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GLD056529
0049-GLD-000056529
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GERLING
GLD056530
0049-GLD-000056530
BINDER CONFIRMATION
Bowling Marsh 6 McLennan Limited The Bowrlng Building Tower Place London EC3P3BE United Kingdom Telephone 0171 3S7 1000
BOWRING
Mr. Donald L. Schoenewolf Direclor of Risk Management Millennium Chemicals Inc. 99 Wood Avenue. South.
Iselrn, New Jersey 08830 U.SA
Date
________October 1, 1997
Page 1 of 2
No. 000004
Insured Insured by
Millennium Chemicals Inc. & Millennium America Inc and all Subsidiary and/or Associated Companies.
Amount |
Rate of Premium
| Effective | Expiring
Gerling Konzem General Insurance Company 50 Fenchurch Street London EC3M 3JY United Kingdom
1&V9610/1/97 Effective 10/1/97 coverage is extended to 11.59 pm on 12/31/97.
Coverage:
Legal liability of the Insured more fully defined in the policy policy wording arising in connection with the business
Accepted by Date Policy Number _
/ <301203/0
Limit-ttf Liability-: S25.000.000 any one accident, but US$31,250,000 in the aggregate for Products Liability in excess of $75,000,000 any one accident, but US$93,750,000 in the aggregate for Products Liability in excess of underlying primary policy limits
Conditions:
As per the policy including but not limited to: 1} In respect of USA/Canada cover win include:
a) Legal costs included in the limit b) Time element pollution exclusion
- wording as agreed c) Asbestos exclusion
2) In respect of the United Kingdom/Rest of World Operations following the terms and conditions of the primary policy issued by Eagle Star.
Cover will be subjectto NMA1685 (Sudden and Accidental pollution limitation)
We have signed binder effecting the foregoing. Please notny the undersigned immediately of changes, if any, you wish to make in the above arrangements; otherwise, completing documents or premium statementwill be prepared and sent to you.
By:
Declan Durkan
Unit; Programme Design & Marketing Team
BinderWK 3
U/CST1/hanson/renewaL/quoie/Miibln 97
G&D056531
0049-GLD-000056531
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BINDER
CONFIRMATION
Bowring Marsh & McLennan Limited The Bowring Building Tower Place London ECJP 38E United Kingdom Tehplmeoni 357 low
BOWRING
Mr. Donald L. Schoerewolf Director of Risk Management Millennium Chemicals Inc. 99 Wood Avenue. South,
Iselin, New Jersey 08830 U.S.A.
Date
________October 1.1997
Page 2 of 2
No. 000004
Insured
Milennium Chemicals Inc. & Millennium America Inc. and all Subsidiary and/or Associated Companies.
Insured by
Geriing Konzem General Insurance Company 50 Fenchurch Street London EC3M 3JY United Kin
Amount
Accepted by Date
MU/tP'rty
Policy Number. &a-lio\aozlD
Rate of Premium
| Effective | Expiring
_____ ______ 10M/96
10/1/97
3) Cover worldwide will include/be subject to the following : a) Full contractual liabifty
b) Cross liabilities c) Advertising Liability d) Property damage definition to include loss of use of tangible
property e) Tobacco health risk exclusion f) Polcy silent in respect of punitive and exemplary damages g) Aircraft products and grounding exclusion h) Wrongful termination and discrimination exclusion i) Marine liabilities exclusion fl Policy is silent in respect of subsidence k) Excluding financial loss arising from Products Hazard
Worldwide
Additional Premium:
$12,350
Ger/ing Konzem Royal Global Zurich Frankona UAP Commercial Union AXA Global Sampo
20.00% 20.00%
15.00% 8.00% 8.00%
8.00% 20.00%
15.00%
Total
114.00%
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We have signed binder effecting the foregoing. Please notify tho undersigned immediately of changes, if any, you wish to make in the above arrangements; otherwise, completing documents or premium statement will be prepared and sent to you.___________________ ________________________________________________________________________
By:
Declan Durkan
Unit: Programme Design & Marketing Team
Binder WK 3
U/CSTt/hanson/renewal/quote/Mllbin 37
GLD056532
0049-GLD-000056532
Manager:
Gerling Insurance Service Company Ltd
GERLING-KONZERN GENERAL INSURANCE COMPANY
UK BRANCH
50 Fencburch Street London EC3M 3JY Tel: 0171 696 8099 Fax:0171 696 8119
EXCESS UMBRELLA LIABILITY INSURANCE
The Gerling Konzern General Insurance Company UK Branch (hereinafter called "the Company") in consideration of the payment of premium by the Insured and subject to all terms and any Memoranda endorsed hereon will indemnify the Insured as provided herein
The Company hereby agrees subject to the terms hereinafter mentioned to indemnify the Insured for all sums which the Insured shall be legally obligated to pay as damages on account of:
i) personal injuries
ii) property damage
iii) advertising liability
occurring during the Period of Insurance in connection with the Business all as more fully described in the Primary Umbrella Policy stated in Item 2 of the Schedule and issued by the Insurers as specified thereunder (hereinafter called the "Primary Umbrella Insurers")
PROVIDED ALWAYS THAT no liability shall attach to the Company hereunder unless and until the Primary and/or Underlying Excess Umbrella Insurers have paid or have been held liable to pay the full amount of their respective ultimate net loss liability as stated in Items 3 and 4 of the Schedule and the Company shall then be liable to pay only the excess thereof up to but not exceeding the amounts stated in Items 5 and 6 of the Schedule
Date 24 October 1997
Signed For and on behalf of the Gerling Konzern General Insurance Company - UK Branch
Important Notice to the Insured Please read this policy carefully to ensure that it is in accordance with your
requirements and that you understand its terms and conditions. The Company should be contacted immediately if any correction is necessary
62J9012QZJD
Page 1 of 5
Millennium Chemical* me
GLD056533
0049-GLD-000056533
SCHEDULE
Policy No:
62/901203/D
Item 1 The Insured:
Millennium Chemicals Inc and Millennium America Inc and all Subsidiary and Associated Companies
Address: The Business:
99 Wood Avenue South Iselin New Jersey 08S30 USA As stated in the Primary Umbrella Policy
Broker: Item 2 a) Primary Umbrella Policy:
Bowring Marsh & McLennan Ltd 62/901152/D
b) Primary Umbrella Insurers:
Item 3 Primary and Underlying Excess Umbrella Limits:
Gerling Konzem Genera] Insurance Company - UK Branch
US$75,000,000 any one occurrence
Item 4 Primary and Underlying Excess Umbrella Aggregate Limits:
US$75,000,000 for any one Period of Insurance in respect of liability arising from the Products Hazard and Completed Operations Hazard and any other aggregate limit contained in the Primary or any Underlying Excess Umbrella Policy
Item 5 Limits of Liability:
US$25,000,000 any one occurrence
Item 6 Aggregate Limit of Liability:
US$25,000,000 for any one Period ofInsurance in respect of liability arising from the Products Hazard and Completed Operations Hazard and any other aggregate limit contained in the Primary or any Underlying Excess Umbrella Policy
Item 7 Period of Insurance
(a) From: 1st October 1996 ) both days To: 30th September 1997 ) inclusive
(b) any subsequent period for which the Company shall have agreed to renew this Policy
Item 8 First Premium;
US$25,927.41 part ofUS$49,600.00
Renewal Premium:
To be agreed
Percentage applicable to Condition No 10
52.273
Memoranda applicable at inception:
Examined:
62/901203/D
Page 2 of5
Millennium Chemicals Inc
GLD056534
0049-GLD-000056534
CONDITIONS
1 ULTIMATE NET LOSS LIABILITY
The term "ultimate net loss" shall be understood to mean the sum actually paid in cash in the settlement of losses for which the Insured are liable after making proper deductions for all recoveries salvages and other insurances (other than the Primary and/or Underlying Excess Umbrella Insurance) whether recovered or not and shall exclude all costs and expenses unless stated to be included in the Primary Umbrella Policy
2 PRIOR INSURANCE AND NON CUMULATION OF LIABILITY
It is agreed that if any loss covered hereunder is also covered in whole or in part under any other excess policy issued to the Insured prior to the inception date hereof the limit of liability hereon as stated in Items 5 and 6 of the Schedule shall be reduced by any amounts due to the Insured on account of such loss under such prior insurance
3 MAINTENANCE OF UNDERLYING UMBRELLA INSURANCE
This Policy is subject to the same terms (except as regards the premium the amount and limits of liability and except as otherwise provided herein) as are contained in or as may be added to the Primary Umbrella Policy stated in Item 2 of the Schedule prior to the happening of an occurrence for which claim is made hereunder Should however any alteration be made in the premium for the Primary Umbrella Policy during the currency of this Policy the Company reserves the right to adjust the premium hereon accordingly
It is a condition of this Policy that the Primary Umbrella Policy shall be maintained in full effect during the Policy Period without reduction of coverage or limit except for any reduction of the aggregate limits contained therein solely by payment of claims in respect of accidents and/or occurrences during the period of this Policy
4 ADJUSTMENT
If the premium has been calculated on estimates supplied by the Insured the Insured shall as soon as practicable after expiry of each Period of Insurance supply the Company with particulars necessary for assessment of premium and should these particulars differ from the estimates upon which premium has been paid the difference in premium shall be met by a further proportionate payment or refund as die case may be subject to any minimum premium hereon
5 NOTICE OF OCCURRENCE
Whenever the Insured has information from which the Insured may reasonably conclude that an occurrence covered hereunder involves injuries or damages which in the event that the Insured should be held liable is likely to involve this Policy notice shall be sent to the Company as soon as is practicable provided however that failure to give notice of any occurrence which at the time of its happening did not appear to involve this Policy but which at a later date would appear to give rise to claims hereunder shall not prejudice such claims
62^01203/D
Page 3 ofS
Millennium Chemicals Inc
GLD056535
0049-GLD-000056535
6 STEPDOWN In the event of the reduction or exhaustion of any aggregate limit contained in the Primary and/or Underlying Excess Umbrella Insurance by reason of claims paid thereunder this Policy subject to its terms shall in respect of the affected coverage operate directly in excess of the reduced excess any one loss limit and in respect of exhaustion of such limit shall continue in force and operate as the Primary' Insurance
7 COSTS
If the Insurers of the Primary Umbrella Policy and any Underlying Excess Umbrella Insurance have invoked a right to pay the Limit of LiabiEty thereunder and only be liable for costs and expenses for which they are responsible up to the time of such payment then the Company shall be liable for any further costs and expenses for which they may agree to provide indemnity with their written consent
8 CANCELLATION
This Policy may be cancelled by the Insured or by the Company or their representatives by sending by registered mail notice to the other party stating when, not less than thirty (30) days thereafter, cancellation shall be effective The mailing of notice as aforesaid by the Company or their representatives to the Insureds last known address shall be sufficient proof of notice and the insurance under this Policy shall end on the effective date and hour of cancellation stated in the notice Delivery of such written notice either by the Insured or by the Company or their representatives shall be equivalent to mailing
If this Policy shall be cancelled by the Insured the Company shall retain the customary short rate proportion of the premium for the period this Policy has been in force If this Policy shall be cancelled by the Company the Company shall retain the pro rata proportion of the premium for the period the Policy has been in force Notice of cancellation by the Company shall be effective even though the Company makes no payment or tender of return premium with such notice
9 OTHER INSURANCE
If other valid and collectable insurance with any other insurer is available to the Insured covering a loss also covered by this Policy other than insurance that is specifically stated to be excess of this Policy the insurance afforded by this Policy shall be in excess of and shall not contribute with such other insurance Nothing herein shall be construed to make this Policy subject to the terms of such other insurance
10 PROPORTION
The liability of the Company under this Policy is limited to the percentage specified in the Schedule of
(i) the Limits specified in Items 5 and 6 of the Schedule and
(ii) associated costs as more fully defined herein
62/901203/D
Page4of5
Millennium Chemicals Inc
GLD056536
0049-GLD-000056536
Memoranda attaching to and forming part of Policy No 62/901203/D in the name of Millennium Chemicals Inc and Millennium America Inc and all Subsidiary and Associated Companies
1 INSURERS
Any reference in this Policy to the "Geriing Konzem General Insurance Co - UK Branch" or to "the Company" shall be deemed to refer to the undermentioned Insurers for their respective rights interests and liabilities each for its own proportion of the risk as shown and not one for another
The Leading Office has been duly authorised by such Insurers to sign this Policy on their behalf
Insurers Geriing Konzem General Ins Co Branch (Leading Office) Commercial Union Assurance pic Zurich International (UK) Ltd Sampo Industrial Insurance NY
Proportion Reference
18.182% 7.273% 13.636% 13.636%
62/901203/D I0T925496190I 16/509 67815 301075196
52.727%
Subject otherwise to the terms Exceptions and Conditions of the Policy
Date 24 October 1997
Signed For and on behalf of the Geriing Konzern General Insurance Company - UK Branch
62J901202JD
Page 5 of 5
Millennium Chemicals Inc
GLD056537
0049-GLD-000056537
Memorandum No 2 attaching to and forming part of Policy No 62/901203/D in the name of Millennium Chemicals Inc and Others
It is agreed that (i) as from the 12th October 1996 Endicott Johnson Retail Corporation along with its related
entities having been sold by the Insured is no longer a Subsidiary Company of the Insured (ii) the Period of Insurance is extended to expire at 23.59 hours on the 31st December 1997 to
become renewable at 23.59 hours on. the 31st December 1997 and annually thereafter in consideration of which there is an additional premium of US$6,455.72 part of US$12,350.00 due to the Company (iii) during the Period from the 1st October 1996 to 23.59 hours on the 31st December 1997 (a) the amount of US$25,000,000 contained in Item 6 of the Schedule is increased to
US$31,250,000 (b) the amount of US$75,000,000 contained in Item 4 of die Schedule is increased to
US$93,750,000
Subject otherwise to the terms exceptions and conditions of the Policy
Date: 24 October 1997 Exmd: ^
Signed For and on behalf of Gerling Konzem General Insurance Company -UK Branch
GLD056538
0049-GLD-000056538
Ld r ma Po l ic y
In Consideration of the Insured named in the Schedule hereto having paid the premium stated in the said Schedule to the Insurers named herein who have hereunto subscribed their names ("the Insurers")
The Insurers hereby severally agree each for the proportion set against its own name to indemnify the Insured or the Insured's Executors and Administrators against loss, damage or liability to the extent and in the manner set forth herein. Provided that the aggregate liability of the Insurers shall not exceed the Sum Insured or other limits as are set forth in the Schedule.
If the Insured shall make any claim knowing the same to be false or fraudulent, as regards amount or otherwise, this Policy shall become void and all claims hereunder shall be forfeited.
In witness whereof the Director of Policy Signing Services of Lo n d o n In s u r an c e an d Rein s u r an c e Ma r k e t As s o c iat io n ("LIRMA") has subscribed his name on behalf of each of the LIRMA Companies and (where the Companies Collective Signing Agreement ("CCSA") is being implemented) on behalf of the Leading CCSA Company which is a LIRMA member and authorised to sign this Policy (either itself or by delegation to LIRMA) on behalfof all the other CCSA Companies.
Signed: Director ofPolicy Signing Services
Date as in the Schedule.
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GLD056539
0049-GLD-000056539
Th e Sc h e d u l e
Date 10th December 1997 Policy No 460/013103/01.
The Insured
Millennium Chemicals Incorporated and Millennium America Incorporated and all Subsidiaries and/or Associated Companies
Premium Sum Insured The Interest Insured
Insured Perils
US$23,447.41 part ofUS$49,600.00 in full
HEREON: 47.273% part of 100% ofthe following limits
US$25,000,000 any one occurrence, but in the aggregate in respect ofproducts liability
In excess of underlying policies
To indemnify the Insured for all sums which the Insured shall become legally liable to pay as damages or compensation consequent upon:
Personal Injury Property Damage Advertising Injury
arising out ofan occurrence during the period in connection with the business
Umbrella Liability
Period of Insurance
From 1st October 1996
To 1st October 1997
both days inclusive and for such further period or periods as may be mutually agreed.
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GLD056540
0049-GLD-000056540
COtNSURANCE CLAUSE
It is warranted that this Policy shall run concurrently with and be subject to the same terms, provisions, and limitations as are contained in Policy No. 62/901203/D issued by Gerling-Konzem General Insurance Company UK Branch covering the identical subject matter and risk.
SEVERAL LIABILITY NOTICE
The subscribing insurers' obligations under contracts of insurance to which they subscribe are several and not joint and are limited solely to the extent of their individual subscriptions. The subscribing insurers are not responsible for the subscription of any co-subscribing insurer who for any reason does not satisfy all or part ofits obligations.
LSW 1001 (Insurance)
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GLD056541
0049-GLD-000056541
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GLD056542
0049-GLD-000056542
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-LIABILITY UMBRELLA
MILLENNIUM 509/DL191996
12/31/97
GERLING
COMPANY POLICY
IN CONSIDERATION of the Insured named in the Schedule hereto having paid the premium set forth in the said Schedule to the Insurers who have hereunto subscribed their Names (hereinafter referred to as "the Insurers")
THE INSURERS HEREBY AGREE for the proportion set forth herein to indemnify the Insured or the Insured's Executors, Administrators and Assigns against Loss as more fully set forth in the attached wording and any amendments which are endorsed hereon during the period of Insurance stated in the said Schedule or during any subsequent period as may be mutually agreed upon between the Insured and the Insurers
PROVIDED that the liability of the Insurers shall not exceed the Sum Insured expressed in the said Schedule.
If the Insured shall make any claim knowing the same to be false or fraudulent, as regards amount or otherwise, this Policy shall become void and all claim hereunder shall be forfeited.
IN WITNESS WHEREOF I, being a representative of the Insurers and
authorised by the said Insurers to sign this Policy on their behalf have hereunto subscribed
my name this
day of
One Thousand nine hundred and
GLD056544
0049-GLD-000056544
The Insurers
Gerling-Konzem AUgemeine Versicnerungs-Aktiengeselischaft
Proportion
Reference Numbers
100.00%
99/500137/01
The proportion signed above is a percentage of 80% ofthe Limits of Indemnity
GLD056545
0049-GLD-000056545
Date: 2nd December 1997 Policy No. 5G9/DL191996
THE SCHEDULE
The Insured
Millennium Chemicals Inc. as more fully set forth in the attached wording.
99 Wood Avenue, South Iselin, New Jersey, 08830 USA
The Premium: Sum Insured
US$81,920.00 (being 100% of 80% of US$102,400.00) 100% of 80% of the Limit of Indemnity
Interest Insured:
Umbrella Liability
all as more fully set forth in the attached wording.
It is agreed that wherever the word 'Underwriters" herein, the word ''Insurers1' shall be read in lieu thereof.
Period of Insurance
From: 1st October 1996
To: 1st October, 1997
Both days at 12.01 ajn. Local Standard Time
GLD056546
0049-GLD-000056546
Attaching to and forming part of Policy No. 509/DL191996
Issued to:
Millennium Chemicals Inc and all Subsidiaries and/or Associated Companies
ENDORSEMENT NO. 2
It is hereby understod and agreed that:
(i) with effect from 12th October 1996 the Insured having sold its Subsidiary Company Endicott Johnson Retail Corporation, all cover under this Policy in respect of such Subsidiary Company is cancelled and of no effect.
(11) (a)
the Policy Period is extended to expire on the 31st December 1997
(b) for the period 1st October 1996 to 31st December 1997 the Aggregate Limit of Indemnity set forth in Item 6 of the Declarations is increased.to US$31,250,000.
In consideration of the foregoing there is an additional premium of US$20,397.60 part of US$25,497.00 due to Underwriters.
All other terms and conditions remain unchanged.
GLD056547
0049-GLD-000056547
Attaching to and forming part of Policy No. 509/DL191996
Issued to:
Millennium Chemicals Inc and all Subsidiaries and/or Associated Companies
ENDORSEMENT NO. 1
Effective: Inception
It is hereby understood and agreed that this Policy follows all terms, conditions, exclusions, endorsements and extensions of the lead underlying liability Policy issued by Gerling Konzern (Policy No. 62/8189349/D).
Notwithstanding anything contained herein to the contrary, it is further understood and agreed that this Policy Is extended to include but shall not be limited to the following:
1) In respect of USA/Canada operations:
(a) Legal Costs inclusive within the Limits of Indemnity (b) Asbestos exclusion (c) Pollution on Time Element basis
2) In respect of the United Kingdom/Rest of the World operations:
(a) this Policy shall follow the terms and conditions of the primary policy issued by the Eagle Star or primary carriers as outlined in the attached Schedule of Underlying Insurances
(b) the following clause shall apply
3) In respect of the Worldwide coverage:
(a) Full contractual liability (b) Cross Liability (c) Property damage definition to include loss of use of tangible
property (d) Tobacco health risk exclusion (ej excludes pure financial loss in respect of products liability (f) Aircraft Products and Grounding exclusion (g) Wrongful termination and discrimination exclusion (h) Marine Liabilities exclusion (i) Advertising Liability
all as may be more fully set forth and defined in the lead underlying policy
All other terms and conditions remain unchanged.
GLD056548
0049-GLD-000056548
EXCESS LIABILITY POLICY
INSURING AGREEMENTS:
I COVERAGE -
The Underwriters hereby agree, subject to the limitations, terms and conditions hereinafter mentioned, to indemnify the Insured for all sums which the Insured shall be obligated to pay by reason of the liability caused by or arising out of the hazards covered by and as more fully defined in the Underlying Policy/ies stated in Item 2 of the Declarations.
II LIMIT OF LIABILITY -
It is expressly agreed that liability shall attach to the Underwriters only after the Underlying Insurers (as specified in Item 2 of the Declarations) have paid or have been held liable to pay the full amount of their respective ultimate net loss liability as follows:
$ (as stated in Item 3 of the Declarations)
ultimate net loss in respect of each occurrence, but
$ (as stated in Item 4 of the Declarations)
in the aggregate for each annual period during the currency of this Policy, separately in respect of each hazard insured with an aggregate limit in the Underlying Policy/ies
and the Underwriters shall then be liable to pay only the excess thereof up to a further
$ (as stated in Item 5 of the Declarations)
ultimate net loss in all in respect of each occurrence subject to a limit of
$ (as stated in Item 6 of the Declarations)
in the aggregate for each annual period during the currency of this Policy separately in respect of each hazard insured with an aggregate limit in the Underlying Policy/ies.
Page 1 of 5
GLD056549
0049-GLD-000056549
CONDITIONS:
1. PRIOR INSURANCE AND NON CUMULATION OF LIABILITY -
It is agreed that if any loss covered hereunder is also covered in whole or in part under any other excess policy issued to the Insured prior to the inception date hereof the limit of indemnity hereon as stated in Items 5 and 6 of the Declarations shall be reduced by any amounts due to the Insured on account of such loss under such prior insurance.
2. MAINTENANCE OF UNDERLYING LIABILITY INSURANCE -
This Policy is subject to the same terms, definitions, exclusions and conditions (except as regards the premium, the amount and limits of indemnity and except as otherwise provided herein) as are contained in or as may be added to the lead underlying liability policy stated in Item 2 of the Declarations prior to the happening of an occurrence for which claim is made hereunder. Provided always that this Policy shall not apply until the Underlying Liability Insurers have paid or have been held liable to pay the full amount of their respective ultimate net loss in accordance with Insuring Agreement II. Should, however, any alteration be made in the premium for the Underlying Liability Policy/ies during the currency of this Policy, the Company reserves the right to adjust the premiums hereon accordingly.
It is a condition of this Policy that the Underlying Liability Policy/ies shall be maintained in full effect during the currency hereof except for any reduction of the aggregate limits contained therein solely by payment of claims in respect of accidents and/or occurrences occurring during the period of this Policy, or by the operation of a clause contained in said Underlying Liability Policy/ies similar to Condition 1 above.
3. ASSISTANCE AND CO-OPERATION -
The Company shall not be called upon to assume charge of the settlement or defense of any claim made or suit brought or proceeding instituted against the Insured but the Company shall have the right and shall be given the opportunity to associate with the Insured or the Insured's underlying insurers, or both, in the defense and control of any claim, suit or proceeding relative to an occurrence where the claim or suit involves, or appears reasonably likely to involve the Company, in which event the Insured and the Company shall co-operate in all things in the defense of such claim, suit or proceeding.
Page 2 of 5.
GLD056550
0049-GLD-000056550
4. CANCELLATION This Policy may be cancelled by the Named Insured or by the Company or their representatives by mailing written notice to the other party stating when, not less than sixty (60) days thereafter, cancellation shall be effective. The mailing of notice as aforesaid by the Company or their representatives to the Named Insured at the address shown in this Policy shall be sufficient proof of notice, and the insurance under this Policy shall end on the effective date and hour of cancellation stated in the notice. Delivery of such written notice either by the Named Insured or by the Company or their representatives shall be equivalent to nailing.
If this Policy shall be cancelled by the Named Insured the Company shall retain the customary short rate proportion of the premium for the period this Policy has been in force. If this Policy shall be cancelled by the Company the Company shall retain the pro rata proportion of the premium for the period this Policy has been in force. Notice of cancellation by the Company shall be effective even though the Company makes no payment or tender of return premium with such notice.
5. OTHER INSURANCE -
If other valid and collectible insurance with any other insurer is available to the Insured covering a loss also covered by this Policy, other than insurance that is specifically stated to be in excess of this Policy, the insurance afforded by this Policy shall be in excess of and shall not contribute with such other insurance. Nothing herein shall be construed to make this Policy subject to the terms, conditions and limitations of other insurance.
6. NOTICE OF OCCURRENCE -
Whenever the Insured has information from which they may reasonably conclude that an occurrence covered hereunder involves injuries or damages which, in the event that the Insured should be held liable, is likely to involve this Policy, notice shall be sent as stated in Item 8 of the Declarations as soon as practicable, provided, however, that failure to give notice of any occurrence which at the time of its happening did not appear to involve this Policy, but which, at a later date would appear to give rise to claims hereunder, shall not prejudice such claims.
Page 3 of 5.
GLD056551
0049-GLD-000056551
ITEM 1. ITEM 2. ITEM 3. ITEM 4.
DECLARATIONS
a) NAMED ASSURED:
Millennium Chemicals Inc. Millennium America Inc. and all Subsidiaries and or Associated Companies
b) ADDRESS OF NAMED ASSURED:
99 Wood Avenue, South Iselin, New Jersey, 08830, U.S.A.
a) UNDERLYING POLICY N0(S):
1) W52Q46 2) 8189349 3) 62/901152D (lead liability policy)
b) UNDERLYING INSURER(S):
1) Winterthur Ins. 2) Lexington Ins. Co. 3) Gerling Konzern General Insurance Company
(lead liability policy)
UNDERLYING LIMITS (Insuring Agreement II):
1) US$20,000,000 Excess of: 2) US$25,000,000 Which in turn Excess of: 3) US$5,000,000
(lead liability policy)
which in turn excess of Underlying Insurances as per the attached Schedule of Underlying Insurance
UNDERLYING AGGREGATE LIMITS (Insuring Agreement II):
1) US$20,000,000 Excess of: 2) US$25,000,000 Which in turn Excess of: 3) US$5,000,000
Page 4 of 5.
GLD056552
0049-GLD-000056552
ITEM 5. ITEM 6. ITEM 7. ITEM 8.
LIMIT OF INDEMNITY (Insuring Agreement II):
US$25,000,000
AGGREGATE LIMIT OF INDEMNITY
(Insuring Agreement II):
US$25,000,000
POLICY PERIOD: From 1st October 1996 to 30th September 1997 both days inclusive
NOTICE OF OCCURRENCE (Condition 6) to:
Marsh & McLennan Global Broking Ltd, The Bowring Building, Tower Place, London EC3P 3BE. U.K.
Page 5 of 5.
GLD056553
0049-GLD-000056553
No. 509/DL191996
COMPANY POLICY
Insured: MILLENNIUM CHEMICALS INC Expiry Date: 1st October 1997
GLD056554
0049-GLD-000056554