Employer's Liability (Policy Exclusion)

This insurance does not apply to "bodily injury" to:

1. An "employee" of the insured arising out of and in the course of:
1. Employment by the insured; or
2. Performing duties related to the conduct of the insured’s business; or
2. The spouse, child, parent, brother or sister of that "employee" as a consequence of paragraph (1) above. This exclusion applies:
1. Whether the insured may be liable as an employer or in any other capacity; and
2. To any obligation to share damages with or repay someone else who must pay damages because of the injury.
This exclusion does not apply to liability assumed by the insured under an "insured contract".