Page 74 - Hollard Business Branch Policy Wording

Fidelity Guarantee
PROVIDED THAT:
1. this Extension is restricted to losses which would have been payable by the superseded insurance but which are not claimable because of the expiry of the period of me allowed by the superseded insurance for the discovery of the De ned Events;
2. the De ned Events are discovered within the sooner of 12 (twelve) months of the termina on of the employment of the employee concerned or within 12 (twelve) months of the expiry of this Sec on;
3. the amount payable under this Extension shall not exceed the amount insured by this Sec on or the amount insured by the superseded insurance whichever is the lesser;
4. in the event of the de ned events involving one employee or any number of employees occurring during both the currency of this Sec on and that of the superseded policy, the maximum amount payable shall not exceed the amount insured by this Sec on at the me of discovery of the de ned events;
5. this Extension will not apply to de ned events which occurred more than the number of years stated in the Schedule before incep on of this Sec on;
6. the Company shall not be liable for any loss which occurred more than 24 (twenty four) months prior to discovery.
Voluntary rst amount payable
In addi on to the compulsory rst amount payable as stated in this Sec on of the Policy, the Insured shall be responsible for the voluntary rst amount payable as stated in the Schedule.
Reduc on/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 addi onal premium calculated in terms of the following formula:
Annual premium in force at the me of discovery of loss X Amount of claim payment
Sum insured at me of discovery of loss
The addi onal 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.
Costs of recovery
If the Insured shall sustain any loss to which this Sec on applies which exceeds the sum insured hereunder, the Company will, in addi on to the sum insured, pay to the Insured costs and expenses not exceeding the amount stated in the Schedule necessarily incurred with the consent of the Company (which consent shall not be unreasonably withheld) for the recovery or a empted recovery from the employee in respect of whose dishonest or fraudulent acts the claim is made, of that part of the loss which exceeds the sum insured hereunder. All amounts recovered by the Insured in excess of the said part of the loss shall be for the bene t of the Company and the Insured to the extent of this co-insurance in terms of the Compulsory First Amount Payable clause and/or Schedule.
Computer losses
The Insured having completed a sa sfactory ques onnaire, the Computer Losses First Amount Payable clause is deleted.
Losses discovered more than 24 (twenty four) months a er being commi ed but not more than 36 (thirty six) months therea er
1. In considera on of the payment of an addi onal premium, Provision 1.1 of the De ned 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 Sec on 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.
Hollard Business Policy – Branch – Version 1 2018 Page | 73