PYRAMID GROUP INTERNATIONAL, INC. (5)

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Contractors Pollution Liability Policy Contractors Pollution Liability Policy The insurance company shown in the Declarations (hereinafter "the Company") in consideration of the payment of the premium and the undertaking of the named insured to pay the Deductible described hereunder, in reliance upon all representations and warranties contained in the application attached hereto and made a part of this Policy, including any addendum or addenda thereto, and subject to all provisions of this Policy subsequently set forth, agrees with the named insured as follows: INSURING AGREEMENTS A. COVERAGE AND DEFENSE The Company shall pay on behalf of the insured those damages for bodily injury or property damage in excess of the Deductible that the insured becomes legally obligated to pay: 1. If the damages result from a pollution condition at any site where any insured or any independent contractor working on behalf of any insured, is performing, or has performed, any contracting or remediation operations anywhere in the world; and 2. If the pollution condition is first incurred during the policy period of this Policy. 3. If on or prior to the effective date of this Policy, no insured had any knowledge of any circumstances which could reasonably be expected to give rise to a claim, and 4. If the pollution condition was unexpected and unintended from the standpoint of the insured. The Company will pay all claims expenses in excess of the Deductible for all claims covered under the terms of this Policy. The Company shall have both the right and duty to provide for the defense of the insured with respect to a claim made against the insured in the United States of America, its territories or possessions, or Canada, falling under the purview of all of the foregoing requirements. The Company shall also have the exclusive right to investigate such claim, to designate and appoint all legal counsel to defend the insured and to otherwise control the defense thereof. If a claim is made against any insured such as is described in the immediate foregoing, other than in the United States of America, its territories or possessions, or Canada, the Company shall have the right, but not the duty, to provide for the defense of such claim. If the Company elects not to provide for the defense of such claim, the named insured, under the supervision of the Company, shall have the duty to make or cause to be made such investigation and defense as are necessary and, subject to prior authorization by the Company, effectuate settlement. In such eventuality, the Company shall indemnify the named insured for claims expenses incurred and damages and supplementary payments paid in excess of the Deductible. I� The Company shall have the exclusive right hereunder to negotiate and 111 READ&APPRCVMBr. settlement of all claims, as it deems expedient, whether under or in exce: Xju Aealot0 ANIEW Risk Management Spea" © Freberg Environmental Inc, 2000 All rights reserved.