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Page 12 of 18 © Insurance Services Office, Inc., 2012 CU 00 01 04 13 <br />SECTION III – LIMITS OF INSURANCE <br /> 1. The Limits of Insurance shown in the Declarations <br />and the rules below fix the most we will pay <br />regardless of the number of: <br /> a. Insureds; <br /> b. Claims made, "suits" brought, or number of <br />vehicles involved; or <br /> c. Persons or organizations making claims or <br />bringing "suits". <br /> 2. The Aggregate Limit is the most we will pay for the <br />sum of all "ultimate net loss" under: <br /> a. Coverage A, except "ultimate net loss" <br />because of "bodily injury" or "property damage" <br />arising out of the ownership, maintenance or <br />use of a "covered auto"; and <br /> b. Coverage B. <br /> 3. Subject to Paragraph 2. above, the Each <br />Occurrence Limit is the most we will pay for the <br />sum of all "ultimate net loss" under Coverage A <br />because of all "bodily injury" and "property <br />damage" arising out of any one "occurrence". <br /> 4. Subject to Paragraph 2. above, the Personal And <br />Advertising Injury Limit is the most we will pay <br />under Coverage B for the sum of all "ultimate net <br />loss" because of all "personal and advertising <br />injury" sustained by any one person or <br />organization. <br /> 5. If there is "underlying insurance" with a policy <br />period that is nonconcurrent with the policy period <br />of this Commercial Liability Umbrella Coverage <br />Part, the "retained limit(s)" will only be reduced or <br />exhausted by payments for: <br /> a. "Bodily injury" or "property damage" which <br />occurs during the policy period of this <br />Coverage Part; or <br /> b. "Personal and advertising injury" for offenses <br />that are committed during the policy period of <br />this Coverage Part. <br />However, if any "underlying insurance" is written <br />on a claims-made basis, the "retained limit(s)" will <br />only be reduced or exhausted by claims for that <br />insurance that are made during the policy period, <br />or any Extended Reporting Period, of this <br />Coverage Part. <br />The Aggregate Limit, as described in Paragraph 2. <br />above, applies separately to each consecutive annual <br />period and to any remaining period of less than 12 <br />months, starting with the beginning of the policy <br />period shown in the Declarations, unless the policy <br />period is extended after issuance for an additional <br />period of less than 12 months. In that case, the <br />additional period will be deemed part of the last <br />preceding period for purposes of determining the <br />Limits of Insurance. <br />SECTION IV – CONDITIONS <br /> 1. Appeals <br />If the "underlying insurer" or insured elects not to <br />appeal a judgment in excess of the "retained limit", <br />we may do so at our own expense. We will also <br />pay for taxable court costs, pre- and postjudgment <br />interest and disbursements associated with such <br />appeal. In no event will this provision increase our <br />liability beyond the applicable Limits of Insurance <br />described in Section III – Limits Of Insurance. <br /> 2. Bankruptcy <br /> a. Bankruptcy Of Insured <br />Bankruptcy or insolvency of the insured or of <br />the insured's estate will not relieve us of our <br />obligations under this Coverage Part. <br />b. Bankruptcy Of Underlying Insurer <br />Bankruptcy or insolvency of the "underlying <br />insurer" will not relieve us of our obligations <br />under this Coverage Part. <br />However, this insurance will not replace the <br />"underlying insurance" in the event of bankruptcy <br />or insolvency of the "underlying insurer". This <br />insurance will apply as if the "underlying <br />insurance" were in full effect. <br /> 3. Duties In The Event Of Occurrence, Offense, <br />Claim Or Suit <br /> a. You must see to it that we are notified as soon <br />as practicable of an "occurrence" or an offense, <br />regardless of the amount, which may result in a <br />claim. To the extent possible, notice should <br />include: <br /> (1) How, when and where the "occurrence" or <br />offense took place; <br /> (2) The names and addresses of any injured <br />persons and witnesses; and <br /> (3) The nature and location of any injury or <br />damage arising out of the "occurrence" or <br />offense. <br /> b. If a claim is made or "suit" is brought against <br />any insured, you must: <br /> (1) Immediately record the specifics of the <br />claim or "suit" and the date received; and <br /> (2) Notify us as soon as practicable. <br />You must see to it that we receive written <br />notice of the claim or "suit" as soon as <br />practicable. <br />c. You and any other involved insured must: <br /> (1) Immediately send us copies of any <br />demands, notices, summonses or legal <br />papers received in connection with the <br />claim or "suit"; <br />DocuSign Envelope ID: DC5B2AF0-5D05-4958-9D51-19C713A82630