EXHIBIT (99-7)
Directors and Officers (Sixth) Liability Binder of Insurance
[STARR EXCESS INTERNATIONAL LOGO]
EXCESS DIRECTORS & OFFICERS INSURANCE AND
CORPORATE REIMBURSEMENT INSURANCE
RENEWAL BUSINESS BINDER
NAMED CORPORATION : PROCTER & GAMBLE
POLICY NUMBER : 6460657 (RENEWAL OF POLICY NO. 6458089)
POLICY PERIOD : JUNE 30, 2003 TO JUNE 30, 2004
LIMIT OF LIABILITY : US$25,000,000
ATTACHMENT : US$125,000,000
PREMIUM : US$785,000
CURRENCY : U.S. DOLLAR
COMMISSION : 12%
SUBJECT TO:
1. Copy of CODA renewal application, with letter assigning to Starr;
2. Copies of all underlying policies, as soon as possible;
3. Copies of any information requested by or provided to any underlying
insurer.
ADDITIONAL TERMS:
1. Unilateral Discovery Clause - 150% of annual premium for 12 months;
2. Prior & Pending Litigation exclusion effective June 30, 2001;
3. Cancellation Clause - same number of days as CODA;
4. This binder is subject to confirmation that any higher layer placed does
not attract a higher premium per million than Starr's lower layer;
5. Non-follow form of State amendatory, panel counsel, choice of law, service
of suit or arbitration endorsements, if applicable;
6. Non-follow form of underlying sub-limits, with recognition of erosion;
7. Starr will not provide coverage broader than the most restrictive
underlying policy.
FOLLOWED POLICY:
CODA $25,000,000
XL $25,000,000
Ace $25,000,000
AWAC $25,000,000
Arch $25,000,000
Premium to be received no later than July 14, 2003.
The captioned policy will be issued upon receipt of the primary and all
underlying policies.
ACCEPTED BY: /s/ ADAM KLEINMAN DATE : June 30, 2003
Adam Kleinman
Vice President