to the first named insured, this insurance applies:

1. as if each named insured were the only named insured;
2. separately to each insured against whom claim is made or suit brought.

N. Subrogation

In the event of any payment under this policy by us, we shall be subrogated to all your rights of recovery against any person or organization, and you shall execute and deliver instruments and papers and do whatever else is necessary to secure such rights. The amount recovered as subrogation shall be apportioned in the inverse order of payment of ultimate net loss to the extent of the actual payment. The expenses of all such recovery proceedings shall be apportioned in the ratio of respective recoveries.