Page 102 - Hollard Business Branch Policy Wording

Directors' and O cers' Liability (Claims-made Basis)
In the event of any one origina ng cause giving rise to a claim or series of claims which form the subject of indemnity by more than one extension of this Sec on, 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 a ording indemnity for the claim or series of claims.
Where more than one period of insurance of this Sec on of the Policy, following its renewal or replacement may apply to an origina ng 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. Illegal/improper conduct
arising out of, based upon or a ributable to:
1.1
1.2 1.3
1.4
1.5
the gaining of any personal pro t, reward, advantage or receiving of any remunera on to which a director was not legally en tled;
any criminal act other than costs as provided for in Extension 4;
any ma er or allega on that a director improperly bene ted from any transac on rela ng to shares, stock or debentures as a result of informa on that was not readily available to other sellers or purchasers of such shares, stock or debentures;
any ma er or allega on involving dealings by which it is sought to a ect the price of shares, stock or debentures, any goods or services or currency or nego able instrument, other than dealings carried out in accordance with all applicable laws and regula ons pertaining to such dealings;
any ma er which is deemed to be uninsurable under any law applicable to this Sec on of the Policy.
For the purpose of determining the applicability of this Excep on, the informa on or knowledge possessed by any director will not be imputed to any other director.
2. Property damage and bodily injury
in respect of injury and damage, sickness, disease, death or emo onal distress, or damage to, destruc on, impairment or loss of use of any property;
PROVIDED THAT:
any claim for emo onal distress will not be excluded with respect to an employment prac ce viola on.
3. Prior claims and circumstances
arising out of, based upon or a ributable to:
3.1 any claim made prior to or pending at the incep on of this Sec on of the Policy;
3.2 any circumstance that, as of the incep on of this Sec on of the Policy, may reasonably have been expected
to give rise to a claim;
3.3 any circumstance or claim of which no ce has been given under any policy exis ng or expired before or on
the incep on date of this Sec on of the Policy;
PROVIDED THAT:
nothing contained in this exclusion will be interpreted as releasing the insured from the obliga on to reveal as a material fact all details of claims made or circumstances or events likely to give rise to a claim.
Hollard Business Policy – Branch – Version 1 2018 Page | 101