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SECTION II - WHO IS AN INSURED The following persons and organizations are insured under this insurance: 1.Any person or organization qualifying as such under the “first underlying insurance”. 2.Any additional insured qualifying as such under the "first underlying insurance", but only: a.To the extent of the insurance provided the additional insured under the “first underlying insurance”, and not otherwise excluded by this policy; and b.Where coverage is required to be provided to an additional insured under a contract or agreement. However, the Limits of Insurance afforded the additional insured in this paragraph shall be the lesser of the following: i.The minimum limits of insurance required in the contract or agreement between you and the additional insured; or ii.The Limits of Insurance shown in the Declarations of this policy. 3. Newly acquired or formed organizations, if: a.The organization is acquired by you during the policy period through consolidation, purchase of assets, merger, or assumption of control and active management; b.The “first underlying insurance” and all other “underlying insurance” have added the organization as an insured; c.You provide notice to us; and d.We endorse the organization as an insured onto this policy. Any newly acquired or formed organizations endorsed onto this policy may be subject to an additional premium and to a premium audit. SECTION III - LIMITS OF INSURANCE A.The Limits of Insurance shown under this policy's Declarations and the rules below fix the most we will pay regardless of the number of: 1.Insureds; 2.Claims made, “suits” brought, or number of vehicles involved; or 3.Persons or organizations making claims or bringing “suits”. B.The Limits of Insurance of this policy will apply as follows: 1.This policy only applies in excess of the "underlying limits of insurance". 2.The Aggregate Limit is the most we will pay for the "ultimate net loss" that is subject to an aggregate limit provided by the "first underlying insurance". The Aggregate Limit applies separately and in the same manner as the aggregate limits provided by the "first underlying insurance". 3. Subject to Paragraph B.2. above, the Each Occurrence limit is the most we will pay for the sum of all "ultimate net loss" arising out of any one “occurrence” to which this policy applies. C.If “defense expenses” are included within and erode the limits of insurance of the “first underlying insurance” then “defense expenses” are included within and erode the Limits of Insurance of this policy on the same basis as the “first underlying insurance”. If “defense expenses” do not reduce the limits of insurance of the “first underlying insurance” then they do not reduce the Limits of Insurance of this policy. D.If, after this policy is issued, we extend the policy period, we will consider the additional period as part of the original policy period to determine how to apply the Aggregate Limit, as described inParagraph B. 2. above. EUM 00 522 02 07© Everest Reinsurance Company, 2006Page 3 of 8 Includes copyrighted material of ISO Properties, Inc., used with its permission INSURED COPY