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A ~)S + (V) PROPERTY DAMAGE: The term 'PROPERTY DAMAGE' shall mean: (1) physical damage to or destruction of tangl6le property which occurs during the COVERAGE PERIOD, Including the loss of use thereof et anytime resulting therefrom; or (7~ loss of use at any time of tangible property which has not been physically damaged or destroyed provided such loss of use Is caused by an OCCURRENCE during the COVERAGE PERIOD. (VV) RETROACTIVE DATE: The term 'RETROACTIVE DATE' shall mean the date stated In Item 3 of the Declarations. (X) ULTIMATE NET LOSS: The term 'ULTIMATE NET LOSS' shall mean the total of the following sums: (1) all sums which the INSURED shall become legally obligated to pay as damages either by adjudication or compromise with the consent of the COMPANY, after making proper deductions for all recoveries and salvages collectible and for other Insurance as provided for In CONDITION (Ffl hereof; and (7J all expenses Incurred by the INSURED In the Investlgatlon, negotiation, settlement and defense of any CLAIM or In the Investlgatlon of any OCCURRENCE or circumstances of which NOTICE OF CIRCUMSTANCES has been given, excluding all salaries, wages and benefit expenses of employees and office expenses of the INSURED; however, the COMPANY shall not be Ilable for expenses as aforesaid when such expenses are Included In other valid and collectible Insurance, except where that Insurance Is subject to at least 100 percent reimbursement by the INSURED. (Y) UNDERLYING LIMITS: The term 'UNDERLYING LIMITS' shall mean those amounts stated In Item 6 of the Declarations. III. EXCLUSIONS This POLICY shall not apply and the COMPANY shall not be Ilable to make any payment for ULTIMATE NET LOSS with respect to any CLAIM(S) made against any INSURED: (A) for liability arlsing out of the ownership, maintenance, operation, use, loading or unloading of: (t) any watercraft In excess of seventy-five (75) feet In length; or (7J any elrcratt; which Is chartered, operated or hired by, or loaned, leased or rented to, the INSURED for a period (Including any extensions or renewals) of more than thirty (30) consecutive days, or which is owned by the INSURED. (B) for PROPERTY DAMAGE to: (1I property owned or occupied by or rented to the INSURED; (7J property used by the INSURED; (3) property In the care, custody or control of the INSURED or as to which the INSURED Is for any purpose exercising physical control; however, sections (7J and (3) of this Exclusion shall not apply with respect to liability under a written sidetrack agreement and section (3) of this Exclusion shall not apply with respect to PROPERTY DAMAGE arlsing out of the use of an elevator (other than to the elevator) at premises owned by, rented to or controlled by'the NAMED INSURED; eioo cveo~ [ 7 of 15 ]