COMPREHENSIVE GENERAL LIABILITY INSURANCE POLICY - WORDING

THIS POLICY PROVIDES CLAIMS MADE COVERAGE. Various provisions in this policy restrict coverage. Read the entire policy carefully to determine rights, duties and what is and is not covered.

Throughout this policy the word “Company” refers to the insurer named in the Schedule. The word “Insured” refers to the Insured named in the Schedule and means any person or organization qualifying as an Insured under Section 2. of the policy.

Other words and phrases that appear in bold face print have special meaning. Refer to Section 6. of the policy.

1. COVERAGE

1.1 Insuring Agreements

Subject to the all terms contained herein and endorsed hereon, the Company will indemnify the Insured for those sums which the Insured will, as a result of conducting the insured business, become legally liable to pay as damages for bodily injury or property damage caused by an occurrence taking place in the coverage territory. This insurance does not apply to bodily injury or property damage which take place before the Retroactive Date shown in Item 6 of the Schedule or which take place after the policy period.

This insurance applies to bodily injury and property damage only if a claim for damages because of the bodily injury and property damage is first made in writing against any Insured during the policy period. A claim by a person or organization seeking damages will be deemed to have been made when written notice of such claim is received by any Insured or by the Company whichever comes first. All claims for damages because of bodily injury to the same person, including damages claimed by any person or organization for care, loss of service, or death resulting at any time from the bodily injury, will be deemed to have been

made at the time the first of those claims is made against any Insured. All claims because of property damage causing loss to the same person or organization as a result of an occurrence will be deemed to have been made at the time the first of those claims is made against any Insured.

In the event of any bodily injury or property damage arising from continuos, intermittent or repeated exposure to substantially the same general harmful conditions including, but not limited to, continuos, intermittent or repeated inhalation, ingestion or application of any substance and/or where the Named Insured and the Company cannot agree when the bodily injury or property damage took place, then:

a) bodily injury will be deemed to have taken place when the claimant first consulted a qualified medical practitioner in respect of such injury; and

b) property damage will be deemed to have taken place when it first became evident to the claimant, even if the cause was unknown.

The Company will have the right but not the duty to defend any suit seeking such damage in accordance with Section 4.5 of the Policy, but the amount that the Company will indemnify for damages is limited as described in Section 3. of the policy, and the Company may investigate any occurrence and settle any claim or suit at the Company’s discretion.

This insurance applies only to damages because of bodily injury or property damage which are determined in a suit on the merits taking place in the coverage territory; or a claims settlement which the Company agrees to; provided, however, the Company will in no event agree to any claims settlement:

– which are effected within the United States of America, its territories or possessions, or Canada;

– which are made in contemplation of litigation taking place outside the coverage territory; or

– which respect to which there is litigation pending or threatened to take place outside the coverage territory.

No other obligation or liability to pay sums or perform acts or services is covered unless explicitly provided for under Section 1.2 of the policy.

1.2 Claims Expense Payments

In addition to damage to which this insurance applies, the Company will indemnify the Insured for claims expenses which respect to any claim or suit seeking such damages. As provided in Section 3. of the policy, the Limits of Insurance are inclusive of claims expenses and therefore the amount that the Company will indemnify for claim expenses reduces the Limits of Insurance available for damages.

1.3 Exclusions

This insurance does not apply to:

a) Bodily injury or property damage expected or intended from the standpoint of the Insured. This exclusion does not apply to bodily injury resulting from the use of reasonable force to protect persons or property.

b) Bodily injury or property damage due to war, invasion, act of foreign enemy, hostilities, civil war, insurrection, rebellion, revolution, mutiny, military or usurped power, riot, strike, lockout, military or popular uprising, civil commotion, martial law or loot, sack or pillage in connection therewith, confiscation or destruction by any government or public authority or any act or condition incident to any of the above, whether war be declared or not.

c) Fines, penalties, punitive damages, exemplary damages, treble damages or any other damage resulting from the multiplication of compensatory damages.

d) Property damage to the Insured’s product arising out of it or any part of it.

e) Property damage to the Insured’s work arising out of it or any part of it and included within the products-completed operations hazard.

f) Damages claimed for any loss, cost or expense incurred by the Insured or others for the loss of use, withdrawal, recall, inspection, repair, replacement, adjustment, removal or disposal of the Insured’s product or the Insured’s work; if such product or work is withdrawn or recalled from the market or from use by any person or organization because of a known or suspected defect, deficiency, inadequacy or dangerous condition in it.

g) Bodily injury or property damage arising out of asbestiform talc, asbestos, diethylstilbestrol, dioxin, intrauterine device, oral contraceptive, swine-flu vaccine, tobacco or tobacco products, urea formaldehyde; or any damage due to the effects of acquired immune deficiency syndrome or hepatitis B.

h) Bodily injury or property damage or any legal liability of any nature directly or indirectly caused by or contributed to by or arising from:

– ionizing radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel;

– the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or any nuclear component thereof;

– any nuclear reactor, nuclear power station or plant, premises or facilities whatsoever related to or concerned with the production of nuclear energy or the production or storage or handling of nuclear fuel or nuclear waste; or

– any other premises or facilities eligible for insurance by any local nuclear pool and/or association.

i) Any obligation of the Insured under a worker’s compensation, disability benefits or unemployment compensation law or any similar law.

j) Bodily injury to an employee of the Insured or other person under contract of service or apprenticeship with the Insured arising out of and in the course of the relationship with the Insured; or to the spouse, child, parent, brother or sister of that employee or other person as a consequence of such bodily injury to that employee or other person. This exclusion applies whether the Insured may be liable as an employer or in any other capacity; and to any obligation to share damages with or repay someone else who must pay damages because of the injury.

k) Bodily injury or property damage arising out of ownership, maintenance, use, operation, loading, unloading or entrustment to others of any aircraft or watercraft owned or operated by or rented or loaned to any Insured.

l) Bodily injury or property damage caused by or in connection with or arising from ownership or possession or use by or on behalf of the Insured of any trailer or licensed motor vehicle; provided, however, that this exclusion does not apply to liability in respect of the loading, unloading or collection of goods onto or from such trailer or licensed motor vehicle.

m) Bodily injury or property damage arising out of rendering of or failure to render any service of professional nature including, but not limited to, the rendering of or failure to render:

medical, surgical, dental, x-ray or nursing service or treatment, or the furnishing of

food or beverages in connection therewith;

– any service or treatment intended to be conducive to health;

– the furnishing or dispensing of drugs or medical, dental, or surgical supplies or appliances;

– professional services by architects, engineers, surveyors, accountants, lawyers or insurance agents or brokers; or

– data processing services.

n) Bodily injury or property damage for which the Insured is obliged to pay damages by reason of the assumption of liability, which would otherwise not attach, in a contract or agreement.

o) Bodily injury or property damage arising out of the actual, alleged or threatened discharge, dispersal, release, seepage or escape of pollutants, or any loss, cost or expense arising out of any direction or request, whether governmental or otherwise, that the Insured evaluate, test for, monitor, clean up, remove, control, contain, treat, detoxify or neutralize pollutants.

p) Property damage to:

– property the Insured owns, rents or occupies;

– premises the Insured sells, gives away or abandons, if the property damage arises out of any part of those premises;

– property loaned to the Insured;

– personal property in the Insured’s care, custody or control;

– property being loaded or unloaded (onto or from any aircraft, watercraft or licensed motor vehicle) by the Insured if the property damage arises out of the loading or unloading;

– that particular part of any property on, at or with the Insured or any contractors or subcontractors working directly or indirectly on the Insured’s behalf are performing operations, if the property damage arises out of those operations; or

– that particular part of any property that must be restored, repaired or replaced because the Insured’s work was incorrectly performed on it.

q) Property damage to land, buildings or other structures caused by vibration, pile driving, subsidence or demolition or resulting from the removal or weakening of support or claims arising in consequence of such property damage.

2. PERSONS INSURED

If the Insured is designated in Item 1 of the Schedule as:

– and individual, the Insured and the Insured’s spouse are Insureds, but only with respect to the conduct of the insured business of which the insured is the sole owner;

– a partnership or joint venture, the Insured’s members, the partners in such partnership or joint venture, and their spouses are also Insureds, but only with respect to the conduct of the insured business;

– an organization other than a partnership or joint venture, the Insured’s executive officers and directors are Insureds, but only with respect to their duties as the Insured’s officers or directors. The Insured’s stockholders are also Insureds, but only with respect to their liability as stockholders.

Each of the following is also an Insured:

a) the Insured’s employees, other than the Insured’s executive officers, but only for acts within the scope of their employment by the Insured. However, none of these employees is an Insured for:

– bodily injury to the Insured or to co-employee while in the course of his or her employment; or

– bodily injury arising out of his or her providing or failing to provide professional health care or other professional services; or

– property damage to property owned or occupied by or rented or loaned to that employee, any of the Insured’s other employees or any of the Insured’s partners or members (if the Insured is partnership or joint venture).

b) any person or organization having proper temporary custody of the Insured’s property if the Insured dies, but only with respect to liability arising out of the maintenance or use of that property; and until the Insured’s legal representative has been appointed.

c) the Insured’s legal representative if the Insured dies, but only with respect to duties as such. That representative will have all the Insured’s rights and duties under this policy.

No person or organization is an Insured with respect to the conduct of any current or past partnership or joint venture that is not shown as a Named Insured in Item 1 of the Schedule.

3. LIMITS OF INSURANCE

The Company will only be liable under this policy for damages and claims expenses in excess of damages and claims expenses in the amount of any Insured’s Retained Amount. Only damages and claims expenses which would be covered by this policy (if the terms of this policy were satisfied) but for the amount of such damages and claim expenses may satisfy any Insured’s Retained Amount.

The Limits of Insurance shown in Item 3 of the Schedule and the rules below specify the most the Company will pay regardless of the number of:

– insureds;

– claims made or suits brought; or

– persons or organizations making claims or bringing suits.

Subject to the following paragraph, the Each Occurrence Limit stated in Item 3.1 of the Schedule is the most the Company will pay in total for the sum of:

– all damages covered for all bodily injury and property damage arising out of any one occurrence, and

– claims expenses in connection therewith.

The Aggregate Limit stated in Item 3.2 of the Schedule is the most the Company will pay in total for the sum of all damages covered, and claims expenses in connection therewith, with respect to all claims made during each policy year.

Any Insured’s Retain Amount and the Limit of Insurance with respect to each occurrence as stated in the Schedule will apply regardless of the number of claims arising out of the same occurrence.

4. CONDITIONS

The due observance and fulfillment of the terms of this policy in so far as they relate to anything to be done or not to be done by the Insured, and the truth of all statements and information supplied to the Company by the Insured will be conditions precedent to any liability of the Company to make any payment under this policy.

4.1 Arbitration

All disputes between the Insured and the Company arising out of or with respect to this policy whether arising before or after termination of this policy will be submitted to arbitration in the manner set forth in the mandatory Arbitration Endorsement which is attached to and hereby made a part of this policy.

4.2 Automatic Renewal

If the policy period set forth in item 5 of the Schedule is at least one year, at the end of such period and on each anniversary thereof, upon payment of the applicable premium, the policy period will automatically be continued for another policy year unless written notice of termination is given by the Insured or the Company in accordance with Section Date set forth in such item 5.

4.3 Bankruptcy

Bankruptcy or insolvency of the Insured or of the Insured’s estate will not relieve the Company of the Company’s obligations under this policy.

4.4 Cancellation

The first Named Insured shown in Item 1 of the Schedule or the Company may cancel this policy by mailing or delivering written notice of cancellation to the other at least ten (10) days before the effective date of cancellation. Notice of cancellation will state the effective date of cancellation. The policy period will end on that date.

If this policy is canceled the Company will send their first Named Insured any premium refund due. If the Company cancels the refund will be pro rata. If the first Named Insured cancels, the refund will be based on the following Short Rate Premium Table :

Months in Force Percentage of Annual Premium

up to .... per item 9 of the Schedule

1 25

3 50

6 75

12 100

The cancellation will be effective even if the Company has not made or offered a refund.

4.5 Defense

The Company will have the right but in no case the obligation to take over and conduct in the name of the Insured the defense of any claim and will have full discretion in the conduct of any proceedings and in the settlement of any claim and having taken over the defense of any claim may relinquish the same. All amount expended by the Company in the defense settlement or payment of any claim will reduce the Limits of Insurance in accordance with Section 3 of the policy.

In the event that the Company in its sole discretion, chooses to exercise its right pursuant to this condition, no action taken by the Company in the exercise of such right will serve to modify or expand, in any manner the Company’s liability or obligations under this policy

beyond what the Company’s liability or obligations would have been had it not exercised its right under this condition.

4.6 Duties In The Event Of Occurrence, Claim Or Suit

The insured must notify the Company immediately of an occurrence which may result in a claim. To the extent possible notice should include :

a) how, when and where the occurrence took place

b) the names and addresses of any injured persons and witnesses and

c) the nature and location of any injury or damage arising out of the occurrence

Notice of an occurrence is not notice of a claim. The Insured must notify the Company of any impending prosecution, inquest or fatal accident enquiry. If a claim is received by any Insured the Insured must immediately record the specifics of the claim and dated received, and immediately notify the Company of the claim.

The Insured must :

– immediately send the Company copies of any demand, letter, writ, claim, process, notice, summons or legal paper received in connection with the claim or suit;

– retain unaltered and un-repaired any machinery, plant, appliances or things in any way causing or connected with any event which might give rise to a claim under this policy for such time as the Company may reasonably require.

Upon the Company’s request, the insured must:

– authorize the Company to obtain records and other information;

– cooperate with the Company in the investigation, settlement or defense of the claim or suit; and

– assist the Company in the enforcement of any right against any person or organization which may be liable to the Insured because of injured or damaged to which this insurance may also apply.

When there is an occurrence which may involve this policy, the Named Insured may, without prejudice as to liability, proceed immediately with settlements and pay claims expenses with respect to such settlements provided that such settlements and claims expenses, in their aggregate, do not exceed any Insured’s Retained Amount listed in Item 4 of the Schedule.

The first Named Insured shown in Item 1 of the Schedule will promptly notify the Company of any such settlements made.

Except as provided in the proceeding paragraph, no Insureds will, except at their own cost, voluntarily make a payment, assume any obligation, or incur any expense without the Company’s consent.

4.7 Examination Of The Insured’s Books And Records

The Company may examine and audit the Insured’s books and records as they relate to this policy at any time during the policy period and within three years after termination of this policy or within one year after final settlement of all claims arising out of any occurrence, notice of which was given under this policy.

4.8 Inspection And Surveys

The Company has the right but is not obligated to:

– make inspections and surveys at any time;

– give the Insured reports on the conditions that the Company finds; and

– recommend changes.

Any inspections, surveys, reports or recommendations relate only to insurability and the premiums to be charged. The Company does not make safety inspections. The Company does not undertake to perform the duty of any person or organization to provide for the health or safety of workers or the public, nor does the Company warrant that conditions are safe or healthful; or comply with laws, regulations, codes or standards.

4.9 Legal Action Against The Company

No person or organization has a right under this policy to join the Company as a party or otherwise bring the Company into a suit asking for damages from an Insured.

4.10 Notice

Any notice required to be given under this policy by

– The Named Insured will be given to the Company by mailing or delivering such notice to the Company’s headquarters. Notice to the Company’s or Insured’s agent will not constitute notice to the Company.

– The Company will be given by mailing or delivering such notice to the Named Insured first shown in item 1 of the Schedule at the address shown in such item 1.

If notice is mailed, proof of mailing will be sufficient proof of notice.

4.11 Other Insurance

If other valid and collectible insurance is available to the Insured for a loss the Company covers under this policy, other than insurance that is issued specifically as insurance in excess of the insurance afforded by this policy, and irrespective of :

– when such other insurance incepts or terminates;

– which insurer provides such other insurance; and

– the basis on Which such other insurance applies or is triggered;

this policy shall be excess of and shall not contribute with such other insurance. Nothing in this policy shall be construed to make this policy subject to any of the terms of other insurance.

4.12 Policy Modifications

This policy contains all the agreements between the Insured and the Company concerning the insurance afforded. The first Named Insured shown in Item 1 of the Schedule is authorized to make changes in the terms of this policy with the Company’s consent. This policy’s terms can be amended or waived only by endorsement issued by the Company and made a part of this policy.

4.13 Premium And Premium Adjustment

The first Named Insured shown in Item 1 of the Schedule is responsible for the payment of all premiums; and will be the payee for any return premiums the Company pays.

The Company will compute all premiums for this policy in accordance with the Company’s rules and rates in effect at the time of inception of the policy year to which such premiums apply.

Unless otherwise agreed, the premium for each policy year will be due and payable to the Company within fourteen (14) days after the inception of each policy year. If the named Insured fails to pay the first premium due under this policy within such fourteen (14) day period, the Company will send a premium payment reminder to the first Named Insured. In any case, the policy will be void form the Inception Date if the first Named Insured fails to pay the first premium within twenty-eight (28) days after the Inception Date.

If Item 9 of the Schedule specifies that the premium is an Annual Advance Premium, it is a deposit premium only, and at the close of each policy year, the Company will adjust the premium by computing the earned premium for that period. If the Annual Advance Premium paid for the policy year is greater than the earned premium, the Company will return the excess to the first Named Insured, subject to the minimum premium set forth in Item 9 of the Schedule. In the event of termination of the policy during any policy year, the policy will be subject to the minimum premium set forth in Item 9 of the Schedule pro-rated for the period during which the policy was in force. If the earned premium for the policy year is greater than the Annual Advance Premium, the first Named Insured will pay the difference, the “Adjustment Premium,” to the Company. Adjustment premiums are due and payable on notice to the first Named Insured.

If Item 9 of the Schedule specifies that the premium is a Flat Premium, such premium will not be subject to adjustment.

The first Named Insured must keep records of the information that the Company needs for premium adjustment, and send the Company copies at such times as the Company may request.

4.14 Risk Alterations

The Insured must give immediate notice of any alterations which materially affect the risk covered by this policy.

4.15 Risk Control

The Insured will take all reasonable care to prevent accidents and will maintain premises, plant and everything used in the insured business in proper repair, employ only competent employees and comply with all statutory obligations and regulations imposed by any authority. The Insured will forthwith make good or remedy any defect or danger which becomes apparent, take reasonable action at its own expense to trace, recall or modify any product containing such defect or danger and take such additional precautions as the circumstances may require.

4.16 Terms

All statements made in the proposal for this policy and any material submitted therewith or required thereby are the basis of this policy and, together with the Schedule and any endorsement to this policy, are hereby deemed material and are incorporated into and constitute a part of this policy. Any word or expression to which a specific meaning has been attached in any part of the policy will bear such specific meaning wherever it may appear.

4.17 Transfer of Rights of Recovery Against Others to the Company

In the event of any payment under this policy, if the Insured has rights to recover all or part of any payment the Company has made under this policy, those rights are transferred to the Company to the extent of its payment. The Insured must do nothing to impair such rights. At the Company’s request, the Insured will bring suit or transfer those rights to the Company and help the Company enforce them.

4.18 Transfer of the Insured’s Rights and Duties under this Policy

The Insured’s rights and duties under this policy may not be transferred without the Company’s written consent except in the case of death of an individual Named Insured.

4.19 Withdrawal

The Company may in the case of any claim or number of claims in respect of or arising out of any occurrence pay to the Insured the amount of the Company’s applicable Limit of Insurance or any lesser sum for which the claim or claims can be settled and the Company will thereafter be under no further liability in respect thereof.

5. EXTENDED REPORTING PERIODS

5.1 The Company will provide one or more Extended Reporting Periods, as described below, if the Company cancels this policy or the Company replaces this policy with insurance that:

– has a Retroactive Date later than the date shown in Item 5 of the Schedule ; or

– does not apply to bodily injury or property damage on a claims made basis.

Extended reporting periods do not apply to claims that are covered under any subsequent insurance the Insured purchases, or that would be covered but for exhaustion of the amount of insurance applicable to such claims.

5.2 An Automatic Extended Reporting Period is provided without additional charge. This period starts at the end of the policy period and lasts for twenty-four (24) months for claims arising out of an occurrence reported to the Company during the policy period in accordance with Section 5 of the policy.

5.3 An Optional Extended Reporting Period is available, but only by an endorsement and for an additional premium. This period starts at the end of the policy period and lasts for a maximum period as stated in the Schedule or twenty-four (24) months, whichever period is less. The optional Extended Reporting Period applies to claims arising out of occurrences which have not been reported to the Company during the policy period. The additional premium for the Optional Extended Reporting Period is that percent stated in the Schedule of the premium (including any Adjustment Premium in accordance with Section 4.13 of the policy) for the latest policy year.

Unless the Named Insured gives the Company a written request for the Optional Extended Reporting Period Endorsement prior to the end of the policy period; and pays the additional premium when due; the Optional Extended Reporting Period will not go into effect.

5.4 Extended Reporting Periods do not extend the policy period or change the scope of coverage provided. They apply only to claims for injury or damage that occurs before the end of the policy period (but not before the Retroactive Date, if any, shown in Item 6 of the Schedule). Claims for such injury or damage which are first made in writing against any Insured during the Automatic Extended Reporting Period (or during the Optional Extended Reporting Period, if it is in effect) will be deemed to have been made on the last day of the policy period. Once in effect, Extended Reporting Periods may not be canceled.

5.5 Extended Reporting Periods do not reinstate or increase the Limits of Insurance applicable to any claim to which this policy applies and the available Limits of Insurance applicable to the latest policy year shall also apply to claims reported during any Extended Reporting Periods.

6. DEFINITIONS

6.1 Aircraft means any heavier than air or lighter than air aircraft designed to transport any person or property missile, spacecraft or hovercraft.

6.2 Bodily Injury means bodily injury sickness or disease sustained by a person, including death resulting from any of these at any time.

6.3 Claims expenses means :

– all reasonable and necessary legal fees and other expenses incurred by the Insured in accordance with Section 4.6 of the policy with the consent of the Company on behalf of the Insured, in the investigation, adjustment, settlement or defense of any claim, excluding all salaries of the Insured’s employees, officers and directors and office expenses;

– all costs taxed against the Insured in the suit;

– pre-judgment interest awarded against the Insured on that part of any judgment the Company makes an offer to pay the applicable Limit of Insurance, the Company will not pay any pre-judgment interest based on that period of time after such offer; and

– all interest on the full amount of any judgment that accrues after entry of the judgment and before the Company has paid, offered to pay or deposited in court the part of the judgment that is within the applicable Limit of Insurance.

6.4 Coverage territory means the country of location of the Insured business provided, however with respect to trips connected with the insured business coverage territory means anywhere in the world except the United States of America, its territories or possessions, or Canada.

6.5 Insured’s business means :

– the ownership maintenance or use of premises which are designated in Item 2.1 of the Schedule;

– operations of the Insured which are designed in Item 2.2 of the Schedule including related activities;

– the provision and management of canteen, social, sport and welfare organizations for the benefit of employees;

– first aid, fire and ambulance services in relation to the premises and operations designated in the first two subdivisions of this section, respectively; and

– private work carried out by any employee of the Insured for any individual or organization qualifying as an Insured under Section 2 of the policy.

6.6 Insured’s Product

– means any goods or products, other than real property, manufactured, sold, handled, distributed or disposed of by the Insured; others trading under the Insured’s name, or a person or organization whose business or assets the Insured has acquired;

– means containers (other than licensed motor vehicle), materials, parts or equipment furnished in connection with such goods or products;

– includes warranties or representations made at any time with respect to the fitness, quality, durability or performance of any of the items included in the first two subdivisions of this section and instruction or advice on the nature, use or storage of the Insured’s products provided by or on behalf of the Insured’s; and

– does not include vending machines or other property rented to or located for the use of the others but not sold.

6.7 Insured’s Retained Amount means are any amount stated in Item 4 of the Schedule and applies as indicated in such Item 4 and in accordance with Section 3. of the policy.

6.8 Insured’s work:

– means work or operations performed by or on behalf of the Insured’s;

– means materials, parts or equipment furnished in connection with such work or operations; and

6.9 Licensed motor vehicle means any type of machine designed to travel on wheels or on self-laid tracks and to be propelled by other than manual or animal power which is subject to licensing by a public authority and/or compulsory motor-car insurance.

6.10 Occurrence means a fortuitous event, including continuous, intermittent, or repeated exposure to substantially the same general harmful conditions.

For the purposes of this policy, where a series of and/or several bodily injuries and/or property damages occur which are attributable directly or indirectly to the same defect or hazard or alleged defect or hazard or failure to warm or event or condition or cause, all such bodily injuries and/or property damages shall be added together and the total amount of such bodily injuries and/or property damages shall be treated as one occurrence irrespective of the period or area over which the bodily injuries and/or property damages occur

6.11 Policy period means the period of time commencing on the Inception Date and terminating on the Expiration Date shown in Item 5 of the Schedule, both days at 12:01 A.M. Standard Time at the address of the Named Insured; provided, however, such period may automatically be continued in accordance with Section 4.2 of the policy.

6.12 Policy year means are period of one year, within the policy period, commencing each year on the day first named in Item 5 of the Schedule or, if the time between the Inception Date stated in Item 5 of the Schedule, or any anniversary thereof, and the termination date of this policy is less than one year, then such lesser period.

6.13 Pollutants means any solid, liquid, gaseous or thermal irritant or contaminant, including smoke, vapor, soot, fumes, acids, alkalis, chemicals and waste. The term “waste” as used in this definition includes materials which are to be or are being recycled, reconditioned or reclaimed.

6.14 Products-completed operations hazard includes all bodily injury and property damage occurring away from promises the Insured owns or rents and arising out of the Insured’s product or the Insured’s work except:

– product that are still in the Insured’s physical possession; or

– work that has not yet been completed or abandoned.

Insured’s work will be deemed completed at the earliest of the following times:

– products that are still in the Insured’s contract has been completed;

– when all of the work to be done at the site has been completed if the Insured’s contract calls for work at more than one site; or

– when that part of the work done at a job site has been put to its intended use by any person or organization other than another contractor or subcontractor working on the same project.

Work that may need service, maintenance, correction, repair or replacement, but which is otherwise complete, will be treated as completed.

This hazard does not include bodily injury or property damage arising out of the existence of tools, uninstalled equipment or abandoned or unused materials.

6.15 Property damage means physical injury to tangible property, including all resulting loss of use of that property.

6.16 Watercraft means any ship or vessel of whatever type including, but not limited to cargo vessels used for transport, towboats and barges, storage vessels, tanker vessels, drill ships, offshore drilling platforms, and all other vessels of whatever nature and description, all whether or not self-propelled.

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