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A I■ <br /> 5. Reimbursement <br /> If, at our option, we have paid any amounts for Damages or Claim Expense in excess of the Limit of <br /> Liability, or if we have paid part or all of any deductible, you shall reimburse us for such amounts upon <br /> demand.We will have the right to seek recovery from you for any Claim Expense or Damages paid by us as <br /> a result of any portion of a Claim that is not covered by this Policy. <br /> K. Otherinsurance <br /> If other collectible insurance, including but not limited to project specific insurance, applies to a Claim covered <br /> under this Policy, the other insurance must pay first and this Policy is excess over such other insurance. <br /> However, this Policy will not be excess over other insurance that is specifically arranged by you or on your <br /> behalf to apply in excess of this Policy, and no other insurance applies to the Claim. <br /> L. Policy Territory <br /> Coverage under this Policy applies to Claims made in any jurisdiction in the world. If a Claim is made outside <br /> the United States of America and its territories and possessions, Puerto Rico or Canada: <br /> 1. We shall have the right but not the duty to investigate, defend or settle any such Claims brought against <br /> you. <br /> 2. If we do not exercise such right, you shall, under our supervision, arrange for such investigation and <br /> defense of the Claim as is reasonably necessary, and subject to our prior authorization, shall effect such <br /> settlement thereof as we and you deem expedient; <br /> 3. Subject to the terms of this Policy, we will reimburse the Named Insured for the reasonable cost of such <br /> investigation and defense and the amount of any such settlement or judgment. <br /> 4. Such reimbursement shall be made in United States currency at the conversion rate published in The Wall <br /> Street Journal on the date the judgment is rendered or the date that the amount of the settlement is <br /> agreed upon or the date expenditure is made. <br /> M. Representations <br /> By accepting this Policy,you agree that: <br /> 1. the statements made and information contained in the Application for this insurance furnished to us are <br /> true, accurate and complete, and are representations that the Named Insured made on behalf of all <br /> Insureds; and <br /> 2. we have issued this Policy in reliance upon those representations. <br /> If such representations or such information are not true, accurate and complete, this Policy shall be null and <br /> void in its entirety and we shall have no liability hereunder. <br /> N. Severability <br /> Misrepresentations, concealment, breach of condition or violation of any duty under this Policy by one <br /> Insured shall not prejudice the interest or coverage of another Insured under this Policy. <br /> O. Subrogation and Recovery <br /> In the event of any payment under this Policy, we will be subrogated to all of your rights of recovery therefore <br /> against any person or organization, and you shall execute and deliver instruments and papers and do whatever <br /> else is necessary to secure such rights.You shall do nothing to prejudice such rights. <br /> We will have no rights of subrogation against any Insured hereunder, or against your clients if prior to the <br /> Claim, a waiver of subrogation was so required and accepted under a specific contractual undertaking by you <br /> for such client. <br /> Any recoveries shall be applied first to us up to the amount we have paid for Damages and Claim Expense; <br /> then,to you as recovery of Deductible amounts paid as Damages and Claim Expense. <br /> DP 0001(Ed.02 11) Page 10 of 10 <br />