EXHIBIT (99-5)
Directors and Officers (Fourth) Excess Liability Binder of Insurance
Exhibit 99-5
[STARR EXCESS INTERNATIONAL LOGO]
EXCESS DIRECTORS & OFFICERS INSURANCE AND
CORPORATE REIMBURSEMENT INSURANCE
NEW BUSINESS BINDER
NAMED CORPORATION: Proctor & Gamble
POLICY NUMBER: 6457675
POLICY PERIOD: June 30, 2001 to June 30, 2002
LIMIT OF LIABILITY: US$25,000,000
ATTACHMENT: US$150,000,000
GROSS WRITTEN PREMIUM: US$116,000
CURRENCY: U.S. Dollar
COMMISSION: 15%
SUBJECT TO:
1. Warranty statement;
2. Details of SEC and IAMS claims;
3. Copies of all underlying binders, within 15 days;
4. Copies of all underlying policies, as soon as possible;
5. Copy of CODA renewal application.
ADDITIONAL TERMS:
1. Discovery--1 year at 100% of the annual premium;
2. Cancellation Clause--per followed policy;
3. Prior Notice Exclusion effective inception;
4. Prior & Pending Litigation Exclusion effective inception;
5. Retention;
6. Broad form Pollution Exclusion applicable to Side B of policy;
7. Broad form BI/PD Exclusion applicable to Side B of the policy;
8. Starr is not in a position to follow State Amendatory Endorsements;
9. Starr is not in a position to follow underlying sub-limits, but will
recognize erosion;
10. This quote is subject to confirmation that no layer placed excess of
Starr attracts a higher premium per million than Starr's lower layer.
FOLLOWED POLICY:
CODA
[STARR EXCESS INTERNATIONAL LOGO]
Page 2
Proctor & Gamble New Business binder
UNDERLYING POLICIES:
CODA $25m
XL $25m
ACE Bermuda $50m
Chubb $25m
Premium to be received no later than June 30, 2001.
The captioned policy will be issued upon receipt of the primary and all
underlying policies.
ACCEPTED BY: /s/ Adam Kleinman DATE: June 26, 2001
Adam Kleinman
Vice President