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3. A claim by a person or organization seeking damages will be deemed to have been made at the earlier of the following times: a. When a notice of such claim is received and recorded by any insured or by us, whichever comes first; or b. When we make a settlement in accordance with Paragraph 1. above. If additional claims are subsequently made which arise out of the same specific set of facts as a claim already made in accordance with Paragraph 2. above, then all such additional claims shall be deemed first made within the policy period in which the earliest claim arising out of such specific set of facts was made, and all such claims shall be subject to the same Limit of Insurance. B. Exclusions The insurance does not apply to: 1. Contractual Liability Claim(s) based upon or arising from any liability of others assumed by the insured through contract or agreement. This exclusion shall not apply to liability: a. That the insured would have in the absence of a contract or agreement; or b. That would result from the rendering or failure to render professional services. 2. Employer's Liability Claim(s) based upon or arising from the injury to any present or former employee or executive officer of any insured, including but not limited to wrongful termination, discrimination, or any unfair employment practices. 3. Executive Officer Claim(s) based upon or arising from your services and/or capacity as an executive officer, director, partner, trustee or employee of a business enterprise not named in the Declarations. 4. Express Warranties and Guarantees Claim(s) based upon or arising from express warranties and guarantees. However, this exclusion shall not apply to liability that an insured would have in the absence of such express warranties or guarantees. 5. Fines and Penalties or Injunctive Relief Any suit(s) or claim(s) seeking injunctive relief; or payment for fines, penalties, punitive, exemplary or multiplied damages unless allowed by law. 6. Insured's Property Claim(s) based upon or arising from the insured's ownership, rental, lease, maintenance, operation, use, repair, voluntary or involuntary sale, transfer, exchange, gift, abandonment, or condemnation of real or personal property. 7. Insurance and Suretyship Claim(s) based upon or arising from your advising or requiring others, or the failure to advise or require others, to maintain any form of insurance, suretyship or bond. 8. Insured's Internal Expenses Claim(s) based upon or arising from expenses incurred by an insured for services performed by its salaried staff and employees. This exclusion shall not apply to re -work or reconstruction costs incurred by a named insured as part of the settlement of any claim(s) to which this insurance applies, but solely to the extent that such re -work or reconstruction costs: 1) have been pre -approved by Insurer; and 2) constitute the named insured's actual out- of-pocket labor and expense costs that are not marked -up using multipliers for `-;-- . `----`;`- - • -L---A profit. Risk MwaganadDasian °Y REVIEWED & APPROVED BY. +; ^ of Af, t` ,w44 ENV-1205 (03-14) Includes copyrighted material of Insurance Services Office, Inc. with its permission —�� Risk Management specialist