Document QkY0gyEmxzqKmOrOOJaqKvGZ5

Certificate N'n. M-^lUC-OOuI AMERICAN RE INSURANCE COMPANY 99 John Street New York 38, New' York CERTIFICATE OF EXCESS INSURANCE issued by the AMERICAN RE-INSURANCE COMPANY, New York, New York (hereinafter called the "Company'') to the party or parties named in Item 1. of the Declarations made a part hereof (herein after called the "`Insured"). WHEREAS an insurance company or companies have issued to the Insured a policy or policies of insurance as shown in Item 2. of the Declarations, hereafter referred to as the "underlying insurance," AND WHEREAS the Insured desires additional insurance to apply in excess of the underlying: insurance. INSURING AGREEMENT NOW THEREFORE this Certificate is to further indemnify the Insured against ultimate net loss arising out of the hazards covered and as defined in the under lying insurance but only up to an amount not exceeding the limit (s) shown in Item 3. of the Declarations. PREMIUM THE PREMIUM DUE the Company for this excess insurance shall be shown in Item 4. of the Declarations payable upon delivery of this Certificate. NOTICE OF LOSS _ THE INSURED shall immediately advise the Company of any accident or .occurrence which appears likely to result in liability under this Certificate and of suhLaequent developments likely to affect the Company's liability hereunder.: The Companyshall not, however, be called upon to assume charge of the settlement or defense of ac claims made, or suits brought or proceedings instituted against the Insured, but shall have the right and opportunity to be associated with the Insured in the defense and trial of any such claims, suits or proceedings relative to any accident or occurrence which, in the opinion of the Company may create liability on the part of the Company under the terms of the Certificate. If the Company avails itself of such right and opportunity, the Insured and the Company shall cooperate in all respects so as to effect a final determination of the claim or claims. Failure on the part of the Insured to cooperate shall relieve the Company, at its option, of liability under this Certificate. LOSS ADJUSTMENT UPON FINAL DETERMINATION by settlement, award or verdict ..f t liability of the Insured, the Company shall promptly pay the Insured as the Insured pay and shall have actually paid, the amount of any ultimate net loss coming within th.* terms and limits of this excess insurance. ULTIMATE NET LOSS, as used herein, shall be understood to mean :h.- sums paid in settlement of losses for which the Insured is liable after making deduct for all recoveries, salvages and other insurances (other than recoveries under the l r lying Insurance, policies of coinsurance, or policies specifically in excess hereof), wh, r recoverable or not. and shall exclude all "Costs". THE WORD "COSTS" shall be understood to mean interest on judvrn.- investigation, adjustment and legal expenses including taxed court costs and pr- m - on bonds, for which the Insured is not covered by the Underlying Insurance (e.\< K : / however, all expenses for salaried employees and retained counsel of and all offic e - of .h,N11034 COSTS INCURRED THE INSURED, with the wTitten consent of the Company shall be apportioned as follows: (a) In the event of claim or suit arising which appears likelv t<> exceed rhe Primary Limit or Linits, no Costs shall be incurred bv the Insured without the written consent of the Company. (b) Should such claim or suit be settled previous to going iruo court for not more than the Primary Limit or Limits, then no Costs shall be parable by the Company. (c) Should, however, the sum for which the said claim or suit may be set tled exceed the Primary Limit or Limits, then the Company if it approves such settlement or consents to the proceedings continuing, shall contribute to the Costs incurred by the Insured in the ratio that its proportion of the ultimate net loss as finally adjusted bears to the whole amount of such ultimate net loss. (d) In the event the Insured elects not to appeal a judgment in excess of the Primary Limit or Limits, the Company may elect to conduct such appeal at its own cost and expense and shall be liable for the taxable court costs and interest incidental thereto, but in no event shall the total liability of the Company exceed its limit or limits of liability as stated above, plus the costs of such appeal. (e) In the event a judgment is rendered in excess of the Primary Limit or Limits and the underlying insurance company (ies) elect to appeal such judgment, the duty of obtaining an appeal bond in regard to liability in excess of the Primary Limit or Limits shall rest with the Insured and its Primary Carrier. ALL SALVAGES, recoveries or payments recovered or received subsequent to a loss settlement under this Certificate shall be applied as if recovered or received prior to such settlement and all necessary adjustments shall then be made between the Insured and the Company, provided always that nothing in this clause shall be construed to mean that losses under this Certificate are not recoverable until the Insured's ultimate net loss has been finally ascertained. NOTHING HEREIN CONTAINED shall be construed to mean that the Insured shall be required to enforce by legal action any right of subrogation or indemnitybefore the Company shall pay any loss covered hereunder. SUBROGATION INASMUCH AS this Certificate is Excess Insurance, the Insured's right of recovery against any person cannot be exclusively subrogated to the Company. It is. therefore, understood and agreed that in case of any payment hereunder, the Companv will act in concert with all other interests (including the Insured) concerned, in the exercise of such rights of recovery. The apportioning of any amounts which may be so recovered shall follow the principle that any interests (including the Insured) that shall have paid aamount over and above any payment hereunder, shall first be reimbursed up to the amount paid by them, the ('ompany is then to be reimbursed out of anv balance then rema rvg up to the amount paid hereunder: lastly the interests (including the Insured) of whom this coverage is in excess are entitled to claim the residue, if any. Expenses neros-.ir\ to the recovery of anv such amounts shall be apportioned between the inJerests (indud ng the Insured) concerned, in the ratio of their respective recoveries as finally settled CANCELLATION THIS CERTIFICATE may be cancelled by either party upon written a.-1 such notice to not less than the number of days set forth in Item 5. of the DeclarationIf cancellation i- at the request of the Insured, adjustment of premium shall be at -h rate, and if cam dli-d bv the Company, adjustment shall be made pro rata Howe-. the event of van. elation or non-renewal of the underlying insurance, this Coi : r;. terminates a> <>t ire Mme date without notice to the Insured. The Company may. h<>*. cancel this t Vi ' a, a'v absolutely on five days' notice for non-payment of premium Notice shall be g:- -o bv the Insured to the Company at 99 John Street. New York ::s. \ York and by ti c < nipany to the Insured at the latter's address as shown in the lo tions. Notice by th, Company to the first named Insured, if more than one. shall be - i notice to any other interest included as an Insured. AID 010696 PERIOD OF COVERAGE THE TERM of this excess insurance, unless otherwise cancelled, shall be as shown in Item 6. of the Declarations. CONDITIONS EXCEPT AS MAY BE inconsistent with the above, the coverage provided by this Certificate shall follow the insuring agreements, conditions and exclusions of the Underlying Insurance, including any change by endorsements. The Company shall be notified of all such endorsements and copies thereof shall be furnished to the Company upon request. ALL TERMS AND CONDITIONS of the "Nuclear Energy Liability Exclu sion Endorsement (Broad Form)'' contained in the Underlying Insurance are specifically understood to be part of this Certificate. THE LIMITS OF THE UNDERLYING INSURANCE shall be maintained in full effect during the currency of this Certificate, except for reduction of the primary limits by exhaustion of aggregate limits (if any) contained therein solely by payment of claims in respect of accidents or occurrences happening during the period hereof. Un less specifically stated to the contrary in Items 2. and 3. of the Declarations the cov erage provided by this Certificate applies only with respect to each accident or occurrence for limits in excess of the amount provided for same in the Underlying Insurance and is not to apply as primary insurance ,.n the event of exhaustion of aggregate limits (if any) in the Underlying Insurance. IF MORE THAN ONE INSURED is named in the Declarations such addi tional Insured (s) shall not have the effect of increasing the Company's limit of liability for each accident or occurrence stated in Item 3. of the Declarations. IN WITNESS WHEREOF the AMggICAN REj^j^JJrF. COMPAQ has caused this Certificate to be executed thisday of19_________________________ AMERICAN RE-INSURANCE COMPANY R. A. lun___________________ ' Vice President H. W. Shav Assistant Secretary AID 010697 s d ec l ar at io n s Attached to and forming part of Certificate of Excess Insurance No. M-511*0-0001 Item 1. INSURED ; The Anaconda Company end/cr its affiliated, associated and subsidiary companies, and their sub sidiary companies as now constituted or as may hereinafter be acquired or created and Inspiration Consolidated Copper Company and V 25 Brosdway, New York, N. Y. Item 2. UNDERLYING INSURANCE : A. Primary Liability insurance program underwritten for various limits by certain foreign and domestic insurance companies. B. The Home Insurance Company HEC 954 4659) Umbrella Liability $10,000,000 each occurrence $10,00C,X annual aggregate where applicable in excess of A. above or $25,000 each occurrence not covered by underlying insurance. Item 3. LIMIT(S) OF COVERAGE HEREUNDER : FIFTY PERCENT (50%) part of $10,000,000 each occurrence third party liability, $10,000,000 annual aggregate in excess of the limits set forth in 2B above. Item 4. PREMIUM : $6,575-00 Item 5. CANCELLATION : Thirty Days Item 6. PERIOD OF COVERAGE HEREUNDER October 19, 19o5 to October lr-, 12:01 A.M., at the Insured's a: as to both dates. AID 010698 Certificate No M-5lbO-OOOl AMERICAN RE INSURANCE COMPANY 99 John Street New York 38, New York CERTIFICATE OF EXCESS INSURANCE issued by the AMERICAN RE-INSURANCE COMPANY, New York, New York (hereinafter called the "Companv") to the party or parties named in Item 1. of the Declarations made a Dart hereof (herein, after called the "Insured"). WHEREAS an insurance company or companies have issiied to the Insured a policy or policies of insurance as show:i in Item 2. of the Declarations, hereafter referred to as the "underlying insurance," AND WHEREAS the Insured desires additional insurance to apply in excess of the underlying insurance. INSURING AGREEMENT NOW THEREFORE this Certificate is to further indemnify the Insured against ultimate net loss arising out of the hazards covered and as defined in the under lying insurance but only up to an amount not exceeding the limit (s) shown in Item 3. of the Declarations. PREMIUM THE PREMIUM DUE the Company for this excess insurance shall be shown in Item 4. of the Declarations payable upon delivery of this Certificate. NOTICE OF LOSS THE INSURED shall immediately advise the Company of any accident or occurrence which appears likely to result in liability under this Certificate and of sub sequent developments likely to affect the Company's liability hereunder. The Compar.v shall not, however, be called upon to assume charge of the settlement or defense of anv claims made, or suits brought or proceedings instituted against the Insured, but shall have the right and opportunity to be associated with the Insured in the defense and trial of any such claims, suits or proceedings relative to any accident or occurrence which, in the opinion of the Company may create liability on the part of the Company under the terms of the Certificate. If the Company avails itself of such right and opportunity, the Insured and the Company shall cooperate in all respects so as to effect a final determination of the claim or claims. Failure on the part of the Insured to cooperate shall relieve the Company, at its option, of liability under this Certificate. LOSS ADJUSTMENT UPON FINAL DETERMINATION by settlement, award or verdict ..I t>. liability of the Insured, the Company shall promptly pay. the Insured as the Insured pay and shall have actually paid, the amount of any ultimate net loss coming within in terns and limits of this excess insurance. ULTIMATE NET LOSS, as used herein, shall be understood to mean >:. sums paid in settlement of losses for which the Insured is liable after making deduct for all recoveries, salvages and other insurances (other than recoveries under the l r. ! r lying Insurance, policies of coinsurance, or policies specifically in excess hereof). wh.K'- r recoverable or not. and shall exclude all "Costs". THE WORD "COSTS" shall be understood to mean interest on judgminvestigation, adjustment and legal expenses including taxed court costs and pr- u on bonds, for which the Insured is not covered by the Underlying Insurance (e.v!;, : . however, all expenses for salaried employees and retained counsel of and all office vp-: of the Insured). i AID 010699 COSTS INCURRED BY '.'HE INSURED, with the written consent of the Company shall be apportioned as follows: la) In the event of claim or suit arising which appears likelv to exceed the Primary Limit or Limits, no Costs shall he incurred by the Insured without the written consent of the Company. tb) Should such claim or suit be settled previous to going into court for not more than the Primary Limit or Limits, then no Costs shall be payable by the Company. (c) Should, however, the sum for which the said claim or suit may be set tled exceed the Primary Limit or Limits, then the Company if it approves such settlement or consents to the proceedings continuing, shall contribute to the Costs incurred by the Insured in the ratio that its proportion of the ultimate net loss as finally adjusted bears to the whole amount of such ultimate net loss. (d) In the event the Insured elects not to appeal a judgment in excess of the Primary Limit or Limits, the Company may elect to conduct such appeal at its own cost and expense and shall be liable for the taxable court costs and interest incidental thereto, but in no event shall the total liability of the Compahy exceed its limit or limits of liability as stated above, plus the costs cf such appeal. (e) In the event a judgment is rendered in excess of the Primary Limit or Limits and the underlying] insurance company (ies) elect to appeal such judgment, the duty of obtaining an appeal bond in regard to liability in excess of the Primary Limit or Limits shall rest with the Insured and its Primary Carrier. ALL SALVAGES, recoveries or payments recovered or received subsequent to a loss settlement under this Certificate shall be applied as if recovered or received prior to such settlement and all necessary adjustments shall then be made between the Insured and the Company, provided always that nothing in this clause shall be construed to mean that losses under this Certificate are not recoverable until the Insured's ultimate net loss has been finally ascertained. NOTHING HEREIN CONTAINED shall be construed to mean that the Insured shall be required to enforce by legal action any right of subrogation or indemnity before the Company shall pay any loss covered hereunder. SUBROGATION INASMUCH AS this Certificate is Excess Insurance, the Insured's right of recovery against anv person cannot be exclusively subrogated to the Companv. it is. therefore, understood and agreed that >n case of any payment hereunder, the Company will act in concert wiih all other interests (including the Insured) concerned, in the exercise of such rights of recovery. The apportioning of any amounts which may be <0 recovered shall follow the principle that any interests (including the Insured) that shall have paid an amount over and above any payment hereunder, shall first be reimbursed up to the amo-in> paid by them, the Companv is then to be reimbursed out of anv balance iheo remaning up to the amount paid hereunder; lastly the interests (including the Insured) of whom this coverage is it- are entitled to claim the residue, if any. Expenses noex-nn. to the recovery of an\ -urh amounts shall be apportioned between the imerests (indudng the Insured) coinerm-d. in the ratio of their respective recoveries as finally settled. CANCELLATION TH!> 1 F.RTIFICATE may be cancelled by either party upon written such notice tu I m i-- than the number of days set forth in Item 5. of the Derlarai 10c- It cancellation trie iv<|ueM: of the Insured, adjustment of premium shall be at rate. nd if car.. ..( ;.< th.- Company, adjustment shall be made pro rata How.-c.*- . the event of cm . > .at ,ir non-renewal of the underlying insurance, this Cerifi i'<- terminates as of :-.m e date without notice to the Insured. The Company may. how. ,.-r cancel this Cei' .1 *< -..lutely on five days' notice for non-payment of premium : Notice shall be g. ' . the In>ured to the Company at 99 John Street. New York x- ^ York and by the 1 mpauy to the Insured at the latter's address as shown in the 1 >*: a . tions. Notice be th.- Company to the first named Insured, if more than one. shall U- .1 notice to any other mt. lest included as an Insured. AID 010700 PERIOD OF COVERAGE THE TERM of this excess insurance, unless otherwise cancelled, shail be as shown in Item 6. of the Declarations. CONDITIONS EXCEPT AS MAY BE inconsistent with the above, the coverage provided bv this Certificate shall follow the insuring agreements, conditions and exclusions of the Underlying Insurance, including any change by endorsements. The Company shall be notified of all such endorsements and copies thereof shall be furnished to the Company upon request. ALL TERMS AND CONDITIONS of the "Nuclear Energy Liability Exclu sion Endorsement (Broad Form)" contained in the Underlying Insurance are specifically understood to be part of this Certificate. THE LIMITS OF THE UNDERLYING INSURANCE shall be maintained in full effect during the currency of this Certificate, except for reduction of the primary limits by exhaustion of aggregate limits (if any) contained therein solely by payment of claims in respect of accidents Or occurrences happening during the period hereof. Un less specifically stated to the contrary in Items 2. and 3. of the Declarations the cov erage provided by this Certificate applies only with respect to each accident or occurrence for limits in excess of the amount provided for same in the Underlying Insurance and is not to apply as primary insurance in the event of exhaustion of aggregate limits (if any) in the Underlying Insurance. IF MORE THAN ONE INSURED is named in the Declarations such addi tional Insured (s) shall not have the effect of increasing the Company's limit of liability for each accident or occurrence stated in Item 3. of the Declarations. IN WITNESS WHEREOF the AMERICAN RE^J^g^NCE COMPA has caused this Certificate to be executed thisday of19 AMERICAN RE-INSURANCE COMPANY R. A. Lun Vice President H. V. 5hav___________________________ Assistant Secretary S AID 010701 DECLARATIONS Attached to and forming jart of Certificate of Excess Insurance No. M-5140-0001 Item 1. INSURED Anaconda Conysny and/cr its affiliated, associated and subsidiary eospanies, aad their sub sidiary companies as d o * constituted or as nay hereinafter be acquired or crested and Inspiration Consolidated Copper Company and Warricsr Co-operative Mercantile Company. ADDRESS 25 Broadway', Rev Tort, . Y. Item 2. UNDERLYING INSURANCE A. Primary Liability Insurance program underwritten for various limits by certain foreign aad domestic insurance companies. B. The Hone Insurance Coagtany KEC 954 4659, Uabrella Liability $10,000,000 each occurrence $10,000,000 annual aggregate where applicable in excess of A. above or $25,000 each occurrence not covered by underlying insurance. Item 3. LIMIT(S) OF COVERAGE HEREUNDER ran mason (50%) part of $10,000,000 each occurrence third party liability, $10,000,000 annual aggregate in emeeaa of the limits set forth in 2B above. Item 4. PREMIUM : $6,575.00 Item 5. CANCELLATION : Thirty Days Item 6. PERIOD OF COVERAGE HEREUNDER : October 19, 19&5 to October 19, 1 - .. 12:01 A.M., at the Insured's address as to both dates. AID 010702 Certificate \'n X- 51L0-000I AMERICAN RE INSURANCE COMPANY 99 John Street New York 38, New York CERTIFICATE OF EXCESS INSURANCE issued by the AMERICAN RE-INSURANCE COMPANY. New York, New York (hereinafter called the "Company") to the party or parties named in Item 1. of the Declarations made a part hereof (herein after called the "Insured"). WHEREAS an insurance company or companies have issued to the Insured a policy or policies of insurance as shown in Item 2. of the Declarations, hereafter referred to as the "underlying insurance," AND WHEREAS the Insured desires additional insurance to apply in excess of the underlying insurance. INSURING AGREEMENT NOW THEREFORE this Certificate is to further indemnify the Insured against ultimate net loss arising out of the hazards covered and as defined in the under lying insurance but only up to an amount not exceeding the limit(s) shown in Item 3. of the Declarations. PREMIUM THE PREMIUM DUE the Company for this excess insurance shall be shown in Item 4. of the Declarations payable upon delivery of this Certificate. NOTICE OF LOSS THE INSURED shall immediately advise the Company of any accident or occurrence which appears likely to result in liability under this Certificate and of subsequent developments likely to affect the Company's liability hereunder. The Company shall not. however, be called upon to assume charge of the settlement or defense of anv claims made, or suits brought or proceedings instituted against the Insured, but shall have the right and opportunity to be associated with the Insured in the defense and trial of any such claims, suits or proceedings relative to any accident or occurrence which, in the opinion of the Company may create liability on the part of the Company under the terms of the Certificate. If the Company avails itself of such right and opportunity, the Insured and the Company shall cooperate in all respects so as to effect a final determination of 'V claim or claims. Failure on the part of the Insured to cooperate shall relieve the Company, at its option, of liability under this Certificate. LOSS ADJUSTMENT UPON FINAL DETERMINATION by settlement, award or verdict ..f th. liability of the Insured, the Company shall promptly pay the Insured as the Insured sh.,,1 pay and shall have actually paid, the amount of any ultimate net loss coming within : In terms and limits of this excess insurance. ULTIMATE NET LOSS, as used herein, shall be understood to mean *hsums paid in settlement of losses for which the Insured is liable after making deduct i-t ^ for all recoveries, salvages and other insurances (other than recoveries under the l n . r lying Insurance, policies of coinsurance, or policies specifically in excess hereof), wh.-ir recoverable or not. and shall exclude all "Costs". THE WORD "COSTS" shall be understood to mean interest on judgn-investigation, adjustment and legal expenses including taxed court costs and pr<-n: on bonds, for which the Insured is not covered by the Underlying Insurance (exdu-i however, all expenses for salaried employees and retained counsel of and all office exp--; of the Insured). . i AID 010703 COSTS INCURRED BY THE INSURED, with the written consent of the Company shall be apportioned as follows: (a) In the event of claim or suit arising which appears likelv to exceed the Primary Limit or Limits, no Costs shall be incurred bv the Insured without the written consent of the Company. (b) Should such claim or .suit be settled previous to going into court for not more than the Primary Limit or Limits, then no Costs shall be parable by the Company. (c) Should, however, the sum for which the said claim or suit may be set tled exceed the Primary Limit or Limits, then the Company if it approves such settlement or consents to the proceedings continuing, shall contribute to the Costs incurred by the Insured in the ratio that its proportion of-the ultimate net loss as finally adjusted bears to the whole amount of such ultimate net loss. <d) In the event the Insured elects not to appeal a judgment in excess of the Primary Limit or Limits, the Company may elect to conduct such appeal at its own cost and expense and shall be liable for the taxable court costs and interest incidental thereto, but in no event shall the total liability of the Company exceed its limit or limits of liability as stated above, plus the costs of such appeal. (e) In the event a judgment is rendered in excess of the Primary Limit or Limits and the underlying insurance company (ies) elect to appeal such judgment, the duty of obtaining an appeal bond in regard to liability in excess of the Primary Limit or Limits shall rest with the Insured and its Primary Carrier. .ALL SALVAGES, recoveries or payments recovered or received subsequent to a loss settlement under this Certificate shall be applied as if recovered or received prior to such settlement and all necessary adjustments shall then be made between the Insured and the Company, provided always that nothing in this clause shall be construed to mean that losses under this Certificate are not recoverable until the Insured's ultimate net loss has been finally ascertained. NOTHING HEREIN CONTAINED shall be construed to mean that the Insured shall be required to enforce by legal action any right of subrogation or indemnity before the Company shall pay any loss covered hereunder. SUBROGATION INASMUCH AS this Certificate is Excess Insurance, the Insured's right nf recovery against anv person cannot be exclusively subrogated to the Company. It is. therefore, understood and agreed that in case of any payment hereunder, the Companv will act in concert with all other interests (including the Insured) concerned, in the exercise of such rights of recoverv. The apportioning of any amounts which may be <o recovered shall follow the principle that any interests (including the Insured) that shall have paid an amount over and above any payment hereunder, shall first be reimbursed up to the amount paid hv them, the Company is then to be reimbursed out of anv balance then remainimr up to the amount paid hereunder : lastly the interests (including the Insured) of whom this coverage is in excess are entitled to claim the residue, if any. Expenses necessary to the recovery of any such amounts shall be apportioned between the interests (including the Insured) concerned, in the ratio of their respective recoveries as finally settled. CANCELLATION THIS CERTIFICATE may be cancelled by either party upon written nor me. such notice to ! ;>>t less than the number of days'set forth in Item 5. of the DeclarationIf cancellation i- at the'request of the Insured, adjustment of premium shall be at sh..rt rate, and if cam ell. >1 In the Company, adjustment shall be made pro rata H<>wev< *. ,n the event of cam miation or non-renewal of the underlying insurance, this Certifi-av terminates a> of ih -.tme date without notice to the Insured. The Company may. however, cancel this (Yr abate ab-olutely on five days' notice for non-payment of premium ! ;e Notice shat! be gr m U the Insured to the Company at 99 John Street. New York 38. NY a York and by the * Ympanv to the Insured at the latter's address as shown in the Devi ;ra tions. Notice by the i Ympanv to the first named Insured, if more than one, shall be deenn-.i notice to any other interest included as an Insured. > AID 010704 PERIOD OF COVERAGE THE TERM of this excess insurance, unless otherwise cancelled, shail be as shown in Item 6. of the Declarations. CONDITIONS EXCEPT AS MAY BE inconsistent with the above, the coverage provided by this Certificate shall follow the irsuring agreements, conditions and exclusions of the Underiving Insurance, including any change by endorsements. The Company shall be notified of all such endorsements and copies thereof shall be furnished to the Company upon request. ALL TERMS AND CONDITIONS of the "Nuclear Energy Liability Exclu sion Endorsement (Broad Form)" contained in the Underlying Insurance are specifically understood to be part of this Certificate. THE LIMITS OF THE UNDERLYING INSURANCE shall be maintained in full effect during the currency of this Certificate, except for reduction of the primary limits by exhaustion of aggregate limits (if any) contained therein solely by payment of claims in respect of accidents or occurrences happening during the period hereof. Un less specifically stated to the contrary in Items 2. and 3. of the Declarations the cm erage provided by this Certificate applies only with respect to each accident or occurrence for limits in excess of the amount provided for same in the Underlying Insurance and is not to apply as primary insurance in the event of exhaustion of aggregate limits (if any) in the Underlying Insurance. IF MORE THAN ONE INSURED is named in the Declarations such addi tional Insured (s) shall not have the effect of increasing the Company's limit of liability for each accident or occurrence stated in Item 3. of the Declarations. IN WITNESS WHEREOF the AMERICAN RE-INSURANCE COMPANY has caused this Certificate to be executed this 2nd rfay of_F^TIISf19. 27 AMERICAN RE-INSURANCE COMPANY \/ R. A. Lun Vice President !-/ H. V. Shaw Assistant Secretary 3 AID 010705 d ec l ar at io n s Attached to and forming part of Certificate of Excess Insurance No. M-51^+0-0001 Item 1. INSURED : The Anaconda Company and/cr its affiliated, associated and subsidiary companies, and their sub sidiary oompanies as now constituted or as may hereinafter be acquired or created and Inspiration Consolidated Copper Company and" Warrior Co-operative Mercantile Company. R -S '25 Broadway, New York, N. Y. Item 2. UNDERLYING INSURANCE A. Primary Liability Insurance program underwritten for various limits by certain foreign and domestic insurance companies. B. The Home Insurance Company HSC 95^ U659, Umbrella Liability $10,000,000 each occurrence $10,000,JCO annual aggregate -where applicable in excess of A. above or $25,000 each occurrence not covered by underlying insurance. Item 3. LIMIT (S) OF COVERAGE HEREUNDER FIFTY PERCENT (50%) part of $10,000,000 each occurrence third party liability, $10,000,000 annual aggregate in excess of the limits set forth in 2B above. Item 4. PREMIUM Item 5. CANCELLATION Item 6. PERIOD OF COVERAGE HEREUNDER $6,575.00 Thirtjf Days October 19, 1565 to October 19, 12:01 A.M., at the Insured's ad: as to both dates. AID 010706 Certificate No. M-51U0-3O01 AMERICAN RE-INSURANCE COMPANY 95' John Street New York 38, New York CERTIFICATE OF EXCESS INSURANCE issued by the AMERICAN RE-INSURANCE COMPANY. New York, New York (hereinafter called the "Company", to the party or parties named in Item 1. of the Declarations made a part hereof (herein after called the "Insured"). WHEREAS an insurance company or companies have issued to the Insured a policy or policies of insurance as shown in Item 2. of the Declarations, hereafter referred to as the "underlying insurance," AND WHEREAS the Insured desires additional insurance to apply in excess of the underlying insurance. INSURING AGREEMENT NOW THEREFORE this Certificate is to further indemnify the Insured against ultimate net loss arising out of the hazards covered and as defined in the under lying insurance but only up to an amount not exceeding the limit(s) shown in Item 3. of the Declarations. i PREMIUM THE PREMIUM DUE the Company for this excess insurance shall be shown in Item 4. of the Declarations payable upon delivery of this Certificate. NOTICE OF LOSS THE INSURED shall immediately advise the Company of any accident or occurrence which appears likely to result in liability under this Certificate and of sub sequent developments likely to affect the Company's liability hereunder. The Company shall not. however, be called upon to assume charge of the settlement or defense of anv claims made, or suits brought or proceedings instituted against the Insured, but shall have the right and opportunity to be associated with the Insured in the defense and trial of anv such claims, suits or proceedings relative to any accident or occurrence which, in the opinion of the Company may create liability on the part of the Company under the terms of the Certificate. If the Company avails itself of such right and opportunity, the Insured and the Company shall cooperate in all respects so as to effect a final determination of the claim or claims. Failure on the part of the Insured to cooperate shall relieve the Company, at its option, of liability under this Certificate. LOSS ADJUSTMENT UPON FINAL DETERMINATION by settlement, award <.r verdict ..I tr. liability of the Insured, the Company shall promptly pay the Insured as the Insured >h.d! pay and shall have actually paid, the amount of any ultimate net loss coming within tin terns and limits of this excess insurance. ULTIMATE NET LOSS, as used herein, shall be understood to mean <`:< sums paid in settlement of losses for which the Insured is liable after making deduct :--n* for all recoveries, salvages and other insurances (other than recoveries under the l nt.. r lying Insurance, policies of coinsurance, or policies specifically in excess hereof), wnetm-r recoverabie or not. and shall exclude all "Costs". THE WORD "COSTS" shall be understood to mean interest on judgn-.. investigation, adjustment and legal expenses including taxed court costs and pri-rr.,.- - on bonds, for which the Insured is not covered by the Underlying Insurance (e.\< c however, all expenses for salaried employees and retained counsel of and all office expi-n- - of the Insured). t AID 010707 COSTS INCURRED RY THE INSURED, with tne written consent of the Company shall be apportioned as follows: (a) In the event of claim or suit arising which appears likelv to exceed the Primary Limit or Limits, no Costs shall be incurred bv the Insured without the written consent of the Company. (b) Should such claim or suit be settled previous to going into court for not more than the Primary Limit or Limits, then no Costs shall be pavabie by the Company. (c) Should, however, the sum for which the said claim or suit may be set tled exceed the Primary Limit or Limits, then the Company if it approves such settlement or consents to the proceedings continuing, shall contribute to the Costs incurred by the Insured in the ratio that its proportion of the ultimate net loss as finally adjusted bears to the whole amount of such ultimate net loss. (d) In the event the Insured elects not to appeal a judgment in excess of the Primary Limit or Limits, the Company may elect to conduct such appeal at its own cost and expense and shall be liable for the taxable court costs and interest incidental thereto, but in no event shall the total liability of the Company exceed its limit or limits of liability as stated above, plus the costs of such appeal, (e) In the event a judgment is rendered in excess of the Primary Limit or Limits and the underlying insurance company (ies) elect to appeal such judgment, the duty of obtaining an appeal bond in regard to liability in excess of the Primary Limit or Limits shall rest with the Insured and its Primary Carrier. ALL SALVAGES, recoveries or payments recovered or received subsequent to a loss settlement under this Certificate shall be applied as if recovered or received prior to such settlement and all necessary adjustments shall then be made between the Insured and the Company, provided always that nothing in this clause shall be construed to mean that losses under this Certificate are not recoverable until the Insured's ultimate net loss has been finally ascertained. NOTHING HEREIN CONTAINED shall be construed to mean that the Insured shall be required to enforce by legal action any right of subrogation or indemnity before the Company shall pay any loss covered hereunder. SUBROGATION INASMUCH AS this Certificate is Excess Insurance, the Insured's right .f recovery against any person cannot be exclusively subrogated to the Company. It : . therefore, understood and agreed that in case of awy payment hereunder, the Compnnv v:r act in concert with all other interests (including the Insured! concerned, in the everris. >f such rights of recoverv. The apportioning of any amounts which may be so recovered >!i.<M follow the principle that any interests (including the Insured) that shall have fa*d iamount over and above any payment herpunder. shall first be reimbursed up to the am.... . paid by them, thp Company is then to be reimbursed out of anv balance then rem.ruv g up to the amount paid hereunder; lastly the interests (including the Insured I **f f-n. this coverage is in eve ss are entitled to claim the residue, if any. Expenses ne.i--ar. to the recovery of anv -tich amounts shall he apportioned between the in.ere*ts t: i.-tm( ,/ the Insured) comerned. in the ratio of their respective recoveries as finally setil.il CANCELLATION THIS t F.RT1FICATE may be cancelled by either party upon writr.-n i- such notice to be :t !e<s than the number of days set forth in Item 5. of the Deciar.it If cancellation i* at the request of the Insured, adjustment of premium shall be at -t rate, and if catuclUd b> the Company, adjustment shall be made pro rata Hoei. the event of r.uuedation or non-renewal of the underlying insurance, this lYr a terminates as of the -ame date without notice to the Insured. The Company may. h`.cancel this Cer':Tia!e absolutely on five days' notice for non-payment of premium Notice shall be gr b\ the Insured to the Company at 99 John Street. New York > ' York and by the ' '..mpany to the Insured at the latter's address as shown in the i lo tions. Notice by th.- < ompany to the first named Insured, if more than one. shall b.- ! notice to any other interest included as an Insured. AID 010708 \ o p b u o o or cofMuei TSftM of this i I, gf the Diclirttioaii 4mi y CONDITION* EXCEPT AS MAY BE inconsistent with the above, the aware** prnvidad by this Certificate ahall follow the insuring agreements, conditions and exctaefeae of the Underlying insurance, including any change by endorsements. The Coaapaay ehal be notified of all such endorsements and copies thereof shall be famished to the Company upon request. ALL TERMS AND CONDITIONS of the "Nuclear Energy Liability Exclu sion Endorsement (Broad Form)" contained in the Underlying Insurance are, specifically understood to be part of thia Certificate. THE LIMITS OF THE UNDERLYING INSURANCE ahall be maintained in full effect daring the currency of thia Certificate, except for reduction of the primary Ihnita by exhaustion of aggregate limits (if any) contained therein aolety by payment of dataa in respect of accidents or occurrences happening during the period hereof. Un less specifically stated to the contrary in Items 2. and 3. of the Dedr-stione the cov erage provided by this Certificate applies only with respect to each accident or nrrnrrenm for limits in exeses of the amount provided for lame in tlm Undmiying Insurance and immaee *" ****** * <* <* WBb (M AID 010709 DECLARATIONS Attached to and forming put of Certificate of Excess Insurance No. M- 51^*0-0001 Item 1. INSURED : Anaconda Company and/or it a affiliatedi associated and subsidiary companies, and their sub sidiary conpaniaa as now constituted or as nay hereinafter be acquired or created and Inspiration Consolidated Copper Coapany and Warrior Co-opsretire Marcsstile Coagisny. ADDRESS : 25 Broadway, lew fork, H. T. Item 2. UNDERLYING INSURANCE : A. Prinary Liability Insurance prograa underwritten for rarious linita by certain foreign and dowatlc insurance companies. B. The Hone Insurance Ccepany RXC 95^ 1*659, Umbrella Liability 110,000,000 sack occurreuce $10,000,000 annual aggregate where applicable in excaae of A. above or $25,000 eaeh occurrence not covered by underlying insurance. Item 3. LIMIT(S) OF COVERAGE HEREUNDER ram rracnrr (50$) part of $10,000,000 eaeh occurrence third party liability, $10,000,000 annual aggregate in excess of the Halts set forth In 2B above. Item 4. PREMIUM Item 5. CANCELLATION Item 6. PERIOD OF COVERAGE HEREUNDER $6,575.00 Thirty Days October 19, 1965 to October 19, 1963, 12t01 A.M., at the Insured's address as to berth dates. AID 010710 Htiqii. FaSBTl:|CKSr^|i|i|i