**INSURED AGREEMENTS**

**I. COVERAGE**

The Company hereby agrees, subject to the limitations, terms and conditions hereinafter mentioned, to indemnify the Insured for all sums which the Assured shall be obligated to pay by reason of the liability caused by or arising out of hazards all as covered by and as more fully defined in the Underlying Umbrella Policies stated in Item 2 of the Schedule.

**II. LIMIT OF LIABILITY - UNDERLYING LIMITS**

It is expressly agreed that liability shall attach to the Company only after the Underlying Umbrella Insurers have paid or have been held liable to pay the full amount of their respective ultimate net loss liability as follows:

- $ (as stated in Item 3 of the Schedule) - ultimate net loss in respect of each occurrence, but
- $ (as stated in Item 4 of the Schedule) - in the aggregate for each annual period during the currency of the Policy separately in respect of each hazard insured with an aggregate limit in the Underlying Umbrella Policies

and the Company shall then be liable to pay only the excess thereof up to a further

- $ (as stated in Item 5 of the Schedule) - ultimate net loss in all in respect of each occurrence - subject to a limit of
- $ (as stated in Item 6 of the Schedule) - in the aggregate for each annual period during the currency of this Policy separately in respect of each hazard insured with an aggregate limit in the Underlying Umbrella Policies.

**CONDITIONS**

1. **MAINTENANCE OF UNDERLYING UMBRELLA INSURANCE**

This Policy is subject to the same terms, definitions, exclusions and conditions (except as regards the premium, the amount and limits of liability and except as otherwise provided herein) as are contained in or as may be added to the Underlying Umbrella Policies stated in Item 2 of the Schedule prior to the happening of an occurrence for which claim is made hereunder and should any alteration be made in the premium for the Underlying Umbrella Policies during the currency of this Policy, then the Premium hereon shall be adjusted accordingly.