PACIFIC INDUSTRIAL ELECTRIC (PACIFIC INTERNATIONAL ELECTRIC COMPANY INC.)

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sufficient proof of notice.The effective date and hour of cancellation stated in the notice shall be the end of the "policy period". Subparagraph 2.b., herein, shall apply only to that "insured"that engages in the fraud or misrepresentation, This exception shall not apply to any "insured" that is a parent corporation, subsidiary, employer of, or otherwise affiliated by ownership with,such"insured". 3. In the event of cancellation, the premium percentage identified in Item 6, of the Declarations to this Policy shall be the minimum-earned premium upon the inception date of this Policy. Thereafter, the remaining unearned premium, if any, shall generally be deemed earned by the Insurer on a pro rasa basis over the remainder of the "policy period". Notwithstanding the foregoing, in the event a"claim"is first made against an"insured",or a"wrongful act","pollution condition"or"site environmental condition"is first discovered by an "insured", during the "policy period", to which this insurance may apply, in whole or in part, then any remaining unearned premium, if any, shall be deemed immediately earned upon such event. Any unearned premium amounts due the "first named insured" upon cancellation of this Policy shall be calculated on a pro rata basis and refunded within thirty(3o)days of the effective date of cancellation. B. Inspection and Audit To the extent of the "insured's" ability to provide such access, and with reasonable notice to the "insured", the Insurer shall be permitted, but not obligated, to inspect the "insured's" property and/or operations. Neither the Insurer's right to make inspections, the making of said inspections, nor any report thereon shall constitute an undertaking, on behalf of or for the benefit of the"insured"or others,to determine or warrant that such property or operations are safe or in compliance with applicable law. The Insurer may examine and audit the "insured's"books and records during this "policy period" and extensions thereof and within three(3)years after the final termination of this Policy. C. Legal Action Against the Insurer No person or organization other than an"insured"has a right pursuant to this Policy: .t. To join the Insurer as a party or otherwise bring the Insurer into a suit against any"insured"; or 2. To sue the Insurer in connection with this insurance unless all of the Policy terms have been fully complied with. A person or organization may sue the Insurer to recover after an agreed settlement or on a final judgment against an "insured". However, the Insurer shall not be liable for amounts that are not payable pursuant to the terms of this Policy or that are in excess of the applicable Limit of Liability. An agreed settlement means a settlement and release of liability signed by the Insurer,the"insured",and the claimant or the claimant's legal representative. Coverage E. Notwithstanding the foregoing, and solely with respect to coverage afforded pursuant to Coverage E. of this Policy, no action shall lie against the Insurer unless, as a condition precedent thereto, there has been full compliance with all of the terms and conditions of this Policy, and both the "responsible professionals" liability and the amount of the"responsible professionals"' obligations to pay have been finally determined either by final judgment against the "responsible professionals" after an actual contested "affirmative claim" or by the "named insured's"written settlement with the "responsible professionals"to which the Insurer has given its prior written approval. D. Bankruptcy The insolvency or bankruptcy of any "insured", or any "insured's" estate, shall not relieve the Insurer of its obligations pursuant to this Policy. However, any such insolvency or bankruptcy of the "insured", or the "insured's"estate, shall not relieve the"insured"of its "self-insured retention"obligations pursuant to this Policy. This insurance shall not replace any other insurance to which this Policy is excess,nor shall this Policy drop down to be primary, in the event of the insolvency or bankruptcy of any underlying insurer. E. Subrogation In the event of any payment pursuant to this Policy by the Insurer, the Insurer shall be subrogated to all of the rights of recovery against any person or organization, and the"insured"shall execute and deliver instruments and papers and do whatever else is necessary to secure such rights. All "insureds" shall do nothing to prejudice such rights.Any recovery as a result of subrogation proceedings arising pursuant to this Policy shall accrue first to the "insureds" to the extent of any payments in excess of the limit of coverage; then to the Insurer to the extent of its PF-49808(10/17) Page 17 of 20