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Policy # AEC909023107 BERKLEY INSURANCE COMPANY 2- The each Claim limit shown in Item 3A of they Declarations is the most we will pay for the sum of all Damages and Claire Expenses arising out of any single Claim. Two or more Claims considered a single Claims shall collectively be subject to the each Claeirn limit of liability shown In Item 3A of the Declarations. 3. The each Claim limit is the most we will pay for the sum of all Damages and Claim Expenses arising out of any single Claim regardless of how many Insuring Agreements may apply to such Claim_ 4_ The Policy Year Aggregate Ilmlt shown in Item 313 of the Declarations is the most we will pay for the sum of all Damages and Claim Expenses for all Claims made anti reported during each Policy Year. 5_ The payment of Damages and Claim 'Expenses will reduce the each Claim limit. F. Deductible You must pay the Deduchbta for Claim Expenses and Damages covered by this policy before we are obligated to matte any payment under the each Claim limit. The Deductible must be paid from your own account, and payments by other parties or insurers on your behalf shall not satisfy the Deductible. We have the right to determine the reasonableness of Claim Expenses that qualify to satisfy the Deductible. The Deductible for each Claim is set forth in Item 4A of the Declarations, The Policy Year Aggregate Deductible shown in Item 4B of the Declarations is the most the Named Insured must pay as a Deductible for the sum of all Claims made and reported during each Policy Year, G. Deductible Credits 1, Mediation Credit, Your Deductible obl igation may be reduced by 50%, subject to a maxi rnum reduction of 51 S,M0 if you agree vAth our decision to use Mediation and the Claire is fully and finally resolved by such Mediation. 2, Risk Marragement Credit, Your Deductible obligation may be reduced by 50%, subject to a maximum reduction of $25,000 if prior to the report date of a Claim, there is a signed, written and enforceable agreement for the Professional Services involved in the Clraimr and it Includes a clause Ilmiting your Ilabillty to $250,000 or less. 3. Forst Claim Deductible Credit., If the first Claim you ever report to us Is mane against you, a. Greater than 24 months after the Knowledge Date shown on the Policy Declarations, then your Deductible obligation for that Claim may be reduced by 25%, subject to a maximum reduction of $40,000; or b. Greater than 36 months after the Knowledge Date shown on the Policy Declarations, then your Deductible obligation for that Claim may be reduced by 50%, subject to a maximum reduction of W,000_ If more than one Deductible Credit applies, your Deductible obligation will be reduced by 50%, Subje rt to a maximum reduction of $50.DOD. H. Notice of Cancellation and Nonrenewal This Policy may be canceled by the Named Insured identified in the Declarations, by surrender of the Pal icy to us or our authorized representative or by giving us written notice stating when, thereafter, such cancellation shall be effective. We will not canoel this Policy except for nonpayment of premium, fraud or material misrepresentation in procuring this Insurance or in relation to any Claim, or changes in law affecting this Policy. If we cancel this Policy, we will snail or deliver to the first Name3d Insured, an behalf of all Insureds: written notice of cancel latiom_ We will provide you at test ten (10) days -notice before the effective date of cancellation if we cancel For nonpayment of premium. If we cancel for any rather reason, we will provide at leas!: sixty (50) days -notice before the effective data of cancellation - If this Policy is canceled, we will sent) the first Blamed Insured any premium refund due. The refund will be pro rata. The cancellation will be effective every if we have not made or offered a refund. We will give you written notice sixty (60) days prior to the expiration of this Policy if we do nol intend to renew this insurance subject to any state requirements. The notice will In+ctude our reason for nonrenewal_ Proof of mailing will be sufficient proof of notice_ I. Other Insurance if there is other cnllectibte insurance, Including but not limited to other p fessional liability insurance or project specific in>urance, that applies to a Claim covered by this Pollcy, the ogler insurance shall be primary and Chas Policy shall be excess over the other insurance, unless the other insurance is written specifically excess of this Polioy. This Policy will then apply to the amount of the Claim that exceeds the available limits of liability and any deductibles or retention amounts of the other insurance, as wel1 as the Deductible under this Prouty. If such rather insurance has a duty to defe ld a Claim or assumes the defense of a Claim, this Policy shall not be obligated to defend that Claim. J_ Subrogation In the event of any payment under this Policy, we shall be subrogated to all of your rights of recovery agaim it any person or organ ization_ You must do everything reascanabty necessary to secure such rights and must do nothi ng after a Claim is made to jeoWdIze them_ We hereby waive our subrogation rights against a cllent of yours to the extent that you had prior to a Claim or Circumstance, entered into a written agreement to waive such rights_ Any recovery shall first b$ paid to us up to the extent of any Damages or Claim Expenses paid by us and the balance shall be paid to you. K. First Named Insured as Sole Agent The first blamed Insured in Item 1 of the Dedaeations will be the sole agent and will act on behalf of all Insureds for the payment or retum of premium, receipt and acceptance of any endorsements, notices or provlsions of this Policy, giving or receiving notice of cancellation or nonrenewal, the payment of any Deductibles, and to exercise the rights provided in 5eclion 0 Extended Reporting Period Option. L. Alteration and Assignment I30PN17W1 Pave 8 of 9