Common use of EXCESS OF POLICY LIMITS Clause in Contracts

EXCESS OF POLICY LIMITS. In the event the loss includes an amount in excess of the Company's Policy limit, 100% of such amount in excess of the Company's Policy limit shall be added to the amount of the Company's Policy limit, and the sum thereof shall be covered hereunder, subject to the Reinsurer's limit of liability appearing in the COVER ARTICLE and MAXIMUM LIMITS OF LIABILITY ARTICLE of this Agreement. However, this Article shall not apply where the loss has been incurred due to the fraud of a member of the Board of Directors or a corporate officer of the Company acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder. For the purpose of this Article, the word "loss" shall mean any amounts for which the Company would have been contractually liable to pay had it not been for the limit of the original Policy.