Common use of Retention and Limit Clause in Contracts

Retention and Limit. A. As respects the first contract year, the Company shall retain and be liable for the first $20,500,000 of ultimate net loss arising out of each loss occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss arising out of each loss occurrence, calculated as follows:  *****  C. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.  Whether a loss occurrence results in an ultimate net loss under one or more of the excess layers set forth in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention as set forth above, for the applicable contract year, of ultimate net loss arising out of such loss occurrence.  D. As respects each contract year, recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring):  1. 100% recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing during the term of this Contract unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereof, the Company shall be the sole judge of what constitutes "one risk."  

Retention and Limit. A. As respects the first contract yeareach excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first $20,500,000 amount of ultimate net loss loss, shown as "Company's Retention" for that excess layer in Schedule A attached hereto, arising out of each loss occurrence.  B. As respects Subject to the second contract yearprovisions of paragraphs B and C below, the Company shall retain and be liable for the amount of ultimate net loss arising out of each loss occurrence, calculated as follows:  *****  C. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed either of the following: 1. The amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, as respects any one loss occurrence; or 2.  Whether a loss occurrence results in an ultimate net loss under one or more of the The amount, shown as "Reinsurer's Term Limit" for that excess layers set forth layer in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention as set forth above, for the applicable contract year, of ultimate net loss arising out of such loss occurrence.  D. As respects each contract year, recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring):  1. 100% recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing all during the term of this Contract. B. No claim shall be made under any excess layer of reinsurance coverage provided by this Contract as respects any one loss occurrence unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereofof this Contract, the Company shall be the sole judge of what constitutes "one risk. C. No claim shall be made under the underlying excess layer of coverage provided by this Contract unless the amount, shown as "Funds Otherwise Recoverable"  in Schedule A attached hereto, for the underlying excess layer has been paid or scheduled to be paid by the reinsurers under Section I of the Company's Underlying Excess Catastrophe and Reinstatement Premium Protection Reinsurance Contract, effective July 1,

Retention and Limit. A. As respects the first contract yeareach excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first $20,500,000 amount of ultimate net loss loss, shown as “Company’s Retention” for that excess layer in Schedule A attached hereto, arising out of each loss occurrence.  B. As respects Subject to the second contract yearprovisions of paragraph B and C below, the Company shall retain and be liable for the amount of ultimate net loss arising out of each loss occurrence, calculated as follows:  *****  C. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's ’s applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "“Reinsurer's Per Occurrence ’s Limit" ” for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.  Whether a loss occurrence results or in an ultimate net loss under one or more of the excess layers set forth in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention as set forth above, for the applicable contract year, of ultimate net loss arising out of such loss occurrence.  D. As respects each contract year, recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring):  1. 100% recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing all during the term of this Contract. B. No claim shall be made under any excess layer of reinsurance coverage provided by this Contract as respects any one loss occurrence unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereofof this Contract, the Company shall be the sole judge of what constitutes "one risk."   C. No claim shall be made under the underlying excess layer of coverage provided by this Contract unless the amount, shown as “Funds Otherwise Recoverable” in Schedule A attached hereto, for the underlying excess layer has been paid or scheduled to be paid by the reinsurers under the underlying excess layer of the Company’s Underlying Excess Catastrophe Reinsurance Contract, effective July 1, 2004. No claim shall be made under the first excess layer of coverage provided by this Contract unless the amount, shown as “Funds Otherwise Recoverable” in Schedule A attached hereto, has been paid or scheduled to be paid by the reinsurers under the first excess layer of the Company’s Excess Catastrophe Reinsurance Contract, effective June 1, 2004.

Retention and Limit. A. As respects the first contract year, the The Company shall retain and be liable for the first $20,500,000 of ultimate net loss arising out of each loss occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss arising out of each loss occurrence, calculated as follows:  *****  C. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.  Whether a loss occurrence results in an ultimate net loss under one or more of the excess layers set forth in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention as set forth above, for the applicable contract year, first $20,500,000 of ultimate net loss arising out of such loss occurrence.  D. As respects each contract year, recoveries B. Recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract yearthereunder, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring): follows:  1. 100% recoveries Recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries Recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries Recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  4. Recoveries under the First, Second, Third and Fourth Excess layers shall inure to the benefit of the Fifth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year).  E. C. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing during the term of this Contract unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereof, the Company shall be the sole judge of what constitutes "one risk."  

Retention and Limit. A. As respects the first contract yearall losses subject hereto, except losses arising out of an occurrence of an act of terrorism, as respects each excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first $20,500,000 of ultimate net loss arising out of each loss occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss (whether involving any one or any combination of the classes of business covered hereunder, regardless of the number of policies under which such loss is payable or the number of different interests insured), shown as “Company’s Retention” for that excess layer in Schedule A attached hereto, arising out of each loss occurrence, calculated as follows:  *****  C. . The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable ’s retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "“Reinsurer's ’s Per Occurrence Limit" ” for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.  Whether a loss . B. As respects losses arising out of an occurrence results in of an act of terrorism, as respects each excess layer of reinsurance coverage provided hereunder, the Company shall retain and be liable for the first amount of ultimate net loss under one or more of the loss, shown as “Company’s Retention” for that excess layers set forth layer in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention arising out of each occurrence. The Reinsurer shall then be liable, as set forth aboverespects each excess layer, for the applicable contract year, of amount by which such ultimate net loss arising out exceeds the Company’s retention, but the liability of such loss occurrence.  D. As respects each contract year, recoveries the Reinsurer shall always be made, in not exceed the first instance, under the lowest amount shown as “Reinsurer’s Terrorism Per Occurrence Limit” for that excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part hereto as respects any one occurrence of this an act of terrorism, nor shall it exceed the amount shown as “Reinsurer’s Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring):  1. 100% recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  It is understood, however, Year Terrorism Limit” for that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. Notwithstanding the provisions above, no claim shall be made hereunder in Schedule A attached hereto as respects loss or losses arising out of loss all occurrences commencing of acts of terrorism during any one contract year. C. The Company deems that the term maximum Employers Liability policy limits subject hereto shall not exceed $2,000,000. Policy limits in excess of this Contract unless at least two risks insured or reinsured $2,000,000 may be submitted by special acceptance to the Company are involved in such loss occurrence. For purposes hereofReinsurer for coverage hereunder, subject to the Company shall be provisions of paragraph C of the sole judge of what constitutes "one riskExclusions Article."  

Retention and Limit. A. As respects the first contract yeareach excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first $20,500,000 amount of ultimate net loss loss, shown as "Company's Retention" for that excess layer in Schedule A attached hereto, arising out of each loss occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss arising out of each loss occurrence, calculated as follows:  *****  C. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.  Whether a loss occurrence results in an ultimate net loss under one or more of the excess layers set forth in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention as set forth above, for the applicable contract year, of ultimate net loss arising out of such loss occurrence. . D. As respects each contract year, recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring):  1. 100% recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. B. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing during the term of this Contract unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereof, the Company shall be the sole judge of what constitutes "one risk."  21\F7V1141 Page 4 The Company has purchased 90.0% of the FHCF mandatory layer of coverage and shall be deemed to inure to the benefit of this Contract. Loss adjustment expense recoveries paid by the FHCF in excess of the actual loss adjustment expense paid by the Company shall inure to the benefit of the Company and shall not reduce the amount of ultimate net loss hereunder. Further, any FHCF loss reimbursement shall be deemed to be paid to the Company in accordance with the FHCF reimbursement contract at the full payout level set forth therein and will be deemed not to be reduced by any reduction or exhaustion of the FHCF's claims-paying capacity as respects the mandatory FHCF coverage.

Retention and Limit. A. As respects the first contract yeareach excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first $20,500,000 amount of ultimate net loss loss, shown as "Company's Retention" for that excess layer in Schedule A attached hereto, arising out of each loss occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss arising out of each loss occurrence, calculated as follows:  *****  C. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed either of the following: 1. The amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, as respects any one loss occurrence; or 2.  Whether a loss occurrence results in an ultimate net loss under one or more of the The amount, shown as "Reinsurer's Term Limit" for that excess layers set forth layer in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention as set forth above, for the applicable contract year, of ultimate net loss arising out of such loss occurrence.  D. As respects each contract year, recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring):  1. 100% recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing all during the term of this Contract. B. No claim shall be made under any excess layer of reinsurance coverage provided by this Contract as respects any one loss occurrence unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereofof this Contract, the Company shall be the sole judge of what constitutes "one risk. C. No claim shall be made under the underlying excess layer of coverage provided by this Contract unless the amount, shown as "Funds Otherwise Recoverable"  in Schedule A attached hereto, for the underlying excess layer has been paid or scheduled to be paid by the reinsurers under Section I of the Company's Underlying Excess Catastrophe and Reinstatement Premium Protection Reinsurance Contract, effective July 1,

Retention and Limit. A. As respects the first contract year, the The Company shall retain and be liable for the first $20,500,000 21,500,000 of ultimate net loss arising out of each loss occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss arising out of each loss occurrence, calculated as follows:  *****  C. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.  Whether a loss occurrence results in an ultimate net loss under one or more of the excess layers set forth in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention as set forth above, for the applicable contract year, first $21,500,000 of ultimate net loss arising out of such loss occurrence. . D. As respects each contract year, recoveries B. Recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract yearthereunder, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring): follows: 1. 100% recoveries Recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer; ; 2. 100% recoveries Recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and and 3. 100% recoveries Recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year. ). E. C. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing during the term of this Contract unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereof, the Company shall be the sole judge of what constitutes "one risk."  "

Retention and Limit. A. As respects the first contract yearall losses subject hereto except losses arising out of an occurrence of an act of terrorism, as respects each excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first $20,500,000 of ultimate net loss arising out of each loss occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss (whether involving any one or any combination of the classes of business covered hereunder, regardless of the number of policies under which such loss is payable or the number of different interests insured), shown as “Company’s Retention” for that excess layer in Schedule A attached hereto, arising out of each loss occurrence, calculated as follows:  *****  C. . The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable ’s retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "“Reinsurer's ’s Per Occurrence Limit" ” for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.  Whether a loss . B. As respects losses arising out of an occurrence results in of an act of terrorism, as respects each excess layer of reinsurance coverage provided hereunder, the Company shall retain and be liable for the first amount of ultimate net loss under one or more of the loss, shown as “Company’s Retention” for that excess layers set forth layer in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention arising out of each occurrence. The Reinsurer shall then be liable, as set forth aboverespects each excess layer, for the applicable contract year, of amount by which such ultimate net loss exceeds the Company’s retention, but the liability of the Reinsurer shall not exceed the amount shown as “Reinsurers Terrorism Per Occurrence Limit” for that excess layer in Schedule A attached hereto as respects any one occurrence of an act of terrorism, nor shall it exceed the amount shown as “Reinsurer’s Contract Year Terrorism Limit” for that excess layer in Schedule A attached hereto as respects loss or losses arising out of such loss occurrence.  D. As respects each all occurrences of acts of terrorism during any one contract year. C. The Company deems that the maximum Employers Liability policy limit subject hereto shall not exceed $1,000,000 for policies issued in Texas and Illinois, recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhaustedor $2,000,000 for all other policies. If there is any amount of ultimate net loss arising out of a loss occurrence Policy limits in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall permissible amounts may be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring):  1. 100% recoveries under the First Excess layer shall inure submitted by special acceptance to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure Reinsurer for coverage hereunder, subject to the benefit provisions of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit paragraph C of the Fourth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing during the term of this Contract unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereof, the Company shall be the sole judge of what constitutes "one risk."  Article V.

Retention and Limit. A. As respects the first contract yeareach excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first $20,500,000 of ultimate net loss arising out of each loss occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss arising out of loss, shown as "Company's Retention" for that excess layer in Schedule A attached hereto, as respects each loss occurrence, calculated as follows:  *****  C. loss. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "Reinsurer's Per Occurrence Principal Limit" for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.  Whether a loss occurrence results in an ultimate net loss under one or more of each loss, nor shall it exceed the amount shown as "Reinsurer's Aggregate Limit" for that excess layers set forth layer in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention as set forth above, respects all losses for the applicable contract yearterm of this Contract. B. "Ultimate net loss" as used herein is defined as the sum or sums (including extra contractual obligations, of ultimate net interest on judgments, litigation expenses and all other loss arising out of such loss occurrence.  D. As respects each contract yearadjustment expenses, recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess except office expenses and salaries of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall be recovered under the next regular employees) paid or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring):  1. 100% recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing during the term of this Contract unless at least two risks insured or reinsured payable by the Company in settlement of claims and in satisfaction of judgments rendered on account of such claims, after deduction of all salvage, all recoveries and all claims on inuring insurance or reinsurance, whether collectible or not. Ultimate net loss shall also be reduced by collateral (as perfected) associated with bonds subject to this Contract (or a pro rata portion thereof, where the collateral is also associated with bonds not subject hereto). Nothing herein shall be construed to mean that losses under this Contract are involved not recoverable until the Company's ultimate net loss has been ascertained. It is understood that the Company is not responsible for the reduction in such loss occurrencevalue or collapse of collateral due to unforeseen events after the original collateral assessment has been made. For purposes hereofMoreover, the Company value of collateral shall be subsequently re-evaluated by the sole judge of what constitutes "Company in the event adjustments are being made to the collective performance or completion penalty amounts issued to one riskprincipal."  

Retention and Limit. A. As respects the first contract yearall losses subject hereto, except losses arising out of an occurrence of an act of terrorism, as respects each excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first $20,500,000 of ultimate net loss arising out of each loss occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss (whether involving any one or any combination of the classes of business covered hereunder, regardless of the number of policies under which such loss is payable or the number of different interests insured), shown as “Company’s Retention” for that excess layer in Schedule A attached hereto, arising out of each loss occurrence, calculated as follows:  *****  C. . The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable ’s retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "“Reinsurer's ’s Per Occurrence Limit" ” for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.  Whether a loss Table of Contents B. As respects losses arising out of an occurrence results in of an act of terrorism, as respects each excess layer of reinsurance coverage provided hereunder, the Company shall retain and be liable for the first amount of ultimate net loss under one or more of the loss, shown as “Company’s Retention” for that excess layers set forth layer in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention arising out of each occurrence. The Reinsurer shall then be liable, as set forth aboverespects each excess layer, for the applicable contract year, of amount by which such ultimate net loss arising out exceeds the Company’s retention, but the liability of such loss occurrence.  D. As respects each contract year, recoveries the Reinsurer shall always be made, in not exceed the first instance, under the lowest amount shown as “Reinsurer’s Terrorism Per Occurrence Limit” for that excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part hereto as respects any one occurrence of this an act of terrorism, nor shall it exceed the amount shown as “Reinsurer’s Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring):  1. 100% recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  It is understood, however, Year Terrorism Limit” for that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. Notwithstanding the provisions above, no claim shall be made hereunder in Schedule A attached hereto as respects loss or losses arising out of loss all occurrences commencing of acts of terrorism during any one contract year. C. The Company deems that the term maximum Employers Liability policy limits subject hereto shall not exceed $2,000,000. Policy limits in excess of this Contract unless at least two risks insured or reinsured $2,000,000 may be submitted by special acceptance to the Company are involved in such loss occurrence. For purposes hereofReinsurer for coverage hereunder, subject to the Company shall be provisions of paragraph C of the sole judge of what constitutes "one riskExclusions Article."  

Retention and Limit. A. As respects the first contract yearall losses subject hereto except losses arising out of an occurrence of terrorism, as respects each excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first $20,500,000 of ultimate net loss arising out of each loss occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss (whether involving any one or any combination of the classes of business covered hereunder, regardless of the number of policies under which such loss is payable or the number of different interests insured), shown as “Company’s Retention” for that excess layer in Schedule A attached hereto, arising out of each loss occurrence, calculated as follows:  *****  C. . The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable ’s retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "“Reinsurer's ’s Per Occurrence Limit" ” for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.  Whether a loss . B. As respects losses arising out of an occurrence results in an of terrorism, as respects each excess layer of reinsurance coverage provided hereunder, the Company shall retain and be liable for the first amount of ultimate net loss under one or more of the loss, shown as “Company’s Retention” for that excess layers set forth layer in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention arising out of each occurrence. The Reinsurer shall then be liable, as set forth aboverespects each excess layer, for the applicable contract year, of amount by which such ultimate net loss arising out exceeds the Company’s retention, but the liability of such loss occurrence.  D. As respects each contract year, recoveries the Reinsurer shall always be made, in not exceed the first instance, under the lowest amount shown as “Reinsurer’s Terrorism Per Occurrence Limit” for that excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part hereto as respects any one occurrence of this Contract terrorism, nor shall inure it exceed the amount shown as follows (with such excess layers deemed placed at 100% prior to inuring):  1. 100% recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  It is understood, however, “Reinsurer’s Total Terrorism Limit” for that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. Notwithstanding the provisions above, no claim shall be made hereunder in Schedule A attached hereto as respects loss or losses arising out of loss all occurrences commencing of terrorism during the term of this Contract unless at least two risks insured or reinsured by Contract. C. Notwithstanding the Company are involved provisions of paragraphs A and B above, if the Company’s net earned premium subject hereto exceeds $155,000,000 in any one contract year (excluding the runoff period of the final contract year), the Company’s recoveries from losses for each excess layer, as respects occurrences commencing during that contract year, shall be reduced in the same proportion that $155,000,000 bears to the Company’s actual net earned premium in such loss occurrencecontract year. For purposes hereof, Any recoveries made prior to determination of the Company Company’s net earned premium for the contract year shall be the sole judge of what constitutes "one riskadjusted accordingly."  

Retention and Limit. A. As respects the first contract yearall losses subject hereto, except losses arising out of an occurrence of an act of terrorism, as respects each excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first $20,500,000 of ultimate net loss arising out of each loss occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss (whether involving any one or any combination of the classes of business covered hereunder, regardless of the number of policies under which such loss is payable or the number of different interests insured), shown as "Company's Retention" for that excess layer in Schedule A attached hereto, arising out of each loss occurrence, calculated as follows:  *****  C. . The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.  Whether a loss . B. As respects losses arising out of an occurrence results in of an act of terrorism, as respects each excess layer of reinsurance coverage provided hereunder, the Company shall retain and be liable for the first amount of ultimate net loss under one or more of the loss, shown as "Company's Retention" for that excess layers set forth layer in Schedule A attached hereto, arising out of each occurrence. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's retention will retention, but the liability of the Reinsurer shall not exceed the amount shown as "Reinsurer's Terrorism Per Occurrence Limit" for that excess layer in Schedule A attached hereto as respects any one occurrence of an act of terrorism, nor shall it exceed the amount equal to the applicable retention shown as set forth above, "Reinsurer's Contract Year Terrorism Limit" for the applicable contract year, of ultimate net that excess layer in Schedule A attached hereto as respects loss or losses arising out of such loss occurrence.  D. As respects each all occurrences of acts of terrorism during any one contract year. C. The Company deems that the maximum Employers Liability policy limit subject hereto shall not exceed $1,000,000 for policies issued in Texas and Illinois, recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhaustedor $2,000,000 for all other policies. If there is any amount of ultimate net loss arising out of a loss occurrence Policy limits in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall permissible amounts may be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring):  1. 100% recoveries under the First Excess layer shall inure submitted by special acceptance to the benefit Reinsurer for coverage hereunder, subject to the provisions of paragraph C of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing during the term of this Contract unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereof, the Company shall be the sole judge of what constitutes "one riskExclusions Article."  

Retention and Limit. A. As respects the first contract yeareach excess layer of reinsurance coverage provided by this Agreement, the Company shall retain and be liable for the first $20,500,000 amount of ultimate net loss Ultimate Net Loss, shown as “Company’s Retention” for that excess layer in Schedule A attached hereto, arising out of each loss occurrenceLoss Occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss arising out of each loss occurrence, calculated as follows:  *****  C. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss Ultimate Net Loss exceeds the Company's ’s applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "“Reinsurer's ’s Per Occurrence Limit" ” for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.  Whether a loss occurrence results in an ultimate net loss under one or more of Loss Occurrence, nor shall it exceed the amount, shown as “Reinsurer’s Agreement Limit” for that excess layers set forth layer in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention hereto as set forth above, for the applicable contract year, of ultimate net respects all loss or losses arising out of such loss occurrence.  D. As respects each contract year, recoveries shall always be made, in Loss Occurrences commencing during the first instance, under the lowest excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part Term of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring): Agreement. 1. 100% recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. B. Notwithstanding the provisions above, no claim shall be made hereunder under any excess layer as respects losses arising out of loss occurrences Loss Occurrences commencing during the term Term of this Contract Agreement unless at least two risks insured or reinsured by the Company are involved in such loss occurrenceLoss Occurrence. For purposes hereof, the Company shall be the sole judge of what constitutes "“one risk."  ”

Retention and Limit. A. As respects the first contract year, the Company shall retain and be liable for the first $20,500,000 25,100,000 of ultimate net loss arising out of each loss occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss arising out of each loss occurrence, calculated as follows:  ***** Prior to the second contract year, but not later than March 1, 2018, the Company's retention shall be derived by averaging the probable maximum loss using the applicable data produced by a) the 2.49066-year modeled return time loss from the Applied Insurance Research (AIR) Touchstone v4 catastrophe modeling software, in the long term perspective, including demand surge, but excluding storm surge, and b) the 3.0297-year modeled return time loss from Risk Management Solutions (RMS) RiskLink v16 catastrophe modeling software, in the long-term perspective, including loss amplification, but excluding storm surge. Such calculations shall use the Company's projected data from December 31, 2017, determined by the Company's projected wind insurance in force on September 30, 2018.  C. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.  Whether a loss occurrence results in an ultimate net loss under one or more of the excess layers set forth in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention as set forth above, for the applicable contract year, of ultimate net loss arising out of such loss occurrence.  D. As respects each contract year, recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring): ): 1. 100% recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  4. 100% recoveries under the First, Second, Third and Fourth Excess layers shall inure to the benefit of the Fifth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing during the term of this Contract unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereof, the Company shall be the sole judge of what constitutes "one risk."  

Retention and Limit. A. As respects the first contract yeareach excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first $20,500,000 amount of ultimate net loss loss, shown as "Company's Retention" for that excess layer in Schedule A attached hereto, arising out of each loss occurrence.  B. As respects Subject to the second contract yearprovisions of paragraph B and C below, the Company shall retain and be liable for the amount of ultimate net loss arising out of each loss occurrence, calculated as follows:  *****  C. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.  Whether a loss occurrence results or in an ultimate net loss under one or more of the excess layers set forth in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention as set forth above, for the applicable contract year, of ultimate net loss arising out of such loss occurrence.  D. As respects each contract year, recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring):  1. 100% recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing all during the term of this Contract. B. No claim shall be made under any excess layer of reinsurance coverage provided by this Contract as respects any one loss occurrence unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereofof this Contract, the Company shall be the sole judge of what constitutes "one risk. C. No claim shall be made under the underlying excess layer of coverage provided by this Contract unless the amount, shown as "Funds Otherwise Recoverable"  in Schedule A attached hereto, for the underlying excess layer has been paid or scheduled to be paid by the reinsurers under the underlying excess layer of the Company's Underlying Excess Catastrophe Reinsurance Contract, effective July 1,

Retention and Limit. A. As respects the first contract yearall losses subject hereto except losses arising out of an occurrence of an act of terrorism, as respects each excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first $20,500,000 of ultimate net loss arising out of each loss occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss (whether involving any one or any combination of the classes of business covered hereunder, regardless of the number of policies under which such loss is payable or the number of different interests insured), shown as “Company’s Retention” for that excess layer in Schedule A attached hereto, arising out of each loss occurrence, calculated as follows:  *****  C. . The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable ’s retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "“Reinsurer's ’s Per Occurrence Limit" ” for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.  Whether a loss . B. As respects losses arising out of an occurrence results in of an act of terrorism, as respects each excess layer of reinsurance coverage provided hereunder, the Company shall retain and be liable for the first amount of ultimate net loss under one or more of the loss, shown as “Company’s Retention” for that excess layers set forth layer in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention arising out of each occurrence. The Reinsurer shall then be liable, as set forth aboverespects each excess layer, for the applicable contract year, of amount by which such ultimate net loss exceeds the Company’s retention, but the liability of the Reinsurer shall not exceed the amount shown as “Reinsurer’s Terrorism Per Occurrence Limit” for that excess layer in Schedule A attached hereto as respects any one occurrence of an act of terrorism, nor shall it exceed the amount shown as “Reinsurer’s Contract Year Terrorism Limit” for that excess layer in Schedule A attached hereto as respects loss or losses arising out of such loss occurrence.  D. As respects each all occurrences of acts of terrorism during any one contract year. C. The Company deems that the maximum Employers Liability policy limit subject hereto shall not exceed $1,000,000 for policies issued in Texas and Illinois, recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhaustedor $2,000,000 for all other policies. If there is any amount of ultimate net loss arising out of a loss occurrence Policy limits in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall permissible amounts may be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring):  1. 100% recoveries under the First Excess layer shall inure submitted by special acceptance to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure Reinsurer for coverage hereunder, subject to the benefit provisions of the Third Excess layer; paragraphs C and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit D of the Fourth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing during the term of this Contract unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereof, the Company shall be the sole judge of what constitutes "one risk."  Article V.

Retention and Limit. A. As respects the first contract yeareach excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first $20,500,000 amount of ultimate net loss loss, shown as "Company's Retention" for each excess layer in Schedule A attached hereto, arising out of each loss occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss arising out of each loss occurrence, calculated as follows:  *****  C. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, as respects any one loss occurrence. B. The following shall apply as respects recoveries under each excess layer set forth in Schedule A attached hereto: 1.  Whether a Recoveries under the First Excess layer ($84,000,000 in excess of $16,000,000 of ultimate net loss arising out of each loss occurrence and $168,000,000 of ultimate net loss arising out of all loss occurrences) shall inure to the benefit of the Second Excess layer; 2. Recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and 3. Recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer; and 4. Recoveries under the First, Second, Third, and Fourth Excess layers shall inure to the benefit of the Fifth Excess layer. C. In the event any one loss occurrence results in an ultimate net loss under one or more of the excess layers set forth in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention as set forth above, for the applicable contract year, first $16,000,000 of ultimate net loss arising out of such loss occurrence. . D. As respects each contract year, recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring):  1. 100% recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing during the term of this Contract unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereof, the Company shall be the sole judge of what constitutes "one risk."  "

Retention and Limit. A. As respects the first contract yeareach excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first $20,500,000 amount of ultimate net loss loss, shown as “Company’s Retention” for that excess layer in Schedule A attached hereto, arising out of each loss occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss arising out of each loss occurrence, calculated as follows:  *****  C. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's ’s applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed either of the following: 1. The amount, shown as "“Reinsurer's ’s Per Occurrence Limit" ” for that excess layer in Schedule A attached hereto, as respects any one loss occurrence; or 2.  Whether a loss occurrence results in an ultimate net loss under one or more of the The amount, shown as “Reinsurer’s Term Limit” for that excess layers set forth layer in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention as set forth above, for the applicable contract year, of ultimate net loss arising out of such loss occurrence.  D. As respects each contract year, recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring):  1. 100% recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing all during the term of this Contract. B. No claim shall be made under any excess layer of reinsurance coverage provided by this Contract as respects any one loss occurrence unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereofof this Contract, the Company shall be the sole judge of what constitutes "one risk."   C. No claim shall be made under the underlying excess layer of coverage provided by this Contract unless the amount, shown as “Funds Otherwise Recoverable” in Schedule A attached hereto, for the underlying excess layer has been paid or scheduled to be paid by the reinsurers under Section I of the Company’s Underlying Excess Catastrophe and Reinstatement Premium Protection Reinsurance Contract, effective July 1, 2004. No claim shall be made under any other excess layer of coverage provided by this Contract unless the amount, shown as “Funds Otherwise Recoverable” in Schedule A attached hereto, has been paid or scheduled to be paid by the reinsurers under the corresponding excess layer of the Company’s Florida Only Excess Catastrophe Reinsurance Contract, effective June 1, 2004.

Retention and Limit. A. As respects the first contract year, the The Company shall retain and be liable for the first $20,500,000 25,100,000 of ultimate net loss arising out of each loss occurrence.  B. As respects the second contract year, the Company shall retain and be liable for the amount of ultimate net loss arising out of each loss occurrence, calculated as follows:  *****  C. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer in Schedule A attached hereto, as respects any one loss occurrence.  Whether a loss occurrence results in an ultimate net loss under one or more of the excess layers set forth in Schedule A attached hereto, the Company's retention will not exceed an amount equal to the applicable retention as set forth above, for the applicable contract year, first $25,100,000 of ultimate net loss arising out of such loss occurrence.  D. As respects each contract year, recoveries B. Recoveries shall always be made, in the first instance, under the lowest excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract yearthereunder, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring): follows:  1. 100% recoveries Recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries Recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries Recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  4. Recoveries under the First, Second, Third and Fourth Excess layers shall inure to the benefit of the Fifth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year).  E. C. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing during the term of this Contract unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereof, the Company shall be the sole judge of what constitutes "one risk."  

Retention and Limit. A. As No claim may be made hereunder unless the Company has first incurred, by reason of any one Loss Occurrence during the Original Term or any Extension Term or Optional Extension Term, Ultimate Net Loss in excess of the respectively applicable Attachment Point. Further, no claim may be made hereunder unless such Ultimate Net Loss in excess of the Attachment Point exceeds, in addition, an aggregate retention equal to the Aggregate Retention Amount (subject to any applicable limitations regarding erosion or exhaustion thereof) for such Original Term, Extension Term or Optional Extension Term, as the case may be, otherwise recoverable under this Agreement in respect of one or more other Loss Occurrences (in excess of the respectively applicable Attachment Point(s) as respects each such Loss Occurrence) during such Original Term, Extension Term or Optional Extension Term, as the first contract yearcase may be. If such Aggregate Retention Amount is eroded but not exhausted by one or more Loss Occurrences and a subsequent Loss Occurrence in the Original Term or the same Extension Term or Optional Extension Term, as the case may be, both exhausts the Aggregate Retention Amount and has Ultimate Net Loss excess thereof, claim may be made hereunder in respect of such Loss Occurrence as respects such ex- cess Ultimate Net Loss but not for an amount greater than the amount by which the aggregate retention was eroded by prior Loss Occurrence(s) (“Erosion Amount”). Notwithstanding the foregoing, the Company shall retain in its discretion for each six-month period commencing January 1 or July 1 and set forth by written endorsement hereto prior to such date may determine that the loss from any one Loss Occurrence may both exhaust the aggregate retention and, in excess thereof, be liable for recoverable as Ultimate Net Loss hereunder up to the first $20,500,000 full remaining amount of ultimate net loss arising out of each loss occurrence.  B. As respects the second contract yearPolicy Aggregate Limit, i.e., in such case, the Company aggregate retention shall retain and apply in respect of losses otherwise recoverable under this Agreement in respect of one or more Loss Occurrences (in excess of the respectively applicable Attachment Point(s) as respects each such Loss Occurrence) during such Original Term, Extension Term or Optional Extension Term, as the case may be. The Reinsurer will then be liable for the amount of ultimate net loss arising out Ultimate Net Loss in excess of the applicable Attachment Point for each loss occurrencesubsequent Loss Occurrence during such Original Term, calculated as follows:  *****  C. The Reinsurer shall then be liableExtension Term or Optional Extension Term, as respects each excess layer, for the amount by which such ultimate net loss exceeds the Company's applicable retentioncase may be, but the limit of liability of the Reinsurer under each excess layer shall not exceed the amountErosion Amount, shown as "Reinsurer's Per Occurrence Limit" for that excess layer if applicable, and in Schedule A attached hereto, as respects any event shall not exceed the Policy Aggregate Limit with respect to any one loss occurrence.  Whether a loss occurrence results in an ultimate net loss under one or more of the excess layers set forth in Schedule A attached hereto, the Company's retention will Loss Occurrence and also shall not exceed an amount equal to the applicable retention as set forth above, for the applicable contract year, of ultimate net loss arising out of such loss occurrence.  D. As respects each contract year, recoveries shall always be made, Policy Aggregate Limit in the first instance, under the lowest excess layer that is not entirely exhausted. If there is any amount of ultimate net loss arising out of a loss occurrence in excess of the Company's retention under the lowest excess layer that has not been recovered thereunder for that contract year, such amount shall be recovered under the next or subsequent excess layer or layers, as appropriate. Recoveries under each excess layer set forth in Schedule A attached to and forming part of this Contract shall inure as follows (with such excess layers deemed placed at 100% prior to inuring):  1. 100% recoveries under the First Excess layer shall inure to the benefit of the Second Excess layer;  2. 100% recoveries under the First and Second Excess layers shall inure to the benefit of the Third Excess layer; and  3. 100% recoveries under the First, Second and Third Excess layers shall inure to the benefit of the Fourth Excess layer.  It is understood, however, that any fully exhausted excess layer or the exhausted portion respect of any excess layer during a contract year shall no longer inure to the benefit of any subsequent excess layer(s) for such contract year.  E. Notwithstanding the provisions above, no claim shall be made hereunder as respects losses arising out of loss occurrences commencing and all Loss Occurrences during the term of this Contract unless at least two risks insured or reinsured by the Company are involved in such loss occurrence. For purposes hereof, the Company shall be the sole judge of what constitutes "one riskOriginal Term and all Extension Terms and Optional Extension Terms combined."