Page 48 - Sectional Title Policy Wording

1. 1.1
Hollard is not liable for all losses which occurred more than 24 (twenty four) months prior to discovery;
1.2 all losses are discovered not later than 12 (twelve) months after the termination of:
1.2.1 this section; or
1.2.2 this section in respect of any insured employee concerned in a loss; or
1.2.3 the employment of the insured employee of the last of the insured employee concerned in a loss;
whichever occurs first;
2. the renewal of this insurance from period to period or any extension of any period of insurance shall not have the effect of accumulating or increasing the liability of Hollard beyond the sum insured stated in the Schedule. If the period of insurance is less than 12 (twelve) months, Hollard’s liability is limited to the sum stated in the Schedule during any 12 (twelve) month period of insurance calculated from inception to renewal;
3. this insurance shall operate on an each and every occurrence basis and the liability of Hollard for all losses arising from one occurrence shall not exceed the sum insured stated in the Schedule, whether involving any one Employee or Third Party or any number of Third Parties acting in collusion or independently of each other;
4. where indemnity is provided Hollard shall be limited to only that proportion of the loss which is not payable in terms of the superseded policy;
5. all acts committed by any one person or in which such person is involved or implicated will be considered one event. Each and every occurrence which falls to be dealt with under this insurance will attract one First amount payable as stated in the schedule;
6. the term 'dishonest personal financial gain' shall not include gain by an employee in the form of salary, salary increases, fees, commissions, bonuses, promotions or other emoluments.
DEFINITIONS
any circumstance where two or more persons are concerned or implicated together, and materially assist each other, in committing an act which gives rise to a Loss
Commercial Crime
DEFINED EVENTS
COMMERCIAL CRIME
Hollard shall indemnify You for losses occurring subsequent to the Retroactive Date stated in the Schedule and during the period of insurance for:
1. loss of money and/or other property belonging to the Insured or for which they are legally responsible stolen by an insured employee;
2. direct financial loss sustained by the Insured as a result of fraud or dishonesty of an insured employee which results in dishonest personal financial gain for the employee concerned;
3. loss sustained by the Insured directly caused by Theft by Computer Fraud; PROVIDED THAT:
Collusion
Computer Fraud
the unlawful making with intent to defraud of a misrepresentation by means of access
to or use, disclosure, processing, deletion, insertion, amendment, interception or manipulation of the information, data, software or systems of the Insured or of any banking institution holding controlling or otherwise dealing with money or property of the Insured or for which the Insured is legally responsible which is initiated, implemented or completed electronically by use of a computer
Page | 46 Sectional Title Insurance Policy Wording – Version 4 2023