2022-077-E-IT Dept-PUBLIC LIBRARY ASSOCIATION, a divison of the American Library Association-Digital learning

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DocuSign Envelope ID:24BBAFA9-CD81-4144-ACEF-E9036E703739 LIMIT OF • The Policy Aggregate Limit of Liability listed in the Declarations (the "Policy Aggregate Limit of Liability") is the Underwriters' combined total limit of liability for all Loss payable under this Policy. The limit of liability payable under each insuring agreement will be an amount equal to the Policy Aggregate Limit of Liability unless another amount is listed in the Declarations. Such amount is the aggregate amount payable under this Policy pursuant to such insuring agreement and is part of, and not in addition to, the Policy Aggregate Limit of Liability. All Dependent Business Loss payable under this Policy is part of and not in addition to the Business Interruption Loss limit listed in the Declarations. The Underwriters will not be obligated to pay any Loss, or to defend any Claim, after the Policy Aggregate Limit of Liability has been exhausted, or after deposit of the Policy Aggregate Limit of Liability in a court of competent jurisdiction. RETENTIONS The Retention listed in the Declarations applies separately to each act, error, omission, incident, event or related acts, errors, omissions, incidents or events giving rise to a Claim or Loss. The Retention will be satisfied by monetary payments by the Named Insured of covered Loss under each insuring agreement. If any Loss arising out of an incident or Claim is subject to more than one Retention, the Retention for each applicable insuring agreement will apply to such Loss, provided that the sum of such Retention amounts will not exceed the largest applicable Retention amount. Coverage for Business Interruption Loss and Dependent Business Loss will apply after the Waiting Period has elapsed and the Underwriters will then indemnify the Named Insured for all Business Interruption Loss and Dependent Business Loss sustained during the Period of Restoration in excess of the Retention. Satisfaction of the applicable Retention is a condition precedent to the payment of any Loss under this Policy, and the Underwriters will be liable only for the amounts in excess of such Retention. OPTIONAL EXTENSIONPERIOD Upon non-renewal or cancellation of this Policy for any reason except the non-payment of premium, the Named Insured will have the right to purchase, for additional premium in the amount of the Optional Extension Premium percentage listed in the Declarations of the full Policy Premium listed in the Declarations, an Optional Extension Period for the period of time listed in the Declarations. Coverage provided by such Optional Extension Period will only apply to Claims first made against any Insured during the Optional Extension Period and reported to the Underwriters during the Optional Extension Period, and arising out of any act, error or omission committed on or after the Retroactive Date (if applicable) and before the end of the Policy Period. In order for the Named Insured to invoke the Optional Extension Period option, the payment of the additional premium for the Optional Extension Period must be paid to the Underwriters within 60 days of the termination of this Policy. The purchase of the Optional Extension Period will in no way increase the Policy Aggregate Limit of Liability or any sublimit of liability. At the commencement of the Optional Extension Period the entire premium will be deemed earned, and in the event the Named Insured terminates the F00731 022019 ed. Page 19 of 24