The Schedule: (Response) (Response)

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THE SCHEDULE

Item

1. Policy No: {Response}

2. Name of Insured:
{Response}
{Response}

3. Address of Insured:
{Response}
{Response}
{Response}
{Response}
{Response}

4. Business or Occupation of Insured:


{Response}

5. The Insured's interest in the Aircraft:


{Response}

6. Period of Insurance:

commencing: {Response}

ending: {Response}

both days at Standard Time at the address of the Insured.

7. Risks - Aircraft Liability in respect of the following:

Description of Aircraft:

Registration Declared maximum number of


Make and Model Number or passengers to be carried at any one
Letters time
{Response}

Purpose(s) for which the Aircraft will be used:


{Response}
Pilot(s):
{Response}

Geographical Limits:
{Response}

8. Coverages:
(Delete those not applicable)
Bodily Injury (excluding passengers)
Property Damage
Passenger Bodily Injury
Bodily Injury, Property Damage and Passenger Bodily Injury
(Combined)

9. Premium:
{Response}{Response} {Response}

10. Underlying Insurance: Name(s): Policy No(s):


(a) Primary Insurer(s): {Response} {Response}

(b) Underlying Excess Insurer(s): {Response} {Response}

{Response} {Response}

11. Limits of Liability:

(a) Limit(s) of Liability of Primary Insurer(s)

Coverage
{Response}{Response} each Occurrence
(A) Bodily Injury
(excluding
passengers)

{Response}{Response} each Occurrence


(B) Property Damage

{Response}{Response} each Occurrence


(C) Passenger Bodily Injury
{Response}{Response} each Passenger
Bodily Injury (excluding passengers),
Property Damage and Passenger Bodily
{Response}{Response} each Occurrence
Injury
(A), (B) & (C) (Combined)
With Passenger Bodily Injury,
{Response}{Response} each Passenger
Coverage (C), limited to
Bodily Injury (excluding passengers)
and Property Damage {Response}{Response} each Occurrence
(A) and (B) (Combined)
(b) Combined Limits of Liability of Primary Insurer(s) and Underlying Excess Insurer(s)

Coverage
{Response}{Response} each Occurrence
(A) Bodily Injury
(excluding
passengers)

{Response}{Response} each Occurrence


(B) Property Damage

{Response}{Response} each Occurrence


(C) Passenger Bodily Injury
{Response}{Response} each Passenger
Bodily Injury (excluding passengers),
Property Damage and Passenger Bodily
{Response}{Response} each Occurrence
Injury
(A), (B) & (C) (Combined)
With Passenger Bodily Injury,
{Response}{Response} each Passenger
Coverage (C), limited to
Bodily Injury (excluding passengers)
and Property Damage {Response}{Response} each Occurrence
(A) and (B) (Combined)

(c) Limit(s) of Liability under this Policy only

Coverage
{Response}{Response} each Occurrence
(A) Bodily Injury
(excluding
passengers)

{Response}{Response} each Occurrence


(B) Property Damage

{Response}{Response} each Occurrence


(C) Passenger Bodily Injury
{Response}{Response} each Passenger
Bodily Injury (excluding passengers),
Property Damage and Passenger Bodily
{Response}{Response} each Occurrence
Injury
(A), (B) & (C) (Combined)
With Passenger Bodily Injury,
{Response}{Response} each Passenger
Coverage (C), limited to
Bodily Injury (excluding passengers)
and Property Damage {Response}{Response} each Occurrence
(A) and (B) (Combined)
(d) Total Limits of Liability (consisting of Primary and Underlying Excess and including Limit(s) of
Liability provided by this Policy)
Coverage
{Response}{Response} each Occurrence
(A) Bodily Injury
(excluding
passengers)

{Response}{Response} each Occurrence


(B) Property Damage

{Response}{Response} each Occurrence


(C) Passenger Bodily Injury
{Response}{Response} each Passenger
Bodily Injury (excluding passengers),
Property Damage and Passenger Bodily
{Response}{Response} each Occurrence
Injury
(A), (B) & (C) (Combined)
With Passenger Bodily Injury,
{Response}{Response} each Passenger
Coverage (C), limited to
Bodily Injury (excluding passengers)
and Property Damage {Response}{Response} each Occurrence
(A) and (B) (Combined)

12. Notification of claims to:


{Response}
{Response}
{Response}
{Response}
{Response}

Dated in London: {Response} {Response}

LONDON MARKET AIRCRAFT EXCESS LIABILITY POLICY

(DIRECT INSURANCE)

We the Insurers hereby agree, to the extent and in the manner hereinafter provided, to pay on behalf of the
Insured all sums which the Insured shall become legally obligated to pay, or by final judgement be adjudged to
pay, to any person or persons as damages
(a) To
(b)
1.
3. for liability
Liability
Whenany
bodily
(a)two
liability
claims
attaches
injury,
or
formore
Bodily
of
excluded
including
to
any
Aircraft
theInjury
nature
Insurers
bydeath
areParagraph
or
whatsoever
insured
Passenger
at anyhereunder,
(i)
time
incurred
Bodily
or resulting
Injury
by
thethe
terms
therefrom,
to
Insured
employees
of thisas
sustained
Policy
a result
of the
shall
by
ofInsured
the
any
apply
financial
person
injured
separately
orimpairment,
during
persons
to each.
the
other
course
than
insolvency
of their
passengers
employment.
or liquidation
(hereinafter or the
referred
inability
to asto"Bodily
pay or refusal
Injury")toorpay of any Primary Insurer(s) and/or
(c) Underlying
Neither
(b) the Excess
a claim or Insurer(s).
inclusion claims
of more
covered
than one
by this
entity
Policy
in the
when
name combined
of the Insured
with any
norclaims
the addition
excluded
of any
by Paragraph
additional (i)
(b) To
4. for any
Insureds
damageobligation
(referred
under
to orthis
destruction
for
toPolicy
below
whichshall
asthe
of"Combined
property
in
Insured
any waymay
ofClaims").
others,
operate
be held
including
toliable
increase
under
thethe
loss
any
Insurers'
of
Workmen's
use thereof,
LimitsCompensation,
of(hereinafter
Liability inreferred
respect to
2. Unemployment
as each
of
To "Property
liability
passenger/Occurrence
assumed
Damage")
Compensation
by or
the Insured
beyond
or Disability
under
thoseanyBenefits
provided
contractLaw
for
or in
agreement
orItem
any 11similar
of
unless:
theLaw.
Schedule.

(c) Notwithstanding
(d)
5. To liability
for bodily injury,
for Property
any
including
of the
Damage
death
termstoat
ofproperty
any
thistime
Policy
owned,
resulting
that might
rented,
therefrom,
beoccupied
construed
sustained
orotherwise,
used byby
anyorthe
passenger
in the
insurance
care,orcustody
passengers
provided
or
(hereinafter
herein
control shall
of the be
referred
Insured
excesstoor
ofascarried
the
"Passenger
Limits
in, on
ofBodily
Liability
or by the
Injury")
of
Aircraft.
the Underlying Insurance as set forth in Item 11(a) or
11(b) of the Schedule whether such Underlying Insurance is collectible or not collectible for any reason
including,
6. (i) To claimsbut not limited
directly to, uncollectibility
or indirectly occasioned (inby,
whole or in part)
happening because
through or inofconsequence
the financial of:
impairment,
insolvency or liquidation or the inability to pay or refusal to pay of any Primary Insurer(s) and/or
Underlying
(a) noise Excess Insurer(s).
(whether audibleIntothe
theevent
human of ear
the or
partial
not),or total uncollectibility
vibration, sonic boom and of the
anyUnderlying
phenomena associated
Insurancetherewith,
for any reason, including, but not limited to, the financial impairment, insolvency or liquidation
or the inability to pay or refusal to pay of any Primary Insurer(s) and/or Underlying Excess Insurer(s),
Insurers
(b) shall haveand
pollution no duty to assume of
contamination anyany
of kind
the obligations
whatsoever, to the Insured of the Underlying Insurance.
The risk of uncollectibility of such Underlying Insurance (in whole or in part), because of the financial
impairment, insolvency
(c) electrical or liquidation orinterference,
and electromagnetic the inability to pay or refusal to pay of any Primary Insurer(s)
and/or Underlying Excess Insurer(s) or because of any other reason, is expressly retained by the Insured
and is
(d)notinterference
in any way withor under anyofcircumstances
the use property; insured under or assumed by this Policy.

occurring during the period mentioned in the Schedule and arising out of such risks as are set forth in Item 7 of
the Schedule and which are also covered by and defined in the Policy/ies specified in the Schedule and issued by
the Insurer(s) of the Underlying Insurance as stated therein.

Provided always that:

(i) only in respect of such Aircraft and such risks as are set forth in Item 7 of the Schedule, and

(ii) only for such coverages as are specified in Item 8 of the Schedule, and

(iii) only for such amount as is in excess of the Limit(s) of Liability of the Underlying Insurance as defined
in paragraph (d) of the DEFINITIONS section of this Policy and for which an amount is stated in Item
11(c) of the Schedule, or for such amount as will provide the Insured with total Limit(s) of Liability
under the Underlying Insurance and this Policy combined as stated in Item 11(d) of the Schedule.

In no event shall this Policy pay any amount greater than the Limits of Liability under this Policy as
defined in paragraph (c) of the DEFINITIONS section of this Policy.

EXCLUSIONS

THIS POLICY DOES NOT APPLY:

(a) prior agreement has been given by the Insurers and the premium hereon adjusted as may be required by
them, or

(b) such liability would have attached to the Insured even in the absence of any such contract or
agreement.

unless caused by or resulting in a crash fire explosion or collision or a recorded in-flight emergency
causing abnormal aircraft operation.

(ii) With respect to any provision in this Policy concerning any duty of Insurers to investigate or defend
claims, such provision shall not apply and Insurers shall not be required to defend

(iii) In respect of any Combined Claims, Insurers shall (subject to proof of loss and the limits of this Policy)
reimburse the Insured for that portion of the following items which may be allocated to the claims
covered by this Policy:
7. To
(a) OCCURRENCE.
claims
(a) damages
caused by:awarded
The word against
"Occurrence"
the Insured
shall
andbe deemed to have the same meaning in this Policy as is
attributed to it in the Policy/ies of the Primary Insurers but, notwithstanding the foregoing, for the
purposes of this Policy
(b) defence all expenses
fees and Occurrences arising
incurred byout
theof one event shall be treated as one Occurrence and
Insured.
any such Occurrence shall have arisen out of those risks as set forth in Item 7 of the Schedule.

(iv) Nothing herein shall override any radioactive contamination or other exclusion clause attached to or
forming part of this Policy.

(a) War, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion,
revolution, insurrection, martial law, military or usurped power or attempts at usurpation of power.

(b) Any hostile detonation of any weapon of war employing atomic or nuclear fission and/or fusion or
other like reaction or radioactive force or matter.

(c) Strikes, riots, civil commotions or labour disturbances.

(d) Any act of one or more persons, whether or not agents of a sovereign Power, for political or terrorist
purposes and whether the loss or damage resulting therefrom is accidental or intentional.

(e) Any malicious act or act of sabotage.

(f) Confiscation, nationalisation, seizure, restraint, detention, appropriation, requisition for title or use by
or under the order of any Government (whether civil military or de facto) or public or local authority.

(g) Hi-jacking or any unlawful seizure or wrongful exercise of control of the Aircraft or crew in flight
(including any attempt at such seizure or control) made by any person or persons on board the Aircraft
acting without the consent of the Insured.

Furthermore this Policy does not cover claims arising whilst the Aircraft is outside the control of the
Insured by reason of any of the above perils. The Aircraft shall be deemed to have been restored to the
control of the Insured on the safe return of the Aircraft to the Insured at an airfield not excluded by the
geographical limits of this Policy, and entirely suitable for the operation of the Aircraft (such safe return
shall require that the Aircraft be parked with engines shut down and under no duress).

DEFINITIONS
Under no circumstances shall the word "Occurrence" be understood to mean the financial impairment,
insolvency or liquidation or the inability to pay or refusal to pay of any Primary Insurer(s) and/or
Underlying Excess Insurer(s).
(b) APPLICATION
1.
2.
3.
4. ATTACHMENT
COSTS.
INCURRING
APPORTIONMENT
The OF
word
OF
OF
COSTS
"Costs"
RECOVERIES
LIABILITY
OF COSTS
shall be understood to mean interest accruing after entry of judgement,
investigation, adjustment and legal expenses (excluding, however, all office expenses of the Insured, all
expenses for salaried employees of the Insured and general retainer fees for counsel normally paid by the
Insured).

(c) LIMIT(S) OF LIABILITY UNDER THIS POLICY. The term "Limit(s) of Liability under this Policy"
shall be understood to mean the maximum amount Insurers shall be obligated to pay under this Policy as
set forth in Item 11(c) or 11(d) of the Schedule. Any limit stated in Coverage (C) of the Schedule under
"Each Passenger" shall be the maximum payable for bodily injury to any passenger, subject always to the
limit stated therein under "Each Occurrence". However, Costs shall be paid in addition to the Limit(s) of
Liability in accordance with CONDITIONS 1 and 2. The Limit(s) of Liability under this Policy set forth
in the Schedule shall always be in excess of the Limits of Liability of the Underlying Insurance set forth in
Item 11(a) or 11(b) of the Schedule, regardless of the financial impairment, insolvency or liquidation or
the inability to pay or refusal to pay of any Primary Insurer(s) and/or Underlying Excess Insurer(s).

(d) UNDERLYING INSURANCE. The term "Underlying Insurance" shall be understood to mean the
insurance coverage provided to the Insured by those Primary and Underlying Excess Insurers set forth in
Item 10(a) and 10(b) of the Schedule for the Limits of Liability as set forth in Item 11(a) or 11(b) of the
Schedule.

CONDITIONS

In the event of a claim or claims arising which appear(s) likely to exceed the Limit(s) of Liability of the
Underlying Insurance, no Costs shall be incurred by the Insured without the written consent of the Insurers.

Costs incurred by or on behalf of the Insured with the written consent of the Insurers, and for which the
Insured is not covered by the Insurers of the Underlying Insurance, shall be apportioned as follows:

(a) Should any claim or claims become adjustable prior to the commencement of trial for not more than the
Limit(s) of Liability of the Underlying Insurance, then no Costs shall be payable by the Insurers.

(b) Should, however, the amount for which the said claim or claims so adjusted exceed the Limit(s) of
Liability of the Underlying Insurance, then the Insurers, if they consent to the proceedings continuing,
shall contribute to the Costs incurred by or on behalf of the Insured in the ratio of their proportion of
the total claim as finally adjusted.

(c) In the event that the Insured elects not to appeal a judgement in excess of the Limit(s) of Liability of
the Underlying Insurance the Insurers may elect to conduct such appeal at their own cost and expense
and shall be liable for the taxable court costs and interest incidental thereto, but in no event shall the
total liability of the Insurers exceed their Limit(s) of Liability under this Policy as provided for herein,
plus the expenses of such appeal.

All recoveries or payments recovered or received subsequent to a loss settlement under this Policy shall be
applied as if recovered or received prior to such settlement and all necessary adjustments shall then be made
between the Insured and the Insurers, provided always that nothing in this Policy shall be construed to mean
that losses under this Policy are not payable until the Insured's total claim has been finally ascertained.

Liability to pay under this Policy shall not attach unless and until the Insurer(s) of the Underlying Insurance
shall have admitted liability for the Limit(s) of Liability of the Underlying Insurance or unless and until the
Insured has by final judgement been adjudged to pay an amount which exceeds the Limit(s) of Liability of
the Underlying Insurance and then only after the Insurer(s) of the Underlying Insurance have paid or have
been held liable to pay the full amount of the Limit(s) of Liability of the Underlying Insurance.

Notwithstanding any of the terms of this Policy that might be construed otherwise, the insurance provided
herein shall be excess of the Limits of Liability of the Underlying Insurance as set forth in Item 11(a) or
11(b) of the Schedule whether such Underlying Insurance is collectible or not collectible for any reason
including, but not limited to, uncollectibility (in whole or in part) because of the financial impairment,
insolvency or liquidation or the inability to pay or refusal to pay of any Primary Insurer(s) and/or
5. CANCELLATION
6.
7.
8.
9.
10. OTHER INSURANCE
MAINTENANCE
CHANGES
ADDITIONAL
PREMIUM ANDINSURED
ADJUSTMENT
OF UNDERLYING INSURANCE

Underlying Excess Insurer(s). In the event of the partial or total uncollectibility of the Underlying
Insurance for any reason, including, but not limited to, the financial impairment, insolvency or liquidation
or the inability to pay or refusal to pay of any Primary Insurer(s) and/or Underlying Excess Insurer(s),
Insurers shall have no duty to assume any of the obligations to the Insured of the Underlying Insurance.
The risk of uncollectibility of such Underlying Insurance (in whole or in part), because of the financial
impairment, insolvency or liquidation or the inability to pay or refusal to pay of any Primary Insurer(s)
and/or Underlying Excess Insurer(s) or because of any other reason, is expressly retained by the Insured and
is not in any way or under any circumstances insured under or assumed by this Policy.

To the extent that there is other insurance providing coverage to the subject claim (other than Underlying
Insurance or insurance that is specifically intended to be excess of this Policy), the Limit(s) of Liability
under this Policy shall be reduced by the amount of the Limits of Liability of such other insurance whether
or not collectible.

In respect of the risks and Aircraft set forth in Item 7 of the Schedule this Policy is subject to the same
warranties, terms and conditions (except as regards the premium, the obligation to investigate and defend,
the renewal agreement if any, the amount and Limits of Liability other than the deductible or self-insurance
provision where applicable, AND EXCEPT AS OTHERWISE PROVIDED HEREIN) as are contained in
the Policy/ies of the Primary Insurer(s) at inception hereof. It is a condition of this Policy that the Policy/ies
issued by the Insurer(s) of the Underlying Insurance shall be maintained in full effect during the currency of
this Policy, failing which coverage under this Policy shall thereupon cease.

This Policy does not apply to any liability of any nature whatsoever incurred by the Insured as a result of
the financial impairment, insolvency or liquidation or the inability to pay or refusal to pay of any Primary
Insurer(s) or Underlying Excess Insurer(s).

(a) In the event of any amendment to the warranties, terms and conditions of the Policy/ies of the Primary
Insurer(s) subsequent to the inception of this Policy, the Insured shall give notice of such amendment
within thirty (30) days of the effective date thereof and the Insurers shall have the option of (i)
accepting such amendment and amending the premium on this Policy accordingly, or (ii) refusing such
amendment in which case this Policy shall cease to follow the Policy/ies of the Primary Insurer(s) as
respects such amendment after the expiry of the above period of thirty (30) days.

(b) Should any alteration be made in the premium for the Policy/ies of the Primary Insurer(s) other than as
a result of the amendments referred to in (a) above during the currency of this Policy the Insured shall
give immediate notice thereof to the Insurers who shall have the right to amend the premium hereon
accordingly.

(c) The Insured, upon being aware of any material change in the circumstances or nature of the risks
covered by this Policy (other than those giving rise to amendment or alteration in the Policy/ies of the
Primary Insurer(s) as detailed in (a) and (b) above), shall give immediate notice thereof to the Insurers
who shall have the right to amend the premium hereon accordingly.

Should any manufacturer, repairer, supplier or servicing agent be included or added as an additional Insured
under this Policy, such inclusion or addition shall not prejudice Insurers' rights of recourse against such
Insured in the capacity of manufacturer, repairer, supplier or servicing agent where such right of recourse
would have existed had they not been so included or added.

The premium for this Insurance shall be as set forth in Item 9 of the Schedule and the Insured agrees to pay
and the Insurers agree to return such additional or return premium as it becomes due in accordance with the
terms of this Policy.

This Policy may be cancelled at any time on the written request of the Insured or may be cancelled by or on
behalf of the Insurers provided not less than ten (10) days notice in writing be given.

The premium to be retained by the Insurers in the event of cancellation by the Insured shall be calculated as
follows:
12. FRAUDULENT
11. NOTIFICATIONCLAIMS
OF CLAIMS
AVN 37A 1.10.96

(a) If the premium is on an adjustable basis: the earned premium hereon for the period that this Policy has
been in force or the Short Rate proportion of the Minimum Premium, whichever is the greater.

(b) If the premium is on a non-adjustable basis: the Short Rate proportion thereof.

In the event of cancellation by the Insurers the premium to be retained by the Insurers shall be calculated as
in (a) and (b) above except that pro rata proportion shall be substituted for Short Rate proportion. Notice of
cancellation by the Insurers shall be effective even though the Insurers make no payment or tender of return
premium.

If the period of limitation relating to the giving of notice is prohibited or made void by any law controlling
the construction hereof, such notice shall be deemed to be amended so as to be equal to the minimum period
of limitation permitted by such law.

The Insured upon knowledge of any event likely to give rise to a claim hereunder shall give immediate
written advice thereof to the person(s) or firm named for the purpose in Item 12 of the Schedule.

If the Insured shall make any claim knowing the same to be false or fraudulent, as regards amount or
otherwise, this Policy shall become void and all claim hereunder shall be forfeited.

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