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HISCOX <br /> In consideration of the premium charged and in reliance on the statements made and information provided to Us, <br /> including but not limited to the statements made and information provided in and with the Application, which is made a <br /> part of this Policy, as well as subject to the Limits of Liability, the Deductible and all of the terms, conditions, limitations <br /> and exclusions of this Policy, We and You agree as follows: <br /> I. INSURING <br /> AGREEMENT, <br /> DEFENSE AND <br /> SETTLEMENT <br /> A. INSURING AGREEMENT <br /> We shall pay on Your behalf Damages and Claim Expenses in excess of the <br /> Deductible resulting from any covered Claim that is first made against You during <br /> the Policy Period and reported to Us pursuant to the terms of the Policy for <br /> Wrongful Acts committed on or after the Retroactive Date. <br /> We shall also pay on Your behalf all Supplemental Payments in connection with <br /> any covered Claim that is first made against You during the Policy Period and <br /> reported to Us pursuant to the terms of the Policy for Wrongful Acts committed on <br /> or after the Retroactive Date. No Deductible shall apply to Supplemental <br /> Payments. <br /> B. DEFENSE <br /> 1. We shall have the right and the duty to defend any covered Claim, even if such <br /> Claim is groundless, false or fraudulent. <br /> 2. We shall have the right to appoint defense counsel upon being notified of such <br /> Claim. <br /> 3. Notwithstanding paragraph 2., We shall have no obligation to pay Claim <br /> Expenses until You have satisfied the applicable Deductible. <br /> 4. Our duty to defend shall terminate upon the exhaustion of the Limit of Liability <br /> as set forth in Item 3. of the Declarations. <br /> C. SETTLEMENT <br /> 1. We shall have the right to solicit and negotiate settlement of any Claim. <br /> 2. We shall not, however, enter into a settlement without Your prior consent, which <br /> consent shall not be unreasonably withheld. <br /> 3. If You shall refuse to consent to any settlement recommended by Us, Our <br /> liability for such Claim shall not exceed the amount for which such Claim could <br /> have been settled plus Claim Expenses incurred up to the date of such refusal. <br /> Risk MRnagenenEDfviston <br /> 3 �9it� ��,c'= REVIEWED <br /> APPROVED A€4/414 <br /> DPL P001 CW(05/13) iiiMEZEM' Risk Management Specialist <br />