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HomeMy WebLinkAboutInv# 4880 - WESTREC MARINA MANAGEMENT, INC - 05/21/2021 (3)One Penn Plaza 50th Floor New York, NY 10119 www.navg.com NAVIGATORS Insuring A World In Motion® April 30, 2021 Via Email: MartinHayes@tridentmm.com MARINE POLICY OF INSURANCE Renewal Binder Navigators Reference: NY21LIA95582802 BROKER/AGENT:TRIDENT MARINE MANAGERS INC 14425 TORREY CHASE BLVD 200 HOUSTON, TX 77014 NAMED INSURED:Westrec Financial, Inc. ADDRESS:16633 Ventura Blvd., 6th Floor, Encino, CA 91436 INTEREST: Marine Bumbershoot Liability POLICY PERIOD:April 30, 2021 12:01 AM Pacific Standard Time To April 30, 2022 12:01 AM Pacific Standard Time LIMIT OF LIABILITY: USD 20,000,000 Any One Accident or Occurrence, Combined Single Limit And USD 20,000,000 Aggregate All limits inclusive of defense costs and legal fees Excess of the Schedule of Underlying Insurance UNDERLYING INSURANCE: As declared on Schedule of Underlying Insurances CONDITIONS: Navigators Bumbershoot and Excess Liabilities Policy Form (August 2011) Schedule of Insured Names Schedule of Underlying Insurances AIMU Chemical, Biological, Bio-chemical and Electromagnetic Exclusion Clause AIMU Extended Radioactive Exclusion with U.S.A Endorsement Economic Sanctions Limitation and Exclusion Clause Employment Practices Liability Exclusion Absolute Terrorism Exclusion Pollution Limitation Endorsement - Sudden and Accidental Westrec Financial, Inc.Page 2 of 2 Navigators Reference Number: NY21LIA95582802 April 30, 2021 NAVIGATORS Insuring A World In Motion® CONDITIONS: (continued) AIMU Communicable Disease Exclusion Institute Cyber Attack Exclusion (10 11 03) Professional and Errors & Omissions Liability Exclusion (Absolute) Following Underwriter Endorsement Health Hazard Exclusion Endorsement (Bumbershoot) (Ed. 6/2020) Nuclear Energy Liability Exclusion (Broad Form) No. 1 No.2 Punitive Damages Exclusion Several Liability Endorsement PARTICIPATION: Navigators Insurance Company - LEAD 37.5% AXA XL Specialty Insurance Company 30% Continental Insurance Company 20% Scottsdale Insurance Company 12.5% PREMIUM: 100% USD 75,000.00 TRIA/TRIPRA Coverage Declined Premium Breakdown by Participant 37.5% USD 28,125.00 30% USD 22,500.00 20% USD 15,000.00 12.5% USD 9,375.00 Annual Flat Navigators Insurance Company - LEAD AXA XL Specialty Insurance Company Continental Insurance Company Scottsdale Insurance Company Date of Issue: April 30, 2021 Joseph Abruzzo Page 1 of 21 NAVIGATORS Insuring A World in Motion® MARINE BUMBERSHOOT AND EXCESS LIABILITIES INSURING AGREEMENT A. COVERAGE This Policy is to indemnify the Insured in respect of the following, including such expenses as are set out in the definition of "ULTIMATE NET LOSS" 1. For Liabilities covered in the Scheduled Underlying Insurance 2. For Liabilities arising from the Insured's Marine Operations, as defined in this Policy, for Bodily Injury or Property Damage caused by an Occurrence in the Geographical Limits, subject always to all terms, conditions, definitions, warranties, limitations, and exclusions of this Policy. Clause A.2 shall not apply where coverage is excluded in a Scheduled Underlying Insurance covering any Marine Operations of the Insured. B. LIMIT OF LIABILITY - UNDERLYING LIMITS 1. OCCURRENCE Subject to the Limit of Liability for each Occurrence as set forth in the Policy Declarations attached hereto, the Company shall be liable up to the Ultimate Net Loss each Occurrence in excess of the Underlying Limits, where coverage is provided by this Policy. 2.AGGREGATES The Company shall not be liable for more than the Aggregate Limit of Liability, as set forth in the Policy Declarations attached hereto, where: a. Any Scheduled Underlying Insurance contains coverage which is subject to an Aggregate Limit of Liability b. Any claims for coverage under this Policy are not covered by a Scheduled Underlying Insurance Where this Policy is subject to an Aggregate Limit under paragraph B.2 above, this Policy's Aggregate Limit shall apply separately to each Scheduled Underlying Insurance that is subject to such Aggregate Limit. Page 2 of 21 NAVIGATORS Insuring A World in Motion® The inclusion hereunder of more than one Named Insured, Insured and/or Additional Insured shall not increase the Company's Occurrence Limit of Liability or Aggregate Limit of Liability. C. RETENTION AND DROP DOWN 1. In the event of reduction of an Aggregate Limit of Liability contained in a Scheduled Underlying Policy,solely by payment of losses insured thereunder, such insurance as is afforded by this Policy shall apply in excess of the reduced Underlying Limit, subject always to all terms, conditions, definitions, warranties, limitations and exclusions hereunder. 2. In the event an Underlying Aggregate Limit of Liability contained in a Scheduled Underlying Policy has been exhausted, solely by payment of losses insured hereunder, this Policy: a. Shall apply as Underlying Insurance, and b. Shall be subject to all terms, conditions, definitions, warranties, limitations and exclusions of this Policy, or those contained in the Scheduled Underlying Policy, whichever is more restrictive, and c. Shall have benefit of a deductible equal to the Retention amount or the deductible contained in the Scheduled Underlying Policy, whichever is greater. Such deductible or Retention shall reduce the Ultimate Net Loss payable under this Policy and shall apply separately to each Occurrence. Notwithstanding paragraphs C.1 and C.2 above, this Policy shall not recognize the erosion, reduction or exhaustion of an Occurrence Limit of Liability or an Aggregate Limit of Liability contained in a Scheduled Underlying Policy due to losses paid thereunder which are not covered in this Policy. This Policy does not attach until the Underlying Limit(s)has/have been exhausted by payments of amounts insured and covered by this Policy. D. PREMIUM Unless otherwise agreed, the consideration for this Policy shall be the premium set forth in the Policy Declarations. Such premium shall be due and payable by the Insured to the Company as set forth in the Policy Declarations. Page 3 of 21 NAVIGATORS Insuring A World in Motion® CONDITIONS CLAUSE PARAMOUNT: The following Conditions shall apply to all sections of this Policy. If any Conditions of any Underlying Policy conflict with or are inconsistent with the Conditions contained in this Policy, the Conditions contained in this Policy shall override and supersede any such Conditions contained in any Underlying Policy. A. GEOGRAPHICAL LIMITS The Policy covers the operations of the Insured anywhere in the world. B. CROSS LIABILITY In the event of one of the Insureds incurring liability to any other of the Insureds, this Policy shall cover the Insured against whom claim is or may be made in the same manner as if separate policies had been issued to each Insured. Nothing contained herein shall operate to increase the Company's limit of liability as set forth in Insuring Agreement B. C. NOTICE OF OCCURRENCE Whenever the Insured has information from which the Insured may reasonably conclude that an Occurrence, loss, circumstance, claim, lawsuit or legal proceeding which may be covered under this Policy involves injuries or damages which, in the event that the Insured should be held liable, may involve this Policy, notice shall be sent to the company as soon as practicable provided, however, that failure to notify the company 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. D. REPORTING UNDERLYING AGGREGATE LIMIT OF LIABILITY In the event that an Aggregate Limit of Liability is contained in a Scheduled Underlying Policy or included in a Self Insured Retention, the Insured shall report to the Company amounts paid which reduce the Aggregate Limit of Liability within thirty (30) days of such payment. The Insured also must report to the Company all Occurrences, losses, claims and suits which are covered by a Scheduled Underlying Policy or Self Insured Retention which contains an Aggregate Limit of Liability. E. ASSISTANCE AND COOPERATION The Insured may not enter into a settlement of a claim or suit which involves this Policy except with the prior written consent of the Company. 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, the Underlying Insurers and the Company shall cooperate in all things in the defense of such Page 4 of 21 NAVIGATORS Insuring A World in Motion® claim, suit or proceeding. If the Underlying Policies are exhausted, the Company shall have the right to appoint defense counsel, to control the defense of any claim or suit asserted against the Insured, and the right to settle any such claim or suit as the Company deems expedient. F. APPEALS In the event the Insured or the Insured's Underlying Insurers elect not to appeal a judgment in excess of the Underlying Limit, the Company may elect to make such appeal at their own cost and expense, and shall be liable for the taxable costs and disbursements and interest incidental thereto, but in no event shall the liability of the Company for Ultimate Net Loss exceed the amount set forth in the Insuring Agreement for any one Occurrence and in addition the cost and expense of such appeal plus the taxable costs and disbursements and interest incidental thereto. G. BANKRUPTCY OR INSOLVENCY In the event of the bankruptcy or insolvency of the Insured or any entity comprising the Insured, the Company shall not be relieved thereby of the payment of any claim hereunder because of such bankruptcy or insolvency. H. 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 in excess of the insurance afforded by this Policy, the insurance afforded by this Policy shall be in excess of and shall not contribute with such other insurance, either as double insurance or otherwise. Nothing herein shall be construed to make this Policy subject to the terms, conditions and limitations of other insurance. I. SUBROGATION Inasmuch as this Policy is “Excess Coverage," the Insured's right of recovery against any person or other entity cannot be exclusively subrogated to the Company. It is, therefore, understood and agreed that in case of any payment hereunder, the Company will act in concert with all other interests (including the Insured) concerned, in the exercise of such rights of recovery. The apportioning of any amount which may be so recovered shall follow the principle that any interests (including the Insured) that shall have paid an amount over and above any payment hereunder, shall first be reimbursed up to the amount paid by them; the Company is then to be reimbursed out of any balance then remaining up to the amount paid hereunder; lastly, the interests (including the Insured) of whom this coverage is in excess are entitled to claim the residue. The expense of any subrogation proceeding brought to enforce such rights shall be apportioned among the Company, the Underlying Insurers and the Insured in accordance with their respective interests in the matter giving rise of such rights. J. ASSIGNMENT Assignment of interest under this Policy shall not bind the Company until the Company's consent is endorsed in writing. Page 5 of 21 NAVIGATORS Insuring A World in Motion® K. CURRENCY The limits, premiums and losses under this Policy are payable in United States Dollars unless otherwise specified in the Declarations of this Policy. L. CONFLICTING STATUTES In the event that any provision of this Policy is unenforceable by the Insured under the laws of any State or other jurisdiction wherein it is claimed that the Insured is liable for any injury covered hereby, because of non-compliance with any statute thereof, then this Policy shall be enforceable by the Insured with the same effect as if it complied with such statute. M. SERVICE OF SUIT CLAUSE It is agreed that in the event of the failure of the Company to pay any amount claimed to be due hereunder, the Company, at the request of the Insured, will submit to the jurisdiction of any Court of competent jurisdiction within the United States, and will comply with all requirements necessary to give such Court jurisdiction, and all matters arising hereunder shall be determined in accordance with the law and practice of such court. This Policy shall be subject to New York law. N. MAINTENANCE OF UNDERLYING INSURANCE 1. It is a condition of this Policy that the Policy or Policies referred to in the attached Schedule of Underlying Insurance(s)shall be maintained in full effect during the currency of this Policy except for any reduction of the Aggregate Limit(s) contained therein solely by payment of claims in respect of Occurrences during the Period of this Policy and covered by this Policy. 2. Inadvertent failure of the Insured to comply with (a) above or inadvertent failure to notify the Company of any changes in the Underlying Insurances shall not prejudice the Insured's rights of recovery under this Policy but in the event of such failure, the Company shall be liable only to the same extent as they would have been had the Insured complied with said condition. 3. In the event there is no recovery available to the Insured under the Underlying Insurances, whether as a result of the bankruptcy or insolvency of the Underlying Insurers or otherwise, the coverage hereunder shall nonetheless apply only in excess of the applicable Limit(s) of Liability specified in the Underlying Insurances. In the event of a breach of any of the aforesaid conditions this Policy shall be null and void, unless otherwise agreed in writing by the Company. The Company shall be furnished with copies of the Scheduled Underlying Policies and any amendments thereto at their request. 4. In the event of an Underlying War Risk Insurance being cancelled by the Underwriters thereon under the terms of the cancellation clause therein, such cancellation shall not constitute a breach of 1. above, but the Company shall be liable hereunder only to the same extent as they would have been had that Underlying War Risks Insurance not been cancelled. Nothing in the foregoing sentence shall be deemed to affect the application of Exclusion S. hereunder. Page 6 of 21 NAVIGATORS Insuring A World in Motion® O. ADDITIONAL INSUREDS In the event that a Named Insured is obligated by written contract to name an Additional Insured to any Scheduled Underlying Policy during the currency of this Policy, no coverage shall be afforded under this Policy for such Additional Insured without the prior written consent of the Company who are entitled to an additional premium charge, if required. Coverage is only provided for the term of such contract, but in no event beyond expiration of this Policy or termination of such contract, whichever shall first occur. In the event the contract or part thereof giving rise to coverage under this Policy becomes null and void, and/or is deemed unenforceable, any and all coverages provided by this Policy under said contractual provisions shall also become null and void. When an Additional Insured is named on this Policy, coverage is only provided as respects liabilities to third parties arising out of the operations of the Named Insured insured hereunder. P. 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 on the Declarations of this Policy shall be reduced by any amounts due to the Insured on account of such loss under such prior insurance. Q. SPECIAL CONDITIONS APPLICABLE TO OCCUPATIONAL DISEASE As regards Bodily Injury (fatal or non-fatal) by occupational disease sustained by any employee of the Insured, this Policy is subject to the same warranties, terms and conditions (except as regards the premium, the amounts and limits of liability and the renewal agreement, if any) as are sustained in or as may be added to the Underlying Insurance prior to the happening of an Occurrence for which claim is made hereunder. R. CANCELLATION Either the Company or the Insured may cancel this insurance by giving the other thirty (30) days written notice, after which this Policy shall be of no force or effect. If cancellation is at Insured's option, the Company will retain earned premium hereunder as per customary short rate table; if cancellation is at the Company's option, pro rata unearned premium will be returned as soon as practicable, in either case, subject to minimum premiums agreed upon, if any. If the Insured fails to pay the premium, this insurance may be cancelled unilaterally by the Company by giving ten (10) days written notice to the Insured. S. WAR RISK CANCELLATION In the event of any Underlying War Risks insurance being cancelled, such cancellation shall simultaneously cancel any applicable excess coverage insured herein. Page 7 of 21 NAVIGATORS Insuring A World in Motion® EXCLUSIONS CLAUSE PARAMOUNT: The following Exclusions shall apply to all sections of this Policy. If any Exclusions of any Underlying Policy conflict with or are inconsistent with the Exclusions contained in this Policy, the Exclusions contained in this Policy shall override and supersede any such Exclusions contained in any Underlying Policy. THIS POLICY SHALL EXCLUDE and be free of any claim for any direct, indirect and/or consequential liability, expense and/or duty to defend caused by, arising out of, or resulting from: A. 1. Infidelity and/or dishonesty of the Insured, or any employee or representative of the Insured committed individually or in collusion with others. 2. Violation of or non-compliance with statutes, laws, ordinances or regulations regarding: a. Employment practices, people with disabilities; molestation, harassment or humiliation of any person; and/or discrimination of age, race, creed, color, national origin and/or sex; b. Responsibilities and/or duties imposed upon the Insured by the Unemployment Compensation Act and/or Employees Retirement Income Security Act (ERISA); c. Responsibilities and/or duties imposed upon the Insured by any Securities and Exchange Act; d. Anti-trust laws, unfair competition, unfair business practices, false advertising, restraint of trade or any similar acts or regulations; e. Any other law, statute, ordinance or regulation unless such claims are for damages occasioned by actual or alleged Bodily Injury or death or physical loss of or damage to tangible property, including loss of use resulting therefrom; f. Wrongful discharge, termination, dismissal, suspension or other disciplinary action of employees or other liabilities arising out of employment practices; 3. a. Responsibilities and/or duties imposed upon the Insured by Worker's Compensation acts, Longshoremen and Harbor Worker's Compensation Act, Defense Base Act, Outer Continental Shelf Lands Act or any similar compensation act of any District, State, Province or Nation; b. Occupational Disease in respect of any employee that may arise under any workmen's compensation law, unemployment compensation or disability benefit laws, Federal Longshoremen and Harbor Workers Act, or any similar laws. Employee includes, without limitation, “borrowed, leased and contract employees” of the Insured; Page 8 of 21 NAVIGATORS Insuring A World in Motion® These exclusions apply whether the Insured may be liable as an a) an employer, b) by reason of the relationship of master and servant (except as respects masters or crew of vessels insured hereunder when covered by an Underlying Policy), or c) any obligation to share damages with or repay any party who is required to pay damages because of the injury; 4. Any Criminal fines or Criminal penalties incurred through the Criminal act of that Insured. B.Willful acts and/or Bodily Injury or Property Damage reasonably expected or intended by the Insured. However, this exclusion does not apply to Bodily Injury or Property Damage resulting from the use of reasonable force to protect persons or property. C. With respect to advertising activities to claims against the Insured: 1. For failure of performance of contract, but this shall not relate to claims for unauthorized appropriation of ideas based upon alleged breach of an implied contract; 2. By advertising agents of the Insured; 3. For infringement of registered trade mark, service mark or trade name by use thereof as the registered trade mark, service mark or trade name of goods or service sold, offered for sale or advertised, but this shall not relate to titles or slogans; 4. For incorrect description of any article or commodity; 5. For mistake in advertised price. D. To any claim(s) made by any National, State or Local Government sub-divisions or agencies thereof, unless such claim(s) be for damages occasioned by actual or alleged Bodily Injury (fatal or otherwise), physical loss of, damage to and loss of use of tangible property. E. To any claim(s) or suit(s) alleging violation of the antitrust laws, unfair competition or other acts allegedly in restraint of trade. F. To any stockholder’s derivative action (s). G. Non-payment of rents, royalties, charter hire, loans, mortgages, promissory notes or other debts or for willful breach of or cancellation of or failure to perform any contract, warranty of fitness, quality of work, surety, fiduciary duty, or for insolvency or inadequacy of capital. H. To claims for infringement of patent(s), unauthorized use of trade mark(s) or trade name(s), misappropriation of design(s), drawing(s), process(es) or procedure(s) or to claims based on misappropriation of minerals or non-payment of mineral royalties. I. Liability for fines, penalties, punitive or exemplary damages, including treble damages or any other damages resulting from multiplication of compensatory damages. Page 9 of 21 NAVIGATORS Insuring A World in Motion® J. 1. To loss, damage or liability directly or indirectly occasioned by, happening through or in consequence of war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation or nationalization or requisition or destruction of or damage to property by or under the order of any government or public or local authority. 2. Nevertheless, this exclusion shall not apply, except as provided in 3. below, to liabilities: a. Arising in connection with vessels owned, chartered, hired or otherwise used by the Insured. b. Arising out of property of any kind in transit by land, water or air during such periods as would be covered for full war risks under an insurance covering physical loss of or damage to cargo subject to the Institute War Clauses relevant to the particular form of transit. c. Arising out of any waterborne operations. d. To seamen or under Workmen's Compensation Statutes. e. For death of or Bodily Injury to persons of any kind. 3. Notwithstanding the provisions of 2. above, the clause set out in 1. above shall apply to the liabilities set out in 2. above: a. Unless sooner applied under the provisions of b. or c., automatically upon and simultaneously with the outbreak of war (whether there be declaration of war or not) between any of the following countries: United States of America, United Kingdom, France, the Confederation of Soviet Republics, the People's Republic of China. b. At any time at the Insured's request, or by the Company giving 14 days written notice to the Insured, but in no event shall such notice affect or postpone the operation of the provisions of a. or c. Written or telegraphic notice sent to the Insured at its last known address shall constitute a complete notice and such notice mailed or telegraphed to the said Insured, care of the broker who negotiated this insurance, shall have the same effect as if sent to the said Insured direct. The mailing of notice as aforesaid shall be sufficient proof of notice and the effective date and hour of the operation of the clause set out in (a) above shall be 14 days from midnight of the day on which such notice was mailed or telegraphed as aforesaid. The Company agrees, however, that the clause set out in (a) above shall not apply subject to agreement between the Company and the Insured prior to the aforesaid effective date and hour as to an additional premium and/or new conditions and/or warranties. c. Unless sooner terminated under the provisions of a. or b., automatically in respect of any insured vessel if and when such vessel is requisitioned, Page 10 of 21 NAVIGATORS Insuring A World in Motion® either for title or use, by the Government of the United States or of the country in which the vessel is owned or registered, or of the country in which any such right of requisition is vested. If subsequent to the agreement of an additional premium as provided by paragraph b. above, either the Insured or the Company again elect to exercise the option provided therein, or paragraphs a. or c. become operative, pro rata net return of the additional premium paid shall be refunded to the Insured. K. Pollution or contamination arising out of: 1. Actual or potential pollution, release, emission, spillage, escape or leakage, seepage, contamination, discharge, dispersal, disposal or dumping of: smoke, vapors, soot, spoils, fumes, acids, alkalis, oil or other petroleum products or derivatives, refuse, liquids or gases, waste materials or substances, sewerage, dredging spoils, asbestos, or other toxic or noxious chemicals, irritants, contaminants or Pollutants into or upon: land, atmosphere, environment, oceans, seas, rivers, lakes or any other watercourse or body of water; 2. The cost of evaluating, monitoring, controlling, removing, nullifying, mitigating or cleaning up any such substances listed in paragraph 1 above; 3. Consequential loss of, damage to or loss of use of property directly or indirectly resulting from subsidence caused by sub-surface operations of the Insured; 4. Removal of, loss of or damage to sub-surface oil, gas or any other substance; 5. Fines, penalties,Punitive Damages, exemplary damages, treble damages and/or any damages resulting from the multiplication of compensatory damages; 6. Any site or location used in whole or in part for the handling, processing, treatment, storage, disposal or dumping of any waste materials or substances or the transportation of any waste materials or substances. Notwithstanding the above, this exclusion shall not apply to any claim or liability for heat, smoke or fumes from a “hostile fire”. Hostile fire means a fire which becomes uncontrollable or breaks out or spreads from its intended place. L.Products Liability and/or Completed Operations (as hereinafter defined) are excluded except to the extent coverage is provided by an Underlying Policy. Notwithstanding such Underlying coverage, this Policy shall exclude absolutely: 1. The expense of re-doing work improperly performed by or on behalf of the Insured; replacement of improper materials, defective parts or equipment furnished in connection therewith; and/or recall, withdrawal, inspection, repair, replacement, adjustment, removal or disposal of any product of the Insured; 2. Any contract, warranty, or indemnity agreement assumed by the Insured, unless such liability would have arisen in the absence of such contract or agreement; Page 11 of 21 NAVIGATORS Insuring A World in Motion® 3. Faulty design; deficiency, inadequacy or unsuitability for its intended purpose; or for betterment or alteration in design; 4. Recommendations or advice given in connection with the use, application, or storage of such goods, products or materials; or failure to give adequate instructions or warnings; 5. Loss of use or revenue arising from such product or operation; 6. Damage to your product or work arising out of it or any part of it; 7. Loss or damage to property that has not been physically injured, but arises out of an alleged or potential defect or dangerous condition in the product or work; 8. Claims arising out of the following products or parts used in such products: aircraft (including parts), animal feeds and additives, asbestos or items containing asbestos, motor vehicles, chemicals (including herbicides and pesticides), pharmaceuticals, cosmetics, electronics (other than for maritime use), or toys. M.Professional Indemnity and/or any type of errors and omissions and/or malpractice, except with respect to Bodily Injury or Property Damage directly resulting therefrom. N.Bodily Injury or Property Damage arising out of the rendering or failure to render any Professional Services, including but not limited to those services provided by an engineer, architect or surveyor who is either employed by the Insured or performing work on behalf of the Insured in such capacity. O. Fiduciary responsibility for or mismanagement of any Employee Benefit P. Liability of Directors and/or Officers individually or collectively for any breach of duty, neglect, error, misstatement, misleading statement or omission. Q. Damages or expenses claimed for the withdrawal, recall from the market, inspection, repair, replacement or loss of the use of the Insured's products or work or operations completed by or for the Insured or of any property of which such products or work form a part, if such products, work or property are withdrawn from the market or from use by any person or organization because of any known or suspected defect, deficiency, inadequacy or dangerous condition therein. Also excluding liability resulting from failure to withdraw, recall, inspect, repair, or replace or give notice of defective products when they become a known hazard. R. Liability assumed under contract or Charter Party, other than for Bodily Injury or Property Damage, that is greater than that which would be imposed upon the Insured by law in the absence of said contract (unless specifically endorsed hereon). S. Conduct of any partnership or joint venture of which the Insured is a partner or member unless such partnership or joint venture is shown as a Named Insured in this Policy. T. Loss, damage or expense to property owned, leased or rented or borrowed by the Insured except this exclusion shall not apply to any claim or liability: Page 12 of 21 NAVIGATORS Insuring A World in Motion® 1. To vessels chartered by the Insured under a standard form of Time, Voyage or Space Charter agreement and coverage is afforded by an Underlying Charterer's Liability policy; or 2. For fire damage liability to premises rented or occupied by the Insured (if insured by this Policy) caused by a “hostile fire”. Hostile fire means a fire which becomes uncontrollable or breaks out or spreads from its intended place. U. Loss, damage, or expense caused by or resulting from exposure to mold, mildew and/or fungus. This exclusion also applies to: 1. The cost of abatement, mitigation, removal or disposal; and/or 2. Any supervision, instructions, recommendations, warnings or advice given or which should have been given in connection with the above; and/or 3. Any obligation to share damages with or repay someone else who must pay damages because of such injury or damage, either in equity or in tort. V. From ownership, use or operation of drilling rigs, drilling barges, drilling tenders, platforms, flow lines, gathering stations and/or pipe lines, but this exclusion shall not apply to craft serving the foregoing such as crew, supply, or utility boats, tenders or tugs. W.EMPLOYMENT-RELATED PRACTICES EXCLUSION It is understood and agreed that this insurance shall not cover any claim, suit or damages arising out of any refusal to employ, termination of employment, coercion, demotion, evaluation, re-assignment, discipline, defamation, harassment, humiliation, discrimination or other employment-related practices, policies, acts or omissions or consequential Bodily Injury as a result of the above. This exclusion applies whether the Insured may be held liable as an employer or in any other capacity and to any obligation to share damages with or to repay someone else who must pay damages because of injury. X.ECONOMIC SANCTIONS LIMITATION AND EXCLUSION CLAUSE No (re)insurer shall be deemed to provide cover and no (re)insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose that (re)insurer to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America. The United States of America trade or economic sanctions, laws or regulations shall include, but not be limited to, those sanctions administered and enforced by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) and sanctions that may Page 13 of 21 NAVIGATORS Insuring A World in Motion® be imposed by the U.S. Department of State under the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 (CISADA). Y.HEALTH HAZARD (SPECIFIC) EXCLUSION This insurance does not apply to any liability for, or any loss, damage, injury or expense directly or indirectly caused by or arising out of: asbestos; tobacco; coal dust; polychlorinated biphenyls; silica; silicosis; benzene; lead; talc; dioxin; mold; pesticides or herbicides; electromagnetic fields; pharmaceutical or medical drugs/products/substances/devices; or any substance containing such material or any derivative thereof. This insurance does not apply to any liability for, or any loss, damage, injury or expense due to hearing loss or damage; human immune virus or acquired immune deficiency syndrome; cumulative trauma disorder, repetitive motion or strain injury, or carpel tunnel syndrome. It is further agreed that this Policy shall not apply to any liability for Bodily Injury and/or Property Damage made by or on behalf of any person or persons directly or indirectly on account of continuous, intermittent or repeated exposures to, ingestion, inhalation, or absorption of, any substances, materials, products, wastes or emissions, noise or environmental disturbance where the Insured is or may be liable for any reason including, but not limited to, as a result of the manufacture, production, extraction, sale, handling, utilization, distribution, disposal or creation by or on behalf of the Insured of such substances, materials, products, wastes or emissions, noise or environmental disturbance. Z.TERRORISM EXCLUSION CLAUSE This Policy excludes any loss, damage, liability or expense arising from: 1. Terrorism and/or 2. Steps taken to prevent, suppress, control or reduce the consequences of any actual, attempted, anticipated, threatened, suspected or perceived terrorism. For the purpose of this clause, “terrorism” means any act(s) of any person(s) or organization(s) involving: 1. The causing, occasioning or threatening of harm of whatever nature and by whatever means, including any act certified or uncertified by the Secretary of the Treasury of the United States, and/or 2. Putting the public or any section of the public in fear; in circumstances in which it is reasonable to conclude that the purpose(s) of the person(s) or organization(s) concerned are wholly or partly of a political, religious, ideological or similar nature. Page 14 of 21 NAVIGATORS Insuring A World in Motion® AA. RADIOACTIVE CONTAMINATION EXCLUSION CLAUSE THIS CLAUSE SHALL BE PARAMOUNT AND SHALL OVERRIDE ANYTHING CONTAINED IN THIS INSURANCE INCONSISTENT THEREWITH. In no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed to by or arising from: 1. ionizing radiation from or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel; 2. the radioactive, toxic, explosive or other hazardous or contaminating properties of nuclear installation, reactor or other nuclear assembly or nuclear component thereof; 3. any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter; and 4. the radioactive, toxic, explosive or other hazardous or contaminating properties of any radioactive matter. The exclusion in this sub-clause does not extend to radioactive isotopes, other than nuclear fuel, when such isotopes are being prepared, carried, stored, or used for commercial, agricultural, medical, scientific or other similar peaceful purposes. BB. INSTITUTE CHEMICAL, BIOLOGICAL, BIO-CHEMICAL, ELECTROMAGNETIC WEAPONS AND CYBER ATTACK EXCLUSION CLAUSE THIS CLAUSE SHALL BE PARAMOUNT AND SHALL OVERRIDE ANYTHING CONTAINED IN THIS INSURANCE INCONSISTENT THEREWITH. In no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed to by or arising from: 1. any chemical, biological, bio-chemical or electromagnetic weapons; and/or 2. the use or operation, as a means for inflicting harm, of any computer, computer system, computer software program, computer virus or process or any other electronic system. CC. BANKRUPTCY OR INSOLVENCY – UNDERLYING INSURANCE Notwithstanding anything contained herein to the contrary, in the event of Bankruptcy or Insolvency of an Underlying Insurance Carrier; or Non-Collectability of any Underlying Insurance scheduled hereunder, it is understood and agreed that this Policy will provide coverage excess of the limits stated herein to the same extent as if a recovery could have been made from said Underlying Policies. In no event will this Policy drop down below the limits stated in the Schedule of Underlying Insurance(s). Notwithstanding the foregoing, this Insurance shall not cover liabilities arising by reason of insolvency or inadequacy of capital. Page 15 of 21 NAVIGATORS Insuring A World in Motion® DD. KNOWN LOSS This insurance applies to Bodily Injury or Property Damage only if, prior to the Policy Period, no Named Insured or Insured, or anyone authorized to give or receive notice of an Occurrence, knew that the Bodily Injury or Property Damage had occurred, in whole or in part. If such Named Insured,Insured or authorized person knew, prior to the Policy Period, that the Bodily Injury or Property Damage occurred, then any continuation, change or resumption of such Bodily Injury or Property Damage during or after the Policy Period will be deemed to have been known prior to the Policy Period. Bodily Injury or Property Damage which occurrs during the Policy Period and was not, prior to the Policy Period, known to have occurred by any Named Insured, Insured or any person authorized to give or receive notice of an Occurrence, includes any continuations, change or resumption of that Bodily Injury or Property Damage after the end of the Policy Period. Bodily Injury or Property Damage will be deemed to have been known to have occurred at the earliest time when any Named Insured,Insured or any person authorized to give or receive notice of an Occurrence: 1. Reports all, or any part of, the Bodily Injury or Property Damage to the Company or any other insurer; 2. Receives a written or verbal demand or claim for damages because of the Bodily Injury or Property Damage; or 3. Becomes aware by any other means that Bodily Injury or Property Damage has occurred or has begun to occur. EE. CONDITIONAL EXCLUSIONS The following exclusions shall also apply UNLESS covered by a Scheduled Underlying Policy in which case coverage hereunder shall only be to the same extent and excess of such Scheduled Underlying Insurance. Unless covered by a Scheduled Underlying Policy, this Insurance shall not cover any claim, suit, expense and/or duty to defend caused by, arising out of, or resulting from: (a) operation, ownership or use of any insured Automobile, Truck,Mobile Equipment or Aircraft; (b) any employee with respect to personal injury to death of another employee of the same employer injured in the course of such employment; (c) damage, loss, or expense to property of others which occurred while in the care, custody or control of the Insured hereunder, including, but not limited to, the Insured's tort or Contractual Liability for loss of or damage to cargo; (d) assumed under contract; (e) any activity as a shiprepairer other than for maintenance and repairs by the Page 16 of 21 NAVIGATORS Insuring A World in Motion® Insured to his own vessels; (f) manufacturing, selling, distributing serving or furnishing alcoholic beverages, food or drink; and (g) Uninsured / Underinsured Motorist: Any claim for Damages arising out of any National, State or Local law, statute ordinance or regulation relating to uninsured or underinsured motorists. Nothing contained in these exclusions shall imply coverage beyond that granted in the A. COVERAGE section of this Policy. Page 17 of 21 NAVIGATORS Insuring A World in Motion® DEFINITIONS CLAUSE PARAMOUNT: The following Definitions shall apply to all sections of this Policy. If any of the Definitions of any Underlying Policy conflict with or are inconsistent with the Definitions contained in this Policy, the Definitions contained in this Policy shall override and supersede any such Definitions contained in any Underlying Policy. Wherever used in this Policy, the following terms shall be construed to mean: A. ADVERTISING INJURY:means injury arising out of one or more of the following offenses committed during the policy period in the course of the Insured's advertising activities: 1. The publication or utterance of libel or slander or of other defamatory or disparaging material, or a publication or utterance in violation of an individual's right to privacy. 2. Infringement of copyright, title, or slogan. 3. Piracy or idea misappropriation under an implied contract. B. AIRCRAFT:means any heavier than air or lighter than air aircraft designed to transport persons or property. C. ANNUAL AGGREGATE LIMIT, AGGREGATE LIMIT AND AGGREGATE LIMIT OF LIABILITY:means the total amount payable during a specified period of time regardless of the number of claims, accidents or occurrences during said period of time. D. NAMED INSURED:The person or organization named as Insured in the Declarations of this Policy, including any associated, affiliated, interrelated and/or subsidiary over which the Named Insured has financial or managerial control. E. INSURED:The unqualified word “Insured”, wherever used in this Policy, includes the officers, directors, boards, commissioners, and stockholders of such organization while acting in their capacity as such. If the organization is a partnership or joint venture, any partner or member thereof is included while acting in his capacity as such, per terms below: When the Insured is a partner or member of a Joint Venture or Partnership, this Policy will only respond for liabilities insured hereunder subject to all other terms and conditions of this Policy, for an amount in proportion to the Named Insured's proportion of interest or participation in such partnership or joint venture bears to the total liability of the partnership or joint venture, subject to the limit of liability of this Policy. The Definitions of “Named Insured” and “Insured” do not include any newly acquired company, organization, associated, affiliated, interrelated and/or subsidiary company, organization, or any other legal entity. The terms “Named Insured” and “Insured” include only those which qualify as a Named Insured or Insured on the inception date of this Policy, unless otherwise agreed to in writing by the company prior to any covered Occurrence, Bodily Injury and/or Property Damage. Page 18 of 21 NAVIGATORS Insuring A World in Motion® The Term "Insured" and "Assured" can be used interchangeably. The naming of more than one Named Insured, Insured and/or Additional Insured shall not increase the Company's Occurrence Limit of Liability or Aggregate Limit of Liability. F. AUTOMOBILE:means a land motor vehicle, truck, trailer or semi-trailer licensed for use on public highways. G. BODILY INJURY:means physical injury, sickness, disease or mental anguish of any person which both commences and occurs during the Period of this Policy and which is caused by an occurrence during the Period of this Policy, including death at any time resulting therefrom. H. COMPLETED OPERATIONS:means bodily injury or property damage arising out of the Named Insured's operations or services, but only if the bodily injury or property damage occurs after such operations have been completed or abandoned and occurs away from premises owned by or rented to the Insured. Operations include materials, parts or equipment completed at the earliest of the following time: 1. When all operations to be performed by or on behalf of the Named Insured under the contract have been completed. 2. When all operations to be performed by or on behalf of the Named Insured at the site of the operations have been completed. 3. When the portion of the work out of which the bodily injury or property damage arises has been put to its intended use by any persons or organizations other than another contractor or sub-contractor engaged in performing operations for a principal as a part of the same project. 4. Operations which may require further service or maintenance work, or correction, repair or replacement because of any defect or deficiency, but which are otherwise completed shall be deemed completed. The Completed Operation shall not include: 1. The legal liability for operations in connection with the pick up and delivery of property, except in respect to stevedore liability incurred in respect to the loading and discharge of vessels if such liability is covered by a Scheduled Underlying Policy. 2. The existence of tools, uninstalled equipment or abandoned or unused materials. I. CONTRACTUAL LIABILITY: means that part of any contract or agreement pertaining to the Named Insured's business under which the Named Insured assumes the Tort Liability of another party to pay for bodily injury or property damage to a third person or organization. J.MARINE OPERATIONS mean: Page 19 of 21 NAVIGATORS Insuring A World in Motion® 1. The ownership, management, operation or chartering of marine or inland waterway vessels, craft or units; 2. The construction, repair or demolition of marine or inland waterway vessels, craft or units and all related components; 3. Operations in respect of seawalls, marine terminals, ports, harbors, wharves, piers, jetties, docks, berths, pontoons, marinas, fish farms, stevedores, divers, marine agents and boat dealers; 4. Transit, and storage in the ordinary course of transit, of cargo by sea or air, and by subsequent land conveyance other than pipeline. K. MOBILE EQUIPMENT: 1. Not subject to motor vehicle registration; or 2. Maintained or use exclusively on premises owned by or rented to the Named Insured, including the ways immediately adjoining; or 3. Designed for use principally off public roads; or 4. Designed or maintained for the sole purpose affording mobility to equipment the following types forming an integral part of or permanently attached to such vehicle: power cranes, shovels, loaders, diggers and drills, concrete mixers, (other than the mix-in transit type); graders, scrapers rollers and other road construction or repair equipment; air-compressors pumps and generators, including spraying, welding and building cleaning equipment and geophysical exploration and well servicing equipment. L. OCCURRENCE(S):means an accident, happening or event, including continuous or repeated exposure to conditions commencing during the Period of this Policy which unintentionally causes Bodily Injury and/or Property Damage during the Period of this Policy. Any number of such injuries and/or damage resulting from a common cause or from exposure to substantially the same conditions shall be deemed to result from one occurrence. M. POLICY PERIOD:means the time during which coverage is in effect under a Policy of Insurance. N. POLLUTANTS:means any solid, liquid, gaseous or thermal irritant or contaminant, including smoke, vapors soot, spoils, fumes, acids, alkalis, petroleum products or derivatives, chemicals, sewerage, dredging spoils, asbestos, and waste materials or substances; waste materials or substances includes materials to be recycled, reconditioned or reclaimed. O. PRODUCTS LIABILITY: means bodily injury or property damage arising out of an accident or occurrence away from the Insured's premises, caused by goods or products manufactured, sold, handled, distributed, and/or disposed of by the Insured after the Insured has relinquished possession of such goods or products and/or such goods or Page 20 of 21 NAVIGATORS Insuring A World in Motion® products are no longer in his care, custody or control. Products Liability does not include any extra expense of re-calling goods or merchandise. P. PROFESSIONAL INDEMNITY:means a guarantee or warranty of skill or workmanlike service, design, suitability for intended service. Q. PROFESSIONAL SERVICES:means work or service arising out of a vocation, calling, occupation, or employment involving specialized knowledge, labor, or skill which is predominantly mental or intellectual, rather than physical or manual. Professional Services include, but are not limited to (1) preparing, approving or failing to prepare or approve maps, shop drawings, opinions, reports, surveys, field orders, change orders or drawings and specifications; and (2) supervisory, inspection, architectural or engineering activities. R. PROPERTY DAMAGE:means loss of or direct physical damage to or destruction of tangible property (other than property owned by the Insured), including loss of use thereof resulting therefrom and caused by an occurrence, all of which must commence and occur during the Period of this Policy. S. PUNITIVE DAMAGES:means fines, penalties, treble damages, exemplary damages, or judgments levied against the Insured to punish or make an example of the Insured. T. SCHEDULED UNDERLYING INSURANCE AND SCHEDULED UNDERLYING POLICY(IES): means the policies listed in the Schedule of Underlying Insurance(s). U. Tort liability:means a liability that would be imposed by law in the absence of any contract or agreement. V. ULTIMATE NET LOSS:means the total sum which the Insured becomes obligated to pay by reason of Bodily Injury or Property Damage as specified in the Insuring Agreement (Clause A COVERAGE) either through adjudication or compromise settlements, and shall also include hospital, medical, funeral charges and all sums paid as salaries, wages, compensation, fees, charges and law costs, premiums on attachment or appeal bonds, interest, expenses for doctors, lawyers, nurses, and investigation of claims and suits which are paid as a consequence of a covered occurrence resulting in covered Bodily Injury and/or Property Damage, excluding, however, the salaries of the Insured's permanent employees and general office overhead and also excluding any part of such expenses for which the Insured is covered by other valid and collectible insurance. W. UNDERLYING INSURANCE(S) AND UNDERLYING POLICY(IES):means the policies listed in the Schedule of Underlying Insurance(s), any Retention, as well as the insurance available to the Insured under all other insurance policies applicable to an occurrence which is within the scope of subject matter and coverage set forth in this Policy. X. UNDERLYING LIMIT(S):means the Limit of Liability of each Policy of Insurance shown in the Schedule of Underlying Insurance(s), any Retention, as well as the Limits of Liability available to the Insured under all other insurance policies applicable to an occurrence which is within the scope of subject matter and coverage set forth in this Policy. Page 21 of 21 NAVIGATORS Insuring A World in Motion® Y. WRONGFUL ACT:means any actual or alleged error or misstatement or misleading statement or act or omission or breach of duty by Directors, Officers and Managers in the discharge of their duties, individually, or collectively, or any matter claimed against them solely by reason of their being Directors, Officers or Managers of the Named Insured. ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED NAVIGATORS Insuring A World in Motion® Westrec Financial, Inc. Page 1 of 2 Attaching to and forming part of POLICY NUMBER NY21LIA95582802 SCHEDULE OF INSUREDS Insured Name Address Westrec Financial, Inc. (WFI) Westrec Marina Management Inc. WMMI) Marine Ventures Limited Westrec Equities, Inc. Westrec Lake Las Vegas, LLC (WLLV, LLC) Lake Las Vegas Marina, LLC Lake Management, LLC Westrec Contracting, LLC Westrec Management Clearing Company Premier Residential Services, LLC Westrec Marinas, LLC Westrec Properties, Inc. (WPI) Westrec Investors, Inc. (WII) PS Marinas I, a California Limited Partnership Hall of Fame Associates, a California Limited Partnership Canyon Lake Associates, a California Limited Partnership As Per Declarations NAVIGATORS Insuring A World in Motion® Westrec Financial, Inc. Page 2 of 2 PS Marinas 3 Allatoona Landing Marina, LLC PS Marinas 4 Harbour Towne Marina, LLC, A Delaware LLC (fka Harbour Towne Associates, A California General Partnership) Harbour Towne Holdings, LLC, a Delaware LLC PS Marinas 5 Tower Park Marina Investors, LP Tower Park Marina Operating Corporation Haulover Marina LLC, a Delaware LLC Holiday Marina LLC, a Georgia LLC Helping Hands of Harbour Towne Harbor Towne Associates, Inc. All other terms and conditions remain unchanged. Westrec Financial, Inc. Page 1 of 2 NAVIGATORS Insuring A World In Motion® Attaching to and forming part of POLICY NUMBER NY21LIA95582802 SCHEDULE OF UNDERLYING INSURANCES Coverage Carrier/Policy Information Limit of Liability Marine Bumbershoot Liability Navigators Insurance Company / 50% NY20LIA95582801 National Casualty Company / 50% XLO0032514 USD 5,000,000. Any One Accident or Occurrence, Combined Single Limit USD 5,000,000. Aggregate In Excess Of Coverage Carrier/Policy Information Limit of Liability Marine General Liability, Wharfinger's Legal Liability Continental Insurance Company through CNA / 100% USD 2,000,000. General Aggregate USD 1,000,000. Products And Completed Operations Aggregate USD 1,000,000. Personal And Advertising Injury Aggregate USD 1,000,000. Per Occurrence USD 1,000,000. Marina Operator’s Legal Liability USD 1,000,000. Sudden And Accidental Pollution Coverage USD 1,000,000. Per Person Employee Benefits Liability USD 1,000,000. Liquor Liability Protection & Indemnity Continental Insurance Company through CNA / 100% USD 1,000,000. Each Accident Automobile Liability Philadelphia Indemnity Insurance Company / 100% USD 1,000,000. Each Accident Employer's Liability Old Republic Insurance Company / 100% USD 1,000,000. Each Accident USD 1,000,000. Policy Limit USD 1,000,000. Each Employee Westrec Financial, Inc. Page 2 of 2 NAVIGATORS Insuring A World In Motion® Westrec Financial, Inc. Page 1 of 1 Attaching to and forming part of POLICY NUMBER NY21LIA95582802 NAVIGATORS Insuring A World in Motion® AIMU Chemical, Biological, Bio-Chemical & Electromagnetic Exclusion Clause AIMU CHEMICAL, BIOLOGICAL, BIO-CHEMICAL, AND ELECTROMAGNETIC EXCLUSION CLAUSE (March 1, 2003) This clause shall be paramount and shall override anything contained in this insurance inconsistent therewith. In no case shall this insurance cover loss, damage, liability or expense directly or indirectly caused by or contributed to or arising from an actual or threatened act involving a chemical, biological, biochemical or electromagnetic weapon, device, agent or material when used in an intentionally hostile manner. All other terms and conditions remain unchanged. Westrec Financial, Inc. Page 1 of 2 Attaching to and forming part of POLICY NUMBER NY21LIA95582802 NAVIGATORS Insuring A World in Motion® AIMU EXTENDED RADIOACTIVE CONTAMINATION EXCLUSION CLAUSE WITH U.S.A. ENDORSEMENT (March 1, 2003) THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. This clause shall be paramount and shall override anything contained in this insurance Inconsistent therewith. 1. In no case shall this insurance cover loss, damage, liability or expense directly or indirectly caused by or contributed to by or arising from 1.1 ionizing radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel 1.2 the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or other nuclear assembly or nuclear component thereof 1.3 any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter. 1.4 the radioactive, toxic, explosive or other hazardous or contaminating properties of any radioactive matter. The exclusion in this sub-clause does not extend to radioactive isotopes, other than nuclear fuel, when such isotopes are being prepared, carried, stored, or used for commercial, agricultural, medical, scientific or other similar peaceful purposes. RADIOACTIVE CONTAMINATION EXCLUSION CLAUSE (U.S.A. ENDORSEMENT) This insurance is subject to the Extended Radioactive Contamination Exclusion Clause (March 1, 2003) provided that if fire is an insured peril and where the subject matter insured or, in the case of a reinsurance, the subject matter insured by the original insurance, is within the U.S.A., its islands, onshore territories or possessions and Westrec Financial, Inc. Page 2 of 2 a fire arises directly or indirectly from one or more of the causes detailed in Sub-Clauses 1.1, 1.2, and 1.4 of the Extended Radioactive Contamination Exclusion Clause March 1, 2003 any loss or damage arising directly from that fire shall, subject to the provisions of this insurance, be covered, EXCLUDING however any loss damage liability or expense caused by nuclear reaction,nuclear radiation, or radioactive contamination arising directly or indirectly from that fire. NAVIGATORS Insuring A World in Motion® All other terms and conditions remain unchanged. Westrec Financial, Inc. Page 1 of 1 Attaching to and forming part of POLICY NUMBER NY21LIA95582802 NAVIGATORS Insuring A World in Motion® ECONOMIC SANCTIONS LIMITATION AND EXCLUSION CLAUSE THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. No (re)insurer shall be deemed to provide cover and no (re)insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose that (re)insurer to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America. The United States of America trade or economic sanctions, laws or regulations shall include, but not be limited to, those sanctions administered and enforced by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) and sanctions that may be imposed by the U.S. Department of State under the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 (CISADA). All other terms and conditions remain unchanged. Westrec Financial, Inc. Page 1 of 1 Attaching to and forming part of POLICY NUMBER NY21LIA95582802 NAVIGATORS Insuring A World in Motion® EMPLOYMENT-RELATED PRACTICES EXCLUSION THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. It is understood and agreed that this insurance shall not cover: “Bodily Injury” arising out of any refusal to employ, termination of employment, coercion, demotion, evaluation, re-assignment, discipline, defamation, harassment, humiliation, discrimination or other employment-related practices, policies, acts or omissions or Consequential “bodily injury” as a result of the above. “Personal Injury” arising out of any refusal to employ, termination of employment, coercion, demotion, evaluation, re-assignment, discipline, defamation, harassment, humiliation, discrimination or other employment-related practices, policies, acts or omissions or Consequential “personal injury” as a result of the above. This exclusion applies whether the insured may be held liable as an employer or in any other capacity and to any obligation to share damages with or to repay someone else who must pay damages because of injury. All other terms and conditions remain unchanged. NAVIGATORS Insuring A World in Motion® Westrec Financial, Inc. Page 1 of 1 Attaching to and forming part of POLICY NUMBER NY21LIA95582802 ABSOLUTE TERRORISM EXCLUSION CLAUSE THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. This Policy excludes any loss, damage, liability or expense arising from: A. Terrorism; and or B. Steps taken to prevent, suppress, control or reduce the consequences of any actual, attempted, anticipated, threatened, suspected or perceived terrorism. For the purpose of this clause, “terrorism” means any act(s) of any person(s) or organization(s) involving: 1. The causing, occasioning or threatening of harm of whatever nature and by whatever means; 2. Putting the public or any section of the public in fear, in circumstances in which it is reasonable to conclude that the purpose(s) of the person(s) or organization(s) concerned are wholly or partly of a political, religious, ideological or similar nature. All other terms and conditions remain unchanged. Westrec Financial, Inc. Page 1 of 3 Attaching to and forming part of POLICY NUMBER NY21LIA95582802 NAVIGATORS Insuring A World in Motion® POLLUTION LIMITATION ENDORSEMENT (DEFINED SUDDEN & ACCIDENTAL BUYBACK) THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. I. ABSOLUTE POLLUTION EXCLUSION: (A) In consideration of the premium charged, it is hereby agreed that this policy shall not apply to any liability for “bodily injury”, “property damage” “or personal injury” arising out of the actual, alleged or threatened “release” of “pollutants” into or upon land, the atmosphere or any watercourse, water supply, reservoir or body of water. It is further agreed that the intent and effect of this exclusion is to delete from any and all coverages afforded by this policy any “occurrence”, claim, suit, cause of action, liability, settlement, judgement, defense costs or expenses in any way arising out of such “release” whether or not such “release” arises out of the activities of the insured or the activities of others and whether or not such “release” is sudden or gradual and whether or not such “release” is expected, intended, foreseeable, fortuitous, accidental or inevitable, and wherever such “release” occurs. (B) Definitions: 1. “Pollutants” means any solid, liquid, gaseous or thermal irritant or contaminant, including smoke, vapor, soot, fumes, acids, alkalis, chemicals and waste. Waste includes materials to be recycled, reconditioned or reclaimed. 2. “Release” means discharge, dispersal, seepage, release or escape of “pollutants”. (C) Without intent to limit the scope of the above Absolute Pollution Exclusion, but rather for the purpose of illustration, it is hereby agreed that this policy shall not apply to: 1. “Bodily injury”, “property damage” or “personal injury” arising out of the actual, alleged or threatened discharge, dispersal, release or escape of “pollutants”: (a) At or from premises you own, rent or occupy; Westrec Financial, Inc. Page 2 of 3 NAVIGATORS Insuring A World in Motion® (b) At or from any site or location used by or for you or others for the handling, storage, disposal, processing or treatment of waste; (c) Which are at any time transported, handled, stored, treated, disposed of, or processed as waste by or for you or any person or organization for whom you may be legally responsible; or (d) At or from any site or location on which you or any contractors or subcontractors working directly or indirectly on your behalf are performing operations: i.The “pollutants” are brought on or to the site or location in connection with such operations; or ii. If the operation are to test for, monitor, clean up, remove, contain, treat, detoxify or neutralize the “pollutants”. (e) Arising from products manufactured, sold, handled or distributed by or on (f) Arising from operations completed by or on behalf of the named insured. 2. Any loss, cost or expense incurred to monitor, clean-up, remove, contain, treat, detoxify or neutralize “pollutants” for the purpose of preventing, abating or mitigating any actual or threatened “bodily injury”, “property damage” or “personal injury”. 3. Any loss, cost or expense arising out of any governmental direction or request that the named insured test for, monitor, clean-up, remove, contain, treat, detoxify or neutralize “pollutants”. II. SUDDEN AND ACCIDENTAL BUYBACK: (A) It is hereby agreed that the above Absolute Exclusion shall not apply provided that the Named Insured establishes that all of the following conditions have been met: 1. The occurrence was accidental and was neither expected nor intended by the insured. An occurrence shall not be considered unintended or unexpected unless caused by some intervening event neither foreseeable nor intended by the insured. 2. The occurrence can be identified as commencing at a specific time and date during the term of this policy. 3. The occurrence became know to the insured within 72 hours after its commencement. 4. The occurrence was reported in writing to these underwriters within 30 days after having become known to the insured. Westrec Financial, Inc. Page 3 of 3 NAVIGATORS Insuring A World in Motion® 5. The occurrence did not result from the insured's intentional or willful violation of any government statute, rule or regulations. (B) Notwithstanding Clause II (A), nothing contained in this endorsement shall operate to provide any coverage with respect to: 1. Loss of, damage to or loss of use of property directly or indirectly resulting from subsidence caused by sub-surface operations of the Insured unless caused by some intervening event neither foreseeable nor intended by the insured. 2. Removal of, loss of or damage to sub-surface oil, gas or any other substance; 3. Fines, penalties, punitive damages, exemplary damages, treble damages or any other damages resulting from the multiplication of compensatory damages; 4. Any site or location used in whole or in part for the handling, processing treatment, storage, disposal or dumping of any waste materials or substances, or the transportation of any waste materials or substances. All other terms and conditions remain unchanged. 1) 2) 3) 4) a. b. c. NAVIGATORS Insuring A World in Motion® INSTITUTE CYBER ATTACK EXCLUSION CLAUSE THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. 1.1 Subject only to clause 1.2 below, in no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed to by or arising from the use or operation, as a means for inflicting harm, of any computer, computer system, computer software programme, malicious code, computer virus or process or any other electronic system. 1.2 Where this clause is endorsed on policies covering risks of war, revolution, rebellion, insurrection, or civil strife arising therefrom, or any hostile act by or against a belligerent power, or terrorism or any person acting from a political motive, Clause 1.1 shall not operate to exclude losses (which would otherwise be covered) arising from the use of any computer, computer system or computer software programme or any other electronic system in the launch and/or guidance system and/or firing mechanism of any weapon or missile. 10/11/03 CL380 All other terms and conditions remain unchanged. Westrec Financial, Inc. Page 1 of 1 Attaching to and forming part of POLICY NUMBER NY21LIA95582802 NAVIGATORS Insuring A World in Motion® Westrec Financial, Inc. Page 1 of 2 Attaching to and forming part of POLICY NUMBER NY21LIA95582802 PROFESSIONAL AND ERRORS & OMISSIONS LIABILITY EXCLUSION (ABSOLUTE) THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. This endorsement modifies insurance provided under the following: COMMERCIAL GENERAL LIABILITY COVERAGE PART SCHEDULE Premium $ Included In consideration of the additional premium shown in the schedule to this endorsement and subject to the terms and conditions of the policy, it is agreed: This insurance does not apply to “bodily injury”, “property damage”, “personal injury” or “advertising injury” arising out of: 1. An error, omission, defect or deficiency in: a. Any test performed; or b. An evaluation, a consultation or advice given, by or on behalf of any Insured; 2. The reporting of or reliance upon any such test, evaluation, consultation or advice; or 3. An error, omission, defect or deficiency in experimental data or the Insured's interpretation of that data. This insurance does not apply to “bodily injury”, “property damage”, “personal injury” or “advertising injury” arising out of the rendering of or failure to render any professional services by you or any engineer, architect or surveyor who is either employed by you or performing work on your behalf on such capacity. NAVIGATORS Insuring A World in Motion® Westrec Financial, Inc. Page 2 of 2 Professional services include: 1. The preparing, approving, or failing to approve, maps, shop drawings, opinions, reports, surveys, field orders, change orders or drawings and specifications; and 2. Supervisory, inspection, architectural or engineering activities. It is expressly noted and accepted that no coverage is provided under this policy as respects to any indemnity and/or defense for any incident arising out of Professional and/or Errors & Omissions Liabilities. All other terms and conditions remain unchanged. NAVIGATORS Insuring A World in Motion® FOLLOWING UNDERWRITER CLAUSE THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. By signing this policy, it is understood and agreed that all Underwriters subscribing hereto acknowledge that they will follow Navigators Insurance Company in regard to alterations, extensions, additions, deletions, endorsements, cancellation, and/or attaching or expiring dates and/or additional premiums and/or return premiums. It is further agreed that the above provisions shall also apply to the appointment of Underwriter's claims representatives and payments of fees and claims. All other terms and conditions remain unchanged. Westrec Financial, Inc. Page 1 of 1 Attaching to and forming part of POLICY NUMBER NY21LIA95582802 Westrec Financial, Inc. Page 1 of 2 Attaching to and forming part of POLICY NUMBER NY21LIA95582802 NAVIGATORS Insuring A World in Motion® NUCLEAR ENERGY LIABILITY EXCLUSION (BROAD FORM) THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. It is agreed that: I. This policy does not apply: A. Under any Liability Coverage, to bodily injury or property damage 1. With respect to which an insured under this policy is also an insured under a nuclear energy liability policy issued by Nuclear Energy Liability Insurance Association, Mutual Atomic Energy Liability Underwriters or Nuclear Insurance Associations of Canada, or would be an insured under any such policy but for its termination upon exhaustion of its limit of liability; or 2. Resulting from the hazardous properties of nuclear material and with respect to which (a) any person or organization is required to maintain financial protection pursuant to the Atomic Energy Act of 1954, or any law amendatory thereof, or (b) the insured is, or had this policy not been issued would be, entitled to indemnity from the United States of America, or any agency thereof, under any agreement entered into by the United States of America, or any agency thereof, with any person or organization. B. Under any Medical Payments Coverage, or under any Supplementary Payments Provision relating to first aid, to expenses incurred with respect to bodily injury resulting from the hazardous properties of nuclear material and arising out of the operation of a nuclear facility by any person or organization. C. Under any Liability Coverage, to bodily injury or property damage resulting from the hazardous properties of nuclear material, if 1. The nuclear material (a) is at any nuclear facility owned by, or operated by or on behalf of an insured or (b) has been discharged or dispersed therefrom; 2. The nuclear material is contained in spent fuel or waste at any time possessed, handled, used, processed, stored, transported or disposed of by or on behalf of an insured; or 3. The bodily injury or property damage arises out of the furnishing by an insured of services, materials, parts or equipment in connection with the planning, construction, maintenance, operation or use of any nuclear facility, but if such facility is located within the United States of America, its territories or possessions or Canada, this exclusion applies only to property damage to such nuclear facility and any property thereat Westrec Financial, Inc. Page 2 of 2 NAVIGATORS Insuring A World in Motion® II. As used in this endorsement: “Hazardous properties” include radioactive, toxic or explosive properties; “Nuclear material” means source material, special nuclear material or by-product material; "Source material”, “Special nuclear material” and “Byproduct material” have the meanings given them in the Atomic Energy Act of 1954 or in any law amendatory thereof; “Spent fuel” means any fuel element or fuel component, solid or liquid, which has been used or exposed to radiation in a nuclear reactor; “Waste” means any waste material (1) containing byproduct material and (2) resulting from the operation by any person or organization of any nuclear facility included within the definition of nuclear facility under paragraph (a) or (b) thereof; “Nuclear facility” means (a) Any nuclear reactor, (b) Any equipment or device designed or used for (1) separating the isotopes of uranium or plutonium, (2) processing or utilizing spent fuel, or (3) handling, processing or packaging waste, (c) Any equipment or device used for the processing, fabricating or alloying of special nuclear material if at any time the total amount of such material in the custody of the insured at the premises where such equipment of device is located consists of or contains more than 25 grams of plutonium or uranium 233 or any combination thereof, or more than 250 grams of uranium 235, (d) Any structure, basin, excavation, premises or place prepared or used for the storage or disposal of waste, and includes the site on which any of the foregoing is located, all operations conducted on such site and all premises used for such operations; “Nuclear reactor” means any apparatus designed or used to sustain nuclear fission in a self- supporting chain reaction or to contain a critical mass of fissionable material; “Property damage” includes all forms of radioactive contamination of property. All other terms and conditions remain unchanged. NAVIGATORS Insuring A World in Motion® Westrec Financial, Inc. Page 1 of 1 Attaching to and forming part of POLICY NUMBER NY21LIA95582802 ENDORSEMENT NO. 1 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. It is hereby understood and agreed that 60 days prior written notice of cancellation or non- renewal shall be provided to: Chicago Park District 541 N. Fairbanks Court Chicago, IL 60611 All other terms and conditions remain unchanged. Date of Issue: April 30, 2021 Joseph Abruzzo NAVIGATORS Insuring A World in Motion® Westrec Financial, Inc. Page 1 of 1 Attaching to and forming part of POLICY NUMBER NY21LIA95582802 ENDORSEMENT NO.2 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. It is hereby understood and agreed that the Cancellation Clause of this Policy is amended to read as follows: CANCELLATION Either the Company or the Insured may cancel this insurance by giving the other thirty (90) days written notice, after which this Policy shall be of no force or effect. If cancellation is at Insured's option, the Company will retain earned premium hereunder as per customary short rate table; if cancellation is at the Company's option, pro rata unearned premium will be returned as soon as practicable, in either case, subject to minimum premiums agreed upon, if any. If the Insured fails to pay the premium, this insurance may be cancelled unilaterally by the Company by giving ten (10) days written notice to the Insured. All other terms and conditions remain unchanged. Date of Issue: April 30, 2021 Joseph Abruzzo NAVIGATORS Insuring A World in Motion® PUNITIVE DAMAGES EXCLUSION THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. It is hereby understood and agreed that effective from inception, the following exclusion shall apply to all sections under this Policy of insurance. Fines, penalties, assessments, or any type of punitive, exemplary or treble damages and/or or any damages resulting from the multiplication of compensatory damages. All other terms and conditions remain unchanged. Westrec Financial, Inc. Page 1 of 1 Attaching to and forming part of POLICY NUMBER NY21LIA95582802 NAVIGATORS Insuring A World in Motion® SEVERAL LIABILITY THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. The subscribing insurers obligations under this contract of insurance to which they have subscribed are several and not joint and are limited solely to the extent of their individual subscription. The subscribing insurers are not responsible for the subscription of any co- subscribing insurer who for any reason does not satisfy all or part of its obligations. All other terms and conditions remain unchanged. Westrec Financial, Inc. Page 1 of 1 Attaching to and forming part of POLICY NUMBER NY21LIA95582802