Page 49 - Sectional Title Policy Wording

Commercial Crime
Discovered
immediately when You or any of Your members, officers, partners or trustees become aware of any act or fact that gives reasonable grounds to believe that a Loss has been suffered or may be incurred even though the exact amount or details of the Loss may not be known at the time that it is discovered
Employee
any natural person whilst in Your regular service and whom You compensate by payment of salary, wages and/or commissions and whom You have the right to govern control and direct the performance of such service.
The term Employee will include:
1. part time and temporary Employees performing the duties of an Employee for You and provided by an employment and/or recruitment agency under a written contract of supply;
2. any director of Yours whilst performing acts within the scope of the usual duties of any Employee;
3. any person while hired or seconded from any other party into the service of Yourself and specifically declared to Hollard, whom You have the right at all times to govern control and direct in the performance of work done in the course of Your business;
4. any external contractor, such as but not limited to security guards, specifically declared to Hollard, whom You have the right at all times to govern control and direct in the performance of work done in the course of Your business;
5. students, volunteers or persons employed by You on youth training or work experience schemes;
6. any trustee of Yours, whilst performing acts within the scope of the usual duties of any Employee, of any pension fund, provident fund or benefit fund established by You for the benefit of its Employees;
7. scheme executive;
8. employee or agent of a community scheme who has control over the money of a community scheme;
9. managing agent; or
10. contractor, employee or other person acting on behalf of or under the direction of a managing agent, who in the normal course of the community scheme's affairs has access to or control over the monies of the community scheme.
Loss
actual and direct financial loss of money, monetary funds, negotiable instruments or corporeal tangible property belonging to You or for which You are responsible.
PROVIDED THAT:
Loss will not include:
1. salaries, fees, commissions, bonuses, promotions, profit share, pensions or any other benefits paid or payable by You in the normal course of employment;
2. a loss arising from the avoidance, breach, cancellation or other termination of a contract, the non-payment or other non- performance by a debtor, the adverse consequences of a business or trade risk or venture or other speculative enterprise or investment, or the provision or receipt of any suretyship or other security
Managing Agent
Theft
a person or company and its employees with delegated functions, appointed by the body corporate or the company, to control, manage and administer the business or affairs
of the body corporate or the company. The appointment must be a written contract between the managing agent and the body corporate or the company
Third Party
the dishonest appropriation of money, monetary funds or property with the intention to steal
any party who is not a director, partner, officer, trustee or Employee of You and including any person who is specifically excluded from the definition of Employee as provided for in this Policy
Sectional Title Insurance Policy Wording – Version 4 2023 Page | 47