# COMMERCIAL EXCESS LIABILITY POLICY

## COVERAGE

Subject to all the terms of this policy, the Company agrees to pay on behalf of the insured loss resulting from an occurrence insured by all of the policies scheduled in Item 5 of the Declarations. The insurance afforded by this policy shall apply:

a. only excess of Underlying Insurance as scheduled in Item 5 of the Declarations and

b. only after all Underlying Insurance has been exhausted by payments of the Limits of Liability of such insurance, and

c. only if the Underlying Insurance pays such a loss.

The terms, conditions, definitions, endorsements, exclusions, and limitations of the first Underlying Insurance policy as stated in Item 5a of the Declarations are made part of this policy unless they are inconsistent with provisions of this policy or relate to any duty to investigate and defend, the Limits of Liability, premium, cancellation, our right to recover payment, Extended Reporting Periods, any renewal agreement and any exclusion or limitation attached to this policy by endorsement or included in the Exclusion section of this policy.