EXHIBIT (99-3)
Directors and Officers (First and Sixth) Excess Liability Binder of Insurance
FACSIMILE MESSAGE
TO: Marty Svensen Fax No: 295-4622
COMPANY: Park International Limited Location: Hamilton
DATE: June 28, 2002 Page: 1
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FROM: Sherron Williams Telephone No: (441) 292 8515
Margaret Lewis Facsimile No: (441) 292 1566
3 Health Care/ Consumer
XL INSURANCE LTD. [XL LOGO]
XL House
One Bermudiana Road
P.O. Box HM 2245
Hamilton HM JX
Bermuda
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COVERAGE BINDER FOR: The Procter & Gamble Company
TYPE: Directors and Officers Liability including
Company Reimbursement Liability
OUR REFERENCE: 14-1/3
POLICY NO: XLD+O-00364
POLICY PERIOD: June 30, 2002 to June 30, 2003
BROKERAGE: 12.00%
NEW AGGREGRATE: Yes
GROSS WRITTEN
LIMIT ATTACHMENT PREMIUM
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USD 25,000,000 D+O/CR USD 25,000,000 D+O/CR USD 385,000
USD 25,000,000 D+O/CR USD 150,000,000 D+O/CR USD 300,000
COVERAGE BINDER FOR: The Procter & Gamble Company Page: 2
SPECIAL CONDITIONS
A) XL coverage to follow form of : CODA Quote dated May 1, 2002.
B) Issue standard XL Policy : D+O-010
C) Discovery period : 12 months at 100 Percent of annual premium.
D) Cancellation period : as per expiring Endorsement No. (4).
E) XL is not in a position to follow any State Amendatory Endorsement.
F) XL will attach the following exclusions to sides B&C of the Policy:
- Broad Form BI/PD Exclusion, as per expiring Endorsement No. (7).
- Broad Form Pollution Exclusion, as per expiring Endorsement No. (6).
- P/P Litigation Exclusion effective June 30, 2001, as per expiring
Endorsement No. (8).
G) Entity Securities Claim Coverage as per expiring Endorsement No. (2).
H) XL will not follow CODA Premier Form on the following:
- Exclusion (h) on Side B; XL will utilize the wording in exclusion
(i) of the CODA 5/92 form,
- Section 8 (a) (i)
- Section 18 (h)
I) Deletion of General Condition I, as per expiring Endorsement No. (11).
J) ODL coverage as per expiring Endorsement No. (10).
K) Subject to receipt of the outstanding additional premium for Clairol, by
7/15/02.
L) Incorporation of Warranty Endorsement, as per expiring Endorsement
No. (13).
M) Subject to receipt of all underlying carrier binders, within 10 days of
binding.
N) Subject to receipt of premium funds by 7/15/02.
COVERAGE BINDER FOR: The Procter & Gamble Company Page: 3
STANDARD CONDITIONS
1) The above binder does not include any amount with respect to
Insurance Premium Tax. The terms of this binder include the
obligation of the insured to reimburse XL for any Insurance
Premium Tax incurred by it with respect to the premiums received
from the insured.
All terms and conditions as per wording of Policy and appropriate
endorsements.
Regards,
/s/ Sherron Williams
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Sherron Williams
XL Insurance Ltd.