ELS ARCHITECTURE AND URBAN DESIGN

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BERKLEY INSURANCE COMPANY 2.The each Claim limit shown in Item 3A of the Declarations is the most we will pay for the sum of all Damagesand ClaimExpensesarising out of any single Claim. Two or more Claimsconsidered a single Claimshall collectively be subject to the each Claimlimit 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 Damagesand ClaimExpensesarising out of any single Claimregardless of how many Insuring Agreements may apply to such Claim. 4.The Policy YearAggregate limit shown in Item 3B of the Declarations is the most we will pay for the sum of all Damagesand ClaimExpensesfor all Claimsmade and reported during each PolicyYear. 5.The payment of Damagesand ClaimExpenseswill reduce the each Claimlimit. F.Deductible You must pay the Deductible for Claim ExpensesandDamagescovered by this Policy before we are obligated to make any payment under the each Claimlimit. 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 Expensesthat qualify to satisfy the Deductible. The Deductible for each Claimis set forth in Item 4A of the Declarations. The Policy YearAggregate Deductible shown in Item 4B of the Declarations is the most the Named Insuredmust pay as a Deductible for the sum of all Claimsmade and reported during eachPolicy Year. G.Deductible Credits 1.MediationCredit:Your Deductible obligation may be reduced by 50%, subject to a maximum reduction of $15,000 if you agree with our decision to use Mediationand the Claimis fully and finally resolved bysuchMediation. 2.Risk Management 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 agreementfor the Professional Servicesinvolved in the Claim, and it includes a clause limiting your liability to $250,000 or less. 3.First ClaimDeductible Credit:If the first Claimyou ever report to us is made against you: a.Greater than 24 months after the Knowledge Dateshown on the Policy Declarations, then your Deductible obligation for that Claimmay be reduced by 25%, subject to a maximum reduction of $40,000; or b.Greater than 36 months after the Knowledge Dateshown on the Policy Declarations, then your Deductible obligation for that Claimmay be reduced by 50%, subject to a maximum reduction of $40,000. Ifmore than one Deductible Credit applies, your Deductible obligationwill be reduced by 50%, subject to a maximum reduction of $50,000. H.Notice of Cancellation and Nonrenewal This Policy may be canceled by the Named Insuredidentified in the Declarations, by surrender of the Policy to us or our authorized representative or by giving us written notice stating when, thereafter, such cancellation shall be effective. We will not cancel 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. Ifwe cancel this Policy, we will mail or deliver to the first Named Insured, on behalf of all Insureds, written notice of cancellation. We will provide you at least ten (10) days-notice before the effective date of cancellation if we cancel for nonpayment of premium. If we cancel for any other reason, we will provide at least sixty (60) days-notice before the effective date of cancellation. If this Policy is canceled, we will send the first Named Insuredany premium refund due. The refund will be pro rata. The cancellation will be effective even 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 not intend to renew this insurance subject to any state requirements. The notice will include our reason for nonrenewal. Proof of mailing will be sufficient proof of notice. I.Other Insurance If there is other collectible insurance, including but not limited to other professional liability insuranceor project specific insurance, that applies to a Claimcovered by this Policy, the other insurance shall be primary and this Policy shall be excess over the other insurance, unless the other insurance is written specifically excess of this Policy. This Policy will then apply to the amount of the Claimthat exceeds the available limits of liability and any deductibles or retention amounts of the other insurance, as well as the Deductible under this Policy. If such other insurance has a duty to defend aClaimor assumes the defense of a Claim, this Policy shall not be obligated to defend that Claim. J.SubrogationSubrogation In the event of any payment under this Policy, we shall be subrogated to all of your rights of recovery against any person or organization. You must do everything reasonably necessary to secure such rights and must do nothing after a Claim is made to jeopardize them. We hereby waive our subrogation rights against a client of yours to the extent that you had, prior to a Claimor Circumstance, entered into a written agreement to waive such rights. Any recovery shall first be paid to us upto the extent of any Damagesor Claim Expensespaid by us and the balance shall be paid to you. K.First Named Insuredas Sole Agent The first Named Insuredin Item 1 of the Declarations will be the sole agent and will act on behalf of all Insuredsfor the payment or return of premium, receipt and acceptance of any endorsements, notices or provisions of this Policy, giving or receiving notice of cancellation or nonrenewal, the payment of any Deductibles, and to exercise the rights provided in Section Q Extended Reporting Period Option. L.Alteration and Assignment BDP0417001