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<br />EPACE001-0415 Page | 47 <br /> <br />Misrepresentation or concealment by one insured shall not prejudice the interest <br />or coverage for another insured under this Policy, except where such latter <br />insured is a parent, subsidiary, or affiliate of the insured that committed such <br />misrepresentation or concealment. For the purposes of this condition, an <br />“affiliate” means an entity that directly or indirectly is controlled by, or is under <br />common control with, the insured that committed such misrepresentation or <br />concealment. Notwithstanding the forgoing, nothing stated herein shall preclude <br />us from seeking and obtaining rescission of this Policy in the event of a material <br />misrepresentation in the application for insurance. In addition, nothing stated <br />herein shall operate to increase the limit(s) of liability provided hereunder. <br /> <br />16. Sole Agent <br />The first named insured shall act on behalf of all insureds for the payment of the <br />Deductible, payment or return of premium, receipt and acceptance of any endorsement <br />issued to form a part of this Policy, giving and receiving notice of cancellation, and the <br />exercise of the rights provided in section XXIV. EXTENDED REPORTING PERIODS. <br /> <br />17. Subrogation <br />In the event of any payments made pursuant to this Policy, we shall be subrogated to <br />any insured’s rights of recovery against any person, entity or organization. The insured <br />shall execute and deliver instruments and papers and do whatever is necessary to <br />secure and perfect such rights. No insured shall do anything to prejudice such rights. <br /> <br />Any recovery obtained as a result of subrogation, after such expenses incurred in the <br />subrogation proceedings are deducted by us, shall accrue first to the insured to the <br />extent of any payments in excess of the Limit of Liability; then us to the extent of any <br />payments made under this Policy; and then to the insured to the extent of its Deductible. <br /> <br />However, solely with respect to Coverage Part 1 or Coverage Part 2, if the insured has <br />waived rights of recovery against any person, entity or organization prior to a loss or <br />claim, we waive any right to recovery we may have under the policy against such <br />person, entity or organization. <br /> <br />18. Voluntary Payments <br /> The insured shall not settle any claim or suit or, with the exception of emergency <br />expenses, make any voluntary payments without our prior written consent. If we <br />recommend a settlement, the insured shall have the opportunity to consent to it, such <br />consent not to be unreasonably withheld or delayed. If we recommend a settlement that <br />is acceptable to a claimant for a total amount in excess of the applicable Deductible and <br />within the applicable Limits of Liability and the insured refuses to consent to such <br />settlement, then our liability for loss shall be limited to that portion of the recommended <br />settlement, and the legal defense costs incurred as of the date of the insured’s refusal, <br />which exceeds the Deductible and falls within the applicable Limit of Liability. <br />XXIV. EXTENDED REPORTING PERIODS <br /> <br />This section XXIV. applies to Coverages 2C, 2D and 3 only. <br /> <br />1. We will provide one or more Extended Reporting Periods, as described below, if this <br />Policy is terminated for any of the following reasons: <br /> <br />a. Cancellation by us for any reason other than failure to pay a premium when due <br />or fraud or material misrepresentation; <br />Docusign Envelope ID: 06AB3B5F-54E7-44B0-87A0-CF612E1799BB