Crime Insurance/Fidelity Bond. Crime Insurance or a Fidelity Bond in an amount of not less than $10,000,000 per claim and $10,000,000 in the aggregate, covering employee theft, forgery and alteration, wire/funds transfer, computer fraud and client coverage, all for on or off premises exposure. Such coverage will insure all employees or any other Persons authorized to handle any funds, money, documents or papers relating to any Asset, and will protect against losses arising out of theft, embezzlement, fraud, misplacement, and other similar causes. The Company, the PMN Agent and the Manager (as to insurance obtained by the Servicer or any Subservicer), or the Company and the PMN Agent (as to insurance obtained by the Manager), shall each be named as either an additional insured or loss payee, as applicable, under any such Crime Insurance or Fidelity Bond with respect to claims arising out of the Assets (or, as applicable, the Assets subject to the applicable Servicing Agreement or Subservicing Agreement) and other applicable activities performed pursuant to the Transaction Documents. Such coverage will be endorsed to protect the interests of the Company and the Manager (where applicable), in the form of a third party client coverage endorsement or equivalent.
Crime Insurance/Fidelity Bond. The Contractor shall secure a fidelity bond insuring against all causes of loss of money, credit card, electronic funds and securities of SANDAG that are in the care, custody and control of the Contractor. The policy shall provide a minimum limit of $5,000,000 for each occurrence.
