Page 84 - Agriculture Policy Wording Binder

The Company shall indemnify the Insured for losses occurring subsequent to the Retroactive Date stated in the Schedule and during the period of insurance for:
1. loss of money and/or other property belonging to the Insured or for which they are legally responsible stolen by an insured employee;
2. direct financial loss sustained by the Insured as a result of fraud or dishonesty of an insured employee which results in dishonest personal financial gain for the employee concerned;
3. loss sustained by the Insured directly caused by Theft by Computer Fraud;
PROVIDED THAT:
1. 1.1
the Company is not liable for all losses which occurred more than 24 (twenty four) months prior to discovery;
1.2 all losses are discovered not later than 12 (twelve) months after the termination of:
1.2.1 this section; or
1.2.2 this section in respect of any insured employee concerned in a loss; or
1.2.3 the employment of the insured employee of the last of the insured employee concerned in a loss;
whichever occurs first;
2. The renewal of this insurance from period to period or any extension of any period of insurance shall not have the effect of accumulating or increasing the liability of the Company beyond the sum insured stated in the Schedule. If the period of insurance is less than 12 (twelve) months, the Company's liability is limited to the sum stated in the Schedule during any 12 (twelve) month period of insurance calculated from inception to renewal;
3. This insurance shall operate on an each and every occurrence basis and the liability of the Company for all losses arising from one occurrence shall not exceed the sum insured stated in the Schedule, whether involving any one Employee or Third Party or any number of Third Parties acting in collusion or independently of each other;
4. where indemnity is provided to the Insured in terms of any insurance superseded by the Policy, the liability of the Company shall be limited to only that proportion of the loss which is not payable in terms of the superseded policy;
5. all acts committed by any one person or in which such person is involved or implicated will be considered one event;
6. the term 'dishonest personal financial gain' shall not include gain by an employee in the form of salary, salary increases, fees, commissions, bonuses, promotions or other emoluments.
DEFINITIONS
Fidelity Guarantee
DEFINED EVENTS
FIDELITY GUARANTEE
Employee
1. any person while employed under a contract of service with or apprenticeship to the Insured;
2. any person while hired or seconded from any other party into the service of the Insured whom the Insured has the right at all times to govern, control and direct in the performance of his work in the course of the business of the Insured;
3. students, volunteers or persons employed on youth training or work experience schemes;
4. any member of the board of trustees of any pension fund, provident fund or benefit fund as defined in the Income Tax Act 1962 established by the Insured for the benefit of employees referred to in 1.
Page | 82 Policy Wording – Agriculture – Binder – Version 2 2023