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Fidelity Guarantee Policy>>
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WHEREAS the Insured named in the Schedule or is about to employ
the persons named in the Schedule hereto (hereinafter called the
Employees) in the capacities set forth and has made to the RELIANCE
INSURANCE LIMITED (hereinafter called the Company) a written
statement or statements and declaration, the information in which is
the basis of this Contract and is to be considered as incorporated
herein, and has paid or agreed to pay to the Company the first
premium specified in the Schedule.
NOW THIS POLICY, WITNESSETH that If with in the period of
insurance specified in the Schedule or before 4 o'clock in the
afternoon of the last day of any subsequent period in respect of
which premium shall have been accepted by the Company, any of the
Employees shall whilst-acting in the capacity named in the said
Schedule, commit any act or acts of
FORGERY, OR OF EMBEZZLEMENT, LARCENY AND /OR FRAUDULENT
CONVERSATION of the monies or goods of the Insured (all which
acts are hereinafter called the acts Insured against) the Company
will make good to the Insured any loss which the Insured shall
thereby directly sustain less all salary, commission, monies or
assets, the property of the employee, that may be in or come into
hands or under the control of the Insured upto an amount not
exceeding, for all the acts Insured against committed during the
whole period of the subsistence of this Policy by the defaulting
Employee, the sum set opposite to the name of such Employee in said
Schedule.
AND IT IS HEREBY AGREED AND DECLARED that the expression
forger in this policy means the forging or fraudulently altering of
any document of the uttering of any forged or fraudulently altered
the document by the Employee whereby he obtains possession of the
monies or goods of the Insured.
PROVIDED that such act insured against is discovered not
later than six months after the resignation, dismissal retirement or
death of the Employee, nor later then than three months after the
termination of this Policy, whichever be the earlier.
PROVIDED ALWAYS that if defalcations arising from acts
insured against extend over a period during which the amount set
opposite to the name of the defaulting Employee in the froth column
of the said Schedule has been altered or re-altered, the Company's
liability in respect of any part of such period shall not exceed the
amount set opposite to his name in respect of that part of the
period, nor shall it exceed, in respect of the whole period, the
largest of the amounts set opposite to his name in respect of any
part thereof.
PROVIDED FURTHER that the due observance and fulfilment of
the conditions hereon endorsed, which shall so far as the nature 'of
them respectively will permit, be deemed to be conditions precedent
to the right of the Insured to recover hereunder. |
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CONDITIONS |
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1.
The Company shall not be liable: |
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(a) If any suppression or
misstatement of any fact affecting the risk of the Company be made
at the time of effecting this Policy or subsequently; or
(b) If the precautions and checks for securing accuracy of accounts
and limiting the amount of monies received by or entrusted to any of
the Employees at anyone time, shall not be duly observed and put in
practice on the part of the Insured in accordance with said written
statement or statements; or
(c) If there be any change in the circumstances and conditions of
the employment of any of the Employees without in every case the
consent or sanction of the Company signified by endorsement hereon;
or
(d) In respect of any loss due to an act insured against committed
subsequently to the date upon which knowledge of any previous acts
insured against committed by the same Employee shall have come to
the Insured or to any representative of the Insured to whom is
entrusted the duty of superintendence over such Employee. |
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2. The Insured shall
give notice in writing to the Company of any act insured
against, or of reasonable cause for suspicion thereof committed
by an Employee, immediately after the same shall have come to
the knowledge of the Insured or the Insured's representative as
aforesaid, stating the method of the fraud, the nature and
extent of the loss so far as then ascertained, and the last
known address of the Employee.
3. Every claim under this Policy shall be lodged with the
Company within two months after the date of such notice (failing
which no claim shall be sustainable under this Policy)
accompanied by full particulars and proofs satisfactory to the
Company, of the loss (verified if the Company shall so require,
by statutory declaration), and when any loss has been made good
and satisfied by the Company this Policy so far as I regards the
defaulter shall wholly cease and determine as to any further
obligations of the Company.
4. The Company shall be entitled at its own expense, and for its
own benefit, in the name of the Insured, to prosecute all claims
and exercise, all rights of action competent to the Insured,
against any of the Employees, in respect of any acts insured
against in connection with which it may have made a payment
under this Policy; and the Insured shall give to the Company all
such information and assistance as may be reasonably required
for maintaining any such claims or rights.
5. The Insured shall, if required by the Company, forthwith
prosecute any of the Employees for any acts insured against
committed by the Employees, subject to the payment by the
Company, in the event of a conviction, of all expenses
necessarily incurred by the Insured in such prosecution.
6. The Company shall only be liable to contribute Pro rata with
any other guarantee, whether by policy or otherwise, held by the
Insured whether such guarantee be now held by the Insured or be
hereafter taken or acquired; and the Insured shall be bound to
advise the Company, of every such guarantee, and of any
limitation, discharge, or termination thereof.
7. The Company may by notice in writing to the Insured under
registered cover to the last known address of the Insured cancel
this Policy at any time paying on demand a proportion of the
premium corresponding to the unexpired period of the Policy.
8. If any difference shall arise as to the amount to be paid
under this Policy (liability being otherwise admitted) such
difference shall be referred to an Arbitrator to be appointed by
the parties in accordance with the statutory provisions in that
behalf for the time being in force. Where any difference is by
this condition to be referred to arbitration the making for an
Award shall be a condition precedent to any right of action
against the Company. |
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