EX-99.8 25 l02788aexv99w8.txt EX-99.8 EXHIBIT (99-8) Directors and Officers (Seventh) Liability Binder of Insurance [AXIS SPECIALTY LIMITED LOGO] Axis Specialty Limited 106 Pitts Bay Road Pembroke, HM 08 Bermuda (441) 206-2600 21-Jul-03 Jerry Rivers H&H Park 44 Church Street Hamilton, Bermuda HMHX Re: Procter & Gamble Excess Binder Dear Jerry: Thank you for thinking of Axis Financial Insurance Solutions. We are pleased to offer the following Conditional Binder for the above captioned account as per the quotation dated 16-Jul-03: Insurer: Axis Specialty Limited Bermuda Parent Company and Address: Procter & Gamble 1 Procter & Gamble Plaza Cincinnati, Ohio Binder Number: PARK000012 Policy Number: 122250103QA-QDO3US112225 Policy Form: Excess Form Number AXIS BM03 Line of Business: Directors Officers Liability Policy Period: From 12:01 AM (Local time at the address stated in Item 1) on 30-Jun-03 To 12:01 AM (Local time at the address stated in Item 1) on 30-Jun-04 Limits / Premium: ---------------- Limit of Liability*: Policy Period Premium: Total Policy Period Premium $25,000,000 $692,500 $692,500 *Equals Maximum aggregate Limit of Liability for all Claims Underlying Insurance: 1. Primary Insurance: Insurer Policy Number Limits Policy Period --------- ------------- --------- ------------- CODA TBD $25,000,000 12 months 2. Other Underlying Policies: Insurer Policy Number Limits Policy Period --------- ------------- ------ ------------- XL TBD $25,000,000 12 months ACE TBD $25,000,000 12 months AWAC TBD $25,000,000 12 months ARCH TBD $25,000,000 12 months STARR TBD $25,000,000 12 months Pending & Prior Claim Date: N/A Endorsements: [ ] [ ] [ ] [ ] Commission 12% Receipt, review and acceptance in writing by Axis Specialty Limited underwriters of the following additional information must occur no later than: N/A If any of the above requested items are not received, and accepted by Axis Specialty Limited underwriters, and acknowledge as such in writing, by the above specified date then this Conditional Binder and any policy issued pursuant thereto will be automatically deemed null and void ab initio (as if it had never existed) and have no effect. The payment of premium or the issuance of any policy shall not service to waive the above requirements. Further, a condition precedent to coverage afforded by this Conditional Binder is that no material change in risk occurs and no submission is made to the Insurer of a claim or circumstances that might give rise to a claim between the date of this Conditional Binder and the inception of the proposed Policy Period. Compliance with applicable laws including filings and payment of taxes and fees is the responsibility of the insured, the insurance agent or insurance broker. Premiums must be remitted thirty (30) days after the last day of the month in which coverage became effective. This Conditional Binder is valid thru ninety (90) days from the date of this document. Please consider this your invoice for accounting purposes. Remit payment to: Wire Transfer Information: ------------------------- "SWIFT MT 100. Customer Transfer Advice" This is an INTERNATIONAL wire transfer Correspondent Bank: Citibank N.A. 111 Wall Street New York, NY FED ABA 021000089 CHIPS ABA: 0008 S.W.I.F.T. Code: CITIUS33 (All three codes identify Citibank N.Y. The choice of code is dependent on the payment system used by the remitting bank) Beneficiary Bank: The Bank of Bermuda Limited Hamilton Bermuda CHIPS UID: 005584 S.W.I.F.T. Code BBDA BMHM (Both codes above identify The Bank of Bermuda, Hamilton. Again, the choice of code is dependent on the payment system used). Beneficiary A/C Number: 807381 Beneficiary A/C Name: AXIS Specialty Limited - Premium A/C AXIS Payment Terms - As a reminder, premium payment to AXIS Specialty Limited are due 30 days after the last day of the month in which coverage becomes effective. For example, if a policy has an effective date of May 4, the premiums would be due by June 30. A policy with an effective date of June 25 would have a premium due date of July 30. Thank you for all of your hard work and support. It is greatly appreciated. Best Regards, /s/ RICHARD BULLEN Richard Bullen Underwriter AXIS Specialty Limited 21/07/03