Page 52 - Sectional Title Policy Wording

OPTIONAL CLAUSES AND EXTENSIONS (if stated in the Schedule to be included) Computer losses
You having completed a satisfactory questionnaire, the Computer Losses First Amount Payable clause is deleted.
Costs of recovery
If You sustain any loss to which this Section applies which exceeds the sum insured hereunder, Hollard will, in addition to the sum insured, pay to You the costs and expenses not exceeding the amount stated in the Schedule necessarily incurred with the consent of Hollard (which consent shall not be unreasonably withheld) for the recovery or attempted recovery from the employee in respect of whose dishonest or fraudulent acts the claim is made, of that part of the loss which exceeds the sum insured hereunder. All amounts recovered by You in excess of the said part of the loss shall be for the benefit of Hollard and You to the extent of this co-insurance in terms of the Compulsory First Amount Payable clause and/or Schedule.
Extortion
The Defined Events shall include loss due to the taking by extortion from You of money and/or other property by intentionally and unlawfully subjecting You or any director, member, partner, trustee or employee of You or a relative or any such person to any threat of physical harm which includes such person to submit to the taking;
PROVIDED THAT:
the person threatened has made every reasonable attempt to report the threat to an associate and to the law enforcement authorities at the earliest reasonable opportunity;
PROVIDED FURTHER THAT:
this Extension shall not entitle You to indemnity in respect of any loss which is insured or which would be insurable in terms of a Theft, Money, Motor or Marine/Transit insurance Policy or any other more specific insurance covering money or goods.
Losses discovered more than 24 (twenty four) months after being committed but not more than 36 (thirty six) months thereafter
1. In consideration of the payment of an additional premium, Provision 1.1 of the Defined Events is restated to read: 1.1 "Hollard is not liable for all losses which occurred more than 36 (thirty six) months prior to discovery."
2. If this Policy Section includes the Superseded Insurance Extension, the period referred to in Provision 6 thereof is increased from 24 (twenty four) months to 36 (thirty six) months.
Losses discovered more than 24 (twenty four) months after being committed, subject to satisfactory systems audit
1. In consideration of the accounting firm named in the Schedule having conducted a satisfactory audit of the Insured's systems of:
1.1 control;
1.2 fraud, dishonesty and theft detection;
and subject to You implementing and maintaining all the recommendations contained in such audit; PROVIDED THAT:
Provision 1.1 of the Defined Events (which limits cover to that part of losses discovered within 24 (twenty four) months) and Provision 6 of the Superseded Insurance Extension Clause (if applicable) are deleted;
2. The First Amount Payable clause (or first amount payable as reflected in the Schedule) for losses discovered more than 12 (twelve) months after they were committed is deleted.
Reduction/reinstatement of sum insured
The payment by Hollard of any loss involving one employee or any number of employees shall not reduce Hollard’s liability in respect of the remaining insured employees;
Commercial Crime
Page | 50 Sectional Title Insurance Policy Wording – Version 4 2023