EXHIBIT (99-3)
Directors and Officers (Second and Fifth) Excess Liability Binder of Insurance
Exhibit 99-3
[ACE LOGO] ACE Bermuda PO Box I-M 1015
Insurance Ltd. Hamilton HM DX
The ACE Building Bermuda
30 Woodbourne Avenue
Hamilton HM 08 441 295 5200 main
ace bermuda Bermuda www.acelimited.com
ACE Bermuda Insurance Ltd. is pleased to confirm binding the following:
Policy Period: June 30th, 2001--June 30th, 2002
Limit of Liability: $45 Million xs $50 Million
$5 Million xs $170 Million
Premium: $375,000.00 Gross
Less 12% Commission: $45,000.00
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Premium Due: $330,000.00 Net
Underlying Structure:
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NAME LIMITS
D&O/CR
CODA $25M
XL $25M
ACE $45M
CHUBB ATLANTIC $25M
STARR $25M
XL $25M
ACE $5M
One of the ACE Group of Insurance & Reinsurance Companies.
[ACE LOGO]
ace bermuda
SPECIAL CONDITIONS
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1. Followed Policy is XL.
2. Discovery Period & Pct: as per followed policy.
3. Cancellation Period:365 days (as expiring)
4. Coverage is D&O and CR.
5. Cover will be issued on Policy Form ACE D&O 5/96, Policy No. PG-9470D.
6. Endorsements to be included:
Endorsement evidencing ACE will not follow section 18(b) of the CODA policy
7. Binding is subject to receipt of the appropriate premium on or before
Monday, July 2nd, 2001.
Best regards,
/s/ Jonathan Evans
Jonathan Evans
ACE Bermuda Insurance Ltd.
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