2014-402 Finance - Bridge II Sports - Outside Agency Performance Agreement $2,500

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10 Loss Payable We will cooperate in the transfer of control of Liability under this Coverage Part does not apply defense to any insurer specifically written as to a given claim unless and until: excess over this Coverage Part of any out- standing claims or suits seeking damages to a. The insured or insured's "controlling underlying which this insurance applies and which would insurer" has become obligated to pay the "re- have been covered by the "controlling underly- tained limit"; and ing insurance" had the applicable limit not been b. The obligation of the insured to pay the "ulti- exhausted. mate net loss" in excess of the "retained limit" In the event that there is no insurance written has been determined by a final settlement or as excess over this Coverage Part, we will co- judgment or written agreement among the in- operate in the transfer of control to the insured sured, claimant, "controlling underlying insurer" and its designated representative (or a representative of one or more of these) 13.When We Do Not Renew and us. 11 Legal Action Against Us If we decide not to renew this Coverage Part, we will mail or deliver to the first Named Insured No person or organization has a right under this shown in the Declarations written notice of the Coverage Part: nonrenewal not less than 30 days before the expi- a. To join us as a party or otherwise bring us into ration date a suit asking for damages from an insured; or If notice is mailed, proof of mailing will be sufficient b. To sue us on this Coverage Part unless all of proof of notice. its terms have been fully complied with SECTION IV—DEFINITIONS A person or organization may sue us to recover on The definitions applicable to any "controlling underly- an agreed settlement or on a final judgment ing insurance" also apply to this insurance. In addi- against an insured, but we will not be liable for tion, the following Definitions apply damages that are not payable under the terms of this Coverage Part or that are in excess of the ap- 1 "Controlling underlying insurance" means any plicable limit of insurance An agreed settlement policy of insurance or self-insurance listed in the means a settlement and release of liability signed Declarations under the Schedule of "controlling by us, the insured, "controlling underlying insurer" underlying insurance" and the claimant or the claimant's legal represen- 2. "Controlling underlying insurer" means any insurer tative. who provides any policy of insurance listed in the 12.Transfer Of Defense Declarations under the Schedule of "controlling underlying insurance a. Defense Transferred To Us 3. "Event" means an "occurrence", offense, accident, When the limits of "controlling underlying in- act, or other event, to which the applicable "con- surance" have been exhausted, in accordance trolling underlying insurance"applies. with the provisions of"controlling underlying in- surance , we may elect to have the defense 4. "Injury or damage" means any injury or damage, transferred to us. We will cooperate in the covered in the applicable "controlling underlying transfer of control to us of any outstanding insurance"arising from an"event" claims or suits seeking damages to which this 5. "Retained limit" means the available limits of"con- insurance applies and which would have been trolling underlying insurance" applicable to the covered by the "controlling underlying insur- claim ance" had the applicable limit not been ex- 6. "Ultimate net loss" means the total sum, after hausted reduction for recoveries, or salvages collectible, b. Defense Transferred By Us that the insured becomes legally obligated to pay When our limits of insurance have been ex- as damages by reason of- hausted our duty to provide a defense will a. Settlements,judgments, binding arbitration, or cease. b. Other binding alternate dispute resolution pro- ceeding entered into with our consent. "Ultimate net loss" includes defense expenses if the "controlling underlying insurance" specifies that limits are reduced by defense expenses. CX 00 01 09 08 ©ISO Properties, Inc., 2007 Page 5 of 5 ❑