Orange County NC Website
Design and Data InsureŒ Policy <br />17 18 <br />LIUI-AEC-AEX-P001 (05/2015) <br />Upon payment of the additional premium and subject to all other terms, conditions, limitations of and <br />any endorsements to this Policy, this policy will apply to Claims first made and reported during the <br />selected Extended Reporting Period. If purchased, the first sixty (60) days of the optional Extended <br />Reporting Period run concurrently with the sixty (60) days of the automatic Extended Reporting <br />Period. The Extended Reporting Period shall terminate on the effective date and hour of any other <br />insurance issued to you or any successor to the Named Insured which replaces in whole or in part the <br />coverage afforded by the Extended Reporting Period. <br />The fact that this Policy may be extended by virtue of an Extended Reporting Period shall not in any <br />way increase or renew the Limits of Liability as set forth in the Declarations. The Limit of Liability <br />applicable to the Extended Reporting Period will be the Limit of Liability remaining under the <br />terminated Policy or as otherwise required by the regulatory guidelines governing this type of insurance. <br />At the commencement of the Extended Reporting Period, the entire additional premium shall be <br />deemed fully earned, and in the event you terminate the Extended Reporting Period before its <br />expiration date, we shall not be liable to return to the Named Insured any portion of the premium for <br />the Extended Reporting Period. The Extended Reporting Period shall be renewable at the sole <br />option of the Company. <br />I.Other Insurance <br />If there is other collectible insurance, including but not limited to project-specific insurance, which <br />applies to a Claim covered by this Policy, the other insurance must pay first and this Policy is excess <br />over such other insurance. This Policy applies to the amount of the Claim that exceeds the available <br />limits of liability and any deductibles or retention amounts of such other insurance. <br />J.Subrogation <br />In the event of any payment under this Policy, we shall be subrogated to all of your rights of recovery <br />against any person or organization, and you shall execute and deliver instruments and papers and do <br />whatever else is necessary to secure such rights. You shall do nothing after a Claim is made to prejudice <br />such rights. We hereby waive our subrogation rights against a client of yours to the extent that you had, <br />prior to a Claim, or Circumstance, entered into a written agreement to waive such rights. <br />Any amount recovered upon the exercise of such rights of subrogation shall first be applied to the <br />repayment of expenses incurred by us toward subrogation, second toward reimbursement of any <br />payments made by you pursuant to your Deductible, and any remaining balance shall be ours. <br />K. Alteration and Assignment <br />No change in, modification of, or assignment of interest under this Policy, shall be effective except <br />when made by written Endorsement or signed by our authorized representative. <br />L. First Named Insured As Sole Agent <br />The first Named Insured shall be the sole agent of all Insureds hereunder for the purpose of effecting <br />or accepting any amendments to or cancellation of this Policy, for the purpose of receiving such notices <br />as may be required by law and/or any provision(s) of this Policy, for the completing of any Application <br />and the making of any representations, for the payment of any premium and the receipt of any return <br />premium that may become due under this Policy, for the payment of any Deductible obligations that <br />may become due under this Policy, and the exercising or declining to exercise any right under this Policy. <br />M. Bankruptcy or Insolvency <br />You or your estate’s bankruptcy or insolvency will not relieve us of our obligations under this Policy. <br />N. Legal Action Against Us <br />Policy No.: AEXNYACBUMQ004 <br />Docusign Envelope ID: 016C7FF8-5EB3-4D21-A006-0A8906E60E75