Page 51 - Sectional Title Policy Wording

Commercial Crime
1.3 in respect of any employee who is described in the Schedule only by the position held by him, remove such employee and place in his position any other person who falls within the definition of employee;
1.4 make such other changes as are approved beforehand in writing by the Insured's auditors.
2. If You sustain any loss to which this Section applies which exceeds the amount payable hereunder in respect of such loss, You shall be entitled to all recoveries (except from suretyship, insurance, reinsurance, security or indemnity taken or effected by Hollard or for the amount of any first amount payable) by whomsoever made on account of such loss until fully reimbursed, less the actual cost of effecting the same, and any remainder shall be applied to the reimbursement of Hollard and You to the extent of his/her co-insurance in terms of the Compulsory First Amount Payable clause and/or Schedule.
3. Hollard reserves its right of subrogation against any other insurance policy, effected by any insured person that covers loss of money belonging to You.
CLAUSES AND EXTENSIONS Accountants
Any particulars or details contained in Your books of account or other business books documents or systems which may be required by Hollard for the purpose of investigating or verifying any claim hereunder may be produced and certified by Your auditors or professional accountants and their certificate will be prima facie evidence of the particulars and details to which it relates.
Contractual penalties
Loss suffered by You in respect of any penalty legally enforced against You under written contract resulting directly from a Loss covered by this Policy provided that any amount paid by Hollard in respect of such penalties will be construed as part of any related claim for Loss sustained under Defined Events and will not exceed 10% (ten percent) of the applicable Sum Insured stated in the schedule.
Extended cover for past employees
Any person who ceases to be an employee shall, for the purpose of this Section, be considered as being an employee for a period of 31 (thirty one) days after he in fact ceased to be an employee.
Legal fees
In addition to the Sum Insured stated in the schedule, the insurance under the Policy is extended to include legal fees, costs and expenses incurred and paid by You in the defence of any demand, claim, summons or legal proceeding which You establishes results directly from a Loss which falls to be dealt with and is covered under this Policy
PROVIDED THAT:
1. notwithstanding anything to the contrary contained in this Policy, Hollard’s liability to make payment in respect of such fees, costs and expenses will only arise in the event that the amount of the Loss exceeds (or allegedly exceeds) the First amount payable that You are required to pay in respect of any claim for Loss under this Policy;
2. the amount of the Loss is limited to R50 000 per event and R100 000 in the annual aggregate.
Other insurances
It is a condition of this Section that other than:
1. a money policy;
2. that declared to Hollard at inception or renewal or time a claim is submitted;
3. a fidelity pension fund policy which is not in excess of this Section;
4. this Policy;
no other insurance is in force during the currency of this Section to insure against the risks insured hereunder.
Unidentifiable employees
If a Loss is alleged to have been caused by the fraud or dishonesty of any of the Employees and You will be unable to designate the specific Employee or Employees causing the Loss, Your claim in respect of such Loss will not be invalidated by Your inability so to do, provided that You are able to furnish evidence to prove to the reasonable satisfaction of Hollard that the Loss was in fact due to the Theft, fraud or dishonesty of an Employee acting alone or in Collusion with others.
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