<PAGE>

                             [LOGO]  RELIANCE
                    A RELIANCE GROUP HOLDINGS COMPANY




                SPECIFIC EXCESS WORKERS' COMPENSATION
                     AND EMPLOYERS' LIABILITY POLICY


<PAGE>

                         PLANET INSURANCE COMPANY

A Stock Insurance Company, herein called the Company, agrees with the Insured,
named in the Declarations made a part hereof, in consideration of the payment of
the premium and in reliance upon the statements in the Declarations and subject
to the limit of liability, exclusions, conditions and other terms of this
policy:
--------------------------------------------------------------------------------
INSURING AGREEMENTS
--------------------------------------------------------------------------------
I. APPLICATION OF   This policy applies to loss sustained by the Insured on
   POLICY.          account of:

                    (A) compensation and other benefits required of the Insured
                        by the workers' compensation law; and

                    (B) sums which the Insured shall become legally obligated to
                        pay as damages because of bodily injury by accident or
                        disease, including death at any time resulting
                        therefrom, sustained in the United States of America,
                        its territories or possessions, or Canada by any
                        employee of the Insured arising out of and in the course
                        of his employment by the Insured either in operations in
                        a state designated in Item 5 of the Declarations or in
                        operations necessary or incidental thereto,

                    as a result of injury(1) by accident occurring during the
                    policy period, or (2) by disease caused or aggravated by
                    exposure of which the last day of the last exposure, in the
                    employment of the Insured, to conditions causing the disease
                    occurs during the policy period.

II. RETENTION AND   The Insured shall retain as its own retention in the amount
    INDEMNITY.      stated in Item 6 of the Declarations and the Company hereby
                    agrees to indemnify the Insured against loss in excess of
                    such retention, subject to the limit of indemnity stated in
                    Item 7 of the Declarations; provided, that the retention and
                    limit of indemnity apply as respects:

                    (A) bodily injury by accident, including death resulting
                        therefrom, sustained by one or more employees in each
                        accident; or

                    (B) bodily injury by disease, including death resulting
                        therefrom, sustained by each employee.

                    The inclusion herein of more than one Insured shall not
                    operate to increase the retention or the limit of indemnity.

III. CLAIM          As respects each such accident and each such disease for
     EXPENSES.      which indemnity against loss is afforded by this policy, the
                    Company will indemnify the Insured against that proportion
                    of claim expenses (other than appeal claim expenses handled
                    as hereinafter provided) paid by the Insured that the amount
                    of the loss ultimately borne by the Company bears to the
                    total amount of the loss. As respects claim expenses
                    connected with appeal taken by the Insured from an award,
                    verdict or judgment which is in excess of the Insured's
                    retention hereunder, if the Company consents to such appeal
                    the Company shall indemnify the Insured against that
                    proportion of the claim expenses paid by the Insured in
                    connection with such appeal that the amount of such award,
                    verdict or judgment in excess of the Insured's retention
                    bears to the total amount of such award, verdict or
                    judgment.

                    Claim expenses are payable by the Company in addition to
                    the limit of indemnity of this policy.

IV. DEFINITIONS.    (A) WORKERS' COMPENSATION LAW. The unqualified term
                        "workers' compensation law" means the workers'
                        compensation law and any occupational disease law of
                        a state designated in Item 5 of the Declarations,
                        while the Insured is a duly qualified self-insurer
                        under such law, but does not include those
                        provisions of any such law which provide
                        non-occupational disability benefits.

<PAGE>

                    (B) STATE. The word "state" means any state or territory of
                        the United States of America and the District of
                        Columbia.

                    (C) BODILY INJURY BY ACCIDENT. An event or circumstance,
                        other than bodily injury by disease, which is unexpected
                        and unintended from the standpoint of the Insured and
                        results in injury or impairment to bodily or mental
                        function. The contraction of disease is not an accident
                        within the meaning of the word "accident" in the term
                        "bodily injury by accident" and only such disease as
                        results directly from a bodily injury by accident is
                        included within the term "bodily injury by accident".

                    (D) BODILY INJURY BY DISEASE. An illness or sickness, other
                        than bodily injury by accident, resulting in injury or
                        impairment to the bodily or mental functions. The term
                        "bodily injury by disease" includes only such disease
                        as is not included within the term "bodily injury by
                        accident".

                    (E) ASSAULT AND BATTERY. Under Section I B. of the of
                        Insuring Agreements, assault and battery shall be
                        deemed an accident unless committed by or at the
                        direction of the Insured.

                    (F) DAMAGES BECAUSE OF BODILY INJURY BY ACCIDENT OR DISEASE,
                        INCLUDING DEATH AT ANY TIME RESULTING THEREFROM. The
                        words "damages because of bodily injury by accident or
                        disease, including death at any time resulting
                        therefrom", in Section I B. of Insuring Agreements,
                        includes damages for care and loss of services and
                        damages for which the Insured is liable by reason of
                        suits or claims brought against the Insured by others
                        to recover the damages obtained from such others
                        because of such bodily injury sustained by employees of
                        the Insured arising out of and in the course of their
                        employment.

                    (G) LOSS. The word "loss" shall mean only such amounts as
                        are actually paid in cash by the Insured in payment of
                        benefits under the workers' compensation law, in
                        settlement of claims or in satisfaction of awards of
                        judgments; but the word "loss" shall not include claim
                        expenses, salaries paid to employees of the Insured, nor
                        annual retainers.

                    (H) CLAIMS EXPENSES. The term "claims expenses" shall mean
                        court costs, interest upon awards and judgments, and
                        allocated investigation, adjustment and legal expenses;
                        but the term "claim expenses" shall not include salaries
                        paid to employees of the Insured nor annual retainers.

                    (I) REMUNERATION. When used as a premium basis,
                        "remuneration" means the entire remuneration, computed
                        in accordance with the excess manuals and rating plans
                        in use by the Company, earned during the policy period
                        by (a) all executive officers and other employees of the
                        Insured engaged in operations covered by this policy,
                        and (b) any other person performing work which may
                        render the Insured liable for injury to or death of such
                        person in accordance with the workers' compensation law.
                        "Remuneration" shall not include the remuneration of any
                        person within division (b) foregoing if the Insured
                        maintains evidence satisfactory to the Company that the
                        payment of compensation and other benefits under such
                        law to such person is secured by other valid and
                        collectible insurance or by any other undertaking
                        approved by the governmental agency having jurisdiction
                        thereof.
--------------------------------------------------------------------------------
EXCLUSIONS
--------------------------------------------------------------------------------
This policy does not apply:

I.   to loss arising out of operations (A) as respects to which the Insured
     carries a full coverage workers' compensation or employers' liability
     policy, or (B) as respect to which any workers' compensation law has been
      rejected;

II.  unless required by law or described in the Declarations, to domestic
     employment or to farm or agricultural employment;

<PAGE>

III. to any payments required on the Insured under the workers' compensation
     law, in excess of the benefits regularly provided by such law, solely
     because of injury to (A) any employee by reason of the serious and
     willful misconduct of the Insured; or (B) any employee employed by the
     Insured in violation of law with the knowledge or acquiescence of the
     Insured or any executive officer thereof;

IV.  under Subsection I B. of the Insuring Agreements, to liability assumed by
     the Insured under any contract or agreement;

V.   under Subsection I B. of the Insuring Agreements, (A) to punitive or
     exemplary damages on account of bodily injury to or death of any employee
     in violation of law, or (B) with respect to any employee employed in
     violation of law with the knowledge or acquiescense of the Insured or any
     executive officer thereof;

VI.  under Subsection I B. of the Insuring Agreements, to bodily injury by
     disease unless prior to thirty-six months after the end of the policy
     period written claim is made or suit is brought against the Insured for
     damages because of such injury or death resulting therefrom;

VII. under Subsection I B. of the Insuring Agreements, to any obligation for
     which the Insured or any carrier as his insurer may be held liable under
     any workers' compensation or occupational disease law of a state designated
     in Item 5 of the Declarations, any other workers' compensation or
     occupational disease law, any unemployment compensation or disability
     benefits law, or under any similar law.
--------------------------------------------------------------------------------
CONDITIONS
--------------------------------------------------------------------------------
I.  QUALIFIED      The Insured, by the acceptance of this policy, warrants that
    SELF-INSURER.  it has qualified as a self-insurer as provided in the
                   workers' compensation law and will continue to maintain such
                   qualification during the period of this policy. In the event
                   the Insurer should at any time while this policy is in force
                   terminate its qualifications as a self-insurer or if such
                   qualification should be cancelled or revoked, this policy, to
                   the extent of such termination, cancellation or revocation,
                   shall automatically terminate at the same time.

II. PREMIUM.       (A) The premium bases and rates for the classifications of
                       operations described in the Declarations are as stated
                       therein and for classifications not so described are
                       those applicable in accordance with the excess manuals
                       and rating plans in use by the Company. The policy is
                       issued by the Company and accepted by the Insured with
                       the agreement that if any change in classifications,
                       rates or rating plans is or becomes applicable to this
                       policy under any law regulating this insurance or because
                       of any amendments affecting the benefits provided by
                       the workers' compensation law, such change with the
                       effective date thereof shall be stated in an endorsement
                       issued to form a part of this policy.

                   (B) If the Declarations provide for adjustment of premium on
                       other than an annual basis, the Insured shall pay the
                       deposit premium to the Company upon the inception of this
                       policy and thereafter in interim premiums shall be
                       computed in accordance with the excess manuals and rating
                       plans in use by the Company and paid by the Insured
                       promptly after the end of each interval specified in the
                       Declarations. The deposit premium shall be retained by
                       the Company until termination of this policy and credited
                       to the final premium adjustment.

                   (C) The Insured shall maintain records of the information
                       necessary for premium computation on the bases stated in
                       the Declarations, and shall send copies of such records
                       to the Company at the end of the policy period and at
                       such times during the policy period as the Company may
                       direct. If the Insured does not furnish records of the
                       remuneration of persons within divisions (b) of the
                       definition of remuneration foregoing, the remuneration of
                       such persons shall be computed in accordance with the
                       excess manuals and rating plans in use by the Company.

                   (D) The premium stated in the Declarations is an estimated
                       premium only. Upon termination of this policy, the earned
                       premium shall be computed in accordance with the rules,
                       rates, premiums and minimum premium applicable to this
                       insurance in accordance with the excess manuals and
                       rating plans in use
<PAGE>

                       by the Company. If the earned premium exceeds the premium
                       previously paid, the Insured shall pay the excess to the
                       Company; if less, the Company shall return to the Insured
                       the unearned portion paid by the Insured. All premiums
                       shall be fully earned whether any workers' compensation
                       law, or any part thereof, is or shall be declared invalid
                       or unconstitutional.

III. LONG-TERM     If this policy is written for a period longer than one year,
     POLICY.       all the provisions of this policy shall apply separately to
                   each consecutive twelve-month period, or, if the first or
                   last consecutive period is less than twelve months, to such
                   period of less than twelve months, in the same manner as if a
                   separate policy had been written for each consecutive period.
                   The earned premium for each such period shall be computed as
                   provided by Section II under Conditions, subject, except as
                   otherwise provided in the excess manuals and rating plans in
                   use by the Company with respect to classifications of of
                   operations for which this policy provides a per capita
                   premium basis, to the following provisions:

                   (A) The premium rates for the first consecutive period shall
                       be those stated in the Declarations and those applicable
                       for such period in accordance with the excess manuals and
                       rating plans in use by the Company;

                   (B) The premium bases, classification of operations, rates,
                       rating plans, premiums and minimum premiums for each such
                       subsequent period shall be those applicable for such
                       period in accordance with the excess manuals and rating
                       plans in use by the Company.

IV. PARTNERSHIP    If the Insured is a partnership or joint venture, such
    OR JOINT       insurance as is afforded by this policy applies to each
    VENTURE        partner or member thereof as an Insured only while he
    AS INSURED.    is acting within the scope of his duties as such partner or
                   member.

V. INSPECTION      The Company and any rating authority having jurisdiction by
   AND AUDIT.      law shall each be permitted to inspect the workplaces,
                   machinery and equipment covered by this policy and to
                   examine and audit the Insured's books, vouchers, contracts,
                   documents and records of any and every kind at any reasonable
                   time during the policy period and any extension thereof and
                   within three years after termination of this policy, as far
                   as they relate to the premium bases or the subject matter
                   of this insurance.

VI. NOTICE OF      When an injury occurs that appears reasonably likely to
    INJURY.        involve liability on the part of the Company, written notice
                   shall be given by or on behalf of the Insured to the Company
                   or any of its authorized agent as soon as practicable, except
                   that immediate notice shall be given to the Company where an
                   injury of the following type occurs:

                   (A) any claim, award or judgment or the reopening of any
                       claim which exceeds 50% of the retention specified in
                       Item 6 of the policy applicable to the occurrence which
                       gives rise to such claim, award or judgment, and any
                       action, suit or proceeding which might result in such an
                       award or judgment;

                   (B) any case involving:

                       (1) death;
                       (2) disability for a period of nine months or more;
                       (3) spinal cord injury;
                       (4) amputation of a major extremity;
                       (5) a permanent, total disability as defined in the
                           workers' compensation law of the applicable state
                           named in Item 5 of the Declarations;

                   (C) any occurrence which causes serious injury to two or
                       more employees;

                   Such notice shall contain particulars sufficient to identify
                   the Insured and also the fullest information obtainable at
                   the time. The Insured shall give like notice, with full
                   particulars, of any claim made on account of such injury. If
                   thereafter suit or other proceeding is instituted against the
                   insured to enforce such claim, the Insured shall, when
                   requested by the Company, forward to the Company every
                   demand, notice, summons, or other process or true copies
                   thereof, received by the


<PAGE>

                   insured or the Insured's representative together with copies
                   of reports of investigations made by the Insured with respect
                   to such claim, suit or proceeding.

                   The Insured shall not make any voluntary settlement involving
                   loss to the Company hereunder except with the written consent
                   of the Company.

                   The Company, at its own election and expense, shall have the
                   right to participate with the Insured in the settlement,
                   defense or appeal of any claim, suit or proceeding which
                   might involve liability of the Company.

VII. COOPERATION   The Company shall not be called upon to assume charge of the
     OF THE        settlement of defense of any claim made or suit or proceeding
     INSURED.      instituted against the Insured, but shall have the right and
                   shall be given the opportunity to associate with the Insured
                   in the defense and control of any claim, suit or proceeding
                   where the claim or suit involves, or appears reasonably
                   likely to involve the Company, in which event the Insured
                   and the Company shall cooperate in all things in the defense
                   of such claim, suit or proceeding.

VIII. LOSS         The Company shall pay any loss for which it may be liable
      PAYABLE.     under this policy in the following manner:

                   (A) if a loss is payable under the workers' compensation law
                       of the applicable state, payment therefor shall first be
                       made by the Insured in accordance with the provisions of
                       the law, and the Company shall reimburse the Insured for
                       such loss periodically, at intervals of not less than one
                       month, upon receipt from the Insured of proper proofs of
                       payment. No voluntary commutation of compensation awards
                       to a lump sum basis shall be made by the Insured without
                       the consent of the Company.

                  (B) if a loss is not payable under the workers' compensation
                      law of the applicable state, and damages are recovered
                      against the Insured, payment therefor shall be made by
                      the Company within thirty (30) days after proper proof
                      of payment by the Insured shall have been received by the
                      Company.

IX. ACTION        No action shall lie against the Company unless, as a condition
    AGAINST       precendent thereto, the Insured shall have fully complied with
    COMPANY       all the terms of this policy, nor until the amount of the
    INSURING      Insured's obligation to pay shall have been finally determined
    AGREEMENTS    either by judgment against the Insured after actual trial or
    SECTION I B.  by written agreement of the Insured, the claimant and the
                  Company.


                  Any person or organization or the legal representative thereof
                  who has secured such judgment or written agreement shall
                  thereafter be entitled to recover under this policy to the
                  extent of the insurance afforded by this policy. Nothing
                  contained in this policy shall give any person or organization
                  any right to join the Company as a co-defendant in any action
                  against the Insured to determine the Insured's liability.

                  Bankruptcy or insolvency of the Insured or of the Insured's
                  estate shall not relieve the Company of any of its obligations
                  under Insuring Agreements Section I B.

X. OTHER          If the Insured carries other valid and collectible insurance
   INSURANCE.     covering a loss also covered by this policy (other than
                  insurance that is purchased to apply in excess of the sum of
                  the retention and the limit of liability hereunder of policies
                  of coinsurance within the limits of this policy), the
                  insurance afforded by this contract shall apply in excess of
                  and shall not contribute with such other insurance or
                  reinsurance.

XI. SUBROGATION.  In the event of any payment under this policy, the Company
                  shall be subrogated of all rights of recovery therefor of the
                  Insured and any person entitled to the benefits of this policy
                  against any person or organization, and the Insured shall
                  execute and deliver instruments and papers and do whatever
                  else is necessary to secure such rights. The Insured shall do
                  nothing after a loss to prejudice such rights.

<PAGE>

XII. CHANGES.      Notice to any agent or knowledge possessed by any agent or by
                   any other person shall not effect a waiver or a change in any
                   part of this policy or estop the Company from asserting any
                   right under the terms of this policy; nor shall the terms of
                   this policy be waived or changed, except by endorsement
                   issued to form a part of this policy, signed by a duly
                   authorized representative of the Company.

XIII. ASSIGNMENT.  Assignment of interest under this policy shall not bind the
                   Company until its consent is endorsed hereon.

XIV. CANCELLATION. This policy may be cancelled by the Insured by mailing to the
                   Company written notice stating when thereafter the
                   cancellation shall be effective. The policy may be cancelled
                   by the Company by mailing to the Insured at the address shown
                   in this policy written notice stating when not less than ten
                   days thereafter such cancellation shall be effective. The
                   mailing of notice as aforesaid shall be sufficient proof of
                   notice. The effective date of cancellation stated in the
                   notice shall become the end of the policy period. Delivery of
                   such written notice either by the Insured or by the Company
                   shall be equivalent to mailing.

                   If the Insured cancels, unless the excess manuals and rating
                   plans in use by the Company otherwise provide, earned premium
                   shall be (A) computed in accordance with the customary short
                   rate table and procedure; and (B) not less than the minimum
                   premium stated in the Declarations. If the Company cancels,
                   earned premium shall be computed pro rata. Premium adjustment
                   may be made at the time cancellation is effected and, if not
                   then made, shall be made as soon as practicable after
                   cancellation becomes effective. The Company's check or the
                   check of its representative mailed or delivered as aforesaid
                   shall be sufficient tender of any refund or premium due to
                   the Insured.

                   When excess insurance under the workers' compensation law may
                   not be cancelled except in accordance with such law, this
                   condition so far as it applies to the insurance under this
                   policy with respect to such law, is amended to conform to
                   such law.

XV. CONFORMITY TO  Terms of this policy which are in conflict with the
    STATUTE.       provisions of the workers' compensation law are hereby
                   amended to conform to such law.

XVI. WARRANTY.     By acceptance of this policy, the Insured warrants that the
                   statements in the Declarations are the Insured's agreements
                   and representations, that this policy is issued in reliance
                   upon the truth of such representations and that this policy
                   embodies all agreements existing between himself and the
                   Company or any of its agent relating to this insurance.


<PAGE>

                        SPECIFIC EXCESS WORKERS COMPENSATION
                            AND EMPLOYERS' LIABILITY POLICY

NXC 0105918                                          PLANET INSURANCE COMPANY
---------------                                      Home 0ffice-Sun Prairie,
Renewal of NEW              RELIANCE  [LOGO]         Wisconsin
                                                     Administrative 0ffices-
                                                     Philadelphia, Pennsylvania

                                                  Agency Code, Name and Address
DECLARATIONS                                      80-971
ITEM 1. NAME INSURED AND P. 0. ADDRESS            BRENTWOOD SERVICES, INC.
(No., Street, Town, County, State)                213-A WARD CIRCLE
     ASSOCIATED GENERAL CONSTRUCTORS OF           BRENTWOOD, TN
     FLORIDA SELF INSURANCE FUND
     P.O. BOX 678148
     ORLANDO, FL. 32867

ITEM 2. POLICY PERIOD:
     From      1/1/93 To 1/1/94    12:01 a.m., standard time at the address of
                                   the insured as stated herein.

ITEM 3. The Named Insured is: / / Individual / / Partnership  / / Corporation
                             /X/ Other

ITEM 4. Locations--All usual workplaces of the insured at or from which
        operations covered by this policy are conducted are located at the above
        address unless otherwise stated herein:
                   ALL LOCATIONS
        ------------------------------------------------------------------------
ITEM 5. Subsection I (A) under Insuring Agreements applies to the workers'
        compensation law and any occupational disease law of each of the
        following states:
              FLORIDA
        ------------------------------------------------------------------------
ITEM 6. Retention $750,000           ITEM 7. Limit of Indemnity $ SEE END'T. #1
                  --------                                      ----------------

ITEM 8.
--------------------------------------------------------------------------------
                                             ESTIMATED    RATES PER    ESTIMATED
                                     CODE  TOTAL ANNUAL    $100 OF       ANNUAL
      CLASSIFICATION OF OPERATIONS  NUMBER REMUNERATION  REMUNERATION   PREMIUMS
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
AS ON FILE WITH THE COMPANY
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Minimum Premium $943,800                           TOTAL ESTIMATED
                --------                           ANNUAL PREMIUM    $
                                                                      ----------
Deposit Premium $1,048,668 - SEE END'T. #2
                --------------------------
          RATE - .3703 PER $100 OF PAYROLL

If indicated below, interim adjustments of premium shall be made:

 / / Semi-Annually / / Quarterly  / / Monthly

ITEM 9. The insured is not conducting other operations at or from the locations
        described herein or any operation at or from any other location in a
        state designated in Item 5; exception, if any

                    NOT APPLICABLE
        -----------------------------------------------------------------------
Countersigned by  /s/ R. Villafane
                 --------------------------------------------------------------
                                     Authorized Representative

In Witness Whereof, the Company issuing this policy has cause this policy to be
signed by its authorized officers, but this policy shall not be valid unless
signed by a duly authorized representative of the Company.

                       PLANET INSURANCE COMPANY

           /s/ Linda C. Hohn         /s/ Robert M. Stanley
               Secretary                President
<PAGE>

<TABLE>
<S>                      <C>                 <C>              <C>                <C>                 <C>
Company Numbers          If this endorsement is issued concurrently with the policy, the Attaching Clause    Endt. No. 1
                         need to be completed
1=RELIANCE INSURANCE     -----------------------------------------------------------------------------------------------
  COMPANY                Issued by Co. No.   Insured    ASSOCIATED GENERAL CONSTRUCTORS OF FLORIDA SELF      Policy No.
                                2                 INSURANCE FUND                                             NXC 0105918
2=PLANET INSURANCE       -----------------------------------------------------------------------------------------------
  COMPANY                Effective Date      Policy Period     Addt'l Premium     Return Premium      Premium subject
                           1/1/93            1/1/93 TO 1/1/94                                         / /    to audit
3=UNITED PACIFIC         -----------------------------------------------------------------------------------------------
  INSURANCE COMPANY      Unearned Premium Factor    All terms and conditions of the policy remain     Countersigned
                                                    unchanged except as amended by this endorsement.
4=RELIANCE INSURANCE     -----------------------------------------------------------------------------------------------
  CO. OF ILLINOIS

Item 7, Limit of Liability, of the Declarations (Form # 32-003 ed. 1/92) is
completed as follows:

     1. Coverage A - Workers' Compensation - Statutory.

     2. Coverage B - Employers' Liability - $2,000,000.

--------------------------------------------------------------------------------------------
/ /  THE PREMIUM FOR THIS ENDORSEMENT IF ON INSTALLMENTS IS PAYABLE AS FOLLOWS:
--------------------------------------------------------------------------------------------
                         ADDITIONAL          RETURN    REVISED ANNIVERSARY PREMIUM
--------------------------------------------------------------------------------------------
AT DATE OF ENDORSEMENT   $              $                    (NOT APPLICABLE)
--------------------------------------------------------------------------------------------
FIRST ANNIVERSARY        $              $         $
--------------------------------------------------------------------------------------------
SECOND ANNIVERSARY       $              $         $
--------------------------------------------------------------------------------------------
GEN-47c Ed. 03/87
</TABLE>

<PAGE>

<TABLE>
<S>                      <C>                 <C>              <C>                <C>                 <C>
Company Numbers          If this endorsement is issued concurrently with the policy, the Attaching Clause    Endt. No. 2
                         need to be completed
1=RELIANCE INSURANCE     -----------------------------------------------------------------------------------------------
  COMPANY                Issued by Co. No.   Insured    ASSOCIATED GENERAL CONSTRUCTORS OF FLORIDA SELF      Policy No.
                                2                 INSURANCE FUND                                             NXC 0105918
2=PLANET INSURANCE       -----------------------------------------------------------------------------------------------
  COMPANY                Effective Date      Policy Period     Addt'l Premium     Return Premium      Premium subject
                           1/1/93            1/1/93 TO 1/1/94                                         / /    to audit
3=UNITED PACIFIC         -----------------------------------------------------------------------------------------------
  INSURANCE COMPANY      Unearned Premium Factor    All terms and conditions of the policy remain     Countersigned
                                                    unchanged except as amended by this endorsement.
4=RELIANCE INSURANCE     -----------------------------------------------------------------------------------------------
  CO. OF ILLINOIS


                               INSTALLMENT SCHEDULE

     In consideration of the premium charged, it is agreed that the deposit
premium is payable as follows:

                  Due                                    AMOUNT
                  ---                                    ------
                 1/1/93                                 $262,167

                 3/1/93                                 $262,167

                 7/1/93                                 $262,167

                 10/1/93                                $262,167



--------------------------------------------------------------------------------------------
/ /  THE PREMIUM FOR THIS ENDORSEMENT IF ON INSTALLMENTS IS PAYABLE AS FOLLOWS:
--------------------------------------------------------------------------------------------
                         ADDITIONAL          RETURN    REVISED ANNIVERSARY PREMIUM
--------------------------------------------------------------------------------------------
AT DATE OF ENDORSEMENT   $              $                    (NOT APPLICABLE)
--------------------------------------------------------------------------------------------
FIRST ANNIVERSARY        $              $         $
--------------------------------------------------------------------------------------------
SECOND ANNIVERSARY       $              $         $
--------------------------------------------------------------------------------------------
GEN-47c Ed. 03/87
</TABLE>
<PAGE>

<TABLE>
<S>                      <C>                 <C>              <C>                <C>                 <C>
Company Numbers          If this endorsement is issued concurrently with the policy, the Attaching Clause    Endt. No. 3
                         need to be completed
1=RELIANCE INSURANCE     -----------------------------------------------------------------------------------------------
  COMPANY                Issued by Co. No.   Insured    ASSOCIATED GENERAL CONSTRUCTORS OF FLORIDA SELF      Policy No.
                                2                 INSURANCE FUND                                             NXC 0105918
2=PLANET INSURANCE       -----------------------------------------------------------------------------------------------
  COMPANY                Effective Date      Policy Period     Addt'l Premium     Return Premium      Premium subject
                           1/1/93            1/1/93 TO 1/1/94                                         / /    to audit
3=UNITED PACIFIC         -----------------------------------------------------------------------------------------------
  INSURANCE COMPANY      Unearned Premium Factor    All terms and conditions of the policy remain     Countersigned
                                                    unchanged except as amended by this endorsement.
4=RELIANCE INSURANCE     -----------------------------------------------------------------------------------------------
  CO. OF ILLINOIS


                       AVIATION WORKER'S COMPENSATION ENDORSEMENT

IN CONSIDERATION OF THE PREMIUM CHARGED IT IS AGREED THAT COVERAGE FOR
INDUSTRIAL AID AIRCRAFT IS  LIMITED TO THE AIRCRAFT LISTED BELOW::

     YEAR AND MAKE                           HANGARED
     -------------                           --------
  (1) 1970 GULFSTREAM                        MARIANNA, FL.
  (2) 1978 CESSNA 210                        VAN AIR

NEWLY ACQUIRED AIRCRAFT WILL BE COVERED FOR A THIRTY DAY PERIOD DURING
WHICH THE AIRCRAFT MUST BE REPORTED TO THE COMPANY. ALL COVERAGE WILL CEASE
AUTOMATICALLY AT THE END OF THIRTY DAYS FROM THE DATE THE MEMBER OF THE
ASSOCIATED GENERAL CONTRACTORS SELF INSURANCE FUND ACQUIRED THE AIRCRAFT.



--------------------------------------------------------------------------------------------
/ /  THE PREMIUM FOR THIS ENDORSEMENT IF ON INSTALLMENTS IS PAYABLE AS FOLLOWS:
--------------------------------------------------------------------------------------------
                         ADDITIONAL          RETURN    REVISED ANNIVERSARY PREMIUM
--------------------------------------------------------------------------------------------
AT DATE OF ENDORSEMENT   $              $                    (NOT APPLICABLE)
--------------------------------------------------------------------------------------------
FIRST ANNIVERSARY        $              $         $
--------------------------------------------------------------------------------------------
SECOND ANNIVERSARY       $              $         $
--------------------------------------------------------------------------------------------
GEN-47c Ed. 03/87
</TABLE>
<PAGE>

<TABLE>
<S>                      <C>                 <C>              <C>                <C>                 <C>
Company Numbers          If this endorsement is issued concurrently with the policy, the Attaching Clause    Endt. No. 4
                         need to be completed
1=RELIANCE INSURANCE     -----------------------------------------------------------------------------------------------
  COMPANY                Issued by Co. No.   Insured    ASSOCIATED GENERAL CONSTRUCTORS OF FLORIDA SELF      Policy No.
                                2                 INSURANCE FUND                                             NXC 0105918
2=PLANET INSURANCE       -----------------------------------------------------------------------------------------------
  COMPANY                Effective Date      Policy Period     Addt'l Premium     Return Premium      Premium subject
                           1/1/93            1/1/93 TO 1/1/94                                         / /    to audit
3=UNITED PACIFIC         -----------------------------------------------------------------------------------------------
  INSURANCE COMPANY      Unearned Premium Factor    All terms and conditions of the policy remain     Countersigned
                                                    unchanged except as amended by this endorsement.
4=RELIANCE INSURANCE     -----------------------------------------------------------------------------------------------
  CO. OF ILLINOIS


                         ALL STATES ENDORSEMENT

It is agreed that:

A. In the event the Insured undertakes operations in any state not
designated in item 5 of the Declarations, other than North Dakota, or Wyoming,
the Company agrees as follows:

     1. To indemnify the Insured excess of the Insured's Retention for all
     compensation and other benefits under the Workers' Compensation law of such
     State.

     2. Such insurance as afforded by the policy under coverage I.(B) also
     applies to Bodily Injury by Accident or Disease, including Death at any
     time resulting therefrom, sustained by any employee of the Insured arising
     out of and in the course of his employment in operations in such State or
     in operations incidental thereto. The limit of liability for Bodily Injury
     by Disease including Death resulting therefrom, applies as though each
     State in which such operations are conducted were designated in Item 5 of
     the Declarations.

     3. Such insurance as is afforded by the policy by virtue of this
     endorsement does not apply to such operations if the Insured has, under any
     Workers' Compensation or Occupational Disease law, other insurance or is a
     qualified self insurer or has rejected the Workers' Compensation or
     Occupational Disease law applicable to such operations.

B.  The agreements in paragraph A forgoing are subject to the following
Conditions:

     1. The Insured shall give notice to the Company before or as soon as
     practicable after the commencement of such operations but  failure to give
     such notice shall not invalidate the insurance afforded by this
     endorsement.


--------------------------------------------------------------------------------------------
/ /  THE PREMIUM FOR THIS ENDORSEMENT IF ON INSTALLMENTS IS PAYABLE AS FOLLOWS:
--------------------------------------------------------------------------------------------
                         ADDITIONAL          RETURN    REVISED ANNIVERSARY PREMIUM
--------------------------------------------------------------------------------------------
AT DATE OF ENDORSEMENT   $              $                    (NOT APPLICABLE)
--------------------------------------------------------------------------------------------
FIRST ANNIVERSARY        $              $         $
--------------------------------------------------------------------------------------------
SECOND ANNIVERSARY       $              $         $
--------------------------------------------------------------------------------------------
GEN-47c Ed. 03/87
</TABLE>
<PAGE>

<TABLE>
<S>                      <C>                 <C>              <C>                <C>                 <C>
Company Numbers          If this endorsement is issued concurrently with the policy, the Attaching Clause    Endt. No. 4
                         need to be completed                                                                     CONT'D
1=RELIANCE INSURANCE     -----------------------------------------------------------------------------------------------
  COMPANY                Issued by Co. No.   Insured    ASSOCIATED GENERAL CONSTRUCTORS OF FLORIDA SELF      Policy No.
                                2                 INSURANCE FUND                                             NXC 0105918
2=PLANET INSURANCE       -----------------------------------------------------------------------------------------------
  COMPANY                Effective Date      Policy Period     Addt'l Premium     Return Premium      Premium subject
                           1/1/93            1/1/93 TO 1/1/94                                         / /    to audit
3=UNITED PACIFIC         -----------------------------------------------------------------------------------------------
  INSURANCE COMPANY      Unearned Premium Factor    All terms and conditions of the policy remain     Countersigned
                                                    unchanged except as amended by this endorsement.
4=RELIANCE INSURANCE     -----------------------------------------------------------------------------------------------
  CO. OF ILLINOIS


     Page - 2 -

     2. The Insured shall take whatever action is necessary to bring
     themselves into compliance with the Workers' Compensation or
     Occupational Disease laws of such State with respects to such operations.
     If the  Insured  becomes  a qualified  self  insurer  in  the  State,
     the Company shall thereupon endorse this policy to include the State under
     item 5 at a retention to be mutually agreed to.

     3. The premium bases and rates for the classifications of operations in
     such State or operations necessary or incidental thereto shall be those
     which would have been applicable under the excess manuals in use by the
     Company had coverage A of the policy applied to such operations and the
     premium for the insurance afforded by this endorsement with respect to
     such operations shall be computed accordingly and in accordance to the
     provisions of Condition II of the policy.

     4. The word "State" as used in this endorsement means any State of the
     United States of America and the District of Columbia.

C. Such insurance as is afforded by the policy by virtue of this
endorsement shall not apply to:

     1. To Injury or Death of the master or a member of the crew of vessel;or,

     2. Any fines or penalties levied against the Insured for not being a
     qualified self insurer in the State and/or for failure to comply with the
     requirements of any Workers' Compensation law.

D. The insurance afforded the policy by virtue of this endorsement shall
not constitute Workers' Compensation insurance as required of an employer under
the laws of any State.


--------------------------------------------------------------------------------------------
/ /  THE PREMIUM FOR THIS ENDORSEMENT IF ON INSTALLMENTS IS PAYABLE AS FOLLOWS:
--------------------------------------------------------------------------------------------
                         ADDITIONAL          RETURN    REVISED ANNIVERSARY PREMIUM
--------------------------------------------------------------------------------------------
AT DATE OF ENDORSEMENT   $              $                    (NOT APPLICABLE)
--------------------------------------------------------------------------------------------
FIRST ANNIVERSARY        $              $         $
--------------------------------------------------------------------------------------------
SECOND ANNIVERSARY       $              $         $
--------------------------------------------------------------------------------------------
GEN-47c Ed. 03/87
</TABLE>
<PAGE>

<TABLE>
<S>                      <C>                 <C>              <C>                <C>                 <C>
Company Numbers          If this endorsement is issued concurrently with the policy, the Attaching Clause    Endt. No. 5
                         need to be completed
1=RELIANCE INSURANCE     -----------------------------------------------------------------------------------------------
  COMPANY                Issued by Co. No.   Insured    ASSOCIATED GENERAL CONSTRUCTORS OF FLORIDA SELF      Policy No.
                                2                 INSURANCE FUND                                             NXC 0105918
2=PLANET INSURANCE       -----------------------------------------------------------------------------------------------
  COMPANY                Effective Date      Policy Period     Addt'l Premium     Return Premium      Premium subject
                           1/1/93            1/1/93 TO 1/1/94                                         / /    to audit
3=UNITED PACIFIC         -----------------------------------------------------------------------------------------------
  INSURANCE COMPANY      Unearned Premium Factor    All terms and conditions of the policy remain     Countersigned
                                                    unchanged except as amended by this endorsement.
4=RELIANCE INSURANCE     -----------------------------------------------------------------------------------------------
  CO. OF ILLINOIS

           VOLUNTARY COMPENSATION AND EMPLOYERS' LIABILITY COVERAGE
                                 ENDORSEMENT

In consideration of the premium charged, it is agreed that the Specific
Excess  Workers'  Compensation  and  Employers'  Liability Policy (form 32-005)
IS extended as follows:

     In the event that any of the Insured's employees are exempt from the
     Workers' Compensation Law(s) of the State designated on item 5 of the
     Declarations and the Insured Voluntary agrees to cover them, this policy is
     extended to cover said employees as if they were subject to the Worker's
     Compensation Law(s) of the Covered State(s).


--------------------------------------------------------------------------------------------
/ /  THE PREMIUM FOR THIS ENDORSEMENT IF ON INSTALLMENTS IS PAYABLE AS FOLLOWS:
--------------------------------------------------------------------------------------------
                         ADDITIONAL          RETURN    REVISED ANNIVERSARY PREMIUM
--------------------------------------------------------------------------------------------
AT DATE OF ENDORSEMENT   $              $                    (NOT APPLICABLE)
--------------------------------------------------------------------------------------------
FIRST ANNIVERSARY        $              $         $
--------------------------------------------------------------------------------------------
SECOND ANNIVERSARY       $              $         $
--------------------------------------------------------------------------------------------
GEN-47c Ed. 03/87
</TABLE>
<PAGE>

<TABLE>
<S>                      <C>                 <C>              <C>                <C>                 <C>
Company Numbers          If this endorsement is issued concurrently with the policy, the Attaching Clause    Endt. No. 6
                         need to be completed
1=RELIANCE INSURANCE     -----------------------------------------------------------------------------------------------
  COMPANY                Issued by Co. No.   Insured    ASSOCIATED GENERAL CONSTRUCTORS OF FL S.I.F.         Policy No.
                                2                                                                            NXC 0105918
2=PLANET INSURANCE       -----------------------------------------------------------------------------------------------
  COMPANY                Effective Date      Policy Period     Addt'l Premium     Return Premium      Premium subject
                           1/1/93            1/1/93 TO 1/1/94                                         / /    to audit
3=UNITED PACIFIC         -----------------------------------------------------------------------------------------------
  INSURANCE COMPANY      Unearned Premium Factor    All terms and conditions of the policy remain     Countersigned
                                                    unchanged except as amended by this endorsement.
4=RELIANCE INSURANCE     -----------------------------------------------------------------------------------------------
  CO. OF ILLINOIS

                           BANKRUPTCY OR INSOLVENCY ENDORSEMENT

In consideration of the premium charged, it is agreed that the following
additional Condition is added to the Specific Excess Workers' Compensation and
Employers' Liability Policy (form 32-005)

     In the event that the Insured is unable to pay part or all of the
     Insured's Retention, as shown in Item 6 of the Declarations, by reason
     of Bankruptcy or Insolvency, the coverage afforded by this policy shall
     continue in effect but only excess of the amount shown in Item 6, Insured's
     Retention.


--------------------------------------------------------------------------------------------
/ /  THE PREMIUM FOR THIS ENDORSEMENT IF ON INSTALLMENTS IS PAYABLE AS FOLLOWS:
--------------------------------------------------------------------------------------------
                         ADDITIONAL          RETURN    REVISED ANNIVERSARY PREMIUM
--------------------------------------------------------------------------------------------
AT DATE OF ENDORSEMENT   $              $                    (NOT APPLICABLE)
--------------------------------------------------------------------------------------------
FIRST ANNIVERSARY        $              $         $
--------------------------------------------------------------------------------------------
SECOND ANNIVERSARY       $              $         $
--------------------------------------------------------------------------------------------
GEN-47c Ed. 03/87
</TABLE>