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The insurance afforded herein for any <br />subsidiary not named in this Coverage Part <br />as a named Insured does not apply to injury <br />or damage with respect to which such insured <br />is also a named insured under another policy <br />or would be a named insured under such <br />policy but for its termination or the exhaustion <br />of its limits of insurance. <br />3. Newly Acquired Or Formed Organization <br />Any organization you newly acquire or fore, <br />other than a partnership, joint venture or limited <br />liability company, and over which you maintain <br />financial interest of more than 50% of the voting <br />stock, will qualify as a Named Insured if there is <br />no other similar insurance available to that <br />organization. However: <br />a� Coverage under this provision is afforded only <br />until the 180th day after you acquire or form <br />the organization or the end of the policy <br />period, whichever is earlier; <br />b. Coverage A does not apply to "bodily injury" <br />or "property damage" that occurred before <br />you acquired or formed the organization; and <br />c. Coverage 8 does not apply to "personal and <br />advertising injury" arising out of an offense <br />committed before you acquired or formed the <br />organization. <br />4. Nonowned Watercraft <br />With respect to watercraft you do not own that Is <br />less than 51 feet long and is not being used to <br />carry persons for a charge, any person is an <br />insured while operating such watercraft with your <br />permission, Any other person or organization <br />responsible for the conduct of such person Is <br />also an insured, but only with respect to liability <br />arising out of the operation of the watercraft, and <br />only if no other Insurance of any kind Is available <br />to that person or organization for this liability: <br />However, no person or organization is an insured <br />with respect to.: <br />a. "Bodily injury" to a ca -"'employee"' of the <br />person operating the watercraft; or <br />b. "Property damage" to property owned by, <br />rented to, in the charge of or occupied by you <br />or the employer of any person who is an <br />insured under this provision. <br />6, Ad d I t I o h ai , i- In sureds. When. Required By <br />.Written:: ',,Contract, Written Agreement Or <br />'Permlt <br />The following person(s) or organization(s) are an <br />additional insured when you have agreed, in a <br />written contract, written agreement or because of <br />a permit issued by a state or political subdivision, <br />that such person or organization be added as an <br />additional Insured on your policy, provided the <br />Injury or damage occurs subsequent to the <br />execution of the contract or agreement. <br />Page 12 of 21 <br />A person or organization Is an additional Insured <br />under this provision only for that period of time <br />required by the contract or agreement, <br />However, no such person or organization is an <br />insured under this provision if such person or <br />organization is included as an insured by an <br />endorsement issued by us and made a pail of <br />this Coverage Part, <br />Vend ors, <br />Any person(s) or organization(s) (referred to <br />below as vendor), but only with respect to <br />"bodily injury" or "property damage" arising <br />out of "your products" which are distributed or <br />sold in the regular course of the vendor's <br />business and only if this Coverage Part <br />provides coverage for "bodily injury" or <br />"property damage" included within the <br />"products -completed operations hazard". <br />(1) The insurance afforded the vendor is <br />subject to the following additional <br />exclusions: <br />This insurance does not apply to: <br />(a) "Bodily injury" or "property damage" for <br />which the vendor is obligated to pay <br />damages by reason of the assumption <br />of liability in a contract or agreement. <br />This exclusion does not apply to <br />liability for damages that the vendor <br />would have in the absence of the <br />contract or agreement; <br />(b) Any express warranty unauthorized by <br />you; <br />(c) Any physical or chemical change in the <br />product made intentionally by the <br />vendor; <br />(d) Repackaging, except when unpacked <br />solely for the purpose of inspection, <br />demonstration, testing, or the <br />substitution of parts under instructions <br />from the manufacturer, and then <br />repackaged in the original container; <br />(e) Any failure to make such inspections, <br />adjustments, tests or servicing as the <br />vendor has agreed to make or normally <br />undertakes to make in the usual <br />course of business, in connection with <br />the distribution or sale of the products; <br />(f) Demonstration, installation, servicing <br />or repair operations, except such <br />operations performed at the vendor's <br />premises in connection with the sale of <br />the product', <br />(g) Products which, after distribution or <br />sale by you, have been labeled or <br />relabeled or used as a container, part <br />or ingredient of any other thing or <br />substance by or for the vendor; or <br />