ARCHITECTS AND ENGINEERS PROFESSIONAL LIABILITY

					                                  A Stock Insurance Company, herein called the Company

                                     ARCHITECTS AND ENGINEERS
                               PROFESSIONAL LIABILITY INSURANCE POLICY

THIS IS A CLAIMS MADE POLICY. Coverage is limited to only those CLAIMS that are first made against YOU during the
POLICY PERIOD or Extended Reporting Period, if applicable, as a result of any WRONGFUL ACT or POLLUTION IN-
CIDENT which occurred prior to the end of the POLICY PERIOD. However, if the renewal policy is written by US, YOU
will have sixty (60) days after the expiration date of this policy to report any CLAIM first made in this POLICY PERIOD.

                                                                    If the allegation(s) is excluded under this policy, there
INSURING AGREEMENT                                                  shall be no duty to defend such CLAIM.

WE will pay DAMAGES which YOU become legally                        WE are not obligated to pay any DAMAGES or defend
obligated to pay as a result of CLAIM(S) first made                 any suit after the applicable limits of OUR liability have
against YOU and reported to US in writing during the                been exhausted by payment of DAMAGES. WE have
POLICY PERIOD or Extended Reporting Period, if ap-                  the right, but no duty, to appeal any judgment.
plicable, provided that:                                            YOU, except at YOUR own cost and for YOUR own
1. The WRONGFUL ACT or POLLUTION INCIDENT                           account, will not:
   giving rise to the CLAIM occurred on or after the                1. Make any payment;
   RETROACTIVE DATE shown in the Declarations
   and before the end of the POLICY PERIOD;                         2. Admit any liability;

2. Notice of the WRONGFUL ACT or POLLUTION                          3. Settle any CLAIM;
   INCIDENT was not given nor required to be given to               4. Assume any obligation; or
   any prior insurer; and
                                                                    5. Incur any expense
3. Prior to the inception date of the first policy issued to
   YOU by US and continuously renewed by US, YOU                    without OUR written consent.
   had no reasonable basis to believe that such
   WRONGFUL ACT or POLLUTION INCIDENT had                           SUPPLEMENTAL PAYMENTS
   been committed or that a CLAIM would be made
   against YOU alleging such WRONGFUL ACT or                        WE will pay, in addition to OUR Limit of Liability:
   POLLUTION INCIDENT.
                                                                    1. All CLAIM EXPENSE incurred in the defense and
The RETROACTIVE DATE may not be changed during                         settlement of covered CLAIM(S).
the term of the CLAIMS MADE RELATIONSHIP or any
                                                                          We have the right, however, to designate counsel, at
Extended Reporting Period.
                                                                          OUR own expense, to associate with YOU in the
                                                                          continued defense of such CLAIM. YOU shall not
DEFENSE                                                                   enter into any settlement or agreement without OUR
                                                                          prior written consent.
WE have the right and duty to defend any suit against
YOU seeking DAMAGES because of a WRONGFUL                           2. Interest only on that part of any judgment which
ACT or POLLUTION INCIDENT even if any of the alle-                     does not exceed OUR Limit of Liability, including
gations in the suit are groundless, false or fraudulent.               prejudgment interest awarded against YOU on that
WE have the right to appoint counsel and investigate                   part of the judgment paid by US and also interest
any CLAIM or suit. However, WE will not settle or com-                 which accrues after the entry of the judgment and
promise a CLAIM or suit without YOUR written consent.                  before WE have paid, offered to pay, or deposited in
If consent is refused and YOU elect to contest the                     court that part of the judgment that does not exceed
CLAIM or continue legal proceedings, then OUR liability                OUR Limit of Liability.
for the CLAIM will not exceed the amount for which the
CLAIM could have been settled.




AR-P-5-NY (10-06)                                          Page 1 of 13
3. Premium on appeal bonds required in any suit WE                 4. CLAIMS MADE RELATIONSHIP—means that
   defend and the cost of attachment or similar bonds.                period of time between the effective date of the first
                                                                      claims made policy between YOU and US and the
4. Up to $500 to each of YOU for each day or part of
                                                                      cancellation or nonrenewal of the last consecutive
   the day for YOUR attendance at a trial, hearing or
                                                                      claims made policy between such parties where
   arbitration proceeding at which WE request YOUR
                                                                      there has been no gap in coverage, but does not in-
   attendance. The maximum amount payable by US
                                                                      clude any period covered by Extended Reporting
   during the POLICY PERIOD shall not exceed
                                                                      Period coverage.
   $5,000 in the aggregate. The DEDUCTIBLE shown
   on the Declarations does not apply to the expendi-              5. DAMAGES—means a monetary judgment, award or
   tures WE incur under this provision.                               settlement.
                                                                         DAMAGES do not include:
TERRITORY
                                                                         a. Civil or criminal fines, sanctions, restitution or
This policy applies to WRONGFUL ACTS which happen                           penalties, whether pursuant to any civil or crimi-
anywhere in the world. DAMAGES and CLAIM EX-                                nal law or statute;
PENSE will be paid in U.S. currency.
                                                                         b. Amounts paid to YOU as fees, costs or ex-
                                                                            penses for services performed which are to be
DEFINITIONS
                                                                            reimbursed or discharged as part of the judg-
                                                                            ment or settlement; or
Whenever used in this policy, the following words have
these meanings:                                                          c.   Punitive damages, exemplary damages or any
                                                                              damages which are a multiple of compensatory
1. AUTO—means a land motor vehicle, trailer or semi-
                                                                              damages awarded against YOU, including dou-
   trailer designed for travel on public roads, including
                                                                              ble or treble damages.
   any attached machinery or equipment. AUTO does
   not mean or include MOBILE EQUIPMENT.                           6. DEDUCTIBLE—means the amount YOU must pay
                                                                      for DAMAGES.
2. CLAIM(S)—means an oral or written demand for
   monetary damages from any party whose intent it is              7. HOSTILE FIRE—means a fire that becomes uncon-
   to hold YOU responsible for any WRONGFUL ACT                       trollable or breaks out from where it was intended to
   or POLLUTION INCIDENT in performing PROFES-                        be.
   SIONAL SERVICES. CLAIM also means YOUR
                                                                   8. MEDIATION—means non-binding intervention by a
   knowledge of circumstances which could reasonably
   be expected to give rise to such demand. YOU must                  neutral third party.
   tell US of such CLAIM(S) or circumstances in writing            9. MOBILE EQUIPMENT—means any of the following
   during the POLICY PERIOD or Extended Reporting                     types of land vehicles, including any attached ma-
   Period. Demand includes, but is not limited to, serv-              chinery or equipment:
   ice of suit, institution of arbitration proceedings, or
   MEDIATION.                                                            a. bulldozers, farm machinery, forklifts and other
                                                                            vehicles designed for use principally off public
3. CLAIM EXPENSE—means expenditures including,                              roads;
   but not limited to:
                                                                         b. vehicles maintained for use solely on or next to
    a. All expense of lawyers we are required by law to                     premises YOU own or rent;
       pay to defend YOU;
                                                                         c.   vehicles that travel on crawler treads;
    b. Costs of investigations;
                                                                         d. vehicles, whether self-propelled or not, main-
    c.   Experts;                                                           tained primarily to provide mobility to perma-
                                                                            nently mounted:
    d. Court costs; and
    e. Other similar expenses WE incur in the investi-                        (1) power cranes, shovels, loaders, diggers or
                                                                                  drills; or
       gation, adjustment, defense or appeal of a
       CLAIM or suit.




AR-P-5-NY (10-06)                                         Page 2 of 13
           (2) road construction or resurfacing equipment             13.     POLLUTION INCIDENT—means any actual or
               such as graders, scrapers or rollers;                          alleged negligent act, error or omission YOU or any
                                                                              person or entity, including Joint Ventures, for whom
      e. vehicles not described in a., b., c. or d. above
                                                                              YOU are legally responsible, commits, but only in
         that are not self-propelled and are maintained
                                                                              the performance of PROFESSIONAL SERVICES
         primarily to provide mobility to permanently at-
                                                                              that results in the actual or alleged discharge, dis-
         tached equipment of the following types:
                                                                              persal, seepage, migration, release or escape of
           (1) air compressors, pumps and generators, in-                     POLLUTANTS into or upon land, the atmosphere or
               cluding spraying, welding, building cleaning,                  any watercourse or body of water and did not arise
               geophysical exploration, lighting and well                     from dishonest, fraudulent, malicious or criminal
               servicing equipment; or                                        conduct committed by YOU or at YOUR direction or
                                                                              with YOUR prior knowledge.
           (2) cherry pickers and similar devices used to
               raise or lower workers;                                14.     PROFESSIONAL SERVICES—means those serv-
                                                                              ices that YOU are legally qualified to perform for
      f.   Vehicles not described in a., b., c. or d. above                   others in YOUR practice as an architect, engineer,
           maintained primarily for purposes other than the                   land surveyor, landscape architect, construction
           transportation of persons or cargo.                                manager or as specifically defined by endorsement
           However, self-propelled vehicles with the follow-                  to this policy.
           ing types of permanently attached equipment                15.     PREDECESSOR FIRM(S)—means any individual,
           are not MOBILE EQUIPMENT, but will be con-                         partnership or corporation engaged in PROFES-
           sidered AUTO(S):                                                   SIONAL SERVICES in whose financial assets and
           (1) equipment designed primarily for:                              liabilities the NAMED INSURED is the majority suc-
                                                                              cessor in interest. An assumption of 50% or greater
               (a) snow removal;                                              of the firm’s assets and liabilities shall be considered
               (b) road maintenance, but not construction                     a majority successor interest.
                   or resurfacing; or                                 16.     RETROACTIVE DATE—means a date concurrent
               (c) street cleaning;                                           with the effective date of the policy or a particular
                                                                              date prior to the effective date of the policy upon
           (2) cherry pickers and similar devices mounted                     which YOU and WE agree in the policy that the pol-
               on an AUTO or truck chassis and used to                        icy coverage will be applicable. An unlimited RET-
               raise or lower workers; and                                    ROACTIVE DATE applies unless a particular
           (3) air compressors, pumps and generators, in-                     RETROACTIVE DATE is specified in Item 3. of the
               cluding spraying, welding, building cleaning,                  Declarations. A RETROACTIVE DATE may not be
               geophysical exploration, lighting and well                     changed during the term of the CLAIMS MADE RE-
               servicing equipment.                                           LATIONSHIP or any Extended Reporting Period.

10.   NAMED INSURED—means the person, entity or                       17.     SUBROGATION EXPENSES—means expenditures
      organization named in Item 1. of the Declarations.                      including, but not limited to:

11.   POLICY PERIOD—means the period of one year                              a. All expense of lawyers we are required by law to
      following the effective date and hour of this policy or,                   pay to defend YOU;
      if the time between the effective date and the termi-                   b. Costs of investigations;
      nation of the policy is less than one year, such
      lesser period.                                                          c.   Experts;

12.   POLLUTANTS—means any solid, liquid, gaseous or                          d. Court costs; and
      thermal irritant or contaminant, including smoke, va-                   e. Other similar expenses WE incur in the subroga-
      por, soot, fumes, acids, alkalis, chemicals and                            tion process.
      waste. Waste includes materials to be recycled, re-
      conditioned or reclaimed. POLLUTANTS does not                   18.     TERMINATION OF COVERAGE—means any of the
      mean heat, smoke, vapor, soot or fumes from a                           following at any time, whether done by YOU or by
      HOSTILE FIRE or explosion.                                              US:



 AR-P-5-NY (10-06)                                             Page 3 of 13
      a. Cancellation or nonrenewal of a policy; or                        d. The estate, heirs, executors, administrators, as-
                                                                              signs, and legal representatives of anyone listed
      b. Decrease in limits, reduction in coverage, in-
                                                                              in a., b. or c. above in the event of their death,
         creased deductible or self-insured retention, new
                                                                              incapacity, insolvency or bankruptcy, but only to
         exclusion, or any other change in coverage less
                                                                              the extent that they would otherwise be provided
         favorable to YOU.
                                                                              coverage under this policy.
19.   TOTALLY AND PERMANENTLY DISABLED—
      means total and continuous disability for at least six         EXCLUSIONS
      (6) consecutive months as a result of sickness or
      accidental bodily injury which renders YOU unable              This policy does not apply:
      to render PROFESSIONAL SERVICES.
                                                                     1. To any CLAIM based upon or arising out of any
20.   WE, US, and OUR—means the Company providing                       dishonest, fraudulent, criminal, malicious or inten-
      this insurance.                                                   tional WRONGFUL ACT(S) or POLLUTION INCI-
                                                                        DENT(S) committed by YOU;
21.   WRONGFUL ACT(S)—means any actual or alleged
      negligent act, error or omission YOU or any person             2. To any CLAIM based on or arising out of YOUR
      or entity, including Joint Ventures, for whom YOU                 capacity as an officer, director, partner, shareholder
      are legally responsible, commits, but only in the per-            or employee of any entity other than the NAMED
      formance of PROFESSIONAL SERVICES.                                INSURED;

22.   YOU and YOUR—means Insured and includes:                       3. To any CLAIM arising out of PROFESSIONAL
                                                                        SERVICES or advice rendered by YOU in connec-
      a. The NAMED INSURED and any PREDECES-
                                                                        tion with any business enterprise not shown on the
         SOR FIRM(S).
                                                                        Declarations:
      b. Any Individual:
                                                                           a. Which is, was or will be owned in whole or in
           (1) Who is currently or becomes a partner,                         part by YOU;
               stockholder or employee of the NAMED IN-
                                                                           b. Which is, was or will be in any way controlled,
               SURED, including leased personnel under
                                                                              operated or managed by YOU including the
               YOUR direct supervision, during the
                                                                              ownership, maintenance or use of any property
               POLICY PERIOD, but only for CLAIM(S) re-
                                                                              in connection therewith; or
               sulting from WRONGFUL ACT(S) or POL-
               LUTION INCIDENT(S) committed within the                     c.   In which YOU are, were or will be a partner or
               scope of their employment by the NAMED                           employee.
               INSURED or its PREDECESSOR FIRM(S).
                                                                                This exclusion does not apply if, at the time such
           (2) Who was formerly a partner, stockholder or                       PROFESSIONAL SERVICES or advice was
               employee of the NAMED INSURED or its                             rendered, the NAMED INSURED or any insured,
               PREDECESSOR FIRM(S), but only for                                separately or in combination, had a total pecuni-
               CLAIM(S) that result from WRONGFUL                               ary or beneficial interest of 20% or less in such
               ACT(S) or POLLUTION INCIDENT(S) com-                             business enterprise;
               mitted within the scope of their employment
                                                                     4. To any CLAIM arising out of any circumstances due
               by the NAMED INSURED or its PREDE-
                                                                        to nuclear reaction, radiation or contamination, re-
               CESSOR FIRM(S).
                                                                        gardless of cause;
      c.   A retired partner, stockholder or employee of the
                                                                     5. To any CLAIM based on or arising out of discrimina-
           NAMED INSURED acting as a consultant, but
                                                                        tion, harassment or misconduct by YOU, including
           only for CLAIM(S) resulting from WRONGFUL
                                                                        but not limited to CLAIMS based on an individual’s
           ACT(S) or POLLUTION INCIDENT(S) commit-
                                                                        race, creed, color, age, sex, national origin, religion,
           ted within the scope of their association with and
                                                                        disability, physical or mental handicap, disease,
           under the name of the NAMED INSURED or its
                                                                        marital status or sexual preference;
           PREDECESSOR FIRM(S).
                                                                     6. To any CLAIM made by YOU against any other
                                                                        Insured;



 AR-P-5-NY (10-06)                                          Page 4 of 13
 7. To any CLAIM based on or arising out of the cost to             14.     To any CLAIM arising out of a POLLUTION INCI-
    repair or replace faulty workmanship in any con-                        DENT involving the ownership, maintenance, use,
    struction, erection, fabrication, installation, assembly,               operation, loading or unloading of any AUTO, air-
    manufacture or remediation performed by YOU, in-                        craft, watercraft or rolling stock. Except this exclu-
    cluding any materials, parts or equipment furnished                     sion does not apply to:
    in connection therewith;
                                                                            a. MOBILE EQUIPMENT;
 8. To any CLAIM based on or arising out of:
                                                                            b. a watercraft YOU do not own that is:
      a. YOUR alleged liability under any oral or written
                                                                                 (1) less than 26 feet long; and
         contract or agreement, including, but not limited
         to, express warranties or guaranties; or                                (2) not being used to carry persons or property
                                                                                     for a charge;
      b. the liability of others YOU assume under any
         oral or written contract or agreement,                             c.   the operation of any of the equipment listed in
                                                                                 8.a., b. or c. in the definition of MOBILE EQUIP-
      except that coverage otherwise available to YOU
                                                                                 MENT; or
      shall apply to YOUR liability that exists in the ab-
      sence of such contract or agreement;                                  d. a condition in or on an AUTO not owned or op-
                                                                               erated by YOU and that condition was created
 9. To any CLAIM based on or arising out of the advis-
                                                                               by the loading or unloading of that AUTO by
    ing, requiring or obtaining of any form of insurance,
                                                                               YOU or by any person or entity for whom YOU
    suretyship or bond, or failure to do so;
                                                                               are legally liable;
10.   To any CLAIM based on or arising out of the design
                                                                    15.     To any CLAIM arising out of a POLLUTION INCI-
      or manufacture of any goods or products which are
                                                                            DENT at, onto or from property or facilities which are
      sold or supplied by YOU, or by others, under license
                                                                            or were at any time owned or rented by YOU or by
      from YOU;
                                                                            any person or entity in joint venture with YOU.
11.   To any CLAIM based on or arising out of bodily
      injury or personal injury sustained by any employee             INNOCENT INSURED PROTECTION
      of YOURS arising out of employment by YOU; or
      any obligation for which YOU must pay under any                 Whenever coverage under any provision of this policy
      unemployment, workers’ compensation, disability                 would otherwise be excluded, suspended, or lost be-
      benefits or other similar laws;                                 cause of:
12.   To any CLAIM based on or arising out of PROFES-                 1. EXCLUSIONS relating to any CLAIM based upon or
      SIONAL SERVICES for which YOU are insured, un-                     arising out of any dishonest, fraudulent, criminal,
      der any professional liability policy issued for a                 malicious or intentional WRONGFUL ACT(S) or
      specific project or projects. This exclusion applies               POLLUTION INCIDENT(S) committed by YOU; or
      even if DAMAGES or CLAIM EXPENSE(S) are not
                                                                      2. Concealment of a CLAIM by any of YOU,
      covered in whole or in part by that policy for any
      reason, including, but, not limited to:                         WE agree that the coverage as would be afforded by this
                                                                      policy will apply to each of YOU who did not per-
      a. An exclusion; or
                                                                      sonally commit or participate in the WRONGFUL
      b. A reduction or exhaustion of the limit of liability          ACT(S) or POLLUTION INCIDENT(S), or agree to the
         under such policy;                                           concealment.
13.   To any CLAIM arising from a WRONGFUL ACT or                     For coverage to apply, YOU must notify US of the
      POLLUTION INCIDENT that involves a demand or                    WRONGFUL ACT(S), POLLUTION INCIDENT(S) or
      action seeking relief or redress in any form other              concealment as soon as YOU become aware of them.
      than monetary damages, or for any fees, costs or
      expenses which YOU may become obligated to pay                  LIMITS OF LIABILITY
      as a result of any adverse judgment for declaratory
      relief or injunctive relief. However, WE will afford de-        Regardless of the number of:
      fense to YOU for such actions, CLAIM(S), suits or
      demands in which monetary damages are requested                 1. YOU who are insured under the policy;
      if not otherwise excluded;

 AR-P-5-NY (10-06)                                           Page 5 of 13
2. All persons or organizations who sustain DAMAGES                      b. YOU become aware of circumstances which
   payable under this policy; and/or                                        could reasonably be expected to give rise to
                                                                            such notice,
3. Suits brought on account of coverage afforded by
   the policy,                                                           then:
OUR liability is limited as follows:                                     YOU will tell us in writing as soon as practicable, but
                                                                         no later than the end of the POLICY PERIOD or Ex-
1. The Limit of Liability stated in Item 4(A) of the Decla-
                                                                         tended Reporting Period, if applicable. Any subse-
   rations is the limit of OUR liability for all DAMAGES
                                                                         quent CLAIM made against YOU arising out of such
   arising out of each CLAIM first made and reported in
                                                                         WRONGFUL ACT(S) or POLLUTION INCIDENT(S)
   writing during the POLICY PERIOD or Extended
                                                                         shall be deemed to have been made during the
   Reporting Period, if applicable.
                                                                         POLICY PERIOD, but only for CLAIMS due to
2. The Limit of Liability stated in Item 4(B) of the Decla-              WRONGFUL ACT(S) or POLLUTION INCIDENT(S)
   rations is subject to the above provision respecting                  which occurred on or after the RETROACTIVE
   each CLAIM and is the maximum limit of OUR liabil-                    DATE and on or before the end of the POLICY PE-
   ity for each POLICY PERIOD.                                           RIOD. No coverage for such CLAIM shall exist un-
                                                                         der any subsequent policy written by US. However, if
3. WE will only be liable to pay DAMAGES subject to                      the renewal policy is written by US, YOU will have
   the Limits of Liability in excess of the DEDUCTIBLE                   sixty (60) days after the expiration date of this policy
   shown on the Declarations. Each of YOU under the                      to report any CLAIM first made during this POLICY
   policy is individually liable for the payment of the                  PERIOD.
   DEDUCTIBLE amount due for each CLAIM. In the
   event that WE expend funds for DAMAGES on                       2. In the event of any CLAIM occurring, written notice
   YOUR behalf, YOU will reimburse US for such ex-                    to US will be given by the person or firm(s) shown
   penditures up to the amount of the DEDUCTIBLE                      under Item 1. of the Declarations. Notice will be
   shown on the Declarations. Subject to the preceding                deemed to be received if sent by prepaid mail prop-
   sentence, YOUR DEDUCTIBLE for all DAMAGES in                       erly addressed to the address shown in Item 7. of
   any POLICY PERIOD is the Annual Aggregate                          the Declarations.
   amount shown in the Declarations. Reimbursement
                                                                   3. Notice given by YOU or on YOUR behalf, or written
   of the DEDUCTIBLE will be due within sixty (60)
                                                                      notice by or on behalf of the injured person or any
   days from the date WE bill YOU.
                                                                      other claimant, to any agent of OURS in New York
4. One or more CLAIMS based on or arising out of the                  State, with particulars sufficient enough to identify
   same WRONGFUL ACT or POLLUTION INCIDENT                            YOU, shall be considered to be notice to US.
   or a series of related WRONGFUL ACT(S) or POL-
                                                                         Failure to give any notice within the required time
   LUTION INCIDENT(S) of one or more of YOU will
                                                                         prescribed will not invalidate any CLAIM made by
   be considered a single CLAIM. Unless otherwise
                                                                         any of YOU or by any other claimant if it can be
   endorsed, the CLAIM will be subject to the Limit of
                                                                         shown that it was not reasonably possible to give
   Liability in effect at the time such CLAIM was first
                                                                         such notice within the prescribed time and that no-
   reported in writing to US. Only one DEDUCTIBLE
                                                                         tice was given as soon as was reasonably possible.
   will apply to such CLAIM.

                                                                   CLAIMS REPAIR PROVISION
NOTIFICATION
                                                                   When WE receive YOUR written notice and WE incur
1. If during the POLICY PERIOD or the Extended
                                                                   CLAIM EXPENSE to undertake measures to avoid any
   Reporting Period:
                                                                   DAMAGES as a result of the reported WRONGFUL
    a. YOU receive written or oral notice from any                 ACT or POLLUTION INCIDENT, WE will waive the
       party that it is the intention of such party to hold        applicable DEDUCTIBLE.
       YOU responsible for any WRONGFUL ACT(S)
       or POLLUTION INCIDENT(S); or




AR-P-5-NY (10-06)                                         Page 6 of 13
However, the DEDUCTIBLE will always apply if a suit is           EXTENSION OF COVERAGE
filed, if arbitration hearings or mediation hearings are
begun or if any DAMAGES are paid.                                If YOU die during the POLICY PERIOD, the period for
                                                                 reporting CLAIMS is extended until the executor or ad-
INSURED’S DUTIES IN THE EVENT OF CLAIM OR                        ministrator is discharged or for twenty-four (24) months
SUIT                                                             from the date of death, whichever is less. If YOU have
                                                                 been insured by US for at least three (3) consecutive
1. In the event of a CLAIM, the NAMED INSURED                    years immediately prior to this POLICY PERIOD and
   must give US, as soon as practicable, written notice          YOU become TOTALLY AND PERMANENTLY DIS-
   of:                                                           ABLED during the POLICY PERIOD, the period for
                                                                 reporting CLAIMS is extended until the disability ends.
    a. The specific WRONGFUL ACT or POLLUTION
                                                                 No additional premium will be charged for this extension
       INCIDENT; and
                                                                 nor will any premium be refunded.
    b. The injury or damage which has or may result
       from the WRONGFUL ACT or POLLUTION IN-                    EXTENDED REPORTING PERIOD
       CIDENT; and
                                                                 Only the NAMED INSURED can exercise the option to
    c.   The names and addresses of the claimants or
                                                                 purchase one of the Supplemental Extended Reporting
         potential claimants; and
                                                                 Periods described in paragraph 3. of this provision.
    d. The circumstances by which YOU first became
                                                                 1. Upon TERMINATION OF COVERAGE, WE will
       aware of such WRONGFUL ACT or POLLU-
                                                                    provide one or more Extended Reporting Periods
       TION INCIDENT.
                                                                    described as follows.
2. If CLAIM is made or suit is brought against YOU,
                                                                 2. A Basic Extended Reporting Period is automatically
   YOU will immediately forward to US every demand,
                                                                    provided without additional charge. The Basic Ex-
   notice, summons or other process received by YOU
                                                                    tended Reporting Period begins on the date of
   or YOUR representative.
                                                                    TERMINATION OF COVERAGE and ends sixty (60)
3. WE will have full discretion in the handling of any              days after the date of TERMINATION OF COVER-
   CLAIM, and YOU will give full information and assis-             AGE. If there is other insurance against any CLAIM
   tance as WE may reasonably require. YOU will co-                 for which coverage is afforded under the Basic Ex-
   operate with US and, at OUR request, consent to                  tended Reporting Period, the coverage provided un-
   being examined and questioned by OUR represen-                   der the Basic Extended Reporting Period will be
   tative, under oath, if necessary. At OUR request,                deemed to be excess over and above the applicable
   YOU will attend hearings, depositions and trials and             limits of all such other insurance and will afford cov-
   will assist in effecting settlement, securing and giv-           erage only after the policy limits of such other insur-
   ing evidence, and obtaining the attendance of wit-               ance have been exhausted.
   nesses. YOU will cooperate in the conduct of suits
                                                                 3. In addition, the NAMED INSURED, subject to the
   as well as in giving written statements to OUR rep-
                                                                    terms and conditions set forth herein, will have the
   resentatives and defense counsel.
                                                                    right to purchase one of the Supplemental Extended
4. Notice given by YOU or on YOUR behalf, or written                Reporting Periods described below, but only if
   notice by or on behalf of the injured person or any              added by endorsement and for an additional pre-
   other claimant, to any agent of OURS in New York                 mium charge:
   State, with particulars sufficient enough to identify
                                                                       a. A twelve (12) month Supplemental Extended
   YOU, shall be considered to be notice to US.
                                                                          Reporting Period for 100% of the expiring an-
    Failure to give any notice within the required time                   nual premium of this policy; or
    prescribed will not invalidate any CLAIM made by
                                                                       b. A twenty-four (24) month Supplemental Ex-
    any of YOU or by any other claimant if it can be
                                                                          tended Reporting Period for 150% of the expir-
    shown that it was not reasonably possible to give
                                                                          ing annual premium of this policy; or
    such notice within the prescribed time and that no-
    tice was given as soon as was reasonably possible.




AR-P-5-NY (10-06)                                       Page 7 of 13
    c.   A thirty-six (36) month Supplemental Extended                  a. The limit remaining in the policy’s Annual Ag-
         Reporting Period for 185% of the expiring an-                     gregate Limit of Liability; or
         nual premium of this policy; or
                                                                        b. Fifty percent (50%) of the policy’s Annual Ag-
    d. A sixty (60) month Supplemental Extended Re-                        gregate Limit of Liability.
       porting Period for 250% of the expiring annual
                                                                        If YOUR CLAIMS MADE RELATIONSHIP with US
       premium of this policy; or
                                                                        has continued for at least three (3) years, the Ag-
    e. An unlimited Supplemental Extended Reporting                     gregate Limit of Liability for the Supplemental Ex-
       Period for 300% of the expiring annual premium                   tended Reporting Period will be at least equal to one
       of this policy.                                                  hundred percent (100%) of the policy’s Annual Ag-
                                                                        gregate limit.
    The Supplemental Extended Reporting Period will
    start sixty (60) days after the date of TERMINATION           7. If the policy is canceled due to nonpayment of pre-
    OF COVERAGE.                                                     mium or fraud on YOUR part, WE will not provide
                                                                     the NAMED INSURED with a premium quotation to
    If the NAMED INSURED purchases a Supplemental
                                                                     purchase a Supplemental Extended Reporting Pe-
    Extended Reporting Period, the above time periods
                                                                     riod unless the NAMED INSURED requests US to
    are the time periods after the Basic Extended Re-
                                                                     do so. WE will only honor YOUR request to pur-
    porting Period has ended within which YOU can re-
                                                                     chase a Supplemental Extended Reporting Period if
    port CLAIMS. However, the only CLAIMS that are
                                                                     the NAMED INSURED has paid the additional pre-
    covered and can be reported are those CLAIMS
                                                                     mium for it. If there is any premium owing for the pol-
    arising from WRONGFUL ACTS or POLLUTION
                                                                     icy, any payment for the Extended Reporting Period
    INCIDENTS which occurred after the RETROAC-
                                                                     coverage shall first be applied to the policy.
    TIVE DATE but prior to the date of TERMINATION
    OF COVERAGE.                                                  8. During a CLAIMS MADE RELATIONSHIP and any
                                                                     Extended Reporting Period, a person employed or
4. The Supplemental Extended Reporting Period will
                                                                     otherwise affiliated with YOU and covered by YOUR
   not go into effect unless the NAMED INSURED pays
                                                                     claims made policy during such affiliation, shall con-
   the additional premium for it. If there is any premium
                                                                     tinue to be covered under such policy and any Ex-
   owing for the policy, any payment for the Extended
                                                                     tended Reporting Period after such affiliation has
   Reporting Period coverage will first be applied to the
                                                                     ceased for such person's covered acts or omissions
   policy.
                                                                     during such affiliation.
5. Within thirty (30) days after the date of TERMINA-
                                                                  9. WE will provide Extended Reporting Period cover-
   TION OF COVERAGE, WE will advise the NAMED
                                                                     age upon TERMINATION OF COVERAGE to any
   INSURED in writing of the Basic Extended Reporting
                                                                     person covered under the policy, if:
   Period coverage and the availability of, the premium
   for, and the importance of purchasing the Supple-                    a. The NAMED INSURED has been placed in liq-
   mental Extended Reporting Period coverage. The                          uidation or bankruptcy or permanently ceases
   NAMED INSURED will have the greater of sixty (60)                       operations;
   days from the date of mailing or delivery of OUR
                                                                        b. The NAMED INSURED or its designated trustee
   written notice of advice regarding Supplemental Ex-
                                                                           does not purchase Extended Reporting Period
   tended Reporting coverage, to submit written ac-
                                                                           coverage; and
   ceptance of such Supplemental Extended Reporting
   Period coverage. ONCE IN EFFECT, THE SUP-                            c.   Such person requests Extended Reporting Pe-
   PLEMENTAL EXTENDED REPORTING PERIOD                                       riod coverage within one hundred twenty
   MAY NOT BE CANCELED.                                                      (120) days of the date of TERMINATION OF
                                                                             COVERAGE.
6. If YOUR CLAIMS MADE RELATIONSHIP with US
   has continued for less than three (3) years, the ag-                 However, WE have no obligation to provide any no-
   gregate liability limit for the Supplemental Extended                tice to any such person of the availability of the Ex-
   Reporting Period will be whichever of the following                  tended Reporting Period coverage. WE will charge
   amounts is larger:                                                   the person for whom Extended Reporting Period




AR-P-5-NY (10-06)                                        Page 8 of 13
      coverage is provided a premium commensurate with                                      omission, or a violation of any condition
      such coverage.                                                                        of the policy, that substantially and ma-
                                                                                            terially increases the hazard insured
10.   The Extended Reporting Period(s) do not extend the
                                                                                            against, and which occurred subsequent
      POLICY PERIOD or change the scope of coverage
                                                                                            to the inception of the current POLICY
      provided. Subject otherwise to the policy’s terms,
                                                                                            PERIOD;
      Limits of Liability, exclusions and conditions, the pol-
      icy is extended to apply to CLAIMS first made during                              (e) Material change in the nature or extent
      the Basic Extended Reporting Period or, if pur-                                       of the risk, occurring after issuance or
      chased, the Supplemental Extended Reporting Pe-                                       last annual renewal anniversary date of
      riod, but only by reason of any WRONGFUL ACT or                                       the policy, which causes the risk of loss
      POLLUTION INCIDENT committed on or after the                                          to be substantially and materially in-
      policy RETROACTIVE DATE but prior to the end of                                       creased beyond that contemplated at
      the POLICY PERIOD.                                                                    the time the policy was issued or last
                                                                                            renewed;
11.   CLAIMS for WRONGFUL ACTS or POLLUTION
      INCIDENTS which are first received during the Ex-                                 (f) Required pursuant to determination by
      tended Reporting Period shall be deemed to have                                       the Superintendent that the continuation
      been made on the last day of the POLICY PERIOD.                                       of OUR present premium volume would
                                                                                            jeopardize OUR solvency or be hazard-
 CONDITIONS                                                                                 ous to the interest of OUR policyholders,
                                                                                            OUR creditors or the public; or
 1. CANCELLATION.
                                                                                        (g) A determination by the Superintendent
      a. This policy may be canceled by the NAMED IN-                                       that the continuation of the policy would
         SURED by surrendering the policy to US or any                                      violate, or would place US in violation of
         of OUR authorized agents or by mailing written                                     any provisions of the Insurance Code.
         notice to US stating when the cancellation is to
                                                                               c.   If this policy has been in effect for more than
         be effective.
                                                                                    sixty (60) days, or this policy is a renewal or con-
      b. If this policy has been in effect for sixty (60) days                      tinuation of a policy WE issued, WE may cancel
         or less and is not a renewal, WE may cancel this                           this policy only for one or more of the reasons
         policy by mailing or delivering written notice of                          listed in paragraph 1.b.(2) above, provided WE
         cancellation to the NAMED INSURED and to the                               mail a written notice to the NAMED INSURED at
         authorized agent or broker, if any, at least:                              the last mailing address known to US, and to the
                                                                                    authorized agent or broker, if any, at least:
          (1) sixty (60) days before the effective date of
              cancellation if WE cancel for any reason not                          (1) fifteen (15) days before the effective date of
              included in paragraph 1.b.(2) below; or                                   cancellation if WE cancel for nonpayment of
                                                                                        premium, provided however, that a notice of
          (2) fifteen (15) days before the effective date of
                                                                                        cancellation on this ground shall inform the
              cancellation if WE cancel for any of the fol-
                                                                                        NAMED INSURED of the amount due; or
              lowing reasons:
                                                                                    (2) sixty (60) days before the effective date of
              (a) Nonpayment of premium, provided
                                                                                        cancellation if WE cancel for any of the rea-
                  however, that a notice of cancellation on
                                                                                        sons stated in paragraphs 1.b.(2)(b) through
                  this ground shall inform the NAMED IN-
                                                                                        1.b.(2)(g) above.
                  SURED of the amount due;
                                                                               d. Notice of cancellation will state the reason or
              (b) Conviction of a crime arising out of acts
                                                                                  reasons for cancellation and the effective date of
                  increasing the hazard insured against;
                                                                                  cancellation. The POLICY PERIOD will end on
              (c) Discovery of fraud or material misrepre-                        that date.
                  sentation in the obtaining of the policy or
                                                                               e. If notice is mailed, proof of mailing will be suffi-
                  in the presentation of a CLAIM;
                                                                                  cient proof of notice.
              (d) After issuance of the policy or after the
                  last renewal, discovery of an act or


 AR-P-5-NY (10-06)                                              Page 9 of 13
    f.   If the policy is canceled, WE will send the                        b. Notice will be mailed or delivered to the NAMED
         NAMED INSURED any premium refund due. If                              INSURED, at the last address known to US, and
         WE cancel, the refund will be pro rata. If the                        to the authorized agent or broker, if any. If notice
         NAMED INSURED cancels, the premium may                                is mailed, proof of mailing will be sufficient proof
         be less than pro rata.                                                of notice.

         However, when the premium is advanced under                        c.   Notice will include the specific reason or reasons
         a premium finance agreement, the cancellation                           for nonrenewal or conditional renewal, including
         refund will be pro rata. Under such financed                            the amount of any premium increase for condi-
         policies, WE will be entitled to retain a minimum                       tional renewal and description of any other
         earned premium of ten percent (10%) of the total                        changes.
         policy premium or sixty dollars ($60), whichever
                                                                            d. If WE violate any of the provisions in para-
         is greater. The cancellation will be effective even
                                                                               graph a., b. or c. above by sending the NAMED
         if WE have not made or offered a refund.
                                                                               INSURED an incomplete or late conditional re-
2. NONRENEWAL. If WE decide not to renew this                                  newal notice or a late nonrenewal notice:
   policy, WE will send notice as provided in Condi-
                                                                                 (1) prior to the expiration date of the policy,
   tion 4. NOTICES OF NONRENEWAL AND CONDI-
                                                                                     coverage will remain in effect at the same
   TIONAL RENEWAL below along with the reason for
                                                                                     terms and conditions of the policy at the
   nonrenewal.
                                                                                     lower of the current rates or the prior pe-
3. CONDITIONAL RENEWAL. If WE conditionally                                          riod’s rates until sixty (60) days after such
   renew this policy subject to a:                                                   notice is mailed or delivered, unless the
                                                                                     NAMED INSURED, during the sixty (60) day
    a. change in limits;
                                                                                     period, has replaced coverage or elects to
    b. change in type of coverage;                                                   cancel; however,

    c.   reduction in coverage;                                                  (2) If WE send notice on or after the expiration
                                                                                     date of this policy, coverage will remain in
    d. increased deductible, retention or participation;                             effect at the same terms and conditions of
    e. addition of exclusion; or                                                     the policy for an additional POLICY PE-
                                                                                     RIOD, at the lower of the current rates or the
    f.   increased premiums in excess of ten percent                                 prior period’s rates, unless the NAMED IN-
         (10%), exclusive of any premium increase due                                SURED, during this additional POLICY PE-
         to and commensurate with added or increased                                 RIOD, has replaced coverage or elects to
         exposure units; or a result of experience rating,                           cancel.
         loss rating, retrospective rating or audit.
                                                                            e. WE will not send the NAMED INSURED notice
    WE will send notice as provided in Condition 4. NO-                        of nonrenewal or conditional renewal if the
    TICES OF NONRENEWAL AND CONDITIONAL                                        NAMED INSURED or the NAMED INSURED’S
    RENEWAL below.                                                             authorized agent or broker, if any, or another in-
4. NOTICES OF NONRENEWAL AND CONDITIONAL                                       surer of the NAMED INSURED, mails or delivers
   RENEWAL.                                                                    notice that the policy has been replaced or is not
                                                                               longer desired.
    a. If WE decide not to renew this policy as provided
       in Condition 2. NONRENEWAL or to condition-                          f.   The Limit of Liability of this policy as shown in
       ally renew this policy as provided in Condition 3.                        the Declarations will be increased in proportion
       CONDITIONAL RENEWAL, WE will mail or de-                                  to any policy extension provided in accordance
       liver written notice to the NAMED INSURED at                              with paragraph d. above.
       least sixty (60) days, but not more than one                  5. ASSIGNMENT. Assignment of interest under this
       hundred twenty (120) days before:                                policy will not bind US unless WE endorse the policy
         (1) the expiration date; or                                    in writing assigning YOUR interest to another party
                                                                        except in the case of the death of an individual
         (2) the anniversary date if this is a continuous               Insured.
             policy.



AR-P-5-NY (10-06)                                           Page 10 of 13
      If YOU die, or are adjudicated mentally incompetent,                of this policy. They are to be considered as incorpo-
      YOUR rights and duties will be transferred to YOUR                  rated in and constituting part of this policy. The par-
      legal representative but only while acting within the               ticulars and statements contained in the application,
      scope of duties as YOUR legal representative. Until                 any supplements or addendums and the conditions
      YOUR legal representative is appointed, anyone                      and exclusions set forth in this policy will be con-
      having proper temporary custody of YOUR property                    strued as a separate agreement with each of YOU.
      will have YOUR rights and duties but only with re-                  By acceptance of this policy, YOU agree that the
      spect to that property.                                             statements in the application are YOUR repre-
                                                                          sentations, that they shall be deemed material
 6. CHANGES. The terms of this policy will not be
                                                                          and that this policy is issued upon the truth of
    waived or changed except by endorsement issued
                                                                          such representations. Nothing in this provision will
    by US and made a part of this policy.
                                                                          be construed to increase OUR Limits of Liability as
 7. MERGERS AND ACQUISITIONS. All mergers and                             set forth in the Declarations.
    acquisitions with other firms occurring throughout
                                                                 11.      OTHER INSURANCE. If YOU have other insurance
    the POLICY PERIOD must be reported to US in writ-
                                                                          which applies to CLAIMS reported under this policy,
    ing within sixty (60) days of the merger or acquisi-
                                                                          WE will be excess of the amount of the applicable
    tion, or the next anniversary of this policy, whichever
                                                                          DEDUCTIBLE and any other valid and collectible in-
    is sooner. WE shall have the right to adjust the pre-
                                                                          surance whether such other insurance is primary,
    mium, terms, conditions and exclusions to reflect
                                                                          pro rata, contributory, excess, contingent or any
    any shift in exposure created by such merger or
                                                                          other basis, unless such other insurance is written
    acquisition.
                                                                          only as specific excess insurance over the Limit of
 8. CONFLICTING STATUTES. Any part of this policy                         Liability provided in this policy.
    which is in conflict with the statutes of the state in
                                                                          If a loss occurs involving two or more policies, each
    which this policy is issued is amended to conform to
                                                                          of which provides that its insurance will be excess,
    such statutes.
                                                                          then each policy will contribute on a pro rata basis.
 9. SUBROGATION CLAUSE. YOU will transfer to US                           This means WE will pay no more than OUR per-
    YOUR rights of recovery against any other party for                   centage of the total amount of the insurance cover-
    any DAMAGES WE have paid on YOUR behalf.                              ing the CLAIM, less the DEDUCTIBLE. For
    YOU must do everything necessary to secure these                      example:
    rights and do nothing that would jeopardize them.
                                                                              The limit of coverage under this policy is
      WE will not exercise OUR right to recover against                       $100,000. Another insurance policy with a limit
      any of YOU unless the DAMAGES result from any                           of $300,000 also covers a CLAIM covered by
      dishonest, fraudulent, criminal, malicious or inten-                    this policy. WE will not pay more than 25%
      tional WRONGFUL ACT(S) or POLLUTION INCI-                               ($100,000/$400,000) of the DAMAGES and
      DENT(S) committed by YOU.                                               CLAIM EXPENSE, less the DEDUCTIBLE.

      Any amount recovered from subrogation shall be             12.      ACTION AGAINST US. No action will lie against US
      apportioned as follows:                                             unless YOU have fully complied with all the terms
                                                                          and conditions of this policy prior to bringing the ac-
      Any amount recovered shall first be used for repay-                 tion. A person or organization may sue US to re-
      ment of SUBROGATION EXPENSES; second, to
                                                                          cover on an agreed settlement against an Insured,
      any DAMAGES and/or CLAIM EXPENSE paid by                            but WE will not be liable for losses that are not pay-
      US; third, to any DAMAGES and CLAIM EXPENSE                         able under the terms of this policy or that are in ex-
      paid by an excess insurer on YOUR behalf; fourth,                   cess of the applicable Limit of Liability. An agreed
      to any DAMAGES and CLAIM EXPENSE paid by                            settlement means a settlement and release of liabil-
      any other primary insurer on YOUR behalf; and last,                 ity signed by US, the Insured and the claimant or the
      to repayment of YOUR DEDUCTIBLE.                                    claimant’s legal representative.
10.   SEVERABILITY CLAUSE. The application and any               13.      INSPECTION. YOU agree to allow US to examine
      supplements or addendums, copies of which are at-                   YOUR premises, management procedures and rec-
      tached to this policy, and the Declarations, are part               ords as they relate to this insurance during normal




 AR-P-5-NY (10-06)                                        Page 11 of 13
      business hours while this policy is in force. WE are                  business purposes and exercise reasonable care in
      not, however, required to make inspections nor will                   doing so. In providing this information to the NAMED
      WE guarantee that YOUR procedures are ade-                            INSURED and insurance agent, if any, WE make no
      quate or that they conform to any laws, rules or                      representations or warranties to the NAMED IN-
      regulations.                                                          SURED, insurance agent, if any, insurer or others to
                                                                            whom this information is furnished by or on behalf of
14.   BANKRUPTCY. In the event of YOUR bankruptcy or
                                                                            the NAMED INSURED or insurance agent, if any.
      insolvency, WE will not be relieved of OUR obliga-
                                                                            Cancellation and nonrenewal will be effective even if
      tions under the terms and conditions of this policy.
                                                                            WE inadvertently provide inaccurate information.
15.   SOLE AGENT. By acceptance of this policy, the
                                                                   18.      TRANSFER OF DUTIES WHEN A LIMIT OF IN-
      NAMED INSURED agrees to act on YOUR behalf
                                                                            SURANCE IS USED UP.
      with respect to:
                                                                            a. If WE conclude that, based on WRONGFUL
      a. Exercising the option to purchase an Extended
                                                                               ACTS, POLLUTION INCIDENTS, offenses,
         Reporting Period;
                                                                               CLAIMS or suits which have been reported to
      b. The giving and receiving of notice of CLAIM(S)                        US and to which this insurance may apply, that
         or cancellation; and                                                  the:

      c.   The payment of premiums that may become due                          (1) Each CLAIM Limit of Liability; or
           under this policy.
                                                                                (2) Annual Aggregate Limit of Liability,
      Each of YOU agrees that the NAMED INSURED will
                                                                                is likely to be used up in the payment of judg-
      act on YOUR behalf.
                                                                                ments or settlements, WE will notify the NAMED
16.   PREMIUM. All premiums for this policy shall be                            INSURED, in writing to that effect.
      computed in accordance with OUR rules, rates, rat-
                                                                            b. When a limit of insurance described in para-
      ing plans, premiums and minimum premiums appli-
                                                                               graph a. above has actually been used up in the
      cable to the insurance afforded herein.
                                                                               payment of judgments or settlements:
17.   RIGHT TO CLAIM, WRONGFUL ACT AND POL-
                                                                                (1) WE will notify the NAMED INSURED, in
      LUTION INCIDENT INFORMATION.
                                                                                    writing, as soon as practicable, that:
      WE will provide the NAMED INSURED shown in the
                                                                                    (a) such a limit has actually been used up;
      Declarations the following information relating to this
                                                                                        and
      and any preceding Architects and Engineers Profes-
      sional Liability claims made policy WE have issued                            (b) OUR duty to defend suits seeking
      to the NAMED INSURED:                                                             DAMAGES subject to that limit has also
                                                                                        ended.
      a. Information on closed CLAIMS, including date
         and description of WRONGFUL ACT(S) or                                  (2) WE will initiate, and cooperate in, the trans-
         POLLUTION INCIDENT(S) and any payments;                                    fer of control, to any appropriate insured, of
                                                                                    all CLAIMS and suits seeking DAMAGES
      b. Information on open CLAIMS, including date
                                                                                    which are subject to that limit and which are
         and description of WRONGFUL ACT(S) or
                                                                                    reported to US before that limit is used up.
         POLLUTION INCIDENT(S).
                                                                                    That insured must cooperate in the transfer
      Amounts reserved are based on OUR judgment.                                   of control of said CLAIMS and suits.
      They are not subject to change and should not be
                                                                                    WE agree to take such steps, as WE deem
      regarded as ultimate settlement values.
                                                                                    appropriate, to avoid a default in, or continue
      WE will provide this information only if the NAMED                            the defense of, such suits until such transfer
      INSURED or insurance agent, if any, mails or deliv-                           is completed, provided the appropriate in-
      ers a written request for this loss information. WE                           sured is cooperating in completing such
      will provide this information within ten (10) days of                         transfer.
      receipt of the request.
                                                                                    WE will take no action whatsoever with re-
      WE compile CLAIM, WRONGFUL ACT(S) and                                         spect to any CLAIM or suit seeking DAM-
      POLLUTION INCIDENT(S) information for OUR own                                 AGES that would have been subject to that


 AR-P-5-NY (10-06)                                          Page 12 of 13
             limit, had it not been used up, if the CLAIM                      The duty of the NAMED INSURED to reimburse
             or suit is reported to US after the limit of in-                  US will begin on:
             surance has been used up.
                                                                               (1) the date on which the applicable limit of in-
         (3) The NAMED INSURED and any other in-                                   surance is used up, if WE sent notice in ac-
             sured involved in a suit seeking DAMAGES                              cordance with paragraph a. above; or
             subject to that limit, must arrange for the de-
                                                                               (2) the date on which WE sent notice in accord-
             fense of such suit within such time period as
                                                                                   ance with paragraph b.(1) above, if WE did
             agreed to between the appropriate insured
                                                                                   not send notice in accordance with para-
             and US. Absent any such agreement, ar-
                                                                                   graph a. above.
             rangements for the defense of such suit
             must be made as soon as practicable.                           d. The exhaustion of any limit of insurance by the
                                                                               payment of judgments or settlements, and the
    c.   The NAMED INSURED will reimburse US for
                                                                               resulting end of OUR duty to defend, will not be
         expenses WE incur in taking those steps WE
                                                                               affected by OUR failure to comply with any of
         deem appropriate in accordance with para-
                                                                               the provisions of this condition.
         graph b.(2) above.




AR-P-5-NY (10-06)                                           Page 13 of 13

				
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