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10.Loss Payable We will cooperate in the transfer of control of Liability under this Coverage Part does not apply defense to any insurer specifically written as to a given claim unless and until: excess over this Coverage Part of any outstanding claims or suits seeking damages a. The insured or insured's "controlling underlying to which this insurance applies and which insurer has become obligated to pay the would have been covered by the "controlling "retained limit"; and underlying insurance" had the applicable limit b. The obligation of the insured to pay the not been exhausted. "ultimate net loss" in excess of the "retained In the event that there is no insurance written limit" has been determined by a final settlement as excess over this Coverage Part, we will or judgment or written agreement among the cooperate in the transfer of control to the insured, claimant, "controlling underlying insured and its designated representative. insurer" (or a representative of one or more of these)and us. 13.When We Do Not Renew 11.Legal Action Against Us If we decide not to renew this Coverage Part, we will mail or deliver to the first (Named Insured No person or organization has a right under this shown in the Declarations written notice of the Coverage Fart; nonrenewal not less than 30 days before the a. To join us as a party or otherwise bring us into expiration date. a suit asking for damages from an insured; or If notice is mailed, proof of mailing will be sufficient b. To sue us on this Coverage Part unless all of proof of notice. its terms have been fully complied with. SECTION IV—DEFINITIONS A person or organization may sue us to recover on The definitions applicable to any "controlling an agreed settlement or on a final judgment underlying insurance" also apply to this insurance. In against an insured; but we will not be liable for addition, the following definitions apply. damages that are not payable under the terms of this Coverage Part or that are in excess of the 1. "Controlling underlying insurance" means any applicable limit of insurance. An agreed settlement policy of insurance or self-insurance listed in the means a settlement and release of liability signed Declarations under the Schedule of "controlling by us, the insured, "controlling underlying insurer" underlying insurance". and the claimant or the claimant's legal 2. "Controlling underlying insurer" means any insurer representative. who provides any policy of insurance listed in the 12.Transfer Of Defense Declarations under the Schedule of "controlling a. Defense Transferred To Us underlying insurance". 3. "Event" means an occurrence, offense, accident, When the limits of "controlling underlying act, or other event, to which the applicable insurance" have been exhausted, in "controlling underlying insurance"applies. accordance with the provisions of "controlling underlying insurance", we may elect to have 4. "Injury or damage" means any injury or damage, the defense transferred to us. We will covered in the applicable "controlling underlying cooperate in the transfer of control to us of any insurance"arising from an"event". outstanding claims or suits seeking damages 5. "Retained limit" means the available limits of to which this insurance applies and which "controlling underlying insurance"applicable to the would have been covered by the "controlling claim. underlying insurance" had the applicable limit 6. "Ultimate net loss" means the total sum, after not been exhausted. reduction for recoveries, or salvages collectible, b. Defense Transferred By Us that the insured becomes legally obligated to pay When our limits of insurance have been as damages by reason of: exhausted our duty to provide a defense will a. Settlements,judgments, binding arbitration; or cease. b. Other binding alternate dispute resolution proceeding entered into with our consent. "Ultimate net loss" includes defense expenses if the "controlling underlying insurance" specifies that limits are reduced by defense expenses. i i i CX 00 0104 13 ©Insurance Services Office, Inc., 2012 Page 5 of 5