ELKS BUILDING ASSOCIATION OF SANTA ANA

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081 * 06/07/2021 * LIMB 3952752 00 GREAT AMERICAN ALLIANCE INS CO *D/B* 121126296 255044 2. in the event of exhaustion, continue in force as "underlying insurance"; Coverage provided pursuant to EA. or E.2. above will be subject to the exclusions, terms, and conditions of this Policy. F. The Limits of Insurance of this Policy apply separately to each consecutive annual period and to any remaining period of less than 12 months, starting with the beginning of the Policy Period shown in the Declarations, unless the Policy Period is extended after issuance for an additional period of less than 12 months. In that case, the additional period will be deemed part of the last preceding period for purposes of determining the Limits of Insurance. G. Retained Limit Subject to the applicable Limits of Insurance stated in the Declarations and described in A. through F., above, we will be liable only for that portion of damages that is in excess of the "retained limit." The "retained limit" is the greater of: 1. the total amounts stated as the applicable limits of the underlying policies listed in the Schedule of Underlying Insurance and the applicable limits of all other insurance providing coverage to the "Insured" during the Policy Period; or 2. the amount stated in the Declarations as "Self -Insured Retention," as respects any "occurrence" covered by none of the underlying policies listed in the Schedule of Underlying Insurance and by no other insurance providing coverage to the "Insured" during the Policy Period. Once the "Self -Insured Retention" has been fully exhausted by the Insured's actual payment of damages because of "claims" and "suits," the "Self -Insured Retention" will not be reapplied or again payable by the "Insured" because of any "bodily injury," "property damage," or offense that takes place or is committed during the Policy Period. III. DEFENSE A. We will have the right and duty to investigate any "claim" and defend any "suit" seeking damages covered by the terms and conditions of this Policy when: 1. the applicable Limits of Insurance of the underlying policies listed in the Schedule of Underlying Insurance and the Limit of Insurance of all other insurance providing coverage to the "Insured" have been exhausted by actual payment of "claims" for any "occurrence" to which this Policy applies; or 2. damages are sought for any "occurrence" which is covered by this Policy but covered by none of the underlying policies listed in the Schedule of Underlying Insurance and by no other insurance providing coverage to the "Insured." B. When we assume the defense of any "claim" or "suit": 1. we will investigate any "claim" and defend any "suit" against the "Insured" seeking damages on account of any "occurrence" covered by this Policy. We have the right to investigate, defend, and settle the "claim" or "suit" as we deem expedient. 2. all expenses we incur in the investigation of any "claim" or defense of any "suit" are in addition to our Limits of Insurance. GAI 6002 (Ed. 04/10) XS (Page 3 of 26)