Page 72 - Hollard Business Branch Policy Wording

Fidelity Guarantee
De ned Event 3 – Loss
actual loss of money or monetary funds or nego able instruments or corporeal tangible property belonging to the Insured or for which the Insured is legally responsible;
PROVIDED THAT:
loss does not include a loss arising from the avoidance, breach, cancella on or other termina on of a contract, the non-payment or other non-performance by a debtor, the adverse consequence of a business or trade risk or venture or other specula ve enterprise or investment or the provision or receipt or any suretyship or other security.
The
dishonest appropria on of money, monetary funds or property with the inten on to steal.
Computer Fraud
the unlawful making with intent to defraud of a misrepresenta on by means of access to or use, disclosure, processing, dele on, inser on, amendment, intercep on or manipula on of the informa on, data, so ware or systems of the Insured or of any banking ins tu on holding controlling or otherwise dealing with money or property of the Insured or for which the Insured is legally responsible which is ini ated, implemented or completed electronically by use of a computer.
SPECIFIC EXCEPTIONS
1. The Company shall not be liable for:
1.1 loss resul ng from or contributed to by any De ned Event by:
1.1.1 any partner in or of the Insured to the extent that such partner would bene t by indemnity granted under this Policy;
1.1.2 any principal, director or member of the Insured unless such principal director or member is also an employee;
1.1.3 any employee from the me the Insured shall become aware that such employee has commi ed any fraud or dishonesty;
1.2 any consequen al losses of any kind following losses referred to under de ned events.
2. This Sec on does not cover any company or other legal en ty acquired during the period of insurance.
3. The Company shall only be liable to the extent of the par cipa on/shareholding of any uninvolved partners/ principals/directors or members for an insured event in which any partner/principal/director or member of the Insured is or has been directly involved.
This Speci c Excep on only applies to:
3.1 partnerships;
3.2 private companies;
3.3 close corpora ons; or
3.4 trusts.
SPECIFIC CONDITIONS
1. The Insured shall ins tute and/or maintain and con nue to employ in every material manner all such systems of check and control, accoun ng and clerical procedures and methods of conduc ng his/her business as has been represented to the Company, but the Insured may:
1.1 change the remunera on and condi ons of service of any employee;
1.2 in respect of any employee who is described in the Schedule by name, change his du es and posi on;
1.3 in respect of any employee who is described in the Schedule only by the posi on held by him, remove such employee and place in his posi on any other person who falls within the de ni on of employee;
1.4 make such other changes as are approved beforehand in wri ng by the Insured's auditors.
Hollard Business Policy – Branch – Version 1 2018 Page | 71