Page 107 - Hollard Business Branch Policy Wording

DEFINITIONS
1. Companies Act
The Companies Act No. 71 of 2008, as amended.
2. Claim
A wri en demand or a civil, regulatory or arbitra on proceeding seeking compensa on for damages for an alleged or actual wrongful act.
3. Defence costs
The reasonable costs and expenses incurred with the Company's prior wri en consent in connec on with the inves ga on, defence, se lement or appeal of a claim. Defence costs do not include remunera on, cost of me or costs or overheads of the Insured or any director. Defence costs may include the reasonable fees, costs and expenses of an accredited expert retained through defence counsel approved by the Company, to prepare an evalua on, report, assessment, diagnosis or rebu al of evidence in connec on with the assessment or defence of a claim.
4. Director
Any natural person, who will, for purposes of this Sec on of the Policy, be deemed to be the Insured, and who is:
4.1 a director, former director or alternate director including:
4.1.1 the spouse of a director (whether that status is derived by reason of statutory law, common law or otherwise of any applicable jurisdic on in the world) as a result of his or her status as the spouse of that director, including any claim that seeks damages recoverable from the marital community property or property jointly held by the director and the spouse;
PROVIDED THAT:
this Extension will not a ord cover for any claim for any wrongful act of the spouse and this Extension applies only to a wrongful act commi ed by a director;
4.1.2 the executor, heirs or legal representa ves of a director who has died, or the lawfully appointed legal representa ves of a director who has been declared incompetent, insolvent or liquidated, to the extent that in the absence of such death, incompetence, insolvency or liquida on, such a claim against the director concerned would have been covered under this Sec on of the Policy;
4.2 a prescribed o cer as de ned in the Companies Act, including the company secretary;
4.3 an employee in a managerial or supervisory capacity;
4.4 a member of a commi ee of the board including the audit commi ee and who is ac ng in such capacity for the Insured.
5. Employment prac ce viola on
5.1
5.2 5.3
5.4
5.5 5.6
any actual or alleged unfair or wrongful dismissal, discharge or termina on, either actual or construc ve, of employment, including breach of an implied contract;
employment-related misrepresenta on;
wrongful failure to employ or promote, wrongful depriva on of career opportuni es, or wrongful discipline; failure to furnish accurate job references; failure to grant tenure; negligent employee evalua on; sexual or workplace or racial or disability harassment of any kind (including the alleged crea on of a harassing workplace environment);
unlawful discrimina on, whether direct, indirect, inten onal or uninten onal; failure to provide adequate employee policies and procedures;
retalia on (including lockouts);
any other basis for a claim pursuant to the Basic Condi ons of Employment Act 1998 or the Labour Rela ons Act No 66 of 1995 or equivalent legisla on found in other jurisdic ons;
Directors' and O cers' Liability (Claims-made Basis)
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Hollard Business Policy – Branch – Version 1 2018