Page 189 - Brook-Hollow Due Diligence Package

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SPECIAL CANCELLATION ENDORSMENT – INSURANCE RATING DOWNGRAGE
COMPUTER CRIME ENDORSEMENTS
1. In the event that the Insurer
(a) ceases, or gives notice of intention to cease, underwriting a class of insurance business
(wholly
or in substantial part) to the extent it would no longer quote terms for the insurance
provided under this policy; The Insurer shall not be liable to make any payment of:
(b) is the subject of an order or resolution for winding up or formally proposes a
scheme of arrangement
with its creditors [or members] pursuant to Part 26 of the Companies Act 2006 (other Source Documentation - (Secondary Input)
than for the purpose of a solvent reconstruction);
(c) Has its authority to carry on insurance business withdrawn or modified so that it could any loss esulting directly or indirectly from fictitious, forged, fraudulently altered, counterfeit
r
no longer fulfil its obligations to the policyholder under this policy; or or fraudulent documents, written or printed instruments or instructions, negotiable
(d) has its Financial Strength Rating downgraded as follows: instruments or certificated securities in physical form used as source documentation in the
(i) Below "A-" for Standard & Poors; creation, preparation or modification of electronic data or electronic communications.
(ii) Below "A3" for Moodys; or Physical Documentation - (Providing hard copv documents)
U) Below "A- ' For Fitch,
1
any Loss resulting directly or indirectly from the Insured (or a financial organisation acting
the policyholder may, by giving written noticeto the insurer by registered letter, cancel this policy on behalf of the insured) having acted or relied upon documents, written or printed
and such cancellation shall take effect on the date of the letter of cancellation or if no date is instruments or instructions negotiable instruments or certificated securities provided in
specified, on the date the insurer receives the cancellation letter. The right to cancel this policy physical form by a third party to the insured (or to a financial organisation acting on behalf
pursuant to this clause must be made by the policyholder within the policy period.
of the insured).
2. In the event that the policyholder exercises its right to cancel this poilcy under paragraph
1 above:
Statements of Condition - (Provision of electronic information)
(a) if there are no claims reported or any circumstances existing that may give rise to a claim
notified under the policy (it being understood and agreed that the policyholder is obliged any loss resulting directly or indirectly from the insured (or a financial organisation acting on
to report such circumstances as soon as reasonably practicable after becoming aware behalf of the insured) having acted or relied upon electronic data (including electronic data
thereof), the insurer shall return to the policyholder a proportion of the premium calculated contained in an third party originated electronic communication) provided to the insured (or
on a daily pro rata basis from the date of cancellation until the end of the policy period, to a financial organisation acting on behalf of the insured) which Data represents fictitious,
provided that in no circumstances shall the insurer be required to return to the policyholder dishonest or fraudulent:
more than 90% of the premium paid' and
(i) financial accounts or financial records;
r
(b) if there are anv claims reported or circumstances existing that may give ise to a claim (ii) statements of account;
notified to the insurer under the policy, the premium shall be deemed to be fully earned. (iii) valuations of investments or real properly;or
(iv) other statements of condition intended to obtain or gain access to:
This endorsement shall not apply in the event of a transaction in which event the premium shall be a. a loan or guarantee;
deemed to be fully earned. b. actual or committed investment funds;
c. the proceeds of insurance or assurance policies;
(c)
held by, or from the Insured

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Besso Limited. A Subsidiary Of Besso Insurance Group Limited 3 8
8 -11 Crescent, London EC3N 2LY Besso Limited. A Subsidiary Of Besso Insurance Group Limited
Authorised and regulated by the Financial Conduct Authority, FCA Firm Reference No. 309159 8 -11 Crescent, London EC3N 2LY
Registered in England Number 00910680 Authorised and regulated by the Financial Conduct Authority, FCA Firm Reference No. 309159
www.besso.co.uk Registered in England Number 00910680
www.besso.co.uk