Page 75 - Hollard Business Branch Policy Wording

Fidelity Guarantee
Extension granted on receipt of a sa sfactory systems audit in respect of losses discovered more than 24 (twenty four) months a er being commi ed
1. In considera on of the accoun ng rm named in the Schedule having conducted a sa sfactory audit of the Insured's systems of:
1.1 control;
1.2 fraud, dishonesty and the detec on;
and subject to the Insured implemen ng and maintaining all the recommenda ons contained in such audit; PROVIDED THAT:
Provision 1.1 of the De ned Events (which limits cover to that part of losses discovered within 24 (twenty four) months) and Provision 6 of the Superseded Insurance Extension Clause (if applicable) are deleted;
2. The First Amount Payable clause (or rst amount payable as re ected in the Schedule) for losses discovered more than 12 (twelve) months a er they were commi ed is deleted.
MEMORANDA
1. In the event of the discovery of any loss resul ng from a de ned event, the Insured may, notwithstanding anything to the contrary contained in General Condi on 6.2, refrain from repor ng the ma er to the South African Police Service, but shall do so immediately should the Company require such ac on to be taken.
2. Non-disclosure of his/her own fraud or dishonesty or that of others with whom he/she is in collusion by the person signing any proposal form or giving renewal or other instruc ons shall not prejudice any claim under this Sec on.
3. General Excep ons 1 and 2 and General Condi on 9 do not apply to this Sec on.
4. If the sum insured shall be increased at any me, such increased amount shall apply only to de ned events commi ed a er the date of such increase.
COMPULSORY FIRST AMOUNTS PAYABLE
1. Compulsory rst amount payable
The amount payable under this Sec on in respect of a de ned event involving one employee or any number of employees ac ng in collusion shall be reduced by:
1.1 2% (two percent) of the aggregate of the sum insured under this Sec on and the declared insurance or R60 000 (sixty thousand Rand) whichever is the lesser; plus
1.2 a further amount of 10% (ten percent) of the net amount payable a er deduc on of the amount speci ed in 1.1 above.
The Insured shall be responsible for both amounts and remain uninsured.
2. Computer losses rst amount payable
The rst amount payable speci ed in either of the rst amount payable clauses in this Sec on is automa cally increased by 100% (one hundred percent) if the de ned event results from the dishonest:
2.1 manipula on of;
2.2 input into;
2.3 suppression of input into;
2.4 destruc on of;
2.5 altera on of;
any non-networked micro/personal computer program, system, data or so ware by any insured employee whose du es involve the managing, supervision, design, crea on or altera on of computer systems or program.
Page | 74 Hollard Business Policy – Branch – Version 1 2018