Document eVJYzMbMa84zn51QEk1DY3x9

EXCESS INSURANCE POLICY U.S. insurance Group aCrumandF(x*l*tO'9*nlx*l)oi N17589 iABfltiSaifiCl&ICi awwttMt EXCESS INSURANCE POLICY United States Fire Insurance Company A New York Corporation Home Office: New York, N. Y. Westchester Fire insurance Company A New York Corporation Home Office: New York. N. Y. International Insurance Company An Illinois Corporation Home Office: Chicago, Illinois The North River Insurance Company A New Jersey Corporation Home Office: Township of Morris. N. J. U.S. Insurance Group a Cftjm Forsl*r or?*" xdlio* in' consideration of the payment of premium and in reliance upon the statements in the Declarations and subject toall the terms of this policy, the Company named in the Declarations (a capital stock company, herein called the company) agrees with the insured, also named in the Declarations, to provide coverage as follows: INSURING AGREEMENT To indemnify the insured for that amount of loss and loss expense which exceeds the amount of loss and loss expense payable by underlying policies described in the Declarations, but the Company's obligation hereunder shall not exceed the limit of liability stated in Declara tion 6. CONDITIONS A. Application of Underlying Insurance. Except as other wise stated herein, and except with respect to (1) any obligation to investigate or defend any claim or suit, or (2) any obligation to renew, the insurance afforded by this policy shall apply in like manner as the underlying insur ance described in the Declarations. B. Maintenance of Underlying Insurance, it is warranted by the insured that the underlying policies listed in item 5 of the declarations, or renewals or replacements thereof not more restricted, shall be maintained in force as valid and collectible during the currency of this policy, except tor any reduction of the aggregate limits con tained therein solely by payment of claims in respect of occurrences happening during this policy period. In the event of failure by the insured to so maintain such policies in force or to meet ail conditions and warranties subsequent to loss under such policies, the insurance afforded by this policy shall apply in the same mannerit would have applied had such policies been so maintained in force. Notice of exhaustion of underlying insurance shall be given the company within thirty (30) days of such exhaustion. C. Loss Payable. Liability of the company with respect to any one occurrence shall not attach unless and until the insured, or the insured's underlying insurer, has paid the amount of underlying insurance stated in Declaration 5. The insured shall make a definite claim for loss, for which the company may be liable within twelve (12) months after the insured has paid any amount of excess loss, as stated in Declaration 6; or after the insured's liability shall have been made certain by final judgment after actual trial; or by written agreement of the insured, the claimant, and the company. Any subsequent payments made by the insured on account of the same occurrence shall be payable by the company within thirty (30) days after additional claim is made by the insured, and after the insured has shown proof in conformity with this policy. D. Premium Computation. The premium for this policy shall be based upon the rating basis set forth in the declarations and shall be computed by applying the rate set forth in the declarations to each unit of exposure generated by the insured during the policy period. The advance premium is based upon theestimatedexposures for the policy period as stated in the declarations. Upon expiration of this policy or its termination during the policy period, the earned premium shall be computed as thus defined. If the computed earned premium is more than the advance premium paid, the named insured shall immediately pay the excess to the company; if less, the company shall return the difference to the named in sured; but the company shafl receive and retain the annual minimum premium tor each twelve (12) monthsof the policy period. E. Assistance and Co-operation. The company shall nol be called upon to assume charge of the settlement or defense of any claim made or proceeding instituted against the insured: but the company shall have the righl and opportunity to associate with the insured in the defense and control of any claim or proceeding reason ably likely to involve the company. In such event the insured and the company shall cooperate fully. F. Loss Expense. Loss expense includes loss expenses and legal expenses incurred by the insured with the consent of the company in the investigation or defense of claims, including court costs and interest. Salaries and expenses of the insured's employees shall not be considered as part of the above expenses. Expenses thus paid by the company shall be a part of the limit of liability stated in Declaration 6. GLD055393 0049-GLD-000055393 G. Notice of Occurrence. Upon the happening of an occurrence reasonably likely to involve the company hereunder, written notice shall be given as soon as prac ticable to the company or any of its authorized agents. Such notice shall contain particulars sufficient to identify the insured and the fullest information obtainable at the time. The insured shall give like notice of any claim made on account of such occurrence. If legal proceedings are begun, the insured, when requested by the company, shall forward to it each paper thereon, or a copy thereof, received by the insured or the insured's representatives, together with copies of reports of investigations made by the insured with respect to such claim proceedings. H. Appeals. In the event the insured or the insured's underlying insurer elects not to appeal a judgment which exceeds the underlying insurance, the company may elect to do so at its own expense, and shall be liable for the taxable costs, disbursements and interest incidental thereto, but in no event shall the liability of the company for excess loss exceed the amount set forth in Declar ation 6. I. Subrogation, in the event of payment under this policy, the company will participate with the insured and any underlying insurer in the exercise of all the insured's rights of recovery against any person or organization liable therefor. Recoveries shall be applied first to reimbuse any interest (including the insured) that may have paid any amount, with respect to liability in excess of the limit of the company's liability hereunder, then to reim burse the company up to the amount paid hereunder, and lastly to reimburse such interests (including the insured), to whom this insurance is excess as are entitled to claim the residue, if any. Such expenses incurred in the exer cise of rights of recovery shall be apportioned among all interests in the ratio of their respective losses for which recovery is sought. J. Cancellation, inis policy may be cancelled by the named insured by surrender thereof to the company or any of its authorized agents, or by mailing to the company written notice stating when thereafter such cancellation shall be effective. This policy may be cancelled by the company by mailing to the named insured at the address shown in this policy written notice stating when, not less than thirty (30) days thereafter, such cancellation shall be effective. The mailing of notice as aforesaid shall be sufficient notice and the effective date of cancellation stated in the notice shall become the end of the policy period. Delivery of such written notice either by the named insured or by the company shall be equivalent to mailing. Premium adjustment shall be made by the company either at the time cancellation is effected or as soon as practicable thereafter. The check of the company or its representative, mailed or delivered, shall be sufficient tender of any refund due the named insured. If this policy insures more than one named insured, cancellation may be effected by the first of such named insureds for the account of all insureds; and notice of cancellation by the company to such first named insured shall be notice to all insureds. Payment of any unearned premium to such first named insured shall be for the account of all interests therein. K. Other Insurance, if other valid and collectible insur ance is available to the insured which covers a loss also covered by this policy, other than insurance that is speci fically purchased as being in excess of this policy, this policy shall operate in excess of, and not contribute with, such other insurance. IN WITNESS WHEREOF, the company has caused this policy to be signed by its vice chairman of the board and secretary but this policy shall not be valid unless com pleted by the attachment hereto of a Declarations page countersigned by a duly authorized representative of the company. Antoinette C. Bentley Secretary Sidney F. Wentz Vice Chairman of the Board GLD055394 0049-GLD-000055394 ) ) NUCLEAR ENERGY LIABILITY EXCLUSION ENDORSEMENT It is agreed that: I. This policy does not apply; (a) to injury,sickness, disease, death, destruction or loss 1. with respect to which an insured under the policy is also an insured under a nuclear energy liability policy issued by Nuclear Energy Liability Insurance Under writers or Nuclear insurance Association of Canada, or would be an insured under any such policy but for its termination upon exhaustion of its limit of liability; or 2. resulting from the hazardous properties of nuclear material and with respect to which (a) any person or organization is required to maintain financial pro tection pursuant to the Atomic Energy Act of 1954, or any law amendatory thereof, or (b) the insured is, or had its policy not been issued would be, entitled to indemnity from the United States of America, or any agency thereof, under any agreement entered into by the United States of America, or any agency thereof, with any person or organization; (b) to injury, sickness, disease, death, destruction or loss resulting from the hazardous properties of nuclear material, if 1. the nuclear material (a) is at any nuclear facility owned by, or operated by or on behalf of, an insured or fb) has been discharged or dispersed therefrom; 2. the nuclear material is contained in spent fuel or waste at any time possessed, handled, used, pro cessed. stored, transported or disposed of by or on behalf of an insured; or 3. the injury, sickness, disease, death, destruction or loss arises out of the furnishing by an insured of ser vices, materials, parts or equipment in connection with the planning, construction, maintenance, operation or use of any nuclear facility, but if such facility is located within the United States of America, its territories or possessions or Canada, this ex clusion (3) applies only to injury to or destruction of or loss of property at such nuclear facility; II. As used in this endorsement; "hazardous properties" include radioactive, toxic or ex plosive properties; "nuclear material" means source material, special nuclear material or byproduct material; "source material", "special nuclear material", and "by product material" have the meanings given them in the Atomic Energy Act of 1954 or in any law amendatory thereof; "spent fuel" means any fuel element or fuel component, solid or liquid, which has been used or exposed to radia tion in a nuclear reactor "waste" means any waste material (1) containing bypro duct material and (2) resulting from the operation by any person or organization of any nuclear facility included within the definition of nuclear facility under paragraph (1) or (2) thereof; "nuclear facility" means 1. any nuclear reactor, 2. any equipment or device designed or used for (a) separating the isotopes of uranium or plutonium, (b) processing or utilizing spent fuel, or (c) handl ing, processing or packaging waste. 3. any equipment or device used for processing, fab ricating or alloying of special nuclear material if at any time the total amount of such material in the custody of the insured at the premises where such equipment or device is located consists of or con tains more than 25 grams of plutonium or uranium 233 or any combination thereof, or more than 250 grams of uranium 235. 4. any structure, basin, excavation, premises or place prepared or used for the storage or disposal of waste. and includes the site on which any of the foregoing is located, all operations conducted on such site and all premises used for such operations; "nuclear reactor" means any apparatus designed or used to sustain nuclear fission in self-supporting chain re action or to contain a critical mass of fissionable material; With respect to injury to or destruction of or loss of pro perty, the word "injury" or "destruction" or "loss" in cludes all forms of radioactive contamination of property; All other terms and conditions of this policy remain un changed. FM 101.1.302 (2-82i GLD055395 0049-GLD-000055395 INSURED ------- * flPOUCY NUMBER Hanson Industries j FTZ4025696 GtEATitoERKAN IN6URANCS eOMOAMlSS EFFECTIVE DATE 10-1-86 POCICY PERIOD 10-1-86 t0 10-1-87 AU THORIZED (REPRESENTATIVE . ___XL Complete the above spaces if this endorsement is not attagfedfto the policy when issued. GENERAL ENDORSEMENT # 16 In consideration of the premium charged, it is hereby understood & agreed that endorsement #3, as respects Durkee Foods, is amended to read Durkee Famous Foods. NOT SUBJECT TO THE FILMS mm MWOffll REQUIREMENTS OF HEW YOK 'iWE IN.SHOE LAW AND REGU'ATIONS WITH MC:sc 8/21/87 F.140Q4H -- 4-73 THIS POLICY tS SUBJECT OTHERWISE TO ALL ITS TERMS. GLD055396 0049-GLD-000055396