LIABILITY EXCLUSION CLAUSE - B
F.1 This Contract excludes claims in respect of sums which any direct assured becomes liable to pay to any other party, unless arising from those policies underwritten by the direct insurer on a "claims made" or "losses discovered" basis, and then only where the claim, or notification of the event giving rise to the claim, is "made" or loss "discovered" during the period of this Contract.
F.2 Notwithstanding the foregoing this clause shall not exclude claims arising from
F.2.1 the ownership, management, operation or chartering of marine or inland waterway vessels, craft or units;
F.2.2 the construction, repair or demolition of marine or inland waterway vessels, craft or units and all related components;
F.2.3 operations in respect of bridges, tunnels, seawalls, marine terminals, ports,
harbours, wharves, piers, jetties, docks, berths, pontoons, marinas, fish farms, stevedores, divers, marine agents and boat dealers;
F.2.4 offshore exploration, drilling or production, including all related construction operations;
F.2.5 construction, refurbishment, conversion or demolition, but in respect of
onshore risks only where policies contain a discovery or cut-off clause effective no more than 36 months after expiry of the policy and any completed operations cover afforded therein;
F.2.6 the ownership, management or operation of aircraft or airports;
F.2.7 construction of aircraft and all related components;
F.2.8 transit, and storage in the ordinary course of transit, of cargo by sea or air, and by land conveyance other than pipeline;
F.2.9 onshore workers' compensation or employers' liability losses arising from the following perils:
fire, lightning, explosion, structural collapse, windstorm, hail, flood, seismic activity, volcanic eruption, collision, riots, strikes, civil commotion, malicious damage;
F.2.10 any cover for physical loss, damage or consequential loss contingent thereon effected by a direct assured on behalf of another party.
F.3 Notwithstanding anything contained herein to the contrary, this Contract excludes:
directors' and officers' liability;
liability under the Securities Exchange Act;
professional indemnity and errors and omissions, unless directly related to: owning or handling ships, cargoes or goods in transit; classification societies or marine surveyors.
F.4 The reinsurers' liability hereunder is subject to the terms, conditions and exclusions of this Contract, and shall not exceed the limit of reimbursement provided herein in respect of each loss.
LIABILITY EXCLUSION CLAUSE - B