<p style="margin-right:1.45pt; text-align:justify"><span style="font-family:courier new,courier,monospace">IT IS HEREBY UNDERSTOOD AND AGREED that this Policy shall not be liable for any loss, damage or liability directly or indirectly caused to or by the items insured under this Policy attributable to:</span></p>

<p style="margin-left:.25in; margin-right:1.45pt; text-align:justify"><span style="font-family:courier new,courier,monospace"><!--[if !supportLists]-->a. Loss of Fill</span></p>

<p style="margin-left:.25in; margin-right:1.45pt; text-align:justify"><span style="font-family:courier new,courier,monospace"><!--[if !supportLists]-->b. Natural action of the sea</span></p>

<p style="margin-left:.25in; margin-right:1.45pt; text-align:justify"><span style="font-family:courier new,courier,monospace"><!--[if !supportLists]-->c. Natural settlement of fills</span></p>

<p style="margin-left:.25in; margin-right:1.45pt; text-align:justify"><span style="font-family:courier new,courier,monospace"><!--[if !supportLists]-->d. Impact of waterborne crafts and vessels.</span></p>

<p style="margin-right:1.45pt; text-align:justify"><span style="font-family:courier new,courier,monospace">IT IS ALSO UNDERSTOOD AND AGREED that this Policy shall not be liable for any dredging or re-dredging operations.</span></p>
