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PROOF OF INSURANCE (2007) CLOSED` This Spectrum Policy consists of the Declarations, Coverage Forms, Common Policy Conditions and any 4 other Forms and Endorsements issued to be a part of the Policy. This insurance is provided by the insurance IL company of The Hartford Insurance Group shown below. SBM INSURER: HARTFORD CASUALTY INSURANCE COMPANY HARTFORD PLAZA, HARTFORD, CT 06115 COMPANY CODE: 3 Policy Number: 83 SBM NL9477 DV SPECTRUM POLICY DECLARATIONS ORIGINAL Named Insured and Mailing Address: BAY ACTUARIAL CONSULTANTS (No., Street, Town, State, Zip Code) 43 SAN PABLO COURT MORAGA CA 94556 Policy Period: From 07/17/06 To 07/17/07 1 YEAR 12:01 a.m., Standard time at your mailing address shown above. Exception: 12 noon in New Hampshire. Name of Agent /Broker: INSURANCE NOODLE, INC /PHS Code: 551718 Previous Policy Number: 83 SBM NL9477 > i Named Insured is: INDIVIDUAL Audit Period: NON - AUDITABLE Type of Property Coverage: NONE Insurance Provided: In return for the payment of the premium and subject to all of the terms of this policy, we agree with you to provide insurance as stated in this policy. TOTAL ANNUAL PREMIUM IS: $350 MP 04 �. - Countersigned by 05/05/06 Authorized Representative Date Form SS 00 02 11 93 T Printed in U.S.A. (NS) Page 001 (CONTINUED ON NEXT PAGE) Process Date: 05/05/06 Policy Expiration Date: 07 / 17 / 07 INSURED COPY SPECTRUM POLICY DECLARATIONS (Continued) POLICY NUMBER: 83 SBM NL9477 Insured and Schedule of Coverages for Premises as designated by Location(s), Building(s), Business of Named Number below. Location: 001 Building: 001 43 SAN PABLO COURT MORAGA CA 94556 Description of Business: CONSULTANT - MANAGEMENT Deductible: NO COVERAGE BUILDING AND BUSINESS PERSONAL PROPERTY LIMITS OF INSURANCE BUILDING BUSINESS PERSONAL PROPERTY REPLACEMENT COST PERSONAL PROPERTY OF OTHERS REPLACEMENT COST MONEY AND SEC''URITIES INSIDE THE PREMISES OUTSIDE THE PREKISES Form SS 00 02 11 93 T Printed in U.S.A. (NS) Process Date: 05/05/06 NO COVERAGE NO COVERAGE NO COVERAGE NO COVERAGE NO COVERAGE Page 002 (CONTINUED ON NEXT PAGE) Policy Expiration Date: 07 / 17 / 07 ;PECTRUM POLICY DECLARATIONS (Continued) POLICY NUMBER: 63 SBM NL9477 BUSINESS LIABILITY LIABILITY AND MEDICAL EXPENSES MEDICAL EXPENSES - ANY ONE PERSON PERSONAL AND ADVERTISING INJURY T T T DAMAGES TO PREMISES RENTED TO YOU ANY ONE PREMISES AGGREGATE LIMITS PRODUCTS- COMPLETED OPERATIONS FORM SS 05 09 a GENERAL AGGREGATE z A BUSINESS LIABILITY OPTIONAL COVERAGES HIRED /NON - OWNED AUTO LIABILITY FORM: SS 04 38 Form SS 00 02 11 93 T Printed in U.S.A. (NS) Process Date: 0 5/ 0 5/ 0 6 LIMITS OF INSURANCE $1,000,000 $ 10,000 $1,000,000 $ 300,000 $2,000,000 $2,000,000 $1,000,000 Page 003 (CONTINUED ON NEXT PAGE) d �L Policy Expiration Date: 07/17/07 SPECTRUM POLICY DECLARATIONS (Continued) POLICY NUMBER: 83 SBM NL9477 Form Numbers of Forms and Endorsements that apply: SS 00 01 04 93 SS 00 05 04 05 SS 04 38 06 01 IH 10 01 09 86 G- 3305 -0 SS 00 08 04 05 SS 01 21 08 97 SS 05 09 07 00 SS 05 47 09 01 Form SS 00 02 11 93 T Printed in U.S.A. (NS) Page 004 Policy Expiration Date: 07/17/07 Process Date: 0 5/ 0 5/ 0 6 BUSINESS LIABILITY COVERAGE FORM 2. Applicable To Medical Expenses Coverage We will not pay expenses for "bodily injury": a. Any Insured To any insured, except "volunteer workers ". b. Hired Person To a person hired to do work for or on behalf of any insured or a tenant of any insured. c. Injury On Normally Occupied Premises To a person injured on that part of premises you own or rent that the person normally occupies. d. Workers' Compensation And Similar Laws To a person, whether or not an "employee" of any insured, if benefits for the "bodily injury" are payable or must be provided under a workers' compensation or disability benefits law or a similar law. e. Athletics Activities To a person injured while practicing, instructing or participating in any physical exercises or games, sports or athletic contests. L Products-Completed Operations Hazard Included with the "products - completed operations hazard ". g. Business Liability Exclusions Excluded under Business Liability Coverage. C. WHO IS AN INSURED 1. If you are designated in the Declarations as: a. An individual, you and your spouse are insureds, but only with respect to the conduct of a business of which you are the sole owner. b. A partnership or joint venture, you are an insured. Your members, your partners, and their spouses are also insureds, but only with respect to the conduct of your business. c. A limited liability company, you are an insured. Your members are also insureds, but only with respect to the conduct of your business. Your managers are insureds, but only with respect to their duties as your managers. d. An organization other than a partnership, joint venture or limited liability company, you are an insured. Your "executive officers" and directors are insureds, but only with respect to their duties as your officers or directors. Your stockholders are also insureds, but only with respect to their liability as stockholders. e. A trust, you are an insured. Your trustee, are also insureds, but only with respect to their duties as trustees. 2. Each of the following is also an insured: a. Employees And Volunteer Workers Your "volunteer workers" only while performing duties related to the conduct of your business, or your "employees ", other than either your "executive officers" (if you are an organization other than a partnership, joint venture or limited liability company) or your managers (if you are a limited liability company), but only for acts within the scope of their employment by you or while performing duties related to the conduct of your business. However, none of these "employees" or "volunteer workers" are insureds for: (1) "Bodily injury" or "personal and advertising injury": (a) To you, to your partners or members (if you are a partnership or joint venture), to your members (if you are a limited liability company), or to a co- "employee" while in the course of his or her employment or performing duties related to the conduct of your business, or to your other "volunteer workers" while performing duties related to the conduct of your business; (b) To the spouse, child, parent, brother or sister of that co. "employee" or that "volunteer worker" as a consequence of Paragraph (1)(a) above; (c) For which there is any obligation to share damages with or repay someone else who must pay damages because of the injury described in Paragraphs (1)(a) or (b) above; or (d) Arising out of his or her providing or failing to provide professional health care services. If you are not in the business of providing professional health care services, Paragraph (d) does not apply to any nurse, emergency medical technician or paramedic employed by you to provide such services. (2) "Property damage" to property: (a) Owned, occupied or used by, Page 10 of 24 Form SS 00 08 04 05 BUSINESS LIAML1 r r t,uvcrv►�a� rv�m b. Coverage under this provision does not (b) Rented to, in the care, custody or control of, or over which physical apply to: "Bodily or "property damage" control is being exercised for any (1 ) Y injury" or purpose by you, any of your "employees ", "volunteer workers ", that occurred; (2) "Personal and advertising injury or member (if you are arising out of an offense committed any partner a partnership or joint venture), or before you acquired or formed the any member (if you are a limited organization. liability company). 4 Operator Of Mobile Equipment b. Real Estate Manager With respect to "mobile equipment" registered in Any person (other than your "employee" or your name under any motor vehicle registration "volunteer worker"), or any organization taw, any person is an insured while driving such while acting as your real estate manager. Your equipment along a public highway with your or organization T c. Temporary Custodians Of permission. Any other person responsible for the conduct of such person is 0 Property Any p arson or organization having proper also an insured, but only with respect to liability the operation of the equipment, and ,-'a if ou temporary custody of your property y arising out of insurance of any kind is available 0 die, but only: only if no other to that person or organization for this liability. (1) With respect to liability arising out of the However, no person or organization is an insured rt maintenance or use of that prope y; and with respect to: OD (2) Until your legal representative has a. "Bodily injury" to a co- employee" of the N been appointed. person driving the equipment; or 0 d. Legal Representative if You Die b, Property damage" to property owned by, Your legal representative if you die, but rented to, in the charge of or occupied by only with respect to duties as such. That you or the employer of any person who is representative will have all your rights and an insured under this provision. duties under this insurance. 5. Operator of Nonowned Watercraft e. Unnamed Subsidiary With respect to watercraft you do not own that Any subsidiary and subsidiary thereof, of is less than 51 feet long and is not being used rile yours which is a legally incorporated entity to carry persons for a charge, any person is an of which you own a financial interest of insured while operating such watercraft with more than 50% of the voting stock on the your permission. Any other person or of i� effective date of this Coverage Part. organization responsible for the conduct but only with The insurance afforded herein for any shown in the Declarations such person is also an insured, respect to liability arising out of the ope ation subsidiary not as a named insured does not apply to of the watercraft, and only other kind is available to that injury or damage with respect to which an is also an insurance of any or organization for this liability. insured under this insurance insured under another policy or would be person However, no person or organization is an an insured under such policy but for its insured with respect to: .�— termination or upon the exhaustion of its a. "Bodily injury„ to a co "employee" of the mom limits of insurance. person operating the watercraft; or am 3. Newly Acquired Or Formed Organization b, Property damage" to property owned by, Any organization you newly acquire or form, rented to, in the charge of or occupied by is millill other than a partnership, joint venture or you or the employer of any person who l� limited liability company, and over which you an insured under this provision. �s maintain financial interest of more than 50% of will qualify as a Named g, Additional Insureds When Required By Written Agreement Or � a� the voting stock, Insured if there is no other similar insurance Written Contract, Permit available to that organization. However: The person(s) or organization(s) identified in a. Coverage under this provision is afforded Paragraphs a. through f. below are additional only until the 180th day after you acquire insureds when you have agreed, in a written or form the organization or the end of the policy period, whichever is earlier; and Page 11 of 24 Form SS 00 08 04 06 BUSINESS LIABILITY COVERAGE FORM contract, written agreement or because of a (e) Any failure to make suc, permit issued by a state or political inspections, adjustments, tests o► subdivision, that such person or organization servicing as the vendor has . be added as an additional insured on your agreed to make or normally policy, provided the injury or damage occurs undertakes to make in the usual subsequent to the execution of the contract or course of business, in connection agreement, or the issuance of the permit. with the distribution or sale of the A person or organization is an additional products;• insured under this provision only for that (f) Demonstration, installation, period of time required by the contract, servicing or repair operations, agreement or permit. except such operations performed However, no such person or organization is an at the vendor's premises in connection with the sale of the additional insured under this provision if such product; person or organization is included as an additional insured by an endorsement issued (g) Products which, after distribution by us and made a part of this Coverage Part, or sale by you, have been labeled including all persons or organizations added or relabeled or used as a as additional insureds under the specific container, part or ingredient of any additional insured coverage grants in Section other thing or substance by or for F. — Optional Additional Insured Coverages. the vendor; or a. Vendors (h) "Bodily injury" or "property Any person(s) or organization(s) n(s) (referred to damage" arising out of the sole below as vendor), but only with rasped to negligence of the vendor for its "bodily injury" or "property damage" arising own acts or omissions or those of its employees or anyone else out of "your products" which are distributed acting on its behalf. However, this ev or sold in the regular course of the vendor's exclusion does not apply business and only if this Coverage Part provides coverage for "bodily injury" or (i) The exceptions contained in "property damage" Included within the Subparagraphs (d) or (f); or "products- completed operations hazard ". (ii) Such inspections, adjustments, (1) The insurance afforded to the vendor tests or servicing as the vendor is subject to the following additional has agreed to make or normally exclusions: undertakes to make in the usual This insurance does not apply to: course of business, in connection with the distribution (a) "Bodily injury" or "property or sale of the products. damage" for which the vendor is (2) This insurance does not apply to any obligated to pay damages by insured person or organization from reason of the assumption of whom you have acquired such products, liability in a contract or agreement. or any ingredient, part or container, This exclusion does not apply to entering into, accompanying or liability for damages that the containing such products. vendor would have in the absence of the contract or agreement; b. Lessors Of Equipment (b) Any express warranty (1) Any person or organization from unauthorized by you; whom you lease equipment; but only (c) Any physical or chemical change with respect to their liability for "bodily in the product made intentionally injury", property damage or "personal and advertising injury" by the vendor; caused, in whole or in part, by your (d) Repackaging, except when maintenance, operation or use of unpacked solely for the purpose of equipment leased to you by such inspection, demonstration, testing, person or organization. or the substitution of parts under instructions from the manufacturer, and then repackaged in the original container; Page 12 of 24 Form SS 00 08 04 05 BUSINESS LIABILITY COVERAGE FORM 'VP to the insurance afforded e. Permits Issued By State Or Political respect (2) With respe to these additional insureds, this Subdivisions or political subdivision, but insurance does not apply to any "occurrence" which takes place after ( state 1) Any with respect to operations only with behalf for you cease to lease that equipment. performed by y or on your the state or political subdivision c. Lessors Of Land Or Premises which has issued a permit. (1) Any person or organization from (2) With respect to the insurance afforded whom you lease land or premises, but to these additional insureds, this only with respect to liability arising out insurance does not apply to: of the ownership, maintenance or use (a) "Bodily "property damage" of that part of the land or premises or peronal and advertising leased to you. injury" arising out of operations (2) With respect to the insurance afforded performed for the state or cto these additional insureds, this municipality; or insurance does not apply to: (b) Bodily injury" or "property damage" � , (a► Any "occurrence which takes included within the "products- place after you cease to lease that completed operations hazard ". land or be a tenant in that f. Any Other Party o� premises; or (1) Any other person or organization who (b) Structural alterations, new demolition is not an insured under Paragraphs a. co 0 construction or operations performed by or on through e. above, but only with to liability for "bodily injury", o behalf of such person or respect " property damage" or "personal and H organization. advertising injury" caused, in whole or � d. Architects, Engineers Or Surveyors in part, by your acts or omissions or (1) Any architect, engineer, or surveyor, but the acts or omissions of those acting only with respect to liability for bodily on your behalf: = injury ", "property damage or personal (a) In the performance of your and advertising injury" caused, in whole ongoing operations; or in part, by your ads or omissions or (b) In connection with your premises the ads or omissions of those acting on owned by or rented to you; or " your behalf: In connect ion with your premises; (c) In connection with "your work" n the "products- (a) or included within completed operations hazard ", but (b) In the performance of your ongoing operations performed by only if The contract or written you or on your behalf. (i) written agreement requires you to (2) With respect to the insurance afforded provide such coverage to to these additional insureds, the such additional insured; and sum following additional exclusion applies: (ii) This Coverage Part provides This insurance does not apply to coverage for "bodily injury" or 0 "bodily injury ", "property damage" or "property damage" included � _ "personal and advertising injury within the "products - arising out of the rendering of or the completed operations hazard ". failure to render any professional (2 ) With respect to the insurance afforded services by or for you, including: to these additional insureds, this � (a) The preparing, approving, or insurance does not apply to: failure to prepare or approve, opinions, "Bodil y injury", "property damage" or r maps, shop drawings, field orders, "personal and advertising injury reports, surveys, designs or arising out of the rendering of, or the change orders, drawings and specifications; or failure to render, any professional engineering or surveying (b) Supervisory, inspection, architectural, services, including: architectural or engineering activities. Page 13 of 24 Form SS 00 08 04 05 BUSINESS LIABILITY COVERAGE FORM (a) The preparing, approving, or failure to prepare or approve, maps, shop drawings, opinions, reports, surveys, field orders, change orders, designs or drawings and specifications; or (b) Supervisory, inspection, architectural or engineering activities. The limits of insurance that apply to additional insureds are described in Section D. — Limits Of Insurance. How this insurance applies when other insurance is available to an additional insured is described in the Other Insurance Condition in Section E. — Liability And Medical Expenses General Conditions. No person or organization is an insured with respect to the conduct of any current or past partnership, joint venture or limited liability company that is not shown as a Named Insured in the Declarations. D. LIABILITY AND MEDICAL EXPENSES LIMITS OF INSURANCE 1. The Most We Will Pay The Limits of Insurance shown in the Declarations and the rules below fix the most we will pay regardless of the number of a. Insureds; b. Claims made or "suits" brought; or c. Persons or organizations making claims or bringing "suits ". 2. Aggregate Limits The most we will pay for: a. Damages because of "bodily injury" and "property property damage included in the "products - completed operations hazard" is the Products- Completed Operations Aggregate Limit shown in the Declarations. b. Damages because of all other "bodily injury", "property damage" or "personal and advertising injury", including medical expenses, is the General Aggregate Limit shown in the Declarations. This General Aggregate Limit applies separately to each of your 'locations" owned by or rented to you. "Location" means premises involving the same or connecting lots, or premises whose connection is interrupted only by a street, roadway or right -of -way of a railroad. Page 14 of 24 This General Aggregate limit does rk, apply to "property damage" to premise`s:;, while rented to you or temporarily", occupied by you with permission of the owner, arising out of fire, lightning or explosion. 3. Each Occurrence Limit Subject to 2.a. or 2.b above, whichever applies, the most we will pay for the sum of all damages because of all "bodily injury", "property damage" and medical expenses arising out of any one 'occurrence" is the Liability and Medical Expenses Limit shown in the Declarations. The most we will pay for all medical expenses because of "bodily injury" sustained by any one person is the Medical Expenses Limit shown in the Declarations. 4. Personal And Advertising Injury Limit Subject to 2.b. above, the most we will pay for the sum of all damages because of all "personal and advertising injury" sustained by any one person or organization is the Personal and Advertising Injury Limit shown in the Declarations. 6. Damage To Premises Rented To You Limit The Damage To Premises Rented To You Limit is the most we will pay under Business Liability Coverage for damages because of "property damage" to any one premises, while rented to you, or in the case of damage by fire, lightning or explosion, while rented to you or temporarily occupied by you with permission of the owner. In the case of damage by fire, lightning or explosion, the Damage to Premises Rented To You Limit applies to all damage proximately caused by the same event, whether such damage results from fire, lightning or explosion or any combination of these. 6. How Limits Apply To Additional Insureds The most we will pay on behalf of a person or organization who is an additional insured under this Coverage Part is the lesser of a. The limits of insurance specified in a written contract, written agreement or permit issued by a state or political subdivision; or b. The Limits of insurance shown in the Declarations. Such amount shall be a part of and not in addition to the Limits of Insurance shown in the Declarations and described in this Section. Form SS 00 08 04 05 Policy No. EO- 828309 EVANSTON INSURANCE COMPANY Prod. No. NEW L° MARKE DECLARATIONS - PROFESSIONAL LIABILITY INSURANCE FOR SPECIFIED PROFESSIONS Claims Made Policy: This policy is limited to liability for only those CLAIMS THAT ARE FIRST MADE AGAINST THE INSURED DURING THE POLICY PERIOD. Please review the policy carefully. 1. NAMED INSURED: BAY ACTUARIAL CONSULTANTS The Named Insured is a(n) 2. PREDECESSOR FIRM: N/A 3. BUSINESS ADDRESS OF THE INSURED 346 RHEEM BLVD SUITE 204 MORAGA, CA 94556 4. PROFESSIONAL SERVICES OF THE INSURED: Actuarial and Consulting Services for others for a fee 5. POLICY PERIOD: From February 6, 2006 to February 6, 2007 12:01 A.M. Standard Time at address of Insured stated above 6. RETROACTIVE DATE: February 6, 2002 7. LIMITS OF LIABILITY: The liability of the Company for each claim including claim expenses under this policy shall not exceed $ 1,000,000 and, subject to that limit for each claim, the total limit of the Company's liability for all claims including claim expenses under this policy shall not exceed the aggregate $ 1,000,000 8. DEDUCTIBLE: Applicable to each claim, including claim expenses $ 2,500 9. RATE: Flat 10. PREMIUM Minimum $ Deposit $ Page 1 (f) t� W 11 12 13 PREMIUM FOR EXTENDED DISCOVERY PERIOD 150% of annual premium as finally determined plus applicable tax_ NUMBER OF MONTHS IN EXTENDED DISCOVERY PERIOD: 12 ENDORSEMENTS ATTACHED AT POLICY INCEPTION: 1. ZZ- 44003 -02 Certified Acts of Terrorism Exclusion 2. EIC 4115 -01 25% Minimum Earned Premium Endorsement 3. ZZ- 49001 -03 California Service of Suit 4. EIC 1941 -01 Additional Exclusions - Actuary/Actuarial Consultant Policy Form: EIC 801 -3 4/85 Dec: EIC 801 -3 4/85 Date Printed: February 8, 2006 Page 2 Policy No. EO- 828309 ALL CLAIMS TO BE REPORTED DIRECTLY TO Shand Morahan & Company, Inc. Ten Parkway North, Suite 100 Deerfield, Illinois 60015 Phone: (847) 572 -6000, Fax: (847) 572 -6338 Authorized Repre ative