Page 117 - Hollard Business Policy - Binder

Directors' and Officers' Liability (Claims-made Basis)
4. Pollution
arising out of, based upon or attributable to the actual, alleged or threatened discharge, dispersal, release or escape of, or records concerning a pollutant; or any request to test for, monitor, clean up, remove, contain, treat, detoxify or neutralise a pollutant.
5. Trustees and administrators
arising out of, based upon or attributable to any act or omission as trustee, fiduciary or administrator of any pension plan, welfare plan, retirement fund, profit sharing, share option, share incentive scheme or trust or any other employee benefit programme.
6. Fines and penalties
for any fines or penalties, loss of licence, the payment of taxes or remuneration, liquidated or non-compensatory damages including punitive or exemplary damages, or the multiplied portion of multiple damages, or any amount which is deemed uninsurable by law or contrary to public policy.
7. USA/Canada claims
arising out of, based upon or attributable to, directly or indirectly resulting from or in consequence of, or in any way involving any matter or claim where relief is sought or legal action or litigation is threatened or pursued in a court of law or other authority, constituted in the United States of America and/or Canada, or arising out of any activities carried on in the United States of America and/or Canada.
8. Professional indemnity
arising out of, based upon or attributable to any actual or alleged breach of professional services provided to, or professional duty owed to, a third party.
9. Major shareholder
made or instigated by any member of the Insured holding or controlling more than 25% (twenty five percent) of the shares, stock or debentures.
10. Insured versus Insured
made or instigated by any director against any other director, provided that this Exception will not apply to:
10.1 any claim brought or maintained by a director for contribution or indemnity, if the claim directly results from another claim otherwise covered under this Section of the Policy;
10.2 subject to Exception 9, any shareholder action brought or maintained by the Insured's behalf without the solicitation, assistance or participation of any director or of the Insured;
10.3 any claim brought or maintained by a curator, liquidator, receiver or administrative receiver either directly or derivatively on behalf of the Insured without the solicitation, assistance or participation of any director or of the Insured;
10.4 any claim brought or maintained by any former director of the Insured;
10.5 any employment practice violation.
11. Asbestos
arising out of, based upon or attributable to, directly or indirectly resulting from or in consequence of, or in any way involving asbestos or any materials containing asbestos in any form or quantity.
12. Sanctions
arising out of, based upon or attributable to, directly or indirectly resulting from or in consequence of, or in any way involving any matter or claim where an indemnity provided or payment made under this Section of the Policy would be in breach or contravention of, or would expose the Company or any reinsurer to, any trade or economic sanction or prohibition or penalty or restriction imposed by the United Nations, the laws or regulations pertaining to the European Union, the United Kingdom or the United States of America.
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