Page 87 - Agriculture Policy Wording Binder

Fidelity Guarantee
PROVIDED FURTHER THAT:
this Extension shall not entitle the Insured 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 "the Company 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 If this Policy Section includes the Superseded Insurance Extension, the period referred to in Provision 6 thereof is increased from 24 (twenty four) months to 36 (thirty six) months.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 system 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 the Insured 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Events (which limits cover to that part of losses discovered within 24 (twenty four) months) and Provision 6 of the Superseded Insurance Extension Clause (if applicable) are deleted.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 the Company of any loss involving one employee or any number of employees shall not reduce the Company's liability in respect of the remaining insured employees;
PROVIDED THAT:
1. the maximum amount payable by the Company for all insured employees shall not exceed double the sum insured shown in the Schedule;
2. the Insured pays additional premium calculated in terms of the following formula:
Annual premium in force at the time of discovery of loss X Amount of claim payment
Sum insured at time of discovery of loss
The additional premium shall be payable in full and may not be reduced due to the period between the date of discovery of loss and the expiry date being less than 12 (twelve) months.
Retroactive cover – no previous insurance in force
This Section will also apply to defined events as insured herein which occurred up to 12 (twelve) months prior to inception of this Section but not more than 24 (twenty four) months prior to discovery, provided the events are discovered within the sooner of 12 (twelve) months of the termination of employment of the employee concerned or within 12 (twelve) months of the expiry of this Section.
Superseded insurance
This Section will apply to Defined Events insured herein which occurred during the currency of any insurance superseded by this Section and specified in the Schedule;
Policy Wording – Agriculture – Binder – Version 2 2023 Page | 85