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01/12/2009 <br />provided hereunder will apply over the other collectible insurance or other coverage up to <br />the limits of the Authority's liability. <br />This coverage shall be in excess of, and shall not contribute with, any insurance or <br />coverage which names a covered party herein as an additional covered party or <br />additional insured party, where coverage is extended to a loss also covered hereunder. In <br />order for the coverage herein to apply, the covered party must pay the full amount of its <br />retained limit. Payment of the retained limit by the covered party is required in <br />addition to and regardless of any payments from any other source for or on behalf of that <br />covered party. <br />5. Severab i 1 ity of Interests <br />The term covered party and its sub -terms including entity, covered individual, and <br />additional covered party are used severally and not collectively, but the inclusion herein <br />of more than one covered party shall not operate to increase the limits of the <br />Authority's liability or the retained limit applicable per occurrence. <br />6. Accumulation of Limits <br />A claim which contains allegations extending to a duration of more than one coverage <br />period shall be treated as a single occurrence arising during the first coverage period <br />C when the occurrence begins. <br />7. Termination <br />This MOC may be terminated at any time in accordance with the Bylaws of the <br />Authority. <br />8. Changes <br />Notice to any agent or knowledge possessed by any agent of the Authority or by any <br />other person shall not effect a waiver or a change in any part of this MOC, nor shall the <br />terms of this MOC be waived or changed except by endorsement issued to form a part of <br />this MOC. <br />9. Arbitration <br />Decisions by the Authority whether to assume control of the negotiation, investigation, <br />defense, appeal, or settlement of a claim, or whether or not coverage exists for a <br />particular claim or part of a claim shall be made by the Board. <br />Any dispute concerning a decision of the Authority to deny coverage for all or part of a <br />claim shall not be subject to any court action, but shall instead be submitted to binding <br />arbitration. The covered party must exhaust the right to appeal to the Board, if <br />applicable, before requesting arbitration of a dispute. <br />1*1 <br />J: IBCJPI A1Adniin \Documents\Governing\MOC's and MPD' s12008- 20091t.iability/Liability MOC 2008 -2009 FINAL 050808.doc 18 <br />14919 <br />MUFF #505 <br />