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NE 00 31 01 19 Includes copyrighted material of Insurance Services Office, Inc., with its permission. Page 9 of 10 <br />(1) Compute the earned premium for that period; and <br />(2) Send notice to the first Named Insured. <br />The due date for audit premium is the date shown as the due date on the bill. If the sum of the advance <br />and audit premiums paid for the policy period is greater than the earned premium, we will return the excess <br />to the first Named Insured, but not if such audit premium is less than the Minimum Premium shown in the <br />Declarations. <br />c. The first Named Insured must keep records of the information we need for premium computation, and send <br />us copies at such times as we may request. <br />10. Loss Payable <br />Liability under this policy does not apply to a given claim unless and until: <br />a. The insured or insured's “underlying insurance” carrier(s) has become obligated to pay the limits shown in <br />the Schedule of “underlying insurance”; and <br />b. The obligation of the insured to pay the "ultimate net loss" in excess of the limits shown in the Schedule of <br />“underlying insurance” has been determined by a: <br />(1) Final settlement or judgment; or <br />(2) Written agreement; <br />among the insured, claimant, “underlying insurance" carrier(s) (or a representative of one or more of these) <br />and us. <br />11. Legal Action Against Us <br />No person or organization has a right under this policy: <br />a. To join us as a party or otherwise bring us into a suit asking for damages from an insured; or <br />b. To sue us on this policy unless all of its terms have been fully complied with. <br />A person or organization may sue us to recover on an agreed settlement or on a final judgment against an <br />insured; but we will not be liable for damages that: <br />a. Are not payable under the terms of this policy; or <br />b. Are in excess of the applicable limit of insurance. <br />An agreed settlement means a settlement and release of liability signed by us, the insured, “underlying <br />insurance” carrier(s) and the claimant or the claimant's legal representative. <br />12. Transfer Of Defense <br />a. Defense Transferred To Us <br />When the limits of "underlying insurance" have been exhausted in accordance with the provisions of <br />"underlying insurance", we may elect to have the defense transferred to us. W e will cooperate in the transfer <br />of control to us of any outstanding claims or suits seeking damages to which this insurance applies and <br />which would have been covered by the "underlying insurance" had the applicable limit not been exhausted. <br />b. Defense Transferred By Us <br />When our Limits Of Insurance have been exhausted, our duty to provide a defense will cease. <br />We will cooperate in the transfer of control of defense to any insurer specifically written as excess over this <br />policy of any outstanding claims or suits seeking damages: <br />(1) To which this insurance applies; and <br />(2) W hich would have been covered by the "underlying insurance" had the applicable limit not been <br />exhausted. <br />In the event that there is no insurance written as exc ess over this policy, we will cooperate in the transfer <br />of control to the insured and its designated representative. <br /> <br />DocuSign Envelope ID: A181A6E1-38C6-4FC4-9DB3-55096154243F