EX-99.8 18 l09389aexv99w8.txt EXHIBIT 99-8 EXHIBIT (99-8) Directors and Officers (Seventh) Liability Binder of Insurance COMPANY: Axis Specialty Limited 106 Pitts Bay Road Pembroke, HM 08 Bermuda INSURER: Axis Specialty Limited Bermuda PARENT COMPANY AND ADDRESS: The Procter & Gamble Company One Procter & Gamble Plaza Cincinnati, OH, 45202 USA BINDER NUMBER: PARK000021 POLICY NUMBER: 1126350104QA POLICY FORM: Excess Form Number AXIS BM03 LINE OF BUSINESS: Directors and Officers Liability Insurance POLICY PERIOD: From 12:01 AM (Local time at the address stated in Item 1) on 30 June, 2004 To 12:01 AM (Local time at the address stated in Item 1) on 30 June, 2005 LIMITS/PREMIUM:
Limit of Liability - Excess of Policy Period Premium Inclusive of Defense Costs $25M EACH CLAIM; $150M $548,250* $25M POLICY AGGREGATE
*Plus any applicable surplus lines taxes and fees UNDERLYING INSURANCE: 1. Primary Policy
INSURER LIMITS PREMIUM POLICY PERIOD ------- ------ ------- ------------- CODA - Side A $25,000,000 $985,000 30-June-04 to 30-June-05
2. Other Underlying Policies
Insurer Limits Premium XL - Side A $25m xs $25m $738,750 ACE $25m xs $50m $1,050,000 AWAC $25m xs $75m $892,500
ARCH $25m xs $100m $758,625 Starr $25m xs $125m $645,000
PENDING & PRIOR CLAIM DATE: As expiring ENDORSEMENTS EFFECTIVE AT INCEPTION: - Schedule of Underlying - Reliance endorsement - Prior Notice - Unilateral Discovery 1 year @ 150% - Followed Policy is ACE Bermuda COMMISSION PAYABLE IS 12% Receipt, review and acceptance in writing by Axis Specialty Limited underwriters of the following additional information: 1. Copy of Underlying Policies as soon as possible If any of the above requested Items are not received, reviewed, 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 serve to waive the above requirements. Further, a condition precedent to coverage afforded by this Conditional Binder is that no material change in the 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 issuance of this binder. This Conditional Binder is valid thru ninety (90) days from the date of this document. AXIS PAYMENT TERMS - As a reminder, premium payments to AXIS Specialty Limited are due 30 days after the issuance of this binder. Best Regards, /s/ HILLARY WILLIAMS ----------------------------- Hillary Williams Senior Vice President AXIS Specialty Limited