CERTIFICATE OF INSURANCE

Transcription

1 CERTIFICATE OF INSURANCE This Insurance is effected with certain Underwriters at Lloyd s, London (not incorporated) This Certificate is issued in accordance with the limited authorization granted to the Correspondent by certain underwriters at Lloyd s, London whose name and the proportions underwritten by them can be ascertained from the office of said Correspondent (such Underwriters being hereinafter called Underwriters ) and in consideration of the premium specified herein, Underwriters do hereby bind themselves each for his own part, and not for another, their heirs, executors and administrators. The Assured is requested to read this certificate, and if not correct, return it immediately to the Correspondent for appropriate alteration. Equinox Underwriting (An Underwriting Division of Price Forbes & Partners Limited). Company Registered in England and Wales under company number Registered Office at 2 Minster Court, Mincing Lane, London EC3R 7PD, England. Tel +44 (0) Price Forbes & Partners is authorized and regulated to conduct general insurance business by the Financial Conduct Authority. Page 1 of 25

2 CERTIFICATE PROVISIONS 1. Signature Required. This Insurance shall not be valid unless signed by the Correspondent on the attached Declarations Page. 2. Correspondent Not Insurer. The Correspondent is not an Insurer hereunder and neither is nor shall be liable for any loss or claim whatsoever. The Insurers hereunder are those individual underwriters at Lloyd s, London whose names can be ascertained as hereinbefore set forth. 3. Cancellation. If this certificate provides for cancellation and this certificate is cancelled after the inception date, earned premium must be paid for the time the insurance has been in force. 4. Assignment. This Certificate shall not be assigned either in whole or in part without the written consent of the Correspondent endorsed hereon. 5. Attached Conditions Incorporated. This certificate is made and accepted subject to all the provisions, conditions and warranties set fort herein, attached or endorsed, all of which are to be considered as incorporated herein. 6. Short Rate Cancellation. If the attached provisions provide for cancellation, the table below will be used to calculate the short rate proportion of the premium where applicable under the terms of cancellation. Short Rate Cancellation Table For Term of One Year Days Insurance Per Cent of Days Insurance Per Cent of Days Insurance Per Cent of Days Insurance Per Cent of in Force One Year Premium in Force One Year Premium in Force One Year Premium in Force One Year Premium (9months) (3 months) (6 months) (10 months) (1 month) (7 months) (4 months) (11 months) (8 months) (2 months) (5 months) (12 months) 100 Rules applicable to insurance with terms less than or more than one year:- A. If insurance has been in force for one year or less, apply the short rate table for annual insurance to the full annual premium determined as for an insurance written for a term of one year. B. If this Policy has been in force for more than one year: 1. Determine full annual premium as for insurance written for a term of one year. 2. Deduct such premium from the full insurance premium, and on the remainder calculate the pro rata earned premium on the basis of the ratio of the length of time beyond one year the insurance has been in force to the length of time beyond one year for which the policy was originally written. 3. Add premium produced in accordance with items 1. And 2. To obtain earned premium during full period insurance has been in force. Page 2 of 25

3 This Declaration Page is attached to and forms part of certificate provisions. Previous: Not Applicable Authority: B0507E16NC % B0507E16NC % B0507E17NC % B0507E16NC % 1. Name and address of the Assured: Certificate: B0507XEQ BallParc American Condominiums c/o Affinity Group Inc. PO Box 1967, Lake Oswego, Oregon 97035, UNITED STATES 2. Effective from 14 th February 2017 To 14 th February 2018 both days at 12.01a.m. local standard time at the location of the property insured 3. Insurance is effective with certain Percentage 100% order Underwriters at Lloyd s, London 4. Sum Insured Coverage Premium As per attached schedule Situation: Earthquake and Earthquake Sprinkler Leakage Only USD 7,500 (100%) Annual, 25% Minimum Earned plus USD 250 Policy Fee The fifty (50) states comprising the United States of America, its territories and possessions, the District of Columbia and Puerto Rico, as per schedule of locations agreed by Underwriters 5. Wording - Excess Physical Damage Form L.P.O. 348B Amended plus LSW 677 This Policy is subject to the same warranties, terms and conditions as are contained in or as may be added to the Policy of the Primary Insurers 30 Days Cancellation Clause, except 10 days for non-payment of premium LMA 5020 Service of Suit Clause NMA 2918 War and Terrorism Exclusion Clause NMA 1191 Radioactive Contamination Exclusion Clause LSW 1001 Several Liability Notice NMA 2802 Electronic Date Recognition Exclusion Clause (EDRE) NMA 2915 Electronic Data Endorsement B (Amended) NMA 2962 Biological or Chemical Materials Exclusion Clause LMA 5018 Micro-organism Exclusion (Absolute) Asbestos Exclusion (Absolute) LSW 3000 (45 Days) Premium Payment Clause Values Limitation and Margin Clause 110% 72 Hours Clause for Earthquake Valuation Clause, as per Primary Policy Wording Additional Named Assureds, Loss Payees and / or Mortgagees automatically agreed as applicable, as per Primary Policy Wording Municipal Ordinance / Including Demolition & Increased Cost of Construction Clauses, as per Primary Policy Wording Seepage and Pollution Clause, as per Primary Policy Wording LMA 3100 Sanction Limitation and Exclusion Clause LMA 9072 Oregon Surplus Lines Notice Insurance Requirements and the Duty of Disclosure Clause Page 3 of 25

4 6. Service of Suit Designee:- MENDES & MOUNT, 750 Seventh Avenue, New York, NY The Intermediary negotiating this insurance on behalf of the Correspondent is Equinox Underwriting (An Underwriting Division of Price Forbes & Partners Limited) 5th Floor, 2 Minster Court, Mincing Lane, London, EC3R 7PD In witness whereof this certificate has been signed in London this 13 th day of March 2017 by... (Authorised Signatory) for and on behalf of the Intermediary Prepared by: A. Stevenson Page 4 of 25

5 OREGON SURPLUS LINES NOTICE This insurance was procured and developed under the Oregon surplus lines laws. It is NOT covered by the provisions of ORS TO relating to the Oregon Insurance Guaranty Association. If the insurer issuing this insurance becomes insolvent, the Oregon Insurance Guaranty Association has no obligation to pay claims under this insurance. 01/09/13 LMA9072 Page 5 of 25

6 THE SCHEDULE Policy Number: B0507XEQ Name of Assured: BallParc American Condominiums and or as per Primary Policy Wording 2. Address of Assured: c/o Affinity Group Inc. PO Box 1967, Lake Oswego, Oregon 97035, UNITED STATES 3. Policy Period: From: 14 th February 2017 To: 14 th February 2018 Both days beginning and ending at 12:01 a.m. local standard time at the location of the property insured 4. Perils Insured: Earthquake and Earthquake Sprinkler Leakage Only 5. The Property or Interest: Buildings as defined in the Primary Policy Wording 6. The Property is located or contained at: The fifty (50) states comprising the United States of America, its territories and possessions, the District of Columbia and Puerto Rico, as per schedule of locations agreed by Underwriters 7. Premium: USD 7,500 (100%) Annual, 25% Minimum Earned plus USD 250 Policy Fee 8. (a) Primary Insurers: Granite State Insurance Company (b) Underlying Excess Insurers: Not Applicable Page 6 of 25

7 9. Primary and Underlying Excess Limit(s): USD 5,000,000 ultimate net loss each and every loss and in the annual aggregate in respect of Earthquake 10. Excess Limit(s): USD 2,500,000 ultimate net loss each and every loss and in the annual aggregate in respect of Earthquake 11. Identification Details and Limits carried under 8(a) and 8(b) above: Policy Nos. 8(a) (b) Not Applicable Limits 8(a) USD 5,000,000 Aggregate where applicable which in turn excess of Underlying deductibles 8(b) Not Applicable 12. Notification of Claims or Complaints to: Equinox Underwriting, (An Underwriting Division of Price Forbes & Partners Limited) 5th Floor, 2 Minster Court, Mincing Lane, London, EC3R 7PD VIA Sullivan & Associates of Oregon, LLC 101 S. W. Main Street Suite 910 Portland OR If Business Interruption or other Time Element coverage, Royalty or Leasehold Insurance or similar coverage is afforded by this Insurance, Business Interruption Extension Endorsement LPO 349B (07/96), amended where applicable, must be attached hereto. Dated in London: 13 th March 2017 Page 7 of 25

8 ENDORSEMENT NO. 1 ATTACHING TO AND FORMING PART OF: CERTIFICATE NO: B0507XEQ ASSURED: BallParc American Condominimums This Certificate is subject to the following Clauses: Wherever the word "Company" appears in the wording and clauses forming part of this Certificate it shall be substituted by the word "Underwriters" Wherever the word "Policy" appears in the wording and clauses forming part of this Certificate it shall be substituted by the word "Certificate" All other terms and conditions remain unchanged Page 8 of 25

9 EXCESS PHYSICAL DAMAGE FORM U.S.A. AND CANADA 1. INSURING CLAUSE Subject to the limitations, terms and conditions contained in this Policy or added hereto, the Underwriters agree to indemnify the Assured named in the Schedule herein in respect of Direct Physical loss or damage to property, while located or contained as described in the Schedule, occurring during the period stated in the Schedule and caused by any of such perils as are set forth in the Schedule and which are also covered by and defined in the Policy/ies specified in the Schedule and issued by the Primary Insurers stated herein. 2. APPLICATION OF UNDERLYING PROVISIONS 3. LIMIT In respect of the perils hereby insured against this Policy is subject to the same warranties, terms and conditions (except as regards the premium, the amount and Limits of Liability other than the deductible or self-insurance provision where applicable, and the renewal agreement, if any, AND EXCEPT AS OTHERWISE PROVIDED HEREIN) as are contained in or as may be added to the Policy/ies of the Primary Insurers prior to the happening of a loss for which claim is made hereunder and should any alternation be made in the premium for the Policy/ies of the Primary Insurers, then the premium hereon may be adjusted accordingly. Provided always that liability attaches to the Underwriters only after the Primary and Underlying Excess Insurers have paid or have admitted liability for the full amount of their respective ultimate net loss liability as set forth in the Schedule and designated Primary and Underlying Excess Limit(s) and then the Limits of the Underwriters Liability shall be those set forth in the Schedule under the designation Excess Limit(s) and the Underwriters shall be liable to pay the ultimate net loss up to the full amount of such Excess Limit(s). 4. MAINTENANCE OF PRIMARY AND UNDERLYING EXCESS POLICY/IES AND LIMITS It is a condition precedent to recovery under this Policy that the Policy/ies and Limit(s) of the Primary and Underlying Excess Insurers set forth in the Schedule shall be maintained in full force and effect, except for any reduction or exhaustion of any underlying aggregate Limits of Liability contained therein, solely by the amount of loss(es) paid or admitted during the policy period. Only losses which, except for the amount thereof, would have been payable under this Policy may contribute to the satisfaction, reduction or exhaustion of underlying amounts and/or deductibles. In the event of such reduction of the aggregate Limits of Liability of the Primary and Underlying Excess Insurances this Policy shall pay excess over the reduced aggregate limit. In the event of exhaustion of the aggregate Limits of Liability of the Primary and Underlying Excess Insurances this Policy, subject to all its provisions, shall continue in force as Primary Insurance in respect of the peril for which the aggregate Limit of Liability has been so exhausted and the deductible or self-insured amount applicable to that peril, as set forth in Item 11 of the Schedule, shall apply to this Policy. 5. UNCOLLECTIBILITY OF OTHER INSURANCE Notwithstanding any of the terms of this Policy that might be construed otherwise, the insurance provided by this Policy shall always be excess over the maximum monetary limits set forth in the Schedule (reduced only by reduction of any underlying aggregate limits as provided for in Clause 4 herein) regardless of the uncollectibility (in whole or in part) of any underlying insured amounts for any reason, including, but not limited to, the financial impairment or insolvency of an underlying Insurer. Page 9 of 25

10 The risk of uncollectibility (in whole or in part) of other insurance, whether because of financial impairment or insolvency of an underlying or other insurer or for any other reason, is expressly retained by the Assured and is not in any way or under any circumstances insured or assumed by Underwriters. 6. DEFINITIONS (a) (b) Loss: The word loss shall mean a loss or series of losses arising out of one event. Ultimate Net Loss: The words ultimate net loss shall mean the loss sustained by the Assured as a result of the happening of the perils insured against by this policy, limited by (i) (ii) any sub-limits contained within this Policy or the Policy/ies of the Primary and or Underlying Excess Insurers, and making deductions for all salvages, recoveries and other insurances (other than recoveries under the Policy/ies of the Primary and Underlying Excess Insurers). (c) Policy Period: The words policy period shall be understood to mean a period shown in the Schedule. 7. APPLICATION OF RECOVERIES All salvages, recoveries or payments recovered or received subsequent to a loss settlement under this Policy shall be applied as if recovered or received prior to such settlement and all necessary adjustments shall then be made between the Assured and the Underwriters, provided always that nothing in this Policy shall be construed to mean that losses under this Policy are not recoverable until the Assured s ultimate net loss has been finally ascertained. 8. CANCELLATION This Insurance may be cancelled by the Assured at any time by written notice or by surrender of this Policy. This Insurance may also be cancelled by or on behalf of the Underwriters by delivering to the Assured or by mailing to the Assured, by registered, certified or other first class mail, at the Assured s address as shown in this Insurance, written notice stating when, not less than (30) thirty days thereafter, except 10 (ten) days in respect of non payment of premium the cancellation shall be effective. The mailing of such notice as aforesaid shall be sufficient proof of notice and this Insurance shall terminate at the date and hour specified in such notice. If this Insurance shall be cancelled by the Assured, the Underwriters shall retain the customary short rate proportion of the premium hereon, except that if this Insurance is on an adjustable basis, the Underwriters shall receive the earned premium hereon, or the customary short rate proportion of any minimum premium stipulated herein, whichever is the greater. If this Insurance shall be cancelled by or on behalf of the Underwriters, the Underwriters shall retain the pro rata proportion of the premium hereon, except that if this insurance is on an adjustable basis the Underwriters shall received the earned premium hereon, or the pro rata proportion of any minimum premium stipulated herein, whichever is the greater. Payment of tender of any unearned premium by Underwriters shall not be a condition precedent to the effectiveness of cancellation, but such payment shall be made as soon as practicable. Page 10 of 25

11 If the period of limitation relating to the giving of notice is prohibited or made void by any law controlling the construction thereof, such period shall be deemed to be amended so as to be equal to the minimum period of limitation permitted by such law. Notwithstanding the foregoing, in the event of cancellation by the Assured, 25% of the premium is deemed fully earned at inception. 9. NOTIFICATION OF CLAIMS OR COMPLAINTS The Assured upon knowledge of any occurrence likely to give rise to a claim or a complaint hereunder shall give immediate written advice thereof to the person (s) or firm named for the purpose in Item 12 of the Schedule. 06/96 LPO348B Amended Page 11 of 25

12 ADDITIONAL WORDINGS & CLAUSES OCCURRENCE DEFINITION AMENDMENT TO LPO348B It is hereby understood and agreed that the Policy is amended as follows: 1. Item 6 DEFINITIONS (a) of the Policy is deemed to be deleted and replaced by the following; Occurrence: The words "per occurrence" shall mean a loss or series of losses arising out of one event. 2. The words "ultimate net loss each and every loss" in Item 9, Primary and Underlying Excess Limits, and Item 10, Excess Limits, in the Schedule, shall be deleted and replaced by the words "ultimate net loss per occurrence". ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED 12/97 LSW677 Page 12 of 25

13 SEVERAL LIABILITY NOTICE The subscribing insurers' obligations under contracts of insurance to which they subscribe are several and not joint and are limited solely to the extent of their individual subscriptions. The subscribing insurers are not responsible for the subscription of any co-subscribing insurer who for any reason does not satisfy all or part of its obligations. 08/94 LSW1001 (Insurance) BIOLOGICAL OR CHEMICAL MATERIALS EXCLUSION It is agreed that this Insurance excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with the actual or threatened malicious use of pathogenic or poisonous biological or chemical materials regardless of any other cause or event contributing concurrently or in any other sequence thereto. NMA /02/03 Page 13 of 25

14 RADIOACTIVE CONTAMINATION EXCLUSION CLAUSE - PHYSICAL DAMAGE - DIRECT (Approved by Lloyd's Underwriters Non-Marine Association) This policy does not cover any loss or damage arising directly or indirectly from nuclear reaction nuclear radiation or radioactive contamination however such nuclear reaction nuclear radiation or radioactive contamination may have been caused * NEVERTHELESS if Fire is an insured peril and a Fire arises directly or indirectly from nuclear reaction nuclear radiation or radioactive contamination any loss or damage arising directly from that Fire shall (subject to the provisions of this policy) be covered EXCLUDING however all loss. or damage caused by nuclear reaction nuclear radiation or radioactive contamination arising directly or indirectly from that Fire. *Note-If Fire is not an insured peril under this policy the words "NEVERTHELESS" to the end of the clause do not apply and should be disregarded. 7/5/59 N.M.A Page 14 of 25

15 ELECTRONIC DATA ENDORSEMENT B 1. Electronic Data Exclusion Notwithstanding any provision to the contrary within the Policy or any endorsement thereto, it is understood and agreed as follows:- This Policy does not insure, loss, damage, destruction, distortion, erasure, corruption or alteration of ELECTRONIC DATA from any cause whatsoever (including but not limited to COMPUTER VIRUS) or loss of use, reduction in functionality, cost, expense of whatsoever nature resulting therefrom, regardless of any other cause or event contributing concurrently or in any other sequence to the loss. ELECTRONIC DATA means facts, concepts and information converted to a form useable for communications, interpretation or processing by electronic and electromechanical data processing or electronically controlled equipment and includes programmes, software, and other coded instructions for the processing and manipulation of data or the direction and manipulation of such equipment. COMPUTER VIRUS means a set of corrupting, harmful or otherwise unauthorised instructions or code including a set of maliciously introduced unauthorised instructions or code, programmatic or otherwise, that propagate themselves through a computer system or network of whatsoever nature. COMPUTER VIRUS includes but is not limited to 'Trojan Horses', 'worms' and 'time or logic bombs'. 2. Electronic Data Processing Media Valuation Notwithstanding any provision to the contrary within the Policy or any endorsement thereto, it is understood and agreed as follows:- Should electronic data processing media insured by this Policy suffer physical loss or damage insured by this Policy, then the basis of valuation shall be the cost of the blank media plus the costs of copying the ELECTRONIC DATA from back-up or from originals of a previous generation. These costs will not include research and engineering nor any costs of recreating, gathering or assembling such ELECTRONIC DATA. If the media is not repaired, replaced or restored the basis of valuation shall be the cost of the blank media. However this Policy does not insure any amount pertaining to the value of such ELECTRONIC DATA to the Assured or any other party, even if such ELECTRONIC DATA cannot be recreated, gathered or assembled. NMA 2915 Amended 25/01/2001 Page 15 of 25

16 ELECTRONIC DATE RECOGNITION EXCLUSION (EDRE) This Policy does not cover any loss, damage, cost, claim or expense, whether preventative, remedial or otherwise, directly or indirectly arising out of or relating to: (a) the calculation, comparison, differentiation, sequencing or processing of data involving the date change to the year 2000, or any other date change, including leap year calculations, by any computer system, hardware, programme or software and/or any microchip, integrated circuit or similar device in computer equipment or non-computer equipment, whether the property of the Insured or not; or (b) any change, alteration, or modification involving the date change to the year 2000, or any other date change, including leap year calculations, to any such computer system, hardware, programme or software and/or any microchip, integrated circuit or similar device in computer equipment or noncomputer equipment, whether the property of the Insured or not. This clause applies regardless of any other cause or event that contributes concurrently or in any sequence to the loss, damage, cost, claim or expense. 17/12/97 NMA2802 Page 16 of 25

17 VALUES LIMITATION AND MARGIN CLAUSE In conjunction with the normal adjustment procedure and/or any applicable valuation provisions contained herein, the maximum amount payable in any covered claim hereunder is limited to: (1) The value most recently reported by the Assured to Underwriters for the insured property that sustained the physical loss or damage covered by the claim; and (2) Where there is a time element claim arising from that physical loss or damage the value most recently reported by the Assured to Underwriters for that exposure. If the Assured demonstrates that the relevant value increased by up to 10% for the claimed property or time element interest since it was the last value reported to Underwriters, then the amount payable is correspondingly up to 110% of the reported value. Notwithstanding the above, Underwriters liability shall never be more than any applicable sub-limit and/or the Policy limit of liability. Where (i) the Assured s business requires submission of values by location or division, and (ii) the Underwriters receive and accept the Assured s submission on that basis, the foregoing limitation shall be applied on that basis. Page 17 of 25

18 PREMIUM PAYMENT CLAUSE The (Re)Insured undertakes that premium will be paid in full to underwriters within 45 days of inception of this policy (or, in respect of instalment premiums, when due). If the premium due under this policy has not been so paid to Underwriters by the 45 th day from the inception of this policy (and, in respect of instalment premiums, by the date they are due) Underwriters shall have the right to cancel this policy by notifying the (Re)Insured via the broker in writing. In the event of cancellation, premium is due to Underwriters on a pro rata basis for the period that Underwriters are on risk but the full policy premium shall be payable to Underwriters in the event of a loss or occurrence prior to the date of termination which gives rise to a valid claim under this policy. It is agreed that Underwriters shall give not less than 10 days prior notice of cancellation to the (Re)Insured via the broker. If premium due is paid in full to Underwriters before the notice period expires, notice of cancellation shall automatically be revoked. If not, the policy shall automatically terminate at the end of the notice period. Unless otherwise agreed, the Leading Underwriter (and Agreement Parts if appropriate) are authorised to exercise rights under this clause on their own behalf and on behalf of all Underwriters participating in this contract. If any provision of this clause is found by any court or administrative body of competent jurisdiction to be invalid or unenforceable, such invalidity or unenforceability will not affect the other provisions of this clause which will remain in full force and effect. Where the premium is to be paid through a London Market Bureau, payment to Underwriters will be deemed to occur on the day of delivery of a premium advice note to the Bureau. 11/01 LSW3000 Page 18 of 25

19 WAR AND TERRORISM EXCLUSION ENDORSEMENT Notwithstanding any provision to the contrary within this Policy or any Endorsement thereto it is agreed that this Policy excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any of the following regardless of any other cause or event contributing concurrently or in any other sequence to the loss; (1) war, invasion, acts of foreign enemies, hostilities or warlike operations (whether war be declared or not), civil war, rebellion, revolution, insurrection, civil commotion assuming the proportions of or amounting to an uprising, military or usurped power; or (2) any act of terrorism. For the purpose of this endorsement an act of terrorism means an act, including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organisation(s) or government(s), committed for political, religious, ideological or similar purposes including the intention to influence any government and/or to put the public, or any section of the public, in fear. This endorsement also excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any action taken in controlling, preventing, suppressing or in any way relating to (1) and/or (2) above. If Underwriters allege that by reason of this exclusion, any loss, damage, cost or expense is not covered by this policy, the burden of proving the contrary shall be upon the Assured. In the event any portion of this endorsement is found to be invalid or unenforceable, the remainder shall remain in full force and effect. NMA /10/2001 Page 19 of 25

20 MICROORGANISM EXCLUSION (Absolute) This Policy does not insure any loss, damage, claim, cost, expense or other sum directly or indirectly arising out of or relating to: mold, mildew, fungus, spores or other microorganism of any type, nature, or description, including but not limited to any substance whose presence poses an actual or potential threat to human health. This Exclusion applies regardless whether there is (i) any physical loss or damage to insured property; (ii) any insured peril or cause, whether or not contributing concurrently or in any sequence; (iii) any loss of use, occupancy, or functionality; or (iv) any action required, including but not limited to repair, replacement, removal, cleanup, abatement, disposal, relocation, or steps taken to address medical or legal concerns. This Exclusion replaces and supersedes any provision in the Policy that provides insurance, in whole or in part, for these matters. LMA /09/2005 Form approved by Lloyd s Market Association Page 20 of 25

21 LOSS OCCURRENCE / 72 HOURS CLAUSE The words loss occurrence shall mean all individual losses or damage arising out of and directly occasioned by one event. However, if the following causes are insured by this Policy the duration and extent of any loss occurrence so defined shall be limited to: 72 consecutive hours as regards Earthquake and no individual loss from whatever insured cause, which occurs outside this period, shall be included in that loss occurrence. The Assured may choose the date and time when any such period of consecutive hours commences and if any event is of greater duration than the above period, the Assured may divide that event into two or more loss occurrences, provided no two periods overlap and provided no period commences earlier than the date and time of the happening of the first recording individual loss to the Assured in that event during the policy period Page 21 of 25

22 ASBESTOS EXCLUSION This policy does not insure asbestos or any sum relating thereto. SANCTION LIMITATION AND EXCLUSION CLAUSE No (re)insurer shall be deemed to provide cover and no (re)insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose that (re)insurer to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America. LMA 3100 (09/10) Page 22 of 25

23 SERVICE OF SUIT CLAUSE (U.S.A.) This Service of Suit Clause will not be read to conflict with or override the obligations of the parties to arbitrate their disputes as provided for in any Arbitration provision within this Policy. This Clause is intended as an aid to compelling arbitration or enforcing such arbitration or arbitral award, not as an alternative to such Arbitration provision for resolving disputes arising out of this contract of insurance (or reinsurance). It is agreed that in the event of the failure of the Underwriters hereon to pay any amount claimed to be due hereunder, the Underwriters hereon, at the request of the Insured (or Reinsured), will submit to the jurisdiction of a Court of competent jurisdiction within the United States. Nothing in this Clause constitutes or should be understood to constitute a waiver of Underwriters' rights to commence an action in any Court of competent jurisdiction in the United States, to remove an action to a United States District Court, or to seek a transfer of a case to another Court as permitted by the laws of the United States or of any State in the United States. It is further agreed that service of process in such suit may be made upon Mendes & Mount of 750 Seventh Avenue, New York, NY * and that in any suit instituted against any one of them upon this contract, Underwriters will abide by the final decision of such Court or of any Appellate Court in the event of an appeal. The above-named are authorized and directed to accept service of process on behalf of Underwriters in any such suit and/or upon the request of the Insured (or Reinsured) to give a written undertaking to the Insured (or Reinsured) that they will enter a general appearance upon Underwriters' behalf in the event such a suit shall be instituted. Further, pursuant to any statute of any state, territory or district of the United States which makes provision therefor, Underwriters hereon hereby designate the Superintendent, Commissioner or Director of Insurance or other officer specified for that purpose in the statute, or his successor or successors in office, as their true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the Insured (or Reinsured) or any beneficiary hereunder arising out of this contract of insurance (or reinsurance), and hereby designate the above-named as the person to whom the said officer is authorized to mail such process or a true copy thereof. *In respect of an Assured domiciled in California the following will apply instead Eileen Ridley FLWA Service Corp. c/o Foley & Lardner LLP 555 California Street, Suite 1700 San Francisco, CA /09/2005 LMA5020 Form approved by Lloyd s Market Association The applicable law will be determined by the court of competent jurisdiction as referred to in LMA 5020 Page 23 of 25

24 Material information and fair presentation INSURANCE REQUIREMENTS AND THE DUTY OF DISCLOSURE We rely on you (the broker) to provide us with the information about the (re)insured s business and the risks to be (re)insured to enable us to arrange (re)insurance to meet their needs. The (re)insured must ensure that the information provided to us is complete, accurate and discloses all material facts and/or circumstances to enable us to make a fair presentation of the (re)insured s business and the risks on their behalf to (re)insurers. A material fact and/or circumstance is a fact or circumstance that the (re)insured knows, or ought reasonably to know, which would influence any prudent (re)insurer as to whether to underwrite the policy or the terms and conditions to impose. A fair presentation is one which: Is clear and accessible to (re)insurers Discloses all material facts and/or circumstances known to the (re)insured or which ought reasonably to be known to the (re)insured Discloses anything which is special or unusual about the risk to be (re)insured which includes anything that would make a loss more probable or more severe Has been prepared after the (re)insured has made and documented, a reasonable search for material facts and/or circumstances available to them whether held within their organisation, or held by any external third party(ies) who may know of material facts and/or circumstances. This will include (but is not limited to) those members of the (re)insured s organisation who play significant roles in the organisation s activities (and/or the specific risks in question). If you or the (re)insured is are in any doubt as to what constitutes a material fact and/or circumstance, or a fair presentation, or if you or the (re)insured are uncertain about the scope of the reasonable search that is required to be undertaken, please discuss with us further. Failure to make a fair presentation may result in the (re)insurer declining a claim, reducing claims, imposing new terms and/or charging additional premium. Warranties Warranties are important provisions contained within the contract of (re)insurance that must be complied with at all times. A breach of warranty may discharge (re)insurers liability to pay claims. It is important that you read all contractual documentation carefully and if you are unsure whether or not the (re)insured is able to comply, please contact Price Forbes & Partners Limited ( Price Forbes ) in the first instance. Conditions Precedent Please take note of any conditions precedent that appear in the contract of (re)insurance. If a condition precedent to the validity of this contract of (re)insurance or the commencement of the contract of (re)insurance is not complied with, (re)insurers liability to pay a claim may not have been established. If a condition precedent to the (re)insurers liability under this contract of (re)insurance is not complied with, the (re)insurers may not be liable for the loss in question. It is important that you read all contractual documentation carefully and if you are unsure whether or not the (re)insured is able to comply, please contact Price Forbes in the first instance. Subjectivities If the cover provided is granted by (re)insurers subject to a certain requirement, failure to comply may result in cover not being granted. Please contact Price Forbes immediately if you are unsure as to the meaning of a subjectivity, or the (re)insured is unable to comply. Please read this Certificate of Insurance carefully and advise us immediately if it does not meet with your requirements. There is, as you know, a legal ruling in certain States (which may apply to this Insurance) that Insurers who do not issue specific notice of cancellation at expiry are deemed to have offered renewal. As a result, we are obliged by Insurers hereon to give precautionary notice of their intention not to renew this Insurance when it expires at 14 th February Please understand that this notice is issued by Insurers solely to comply with the law. We will naturally look forward to negotiating renewal terms with them as soon as we receive the usual underwriting information. Page 24 of 25

25 Schedule of Participating Lloyd s Underwriters AUTHORITY REFERENCE: AFB % AFB % B0507E16NC00011 TOTAL % of % B0507E16NC00013 AUW % of % B0507E17NC00016 ANV 9216* % of % B0507E16NC00015 AML % of % GRAND TOTAL % * Lloyds Consortium ANV 9216 is split as follows: ANV % ANV % Page 25 of 25