Page 176 - Brook-Hollow Due Diligence Package

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(i) of or to any office, premises or real estate, however caused; unless covered under insurance Any document or security or mortgage instrument or insurance policy must be in the actual
cover 1.2; physical possession of the insured, its correspondent bank or designated agent or financial
(ii) of or to any property as a result of fire, explosion, implosion or collapse, other than loss of organisation when acting on their behalf, at the time the insured, or financial organisation acting on
property due to a malicious act of an employee; their behalf, acts or relies upon any such item.
(iii) as a result of looting, or any act of God or nature, including hurricane, typhoon, earthquake, 5.3 Single policy
or subterranean fire; or This policy is a single contract of insurance and if more than one insured is covered, this policy
(iv) arising out of, based upon or attributable to ionising radiation or contamination by shall nevertheless be and remain a single contract of insurance for the benefit of the insured as
radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear joint insured and accordingly, without limitation:
fuel, or the radioactive, toxic, explosive or other hazardous properties of any explosive (i) the policyholder shall act for itself and for all insureds for all purposes under this policy,
nuclear assembly or nuclear component thereof. including but not limited to the giving and receiving of notice, the giving of notice of loss, the
4.16 Property in the mail payment of premiums that may become due and the receipt and acceptance of any
Any sum attributable to loss of property while in the custody of any postal service, other than endorsements issued to form a part of this policy;
property sent via registered mail, recorded delivery or courier; unless such loss is covered under (ii) payment of any loss under this policy to the policyholder shall fully release the insurer with
insurance cover 1.1. respect to such loss, however, in the event that any loss sustained by any United Kingdom
4.17 Proprietary information, trade secrets and intellectual property Pension Fund is covered under this policy, payment shall be made by the insurer to the
trustees of such funds for and on behalf of the beneficiaries;
Loss or the actual or alleged plagiarism of, or arising directly or indirectly from the accessing of,
any confidential information (including but not limited to trade secrets, electronic computer (iii) if the policyholder is more than one entity and any such entity ceases for any reason to be
covered under this policy, then the remaining entities shall be considered to be the
programs, customer information, patents, trademarks, trade names or copyrights), except to the
extent that any such confidential information is used to support or facilitate the commission of an policyholder for all purposes under this policy;
act covered by this policy. (iv) the insurer’s liability for loss sustained by any or all of the insured shall not exceed the
4.18 Safe deposit contents amount for which the insurer would be liable had all such loss been sustained by any one of
the insured;
Loss of or damage to any items or property:
(v) in calculating loss covered under this policy, where another insured receives a benefit
(i) contained in a customer’s safe deposit box; or corresponding or relating to such loss, that benefit will be set off against the value of such
loss;
(ii) held by the insured in safe custody on behalf of a customer of the insured (other than (vi) loss sustained by any nominee appointed by the insured to handle specified business
identifiable securities actually held by the insured for such customers); transactions, shall be deemed to be loss sustained by the insured.
unless such loss is covered under insurance cover 1.1. 5.4 Changes in risk during the policy period
(i) If during the policy period a transaction occurs the insurer shall not be liable or make any
4.19 Travellers Cheques, Bills of Lading and Similar Documents payment or provide any services in connection with any claim arising out of, based upon or
Loss resulting directly or indirectly from any items which are or purport to be travellers’ cheques, attributable to any act or omission covered hereunder committed after the occurrence of said
travellers’ letters of credit, bills of lading, shipping documents, warehouse receipts, trust receipts, transaction.
accounts receivable, or any other bill, document or receipt similar in nature or effect or serving a The policyholder shall give the insurer written notice of the transaction as soon as practicable, but
similar purpose, unless such loss is covered under insurance covers 1.1 or 1.2. not later than 30 days after the effective date of the transaction.
4.20 War and terrorism applicable to insurance cover 1.2 only (ii) If a receiver, liquidator, administrator or equivalent under the laws of any jurisdiction is
Loss or damage under insurance cover 1.2 arising out of or relating to war or terrorism. appointed to any insured during the policy period, cover hereunder shall cease to afford any
This exclusion shall not apply to loss under insurance cover 1.2 which results from any illegal act of cover for loss subsequently discovered and notified to the insurer in respect of such insured.
any natural person arising out of or relating to such natural person’s actual or alleged involvement (iii) Cover provided by this policy shall cease in respect of any employee, as soon as any
in terrorism or connection to or association with others who are involved in or connected to director, officer, partner or trustee of the insured not in collusion with that employee
terrorism. discovers the commission by the employee of any act or omission which could reasonably
be foreseen to give rise to a loss, but without prejudice to the loss of property in transit in the
custody of the employee at the time of discovery. The insurer shall have no liability to
5. General Provisions indemnify the insured for loss resulting from such act or omission after the date it was
5.1 Transit discovered.
Transit is deemed to commence upon receipt of property or other items by the transporting person (iv) This policy shall cease in respect of any service bureau:
or organisation and to end immediately upon delivery to the designated recipient or agent. (a) immediately upon the discovery by any insured, or any director, officer, partner or
5.2 Possession of instruments trustee not in collusion with such service bureau, of any dishonest, fraudulent or
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Besso Limited. A Subsidiary Of Besso Insurance Group Limited Besso Limited. A Subsidiary Of Besso Insurance Group Limited
8 -11 Crescent, London EC3N 2LY 8 -11 Crescent, London EC3N 2LY
Authorised and regulated by the Financial Conduct Authority, FCA Firm Reference No. 309159 Authorised and regulated by the Financial Conduct Authority, FCA Firm Reference No. 309159
Registered in England Number 00910680 Registered in England Number 00910680
www.besso.co.uk www.besso.co.uk