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5) Severability of Interests <br />The term covered party is used severally and not collectively, but the inclusion herein of <br />more than one covered party shall not operate to increase the limits of the <br />Authority's liability or the retained limit applicable per occurrence. <br />6) Accumulation of Limits <br />An occurrence which extends to a duration of more than one coverage period shall be <br />treated as a single occurrence arising during the first coverage period when the <br />occurrence begins. <br />7) Termination <br />This Agreement may be terminated at any time in accordance with the Bylaws of the <br />Authority. <br />8) Changes <br />Notice to any agent or knowledge possessed by any agent of the Authority or by any other <br />person shall not affect a waiver or a change in any part of this Memorandum of <br />Coverage, nor shall the terms of this Memorandum of Coverage be waived or <br />changed, except by endorsement issued to form a part of this Memorandum of <br />Coverage. <br />9) Reduction of Limits <br />In the event of reduction or exhaustion of the retained limit applicable to the covered <br />party by reason of losses paid thereunder, this coverage shall (a) in the event of <br />reduction pay the excess of the reduced underlying retained limit, or (b) in the event <br />of exhaustion continue in force as underlying coverage. In no event shall the <br />coverage apply until the retained limit is exhausted through the payment of defense <br />costs, judgments and/or settlements to which the Authority has agreed. <br />10) Coveraee Disputes <br />The General Manager shall make the initial determination whether to deny coverage on <br />all or part of a claim, or to reserve the Authority's right to deny coverage on all or <br />part of a claim, if a loss subsequently exceeds the retained limit. <br />A decision by the General Manager to deny coverage can be appealed to the Board of <br />Directors. Notice of such appeal shall be submitted in writing within thirty (30) <br />calendar days of the date of the General Manager's written notice of decision. <br />The appeal shall be considered by the Board of Directors at the next regular or special <br />meeting following receipt of the written appeal; if the appeal is received too late <br />Memorandum of Coverage <br />Effective: 0710112019 <br />W <br />