Public Relations Consultancy Fees. The maximum payable by RSA during the Period of Insurance under this extension shall be the lesser of 10% of the Fidelity Limit of Indemnity or the maximum aggregate Sub-Limit of £25,000. Such costs and expenses shall be in addition to the Fidelity Limit of Indemnity. B. OWNERSHIP & CLIENT COVERAGE EXTENSION The Money, Securities and Covered Property covered under this Fidelity Policy Section are limited to that owned or leased by the Civil Society. This extension shall extend to include Money, Securities and Covered Property: 1. held by the Civil Society in any capacity; or 2. held by any Client in any capacity and where the Civil Society is legally liable to such Client. C. ACQUISITION OR CREATION OF SUBSIDIARY COMPANIES Policy condition: Acquisition or Creation of Subsidiary shall be replaced, or shall apply where absent, with the following for this Fidelity Policy Section; 1. If, during the Period of Insurance, the Civil Society acquires or creates any new office, branch or Subsidiary (either directly or through one or more of its Subsidiaries), coverage shall apply from such date of acquisition or creation provided that the new office, branch, or Subsidiary: (a) has no more than 20% of the total number of Employees previously declared by or on behalf of all of the Civil Society; and (b) does not undertake activities which vary materially from those declared in the Proposal; (c) such activities are confined to the UK; and (d) has not had a loss within the past three years with a quantum greater than 50% of the Retention specified in the Policy Schedule. 2. If the new office, branch or Subsidiary acquired or created falls outside the above conditions, RSA agrees to provide cover from the date of their creation or acquisition for a period of 60 days. During the period of 60 days the Policyholder shall provide any additional information and pay any additional premium as may be reasonably required by RSA. Cover provided under this sub-section in relation to any new office, branch or Subsidiary shall only apply with respect to any Fidelity Loss caused by any act which is committed after the date of their creation or acquisition. However, RSA shall consider the provision of retroactive cover for any new office, branch or Subsidiary in respect of Fidelity Loss otherwise insured hereunder, prior to the date of any such acquisition, upon specific request, subject to payment of any additional premium required and the signing of a written endorsement. D. FIDELITY DISCOVERY PERIOD Policy condition: Discovery Period shall be replaced, or shall apply where absent, with the following for this Fidelity Policy Extension; Following expiry or earlier termination of this Fidelity Policy Section for any Civil Society the Policyholder may continue to notify Fidelity Loss first Discovered not later than 12 months following such expiry or earlier termination provided that: 1. cover shall only apply to Fidelity Loss or that part of a Fidelity Loss occurring prior to the expiry of the Period of Insurance or earlier termination; and 2. cover for that Civil Society is not replaced by a similar policy of insurance issued by RSA or by another insurer irrespective of whether such other insurance provides cover for loss sustained prior to its effective date. Any Fidelity Loss first Discovered during the period provided under this Fidelity Section shall be deemed to have been Discovered during the immediately preceding Period of Insurance. The purchase of any Discovery Period shall not increase or reinstate the applicable Fidelity Limit of Indemnity, which shall be RSA’s maximum liability for the Period of Insurance and Discovery Period, combined. If RSA declines to offer any terms for renewal of this Fidelity Policy Section the Policyholder shall be entitled to purchase a Discovery Period on the terms set out below. The offer of renewal terms and conditions or premiums different from those in effect prior to renewal shall not constitute RSA declining to renew. Options to purchase up to 12 months may be available but shall be at RSA’s sole discretion. E. IDENTITY FRAUD RSA shall pay Identity Fraud Expenses incurred by the Civil Society with RSA’s prior written consent provided that the maximum liability of the Insurer under this extension during the Period of Insurance is limited to the lesser of 10% of the Fidelity Limit of Indemnity or the maximum Sub-Limit of £25,000. D Fidelity Policy Section Exclusions Exclusions applicable to the Fidelity Policy Section only. The Insurer shall not be liable for: A. CONFIDENTIAL INFORMATION loss of intangible property howsoever caused including but not limited to any intellectual property rights, trade secrets, computer programmes, confidential processing methods or other confidential information of any kind; B. DISCOVERY AFTER EXPIRY loss Discovered prior to the commencement of the Period of Insurance or after the expiry of the Period of Insurance unless provided by the Discovery Period extension; C. EXTORTION loss arising out of or in any way connected with extortion or any threat thereof unless committed by an Employee (acting alone or in collusion with others); D. INDIRECT LOSS loss which amounts to indirect loss of any kind, including but not limited to, interest, profits, dividends or other income except as otherwise covered under this Fidelity Policy Section.
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Samples: Insurance Policy, Insurance Policy
Public Relations Consultancy Fees. The maximum payable by RSA during the Period of Insurance under this extension shall be the lesser of 10% of the Fidelity Limit of Indemnity or the maximum aggregate Sub-Limit of £25,000. Such costs and expenses shall be in addition to the Fidelity Limit of Indemnity.
B. OWNERSHIP & CLIENT COVERAGE EXTENSION The Money, Securities and Covered Property covered under this Fidelity Policy Section are limited to that owned or leased by the Civil SocietyCompany. This extension shall extend to include Money, Securities and Covered Property:
1. held by the Civil Society Company in any capacity; or
2. held by any Client in any capacity and where the Civil Society Company is legally liable to such Client.
C. ACQUISITION OR CREATION OF SUBSIDIARY COMPANIES Policy condition: Acquisition or Creation of Subsidiary shall be replaced, or shall apply where absent, with the following for this Fidelity Policy Section;
1. If, during the Period of Insurance, the Civil Society Company acquires or creates any new office, branch or Subsidiary (either directly or through one or more of its Subsidiaries), coverage shall apply from such date of acquisition or creation provided that the new office, branch, or Subsidiary:
(a) has no more than 20% of the total number of Employees previously declared by or on behalf of all of the Civil SocietyCompany; and
(b) does not undertake activities which vary materially from those declared in the Proposal;
(c) such activities are confined to the UK; and
(d) has not had a loss within the past three years with a quantum greater than 50% of the Retention specified in the Policy Schedule.
2. If the new office, branch or Subsidiary acquired or created falls outside the above conditions, RSA agrees to provide cover from the date of their creation or acquisition for a period of 60 days. During the period of 60 days the Policyholder shall provide any additional information and pay any additional premium as may be reasonably required by RSA. Cover provided under this sub-section in relation to any new office, branch or Subsidiary shall only apply with respect to any Fidelity Loss caused by any act which is committed after the date of their creation or acquisition. However, RSA shall consider the provision of retroactive cover for any new office, branch or Subsidiary in respect of Fidelity Loss otherwise insured hereunder, prior to the date of any such acquisition, upon specific request, subject to payment of any additional premium required and the signing of a written endorsement.
D. FIDELITY DISCOVERY PERIOD Policy condition: Discovery Period shall be replaced, or shall apply where absent, with the following for this Fidelity Policy Extension; Following expiry or earlier termination of this Fidelity Policy Section for any Civil Society Company the Policyholder may continue to notify Fidelity Loss first Discovered not later than 12 months following such expiry or earlier termination provided that:
1. cover shall only apply to Fidelity Loss or that part of a Fidelity Loss occurring prior to the expiry of the Period of Insurance or earlier termination; and
2. cover for that Civil Society Company is not replaced by a similar policy of insurance issued by RSA or by another insurer irrespective of whether such other insurance provides cover for loss sustained prior to its effective date. Any Fidelity Loss first Discovered during the period provided under this Fidelity Section shall be deemed to have been Discovered during the immediately preceding Period of Insurance. The purchase of any Discovery Period shall not increase or reinstate the applicable Fidelity Limit of Indemnity, which shall be RSA’s maximum liability for the Period of Insurance and Discovery Period, combined. If RSA declines to offer any terms for renewal of this Fidelity Policy Section the Policyholder shall be entitled to purchase a Discovery Period on the terms set out below. The offer of renewal terms and conditions or premiums different from those in effect prior to renewal shall not constitute RSA declining to renew. Options to purchase up to 12 months may be available but shall be at RSA’s sole discretion.
. E. IDENTITY FRAUD RSA shall pay Identity Fraud Expenses incurred by the Civil Society Company with RSA’s prior written consent provided that the maximum liability of the Insurer under this extension during the Period of Insurance is limited to the lesser of 10% of the Fidelity Limit of Indemnity or the maximum Sub-Limit of £25,000. D Fidelity Policy Section Exclusions Exclusions applicable to the Fidelity Policy Section only. The Insurer shall not be liable for:
A. CONFIDENTIAL INFORMATION loss of intangible property howsoever caused including but not limited to any intellectual property rights, trade secrets, computer programmes, confidential processing methods or other confidential information of any kind;
B. DISCOVERY AFTER EXPIRY loss Discovered prior to the commencement of the Period of Insurance or after the expiry of the Period of Insurance unless provided by the Discovery Period extension;
C. EXTORTION loss arising out of or in any way connected with extortion or any threat thereof unless committed by an Employee (acting alone or in collusion with others);
D. INDIRECT LOSS loss which amounts to indirect loss of any kind, including but not limited to, interest, profits, dividends or other income except as otherwise covered under this Fidelity Policy Section.
E. LOSS BETWEEN INSURED loss sustained by one Company or one part of an Company to the advantage of any other Company or other part of an Company;
F. LOSS SUSTAINED AFTER KNOWLEDGE loss caused by an Employee which is committed after the Company or any director, equity partner, Member, officer or senior manager of the Company shall have knowledge of any theft, fraud or dishonesty committed by such Employee:
1. whilst employed by an Company; or
2. prior to employment with an Company;
G. MAJOR SHAREHOLDERS Criminal Acts committed by:
1. an Employee controlling more than 10% of the voting share capital of the Company at the time of committing such act; or
2. any equity partner or Member of the Company whether acting alone or in collusion with an Employee or with others;
Appears in 1 contract
Samples: Management Protection Policy
Public Relations Consultancy Fees. The maximum payable by RSA during the Period of Insurance under this extension shall be the lesser of 10% of the Fidelity Limit of Indemnity or the maximum aggregate Sub-Limit of £25,000. Such costs and expenses shall be in addition to the Fidelity Limit of Indemnity.
B. OWNERSHIP & CLIENT COVERAGE EXTENSION The Money, Securities and Covered Property covered under this Fidelity Policy Section are limited to that owned or leased by the Civil Society. This extension shall extend to include Money, Securities and Covered Property:
1. held by the Civil Society in any capacity; or
2. held by any Client in any capacity and where the Civil Society is legally liable to such Client.
C. ACQUISITION OR CREATION OF SUBSIDIARY COMPANIES Policy condition: Acquisition or Creation of Subsidiary shall be replaced, or shall apply where absent, with the following for this Fidelity Policy Section;
1. If, during the Period of Insurance, the Civil Society acquires or creates any new office, branch or Subsidiary (either directly or through one or more of its Subsidiaries), coverage shall apply from such date of acquisition or creation provided that the new office, branch, or Subsidiary:
(a) has no more than 20% of the total number of Employees previously declared by or on behalf of all of the Civil Society; and
(b) does not undertake activities which vary materially from those declared in the Proposal;
(c) such activities are confined to the UK; and
(d) has not had a loss within the past three years with a quantum greater than 50% of the Retention specified in the Policy Schedule.
2. If the new office, branch or Subsidiary acquired or created falls outside the above conditions, RSA agrees to provide cover from the date of their creation or acquisition for a period of 60 G0 days. During the period of 60 G0 days the Policyholder shall provide any additional information and pay any additional premium as may be reasonably required by RSA. Cover provided under this sub-section in relation to any new office, branch or Subsidiary shall only apply with respect to any Fidelity Loss caused by any act which is committed after the date of their creation or acquisition. However, RSA shall consider the provision of retroactive cover for any new office, branch or Subsidiary in respect of Fidelity Loss otherwise insured hereunder, prior to the date of any such acquisition, upon specific request, subject to payment of any additional premium required and the signing of a written endorsement.
D. FIDELITY DISCOVERY PERIOD Policy condition: Discovery Period shall be replaced, or shall apply where absent, with the following for this Fidelity Policy Extension; Following expiry or earlier termination of this Fidelity Policy Section for any Civil Society the Policyholder may continue to notify Fidelity Loss first Discovered not later than 12 months following such expiry or earlier termination provided that:
1. cover shall only apply to Fidelity Loss or that part of a Fidelity Loss occurring prior to the expiry of the Period of Insurance or earlier termination; and
2. cover for that Civil Society is not replaced by a similar policy of insurance issued by RSA or by another insurer irrespective of whether such other insurance provides cover for loss sustained prior to its effective date. Any Fidelity Loss first Discovered during the period provided under this Fidelity Section shall be deemed to have been Discovered during the immediately preceding Period of Insurance. The purchase of any Discovery Period shall not increase or reinstate the applicable Fidelity Limit of Indemnity, which shall be RSA’s maximum liability for the Period of Insurance and Discovery Period, combined. If RSA declines to offer any terms for renewal of this Fidelity Policy Section the Policyholder shall be entitled to purchase a Discovery Period on the terms set out below. The offer of renewal terms and conditions or premiums different from those in effect prior to renewal shall not constitute RSA declining to renew. Options to purchase up to 12 months may be available but shall be at RSA’s sole discretion.
E. IDENTITY FRAUD RSA shall pay Identity Fraud Expenses incurred by the Civil Society with RSA’s prior written consent provided that the maximum liability of the Insurer under this extension during the Period of Insurance is limited to the lesser of 10% of the Fidelity Limit of Indemnity or the maximum Sub-Limit of £25,000. D Fidelity Policy Section Exclusions Exclusions applicable to the Fidelity Policy Section only. The Insurer shall not be liable for:
A. CONFIDENTIAL INFORMATION loss of intangible property howsoever caused including but not limited to any intellectual property rights, trade secrets, computer programmes, confidential processing methods or other confidential information of any kind;
B. DISCOVERY AFTER EXPIRY loss Discovered prior to the commencement of the Period of Insurance or after the expiry of the Period of Insurance unless provided by the Discovery Period extension;
C. EXTORTION loss arising out of or in any way connected with extortion or any threat thereof unless committed by an Employee (acting alone or in collusion with others);
D. INDIRECT LOSS loss which amounts to indirect loss of any kind, including but not limited to, interest, profits, dividends or other income except as otherwise covered under this Fidelity Policy Section.
E. LOSS BETWEEN INSURED loss sustained by one Civil Society or one part of an Civil Society to the advantage of any other Civil Society or other part of an Civil Society;
F. LOSS SUSTAINED AFTER KNOWLEDGE loss caused by an Employee which is committed after the Civil Society or any director, equity partner, Member, officer or senior manager of the Civil Society shall have knowledge of any theft, fraud or dishonesty committed by such Employee:
1. whilst employed by an Civil Society; or
2. prior to employment with an Civil Society;
G. MAJOR SHAREHOLDERS Criminal Acts committed by:
1. an Employee controlling more than 10% of the voting share capital of the Civil Society at the time of committing such act; or
2. any equity partner or Member of the Civil Society whether acting alone or in collusion with an Employee or with others;
Appears in 1 contract