Page 137 - Agriculture Policy Wording Binder

Directors' and Officers' Liability (Claims-made Basis)
In the event of any one originating cause giving rise to a claim or series of claims which form the subject of indemnity by more than one extension of this Section, each Extension shall apply separately and be subject to its own separate Limit of Indemnity;
PROVIDED THAT:
the Company's liability shall be limited to the highest Limit of Indemnity available under any one of the Extensions affording indemnity for the claim or series of claims.
Where more than one period of insurance of this Section of the Policy, following its renewal or replacement may apply to an originating cause or sources, the Company's liability will be limited to the maximum Limit of Indemnity for any one such period of insurance.
SPECIFIC EXCEPTIONS
The Company shall not indemnify the Insured in respect of:
1. Asbestos
arising out of, based upon or attributable to, directly or indirectly resulting from or in consequence of, or in any way involving asbestos or any materials containing asbestos in any form or quantity.
2. Commissions
arising out of, based upon or attributable to, directly or indirectly resulting from or in consequence of:
2.1 payments, commissions, gratuities, benefits or any other favours provided to or for the benefit of any full or part-time domestic or foreign government or armed services officials, agents, representatives, employees or any members of their family or any entity with which they are affiliated;
2.2 payments, commissions, gratuities, benefits or any other favours provided to or for the benefit of any full or part-time officials, directors, agents, partners, representatives, principal shareholders, or owners or employees, or 'affiliates' (as that term is defined in the Securities Exchange Act of 1934, including any officers, directors, agents, owners, partners, representatives, principal shareholders or employees of such affiliates) of any customers of the Insured or any members of their family or any entity with which they are affiliated;
2.3 political contributions, whether domestic or foreign.
3. Fines and penalties
for any fines or penalties, loss of licence, the payment of taxes or remuneration, liquidated or non-compensatory damages including punitive or exemplary damages, or the multiplied portion of multiple damages, or any amount which is deemed uninsurable by law or contrary to public policy.
4. Illegal/improper conduct
arising out of, based upon or attributable to:
4.1
4.2 4.3
4.4
4.5
the gaining of any personal profit, reward, advantage or receiving of any remuneration to which a director was not legally entitled;
any criminal act other than costs as provided for in Extension 4;
any matter or allegation that a director improperly benefited from any transaction relating to shares, stock or debentures as a result of information that was not readily available to other sellers or purchasers of such shares, stock or debentures;
any matter or allegation involving dealings by which it is sought to affect the price of shares, stock or debentures, any goods or services or currency or negotiable instrument, other than dealings carried out in accordance with all applicable laws and regulations pertaining to such dealings;
any matter which is deemed to be uninsurable under any law applicable to this Section of the Policy.
For the purpose of determining the applicability of this Exception, the information or knowledge possessed by any director will not be imputed to any other director.
Policy Wording – Agriculture – Binder – Version 2 2023 Page | 135