Page 178 - Brook-Hollow Due Diligence Package

0 0595 BES 0 0595 BES

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P Policy no: MN1495002019 P Policy no: MN1495002019
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malicious act committed by any partner, director, officer or employee of such service All notifications of circumstances, losses and claims for payments under this policy must be in
bureau, without prejudice to the loss of property then in transit in the custody of such writing and addressed to the insurer at the following address:
person; or
(b) 15 days after receipt by the policyholder of a written notice from the insurer cancelling Claims Manager
this policy as to such service bureau. Vibe Syndicate Management
5.5 Cancellation
This policy may be cancelled as follows: 90 Fenchurch Street,
(i) by the insurer for non-payment of premium; London,
(ii) by the policyholder sending written notice of cancellation which will take effect immediately
upon the insurer’s receipt of that written notice. On cancellation by the policyholder, the EC3M 4ST
insurer shall refund any unearned premium calculated at short-rate of the annual premium
unless a loss has been discovered before cancellation, in which case no refund shall be due; or by email to vibeclaims@vibesm.com
(iii) by the insurer following the issue of written notice to the address specified in item 1 of the
schedule in respect of the policyholder or any insured. Cancellation shall take effect 30 days If posted, the date of posting shall constitute the date that notice was given, and proof of posting
after the issue of such notice; or shall be sufficient proof of notice.
(iv) by mutual agreement between the policyholder and the insurer. 5.10 Basis of valuation
5.6 Limit of liability In determining the amount collectable under this policy for any loss, deductions shall be made in
The Limit of Liability is the total sum payable by AIG Europe Limited. Any sum paid by AIG Europe respect of any property (including property) received from any source whatsoever, including
Limited under this policy shall erode the Limit of Liability. In no circumstances shall the liability of payments and receipt of principal, interest, dividends, commissions and the like, whenever
AIG Europe Limited exceed the Limit of Liability. received, in connection with any matter from which an indemnifiable loss has arisen.
5.7 Discovery period In no event shall the insurer be liable for more than:
The policyholder must request a discovery period in writing within 30 days of expiry of the policy (i) the actual market value, determined by that published in the Financial Times in the United
period. A discovery period is not cancellable. Kingdom or equivalent local daily financial newspaper, of securities, foreign funds,
The policyholder shall not have the right to purchase a discovery period if a transaction takes currencies or precious metals at the close of business on the day the loss was discovered,
place. or, if less, the actual cost of replacing the securities;
5.8 Retention (ii) the cost of blank books, blank pages or other materials plus the cost of labour and computer
The insurer shall only be liable for the amount of any payment that is in excess of the retention. time for the actual transcription or copying of data furnished by the insured in order to
The retention shall not apply in respect of any plan where such plan is required by law to comply reproduce books of accounts and records;
with the Employee Retirement Income Security Act 1974 (ERISA) in the United States of America. (iii) the cost of blank electronic data processing media and the cost of labour for the actual
The retention shall apply to the ultimate net loss sustained by the insured, but nothing in this policy transcription or copying of electronic data furnished by the insured, in order to reproduce
such electronic data, however, if such electronic data cannot be reproduced and represents
shall be construed to mean that a loss is not recoverable hereunder until the ultimate net loss has securities or other financial instruments of value, then the loss will be valued as indicated in
been ascertained. paragraphs (i) and (iv) of this General Provision 5.10; and
5.9 Discovery and notification of loss (iv) the actual cash value of other property at the time of loss or the actual cost of repairing or
As a condition precedent to the obligations of the insurer, upon discovery of a loss, potential loss or replacing the property with property or material of like quality or value, whichever is less.
claim for a payment under this policy, the insured shall:
5.11 Lost instruments
(i) give written notice thereof to the insurer as soon as practicable, but in no event later than 30 The insurer shall indemnify the insured for such sum, not exceeding the limit of liability, which the
days after discovery; and insured is required to pay under any indemnity given by the insured to an issuer of a Lost
(ii) file detailed proof of loss, damage and expenses (which includes but is not limited to a Instrument Bond obtained with the insurer’s prior consent, to secure the issuance of duplicates of
completed proof of loss form in the format agreed by the insurer) with the insurer within 6 securities, the loss of which is covered by this policy.
months after discovery, or within such further period as agreed to in writing by the insurer; 5.12 Subrogation
and The insurer shall be subrogated to all of the insured's rights of recovery to the extent of all
(iii) provide all requested information and documents and co-operate with the insurer in all payments. The insured shall execute all papers required and shall do everything necessary to
matters pertaining to loss damage and expenses. secure any rights, including the execution of any documents necessary to enable the insurer
effectively to bring suit in the name of the insured whether such acts become necessary before or
after payment by the insurer.
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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