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5. Loss Sustained During Prior Insurance a. If you, or any predecessor in interest, sustained loss during the period of any prior insurance that you or the predecessor in interest could have recovered under that insurance except that the time within which to discover loss had expired, we will pay for it under this insurance, provided: (1) This insurance became effective at the time of cancellation or termination of the prior insurance; and (2) The loss would have been covered by this insurance had it been in effect when the acts or events causing the loss were committed or occurred. b. The insurance under this Condition is part of, not in addition to, the Limits of Insurance applying to this insurance and is limited to the lesser of the amount recoverable under: (1) This insurance as of its effective date; or (2) The prior insurance had it remained in effect. 6. Non -Cumulation of Limit of Insurance Regardless of the number of years this insurance remains in force or the number of premiums paid, no Limit of Insurance cumulates from year to year or period to period. 7. Loss Covered Under This Insurance and Prior Insurance Issued by Us or Any Affiliate If any loss is covered under this policy and under any prior canceled or terminated insurance that we or any affiliate had issued to you or any predecessor in interest, we will not pay more that the highest single Limit of Insurance. We will settle such claim as follows: a. We will first pay the Limit of Insurance applicable under this policy subject to this policy's applicable deductible; then b. If the Limit of Insurance under that prior policy is equal to or less than the Limit of Insurance under this policy, we will make no further payment; or c. If the Limit of Insurance under that prior policy is higher than the Limit of Insurance under this policy, we will then pay for any remaining part of the loss. But in no event will our total payment for loss be more than would be payable under the policy with the highest Limit of Insurance. Page 2 of 3 We will also apply any deductible under that prior policy to the extent it exceeds the deductible under this policy. 8. Ownership of Property, Interests Covered The property covered under this insurance is limited to property: a. That you own or hold; or b. For which you are legally liable. However, this insurance is for your benefit only. It provides no rights or benefits to any other person or organization. 9. Policy Period a. The Policy Period is stated in the Declarations. b. Subject to the Loss Sustained During Prior Insurance condition, A.5. above, we will pay only for loss that you sustain through acts committed or events occurring during the Policy Period. 10. Recoveries The following replaces the Recovered Property in the Property Loss Conditions: a. Any recoveries less the cost of obtaining them, made after settlement of loss covered by this insurance will be distributed as follows: (1) To you, until you are reimbursed for any loss that you sustain that exceeds the Limit of Insurance and the Deductible Amount, if any; (2) Then to us, until we are reimbursed for the settlement made; (3) Then to you, until you are reimbursed for that part of the loss equal to the Deductible Amount, if any. b. Recoveries do not include any recovery: (1) From insurance, suretyship, reinsurance, security or indemnity taken for our benefit; or (2) Of original "securities" after duplicates of them have been issued. B. CRIME COMMON EXCLUSIONS The following are Exclusions replace the Exclusions in Section B: 1. Governmental Action We will not pay for loss resulting from seizure or destruction of property by order of governmental authority. ew cF RAMwagementDMsian Jy/\'x REVIEWED & APPROVED BY.- v --� Risk Pjanagement Analyst