Page 101 - Policy Wording - Hollard Business Binder (2020-08-26)

3.1 3.2 3.3
3.4 3.5
3.6
Retroactive date can apply but no longer than 12 (twelve) months preceding. Do not underwrite the risk without a completed proposal which is duly signed.
This cover is only available with supporting business and the Combined Liability Section is the minimum requirement.
Obtain the number of employees and the positions insured.
The limit shall never be greater than the Combined Liability (General and Tenants) and Employers Liability limit.
Company or Closed Corporation
3.6.1
3.6.2 3.6.3
The policy is usually issued in the name of a Company. Use the endorsement only when issued in the name of a Closed Corporation.
The applicable endorsement will then override the policy wording which refers to a Company. The applicable endorsement:
"MANAGING MEMBERS OF CLOSE CORPORATIONS
ENDORSEMENT
Insuring Agreement
The following cover is added to the Insuring Agreement:
Member’s Personal Liability
Corporation Reimbursement
The Insurer will provide an indemnity in respect of Claims first made against a Managing Member and notified to the Insurer during the Period of Insurance, by a Third Party, for which the Managing Member is legally liable to pay damages as a result of a Wrongful Act.
The Insurer will provide an indemnity in respect of Claims first made against a Managing Member and notified to the Insurer during the Period of Insurance, by a Third Party, for which the Managing Member is legally liable to pay damages as a result of a Wrongful Act and where the Corporation has indemnified the Managing Member.
Directors' and Officers' Liability
3.
2.6.11 Is the company any of the following:
• financial institution
• pharmaceutical company
• bio-technological company company • telecommunications
• oil or gas company
2.6.12 Have any claims been made or intimated against any director?
2.6.13 Have any claims been made against any previous insurer?
2.6.14 Are any claims pending against the company?
2.6.15 Has any director or the company itself been subjected to regulatory investigations?
2.6.16 Was any audit report been disqualified by an auditor?
2.6.17 If any question is answered as yes, please obtain full details.
2.6.18 Obtain full name(s) of person(s), with position, who made the declaration.
UNDERWRITE THE RISK
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Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020