Page 89 - Sectional Title Policy Wording

Cyber Insurance (Claims-made Basis)
Insured Organisation
the legal entity designated in the Schedule as the Insured, registered in terms of, the Companies Act (No. 71 of 2008), or Share Blocks Control Act (No. 59 of 1980) or the Housing Development Schemes for Retired Persons Act (No. 65 of 1988) all as amended or substituted from time to time, or any similar applicable legislation.
Insured Person
1. any past or present director, officer, trustee, employee (whether temporary or part-time), partner, or principal of the Insured Organisation or a Subsidiary, but only while acting on behalf of or in the interest of the Insured Organisation or a Subsidiary;
2. independent contractors of the Insured Organisation or of a Subsidiary who are natural persons, but only with respect to Wrongful Acts within the scope of such person’s duties performed on behalf of the Insured Organisation or of a Subsidiary; and
3. any entity required by contract to be named an Insured under this Section and consented to in writing by the Company, but only for acts as detailed under the relevant Defined Event.
Loss
Malicious Code
1. Claim Expenses resulting directly from a Claim;
2. amounts which You are legally obligated to pay resulting directly from a Claim in respect of:
2.1 judgments or awards rendered against You;
2.2 regulatory fines, penalties or punitive damages imposed by a governmental regulatory body, to the extent payable and insurable under the law governing Your operations; or
2.3 settlements which have been approved or negotiated by Hollard
Loss does not include:
1. profits, restitution, or disgorgement of profits by any Insured;
2. costs to comply with orders granting injunctive or non-monetary relief;
3. return or offset of fees, charges, royalties or commissions for goods or services;
4. non-compensatory (except to the extent covered at (2.2)), multiple or liquidated damages;
5. fines or penalties (except to the extent covered at (2.2));
6. damages, fines, penalties or awards from industry-wide, non-firm specific regulatory inquiry or action;
7. any amount which the Insured is not legally liable to pay;
8. loss of any remuneration or financial advantage to which the Insured was not legally entitled;
9. matters deemed uninsurable under the jurisdiction in which a Claim is brought; and
10. matters relating to laws not pursuant to which this Section may be construed.
Managing Agent
Network Security Breach
Notification Expenses
reasonable and necessary expenses approved by Hollard within 1 (one) year of You notifying Hollard of the Wrongful Act, to comply with governmental privacy legislation or Guidelines recommending as best practice, notification in the event of a Privacy Breach or Network Security Breach
software designed to infiltrate or damage the Computer System without the Insured’s consent
a person or company inclusive of its permanent employees with delegated functions, appointed by the Body Corporate or the Insured Organisation to control, manage and administer the business or affairs of the Body Corporate and/or Insured Organisation
a Downstream attack, Unauthorised Access to, Unauthorised Use of, Theft of Data
from, Denial of Service Attack against or transmission of Malicious Code to the Insured’s Computer System, including physical theft of any part thereof
Sectional Title Insurance Policy Wording – Version 4 2023 Page | 87