Page 54 - Sectional Title Policy Wording

COMPULSORY FIRST AMOUNT PAYABLE
1. Compulsory First amount payable
The amount payable under the Policy in respect of a Defined Event involving one person or any number of persons acting in Collusion will be reduced by the First amount payable stated in the schedule which amount will be borne in full by You and remain uninsured.
2. Computer losses first amount payable
The first amount payable specified in either of the first amount payable clauses in this Section is automatically increased by 100% (one hundred percent) if the defined event results from the dishonest:
2.1 manipulation of;
2.2 input into;
2.3 suppression of input into;
2.4 destruction of;
2.5 alteration of;
any non-networked micro/personal computer program, system, data or software by any insured employee whose duties involve the managing, supervision, design, creation or alteration of computer systems or program.
3. First amount payable for losses discovered more than 12 (twelve) months after they were committed
If any defined event is discovered more than 12 (twelve) months after:
3.1 it was committed;
3.2 the first event in a series of events is committed by one person or a number of persons acting in collusion the amounts contained in the first amount payable clause are increased as follows:
3.2.1 If losses are discovered more than 12 (twelve) months after being committed but not more than 24 (twenty four) months thereafter, the first amount payable is increased by 100% (one hundred percent);
3.2.2 If the policy has been extended to cover that part of losses discovered more than 24 (twenty four) months after being committed but not more than 36 (thirty six) months thereafter, the first amount payable is increased by 150% (one hundred and fifty percent).
Notwithstanding the above, You may opt to claim only for that part of the loss which was discovered in a lesser period, in which case the first amount payable applicable for the corresponding lesser period will apply.
Commercial Crime
Page | 52 Sectional Title Insurance Policy Wording – Version 4 2023