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1. The "each occurrence" limit shown in our Declarations is the most we will pay under this policy for the sum of damages arising out of any one Occurrence. Any amount we pay for damages arising out of an Occurrence will reduce or exhaust the amount of our applicable aggregate Limit of Insurance available for payment of damages arising out of any other Occurrence. 2. Coverage applies only in excess of the Limit of Insurance shown in our Schedule of Primary Insurance. But if a Primary Policy has a limit of insurance: a. Greater than the amount shown, our policy applies excess of the greater amount; or b. Less than the amount shown, our policy applies excess of the amount shown in our Schedule of Primary Insurance. 3. If the limit of insurance of a Primary Policy is: a. Reduced;or b. Exhausted; by payment of judgments or settlements arising out of Occurrences, our policy will apply in excess of such reduced or exhausted limit of insurance. C. AGGREGATE LIMIT - The Limit of Insurance shown in our Declarations as "aggregate" is the most we will pay under the policy for the sum of damages. Our aggregate limit will apply only when a Primary Policy applies an aggregate limit, and will apply on the same basis as a Primary Policy. D. POLICY PERIOD EXTENSIONS - If we extend our Policy Period after this policy is issued, we will consider the additional period as part of the last preceding annual period for purposes of determining the Limits of Insurance. E. SAME BASIS DEFENSE EXPENSES - If the limits of insurance of any Primary Policy or Other Insurance are reduced by defense expenses by the terms of that policy then any defense expense payments we make to defend any Insured or reimbursement we make to any Insured for defense expenses will reduce our applicable Limits of Insurance. SECTION IV - EXCLUSIONS This policy does not apply: A. ASBESTOS - To any liability arising, in whole or in part, out of or in any way related to Asbestos. B. E.R.I.S.A. - To any liability of any Insured under, or any claim based upon: 1. The Employees' Retirement Income Securities Act (E.R.I.S.A.) of 1974 and any amendment thereto; or 2. Similar provisions of any federal, state, or local statutory law or common law. C. DAMAGE TO PROPERTY - To property damage to real or personal property in the care, custody or control of any Insured, including any costs or expenses incurred by you or any other person or organization for repair, replacement, enhancement, restoration or maintenance of such property for any reason, including prevention of injury to a person or damage to another's property. D. EMPLOYMENT PRACTICES - To any liability arising out of any employment -related or personnel practices, policies, acts or omissions. This includes, but is not limited to: 1. Refusal to employ; 2. Termination of employment; 3. Coercion, criticism, demotion, failure to promote, evaluation, reassignment, discipline, defamation, self - defamation, harassment, humiliation, discrimination, libel, slander, false arrest and imprisonment, orviolation of a person's right of privacy; or 4. Any consequential injury or damages as a result of 1., 2. or 3. above. 530206 [g Copyrlght02002 Alllanz Global Risks US Insurance Company. All rights reserved. s o RteWAnegemad Wslon K'+. REVIEWED&APPROVED By: 8 5 nsnN(ne 2 VXA4aa8 Risk Management Analyst