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- - A ~$ POLICY OF EXCESS LIABILITY INSURANCE EFFECTED WITH ' ASSOCIATED ELECTRIC $ GAS INSURANCE SERVICES LIMITED HAMILTON, BERMUDA (hereinafter referred to as the 'POLICY9 THIS IS AN EXCESS LIABILITY "CLAIMS-FIRST-MADE" POLICY WHICH MAY BE DIFFERENT FROM OTHER POLICIES. PLEASE READ THE ENTIRE POLICY CAREFULLY. Nerds end phrases ehich epyeer in ell eeyi tel /et tars Aen tAe specie/ eeeningz set forth in Section l!-DFf 1N NlDNS. In consideration of the payment of premium, and In reliance upon all statements made and Information furnished to Associated Electric & Gas Insurance Services Limited (hereinafter referred to as the 'COMPANY and subject to all the terms hereinafter provided, the COMPANY agrees as follows: I. INSURING AGREEMENT (q) Indemnify The COMPANY shall Indemnify the INSURED far any and all sums which the INSURED shall become legally obligated to pay as ULTIMATE NET LOSS by reason of Ilablllty Imposed upon the , INSURED by law or Ilablllty assumed by the INSURED under CONTRACT, Including the INSURED'S proportionate share of any Ilablllty arlsing In any manner whatsoever out of the operations or existence of any JOINT VENTURE In which the INSURED has an Interest, for damages because of BODILY INJURY, PERSONAL INJURY or PROPERTY DAMAGE which Is caused.by an OCCURRENCE and either: (1) for which a CLAIM Is first made against the INSURED during the POLICY PERIOD or during any DISCOVERY PERIOD; or (2) about which a NOTICE OF CIRCUMSTANCES was given to the COMPANY during the POLICY PERIOD or during any DISCOVERY PERIOD; whichever Is earlier. (g) Limits of Liability (1) The COMPANY shall only be liable hereunder for ULTIMATE NET LOSS In excess of the UNDERLYING LIMITS as stated In Item 6A or 6B of the Declarations, whichever Is applipble. (7~ The maximum amount payable by the COMPANY for ULTIMATE NET LOSS arlsing out of any one OCCURRENCE shall be the amount stated In Item 5A of the Declarations. In the event that there are multiple CLAIMS which arise out of the same OCCURRENCE, even if such multiple CLAIMS are made against different INSUREDS, ell such mutlple CLAIMS shall be deemed to be a single CLAIM arlsing out of a single OCCURRENCE and shall be deemed to have been reported at the time that the first of such multiple CLAIMS Is made or the time NOTICE OF CIRCUMSTANCES which glue rise to such CLAIM Is given, whichever Is earlier. The UNDERLYING LIMITS and Limits of Liability with respect to such OCCURRENCE, as stated In the Declarations, shall apply regardless of the number of CLAIMS arlsing out of the same OCCURRENCE. BI00 (1/90) [ 1 of 15 l