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<br /> <br />Artisan Subcontractors Professional Liability Coverage Part <br /> <br /> <br />W CLANE P0004 CW (05/20) Page 4 of 14 <br />Acquired entity means any entity: <br /> 1. in which the named insured: <br /> a. acquires substantially all of the assets; <br /> b. acquires the majority of its voting securities, as a result of which it becomes a <br />subsidiary; or <br /> c. merges and leaves the named insured as the surviving entity; or <br /> 2. that the named insured creates as a subsidiary, <br /> during the policy period. <br /> With respect to an acquired entity whose revenues exceed 10% of the annual revenues of the <br />named insured at the time of its creation or acquisition, any coverage under this policy will expire <br />90 days after the effective date of its creation or acquisition unless, within such 90 day period: <br /> a. the named insured provides us with written notice of such creation or acquisition; <br /> b. the named insured provides us with information related to such creation or acquisition as <br />we may reasonably require; <br /> c. the named insured accepts any special terms, conditions, exclusions, or additional <br />premium charge as we may reasonably require; and <br /> d. we agree by written endorsement to provide such coverage. <br /> This policy will apply to an acquired entity only with respect to your professional services, <br />covered work, or construction activities performed after the acquisition, merger, or creation <br />and while the named insured maintains management control of the acquired entity. <br />Insured organization means: <br /> 1. the named insured; <br /> 2. a subsidiary; <br /> 3. a joint venture; or <br /> 4. an acquired entity. <br />Employee means any past, present, or future: <br /> 1. person employed by an insured organization as a permanent, part-time, seasonal, leased, <br />or temporary employee, or any volunteer; or <br /> 2. partner, director, officer, or board member (or equivalent position) of an insured <br />organization, <br /> but only while in the course of their performance of professional services, covered work, or <br />construction activities on behalf of or at the direction of such insured organization. <br />Independent contractor means any person contracted by an insured organization to perform the same professional <br />services, covered work, or construction activities as the insured organization, and whose <br />income is reported to the Internal Revenue Service on Form 1099-MISC, but only while in the <br />course of their performance of professional services, covered work, or construction activities <br />on behalf of or at the direction of such insured organization. <br /> Independent contractor does not include any subcontractors contracted by another <br />independent contractor or an insured organization. <br />Additional insured means any project owner or client an insured organization has agreed in a written contract or <br />agreement to add as an additional insured to a policy providing the type of coverage afforded by <br />this Coverage Part, provided the contract or agreement: <br /> 1. is currently in effect or becomes effective during the policy period; and <br /> 2. was executed before the performance of construction activities out of which the claim <br />arises. <br />Policy #ANE2266438.22DocuSign Envelope ID: F0A3B2EE-E33F-4F23-BBF0-3EFDC539D263