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ENDORSEMENT NO. U-4 <br />CSAC EXCESS INSURANCE AUTHORITY <br />EXCESS WORKERS’ COMPENSATION <br />WAIVER OF SUBROGATION ENDORSEMENT <br />It is understood and agreed that Section VIII. SUBROGATION of the CONDITIONS section <br />of the Memorandum of Coverage is deleted in its entirety and replaced by the following: <br />VIII.SUBROGATION: In the event of any payment under this Memorandum, the Authority <br />shall be subrogated, to the extent of such payment, to all the Covered Party’s rights of <br />recovery therefore, and the Covered Party shall execute all papers required and shall do <br />everything that may be necessary to secure such rights. Any amount recovered as a result <br />of such proceedings, together with all expenses necessary to the recovery of any such <br />amount shall be apportioned as follows: The Authority shall first be reimbursed to the extent <br />of its actual payment hereunder. If any balance then remains, said balance shall be applied <br />to reimburse the Covered Party. The expenses of all proceedings necessary to the <br />recovery of such amount shall be apportioned between the Covered Party and the <br />Authority in the ratio of their respective recoveries as finally settled. If there should be no <br />recovery in proceedings instituted solely on the initiative of the Authority, the expenses <br />thereof shall be borne by the Authority. <br />However, in the event of any loss payment under this Memorandum for which you have <br />waived the right of recovery in a written contract entered into prior to the loss, we hereby <br />agree to also waive our right of recovery but only with respect to such loss. <br />It is further agreed that nothing herein shall act to increase the Authority's limit of indemnity. <br />This endorsement is part of the Memorandum of Coverage and takes effect on the effective <br />date of the Memorandum of Coverage unless another effective date is shown below. All <br />other terms and conditions remain unchanged. <br />Effective Date: Memorandum No.: EIA 15 EWC-00 <br />Issued to: ALL MEMBERS <br />Issue Date: June 26, 2015 <br />Authorized Representative <br />CSAC Excess Insurance Authority <br />6.1.C. - Page 63