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2. LIMITS OF LIABILITY AND DEDUCTIBLE 2.1. LIMITS OF LIABILITY The LIMITS OF LIABILITY stated in the Declarations as each claim and aggregate are described below: 2.1.1 EACH CLAIM The LIMIT OF LIABILITY, designated in Item 3(a) of the Declarations as EACH CLAIM, is the maximum limit of our liability for loss arising from each claim first made against you during the policy period and reported in writing to us during the policy period or, if applicable, extended reporting period. 2.2.2 AGGREGATE The LIMIT OF LIABILITY, designated in Item 3(b) of the Declarations as AGGREGATE, is the maximum limit of our liability for all loss arising from all claims first made against you during the policy period and reported in writing to us during the policy period or, if applicable, extended reporting period. Our limits of liability for the extended reporting period, if any, are part of, and not in addition to, the LIMITS OF LIABILITY stated in Item 3 of the Declarations. A single set of LIMITS OF LIABILITY will apply to loss arising from all claims alleging a covered act or interrelated covered acts. 2.2 DEDUCTIBLE This policy will pay only that part of the loss which exceeds the DEDUCTIBLE amount(s) stated in Item 4(a), or Item 4(b), of the Declarations, such DEDUCTIBLE amount(s) to be borne by you and will remain uninsured. The DEDUCTIBLE amount stated in the Declarations as EACH CLAIM or AGGREGATE or both is described below: 2.2.1 EACH CLAIM The EACH CLAIM DEDUCTIBLE amount stated in Item 4(a) of the Declarations, if any, is the amount for which you are responsible with respect to loss arising from each claim. 2.2.2 AGGREGATE The AGGREGATE DEDUCTIBLE amount stated in Item 4(b) of the Declarations, if any, is the amount for which you are responsible with respect to loss arising from all claims, in the aggregate, under this policy. A single DEDUCTIBLE amount will apply to loss arising from all claims alleging the same covered act or interrelated covered acts. Our obligation to pay loss, including defense costs, in connection with any claim will only be in excess of the DEDUCTIBLE, the amount of which must be borne by you at your own expense. We will have no obligation whatsoever, either to you or to any other person or law firm, to pay all or any portion of the DEDUCTIBLE on your behalf. We will, however, at our sole discretion, have the right and option to do so, in which event you will repay to us any amounts so paid. 3. CLAIM MITIGATION LPLPOL01 (10/10] Page 4 of 14 Protective Insurance Company