Page 103 - Policy Wording - Hollard Business Binder (2020-08-26)

4.
ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED."
MINIMUM PREMIUMS
The premiums noted in the table below are annualised. For monthly premiums, divide by 12.
Third Party
Wrongful Act
Specific Exclusions
means any entity or natural person; provided, however, that Third Party does not mean:
(i) the Corporation; or
(ii) any other entity or natural person holding a member’s interest or having a financial interest or executive or managing role in the operation of the Corporation.
means any actual or alleged wrongful breach of trust, breach of duty, error, omission, misstatement, misleading statement or other wrongful act or omission by a Managing Member and which unexpectedly or unintentionally results in a liability, including any Employment Practice Violation.
The following Specific Exclusions are added to the Policy: No indemnity shall be provided by the Insurer for:
Member v Member Misconduct
Interpretation
any Claim made or instigated by any member of the Corporation against any other member.
any Claim arising out of out of, based upon or attributable to the personal liability, whether alleged or actual, of a member as provided for in, or contemplated by, the Close Corporations Act including but not limited to:
(i) joint liability for the debts or liabilities of the Corporation;
(ii) liability for reckless or fraudulent carrying-on of the Business of the
Corporation;
(iii) abuse of the separate juristic personality of the Corporation.
Special terms defined herein shall take precedent and any other terms used shall have the meaning as assigned to them in the Definitions section of the Policy. The General Exclusions within the Policy shall continue to apply to the insurance cover provided by this Endorsement, in addition to the Specific Exclusions set out in this document.
Directors' and Officers' Liability
Limit of indemnity
Gross assets of Company/Insured
R1M – R20M
R21M – R50M
R51M – R80M
R81M – R100M
R1 000 000
R2 000 000
R2 500 000
Retroactive date
R650
R850
R950
R715
R920
R1 095
R750
R1 050
R1 250
R800
R1 220
R1 445
Maximum 1 (one) year only, load premium by 15% (fifteen percent)
Minimum section premium
As per table above.
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Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020