Page 168 - Brook-Hollow Due Diligence Package

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(ii) the signature on the recorded deed conveying real property to the mortgagor or grantor of 3.39 Instruction
the deed of trust or mortgage having been obtained by or on behalf of such mortgagor or any written or printed instruction or advice or tested facsimile directed to the insured authorising or
grantor through trick, artifice, or false pretences; or acknowledging the transfer, payment, delivery or receipt of funds or property.
(iii) forgery or fraudulent alteration of, on or in: 3.40 Insured
(a) any requested change of beneficiary in any insurance policy (including endowments) the policyholder and the policyholder’s subsidiaries and any plan existing at the inception of the
issued by the insured; policy period.
(b) any policy loan agreement made by the insured; or 3.41 Insurer means Vibe Syndicate Management
(c) an assignment to the insured of any insurance policy (including endowments). 3.42 Internet
3.31 Fictitious payee cheque the worldwide public network of computers as it currently exists or may be manifested in the future,
any cheque or draft made or drawn in the name of the insured, payable to a fictitious payee and including the Internet, an intranet, an extranet or a virtual private network which allow access to the
endorsed in the name of such fictitious payee. insured’s computer system via the use of internet service providers or any form of on-line services
3.32 Financial organisation provider.
(i) any bank, credit institution, financial institution, undertaking for collective investment in 3.43 Investigative specialist fees
securities, investment firm or similar entity; the reasonable fees, costs and expenses of a professional private investigation agency, incurred
(ii) a central depository in connection with the purchase, sale, transfer or pledge of an and paid by the insured with the insurer’s prior written consent, to investigate the identity of the
uncertificated security; or perpetrator and his or her modus operandi in connection with an identity fraud.
(iii) any person or organisation with which the insured has a written agreement for the provision 3.44 Letter of credit
of purchasing services, safekeeping, registration and entitlement records in connection with an agreement in writing by a financial organisation made at the request of a customer that the
securities. issuer will honour drafts or other demands for payment upon compliance with the conditions
3.33 Forgery or forged specified in the agreement.
the hand-written signing or endorsing of the name of a genuine person or a copy of said person’s 3.45 Limit of liability
signature without authority and with intent to deceive; the amount specified in item 3 of the schedule.
it does not include the signing or endorsing in whole or in part of one’s own name, with or without 3.46 Loan
authority, in any capacity, for any purpose. (i) any loan or transaction in the nature of, or amounting to, a loan or extension of credit,
Mechanically or electronically produced or reproduced signatures are treated the same as hand- including a lease, made by or obtained by or from the insured;
written signatures. (ii) any note, account, invoice, agreement or other evidence of debt, assigned or sold by or to,
Any endorsement upon a document of a fictitious name, or an endorsement upon a document or discounted or otherwise acquired by the insured; or
procured in a face to face transaction of the name of anyone impersonated, shall be deemed to be (iii) any payments made or withdrawals from a customer’s account involving items which are not
a forged endorsement. finally paid for any reason.
3.34 Fraudulent alteration/fraudulently altered 3.47 Loss
a material alteration to an instrument for a fraudulent purpose by any person other than the person the direct financial loss sustained by the insured as a result of any single act, single omission, or
who was authorised to prepare or sign the instrument. single event, or series of related or continuous acts, omissions or events. A series of related or
3.35 Fraudulent payroll cheque continuous acts or omissions or events up to the time of discovery shall be treated as a single act,
any payroll cheque, draft or payroll order made or drawn by the insured, payable to the bearer as omission or event.
well as to the named payee and endorsed by anyone other than the named payee without authority Loss shall not include salaries, fees, commission, bonuses and similar employee benefits earned
from such payee. in the normal course of employment, including salary increases and promotions, other than
3.36 Identity fraud bonuses, commissions or profit sharing paid to an employee for a specific transaction with which
the fraudulent modification, alteration or corruption, or theft of corporate identity by an employee or such employee was involved and in respect of which that employee had committed a wrongful act
any other party, first sustained and discovered during the policy period. covered under this policy.
3.37 Illegal act 3.48 Mortgage instrument
any actual or attempted burglary, robbery, hold-up, theft or larceny. any:
3.38 Impairment (i) deeds of trust or like instruments pertaining to real property;
any actual or attempted fraudulent preparation, fraudulent input, fraudulent modification or (ii) any mortgages upon real property and interest in real property; or
fraudulent destruction.
(iii) assignments of such mortgages or interests in (ii);
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Besso Limited. A Subsidiary Of Besso Insurance Group Limited Besso Limited. A Subsidiary Of Besso Insurance Group Limited
8 -11 Crescent, London EC3N 2LY 8 -11 Crescent, London EC3N 2LY
Authorised and regulated by the Financial Conduct Authority, FCA Firm Reference No. 309159 Authorised and regulated by the Financial Conduct Authority, FCA Firm Reference No. 309159
Registered in England Number 00910680 Registered in England Number 00910680
www.besso.co.uk www.besso.co.uk