Common use of EXCESS OF ORIGINAL POLICY LIMITS Clause in Contracts

EXCESS OF ORIGINAL POLICY LIMITS. This Contract shall protect the Company as provided in Article 2 - Business Covered in connection with loss in excess of the limit of the original policy. However, this Article shall not apply where the loss has been incurred due to fraud by 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.