# Zurich Insurance Company

**THIS PARAGRAPH DOES NOT APPLY IF THE EXPIRATION DATE OF THIS POLICY AND THE EXPIRATION DATE OR ANNIVERSARY DATE OF THE IMMEDIATE UNDERLYING POLICY ARE IDENTICAL. IF THIS POLICY IS A RENEWAL OF A SIMILAR POLICY UNDERWRITTEN BY THIS COMPANY, THE APPLICABLE AGGREGATE LIMIT OF LIABILITY OF THIS POLICY FOR THE FIRST PERIOD SHALL BE REDUCED BY ANY AMOUNTS PAID OR PAYABLE ON ACCOUNT OF 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 FOR THIS POLICY.**

## PART V - CONDITIONS

1. INSURANCE AFFORDED BY THE UNDERLYING INSURANCE AS LISTED IN ITEM 4 ("SCHEDULE OF UNDERLYING INSURANCE") OF THE DECLARATIONS ATTACHED TO THE POLICY, OR RENEWALS OR REPLACEMENTS THEREOF AFFORDING NO LESS COVERAGE OR LIMITS OF LIABILITY, MUST BE:
   (A) IN FULL EFFECT AT THE INCEPTION OF THE POLICY; AND
   (B) MAINTAINED DURING THE POLICY PERIOD OF THIS POLICY, EXCEPT FOR REDUCTION OF AGGREGATE LIMITS SOLELY AS A RESULT OF THE PAYMENT OF CLAIMS ARISING OUT OF INJURY WHICH OCCURS DURING THE POLICY PERIOD.

IF ANY UNDERLYING INSURANCE AS LISTED IN ITEM 4 IS NOT MAINTAINED IN FULL EFFECT BY THE INSURED, OR IF ANY LIMITS OF LIABILITY ARE LESS THAN AS LISTED IN ITEM 4, OR IF ANY UNDERLYING INSURANCE AS LISTED IN ITEM 4 BECOMES UNAVAILABLE OR UNCOLLECTIBLE TO THE INSURED DUE TO BANKRUPTCY OR INSOLVENCY OR LIQUIDATION OF AN INSURER LISTED IN ITEM 4, THE INSURANCE AFFORDED BY THIS POLICY SHALL APPLY IN THE SAME MANNER AS THOUGH SUCH UNDERLYING INSURANCE COVERAGE AND LIMITS OF LIABILITY HAD BEEN IN FULL EFFECT, MAINTAINED AND COLLECTIBLE.

2. UNDERLYING INSURANCE - CHANGES DURING THIS POLICY PERIOD.
ANY CHANGE IN COVERAGE IN THE UNDERLYING INSURANCE SHALL BE PROMPTLY REPORTED TO THE COMPANY AND THE INSURED SHALL, UPON REQUEST, FURNISH THE COMPANY WITH COPIES OF SUCH CHANGES. ANY CHANGE IN THE PREMIUM FOR THE UNDERLYING INSURANCE SHALL BE PROMPTLY REPORTED TO THE COMPANY AND THE PREMIUM FOR THIS POLICY, SUBJECT TO THE MINIMUM PREMIUM, MAY BE ADJUSTED IN ACCORDANCE WITH THE MANUALS OF THE COMPANY THEN IN EFFECT.

3. NOTICE OF LOSS; PARTICIPATION IN DEFENSE BY THE COMPANY.
WRITTEN NOTICE OF AN OCCURRENCE WHICH APPEARS LIKELY TO INVOLVE THIS POLICY SHALL BE GIVEN BY OR ON BEHALF OF THE INSURED TO THE COMPANY OR ANY OF ITS AUTHORIZED AGENTS AS SOON AS PRACTICABLE. THE COMPANY AT ITS OWN OPTION MAY, BUT IS NOT REQUIRED TO, PARTICIPATE IN THE INVESTIGATION, SETTLEMENT OR DEFENSE OF ANY CLAIM OR SUIT AGAINST THE INSURED.