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COMMERCIAL EXCESS LIABILITY COVERAGE FORM Various provisions in this policy restrict coverage. Read the entire policy carefully to determine rights, duties and what is and is not covered. Throughout this policy the words "you" and "your" refer to the Named Insured shown in the Declarations, and any other person or organization qualifying as a Named Insured under this policy. The words "we", "us" and "our" refer to the company providing this insurance. The word “insured” means any person or organization qualifying as such under SECTION II - WHO IS AN INSURED. Other words and phrases that appear in quotation marks have special meaning. Refer to Section V –DEFINITIONS or the Definitions of the "first underlying insurance". SECTION I - COVERAGES A.Insuring Agreement 1. Excess Liability We will pay on behalf of the insured the amount of the "ultimate net loss" in excess of the "underlying limits of insurance" to which this insurance applies. The coverage provided by this policy will: a. Follow the terms, definitions, conditions and exclusions that are contained in the "first underlying insurance", unless otherwise directed by this policy, including any attached endorsements; and b.Not be broader than that provided by the "first underlying insurance". 2. Defense We will have the right, but not the duty to defend or associate in the defense of the insured against any suit seeking damages to which this insurance may apply. If we exercise such right, any expense related to such right will be “defense expenses” under this policy. After the limits of this policy are used up in the payment of: a.Judgments; b.Settlements; or c.“Defense expenses”, if “defense expenses” are included within and erode the limits of insurance of the “first underlying insurance”, we will not provide any defense under this policy. B.Exclusions This insurance does not apply to: 1.Asbestos a.Any liability arising, in whole or in part, out of the actual, alleged, threatened or suspected inhalation of, ingestion of, contact with, exposure to, existence of, or presence of asbestos. b.Any loss, cost or expense arising, in whole or in part, out of the abating, testing for, monitoring, cleaning up, removing, containing, treating, detoxifying, neutralizing, remediating, or disposing of or in any way responding to or assessing the effects of asbestos by any insured or by any other person or entity. EUM 00 522 02 07© Everest Reinsurance Company, 2006Page 1 of 8 Includes copyrighted material of ISO Properties, Inc., used with its permission INSURED COPY