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settlement, adjustment or suit as of the 3. If any "underlying insurance" has a policy period inception date of this policy (or the that is different from the policy period of this policy retroactive date of this policy, if any, then, for the purposes of this insurance, the whichever is earlier). "retained limit" will only be reduced or exhausted "Injury or damage" which first occurs during by payments made for"injury or damage" covered this policy period includes any continuation, under this insurance during the policy period of change or resumption of that "injury or this policy. damage" after the end of this policy period. 4. The limits of "underlying insurance" will not be h. Sublimited Coverage deemed to be reduced or exhausted by payments for "injury or damage" not covered under this Any coverage in any underlying insurance policy. which is subject to reduced limits of insurance different from the limits of insurance stated in The Aggregate Limit of this policy applies separately the Schedule of Underlying Insurance, whether to each consecutive annual period of this policy and it be referred to as a sublimit, or any other to any remaining period of this policy of less than 12 basis. months, starting with the beginning of the policy period shown in the Declarations, unless the policy SECTION II - LIMITS OF INSURANCE period is extended after issuance for an additional period of less than 12 months. In that case, the 1. The Limits of Insurance shown in the additional period will be deemed part of the last Declarations, and the rules below fix the most we preceding period for purposes of determining the will pay regardless of the number of: Limits of Insurance. a. Insureds; b. Claims made or suits brought, or number of SECTION III - CONDITIONS vehicles involved; The following Conditions apply. In addition, the c. Persons or organizations making claims or Conditions applicable to any "underlying insurance" bringing suits; or are also applicable to the coverage provided under this insurance. To the extent such conditions differ or d. Coverages or limits available under any conflict, the conditions of this policy will apply. "underlying insurance". 1. Appeals 2. The Limits of Insurance of this policy will apply as follows: If any "underlying insurer" or insured elects not to appeal a judgment in excess of the amount of the a. This insurance only applies in excess of the "retained limit", we may do so at our own "retained limit". expense. We will also pay for taxable court costs, b. The Aggregate Limit is the most we will pay pre- and postjudgment interest and for the sum of all "ultimate net loss", for all disbursements associated with such appeal. In no "injury or damage" covered under this policy. event will this provision increase our liability However, this Aggregate Limit only applies to beyond the applicable Limits of Insurance "injury or damage" that is subject to an described in SECTION II LIMITS OF aggregate limit of insurance under the INSURANCE. "applicable underlying insurance". 2. Bankruptcy c. Subject to Paragraph 2.11b. above, the Each a. Bankruptcy Of Insured Occurrence Limit is the most we will pay for Bankruptcy or insolvency of the insured or of the sum of all "ultimate net loss" under this the insured's estate will not relieve us of our insurance because of all "injury or damage" obligations under this policy. arising out of any one "event". b. Bankruptcy Of Any Underlying Insurer d. If the Limits of Insurance of any "applicable underlying insurance" are reduced by defense Bankruptcy of any "underlying insurer" will not expenses by the terms of that policy, any relieve us of our obligations under this policy. payments for defense expenses we make will However, insurance provided under this policy will reduce our applicable Limits of Insurance. not replace any "underlying insurance" in the event of bankruptcy or insolvency of any "underlying insurer". The insurance provided under this policy will apply as if all "underlying insurance"were in full effect and recoverable. XPCOVFORM-0815 Includes copyrighted material of Insurance Services Offices, Inc., Page 3 of 6 with its permission.