# American Excess Insurance Company

## EUI 507382

### INSURANCE AGREEMENT

In consideration of the payment of the Certificate premium, the Company hereby agrees to assume upon the stated terms and conditions hereof, the Company hereby indemnifies the Insured against any and all net loss which is in excess of the limits of coverage provided by the underlying insurance (hereinafter referred to as "underlying insurance") and which arises out of the underlying insurance as shown in Item 5 of the Declarations, up to an amount not to exceed the amount stated in Item 6 of the Declarations.

Except with respect to premium, obligation to invest gains, interest, pay costs and expenses, limits of liability, renewal agreement, if any, additional coverage, or any discovery period contained in the immediate underlying insurance inconsistent herewith, this Certificate, the provisions hereof incorporated as part of this Certificate.

Regardless of the number of Insureds under this Certificate, persons or organizations claims made or suits brought covered hereby, the Company's aggregate limit of liability for loss or damage, limited to the amount stated in Item 6 of the Declarations of this Certificate as applicable to each occurrence; provided, however, that the Company's liability shall be further limited, where and as in Item 6 as the Company's "aggregate" with respect to loss exceeding the Underlying Insurance Certificate.

### EXCLUSIONS

This Certificate does not apply:

(a) to personal injury, bodily injury or property damage arising out of the discharge, dispersal, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, radioactive materials or other irritants or upon land, the atmosphere or any watercourse or body of water, but this exclusion does not apply to release or escape is sudden and accidental;

(b) to personal injury, bodily injury or property damage

(1) With respect to which an Insured under this Certificate is an Insured under a nuclear energy liability insurance association, American Nuclear Insurers, Underwriters or Nuclear Insurance Association of America, or would be an Insured at termination upon exhaustion of its limits 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 environmental protection pursuant to any law amendatory thereof, or

(b) The Insured is, or had this Certificate not been issued, would be entitled for the United States of America, or any agency thereof, under any agreement entered into by the United States thereof, with any person or organization;

(3) Resulting from the hazardous properties of nuclear material

(a) The nuclear material is at any nuclear facility owned by, or operated by or on behalf of the Insured, or

(b) The nuclear material is contained in spent fuel or waste at any time possessed, transported or disposed of by or on behalf of the Insured, or

(c) The personal injury or property damage arises out of the furnishing by an Insured of equipment in connection with the planning, construction, maintenance, operation or use of such facility is located within the United States of America, its territories or possessions, applies only to property damage to such equipment, premises and any property thereon, provided that the words "property damage" include all forms of radioactive material.

As used in this exclusion

"Hazardous Properties" include radioactive, toxic or corrosive properties;

"Nuclear Material" means source material, special nuclear material or by-product material;

"Source Material", "Special Nuclear Material" and "By-Product Material" have the meanings given them in the Atomic Energy Act of 1954 or in any law amendatory thereof.