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EXCESS/UMBRELLA Policy Number: EZXS3243140 MARKEL" EVANSTON INSURANCE COMPANY COMMERCIAL EXCESS LIABILITY POLICY Various provisions in this policy restrict coverage. Read the entire policy and any "underlying insurance" carefully to determine rights, duties and what is and is not covered. Throughout this policy, the words "you" and "your" refer to the Named Insured shown in the Declarations and any other person or organization qualifying as an Insured under the "underlying insurance". The words "we" and "us" refer to the company providing this insurance. Other words and phrases that appear in quotation marks have special meanings. Refer to Section V. Definitions. SECTION I. INSURING AGREEMENT 1. We will pay those sums in excess of the limits shown in the Schedule Of Underlying Insurance that you become legally obligated to pay as damages because of injury to which this insurance applies, provided that the "underlying insurance" also applies, or would apply but for the exhaustion of its applicable Limits Of Insurance. 2. This policy is subject to the same terms, conditions, agreements, exclusions and definitions as the "underlying insurance", except: a. We will have no obligation under this policy with respect to any claim or suit that is settled without our consent; and b. With respect to any provisions to the contrary contained in this policy. 3. The amount we will pay for damages shall not exceed the Limits Of Insurance shown in the Declarations. 4. We will have the right to participate in the defense of claims or suits against you seeking damages because of injury to which this insurance may apply. We will have a duty to defend such claims or suits when the applicable limit of insurance of the "underlying insurance" has been exhausted by payment of judgments, settlements and any cost or expense subject to such limit. We may, at our discretion, investigate and settle any claim or suit. Our right and duty to defend ends when the applicable limit shown in the Declarations has been used up by our payment of judgments or settlements. SECTION II. EXCLUSIONS The exclusions applicable to the "underlying insurance" also apply to this policy. SECTION III. LIMITS OF INSURANCE 1. The Limit Of Insurance shown in the Declarations as the Each Occurrence Limit is the most we will pay for damages arising out of any one occurrence or offense. 2. If a Limit Of Insurance is shown in the Declarations as the Aggregate Limit, that amount will apply in the same manner as the aggregate limits shown in the Schedule Of Underlying Insurance. SECTION IV. CONDITIONS If any of the following conditions are contrary to conditions contained in the "underlying insurance" the provisions contained in this policy apply. 1. Appeals In the event the underlying insurer(s) elects not to appeal a judgment in excess of the limits of the "underlying insurance", we may elect to make such an appeal. If we so elect, we shall be liable, in addition to the applicable Limits Of Insurance, for all defense expenses we incur. MAUB 0001 01 15 Page 1 of 2