declarations investment company asset protection liability policy

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Insuring Agreements Insured Investment Company Executive Liability and Indemnification Coverage II. A. 1. The Company shall pay on behalf of the Insured Person Loss on account of a Claim against the Insured Persons if they are not indemnified by the Insured Investment Company. 2. The Company shall pay on behalf of the Insured Investment Company Loss on account of a Claim against the Insured Persons for which the Insured Investment Company has indemnified the Insured Person. Insured Investment Company Professional Liability Coverage B. The Company shall pay Loss on account of Claim against the Insured Investment Company. Insured Service Provider Professional Liability Coverage C. The Company shall pay Loss on account of Claims against the Insured Service Provider for: 1. the Insured Service Provider's Wrongful Act; or 2. any error, misstatement, misleading statement, act or omission, or neglect or breach of duty committed, attempted, or allegedly committed or attempted, by another person for whom the Insured Service Provider becomes legally responsible; SPECIMEN provided, with respect to Insuring Agreements II.A, II.B. and II.C.: a. the Claim is first reported to the Company in accordance with Section V., and (1) the Claim is first made against the Insured during the Policy Period; or (2) the Claim is first made against the Insured prior to the Policy Period and after the Original Policy Date as noted in ITEM 9. of the Declarations; or b. the Insured becomes aware of circumstances that could give rise to a Claim and reports them to the Company in accordance with Section V. of this Policy. Extended Reporting Period III. If the Company terminates or refuses to renew this Policy other than for nonpayment of premium, the Authorized Representative shall have the right, upon payment of the additional premium set forth in ITEM 11.(A) of the Declarations to an extension of coverage granted by this Policy for the period set forth in ITEM 11.(B) of the Declarations following the effective date of termination or nonrenewal, but only for a Wrongful Act committed, attempted, or allegedly committed or attempted prior to the effective date of termination or nonrenewal. This right of extension shall lapse unless written notice of such election, together with payment of the Additional Premium due, is received by the Company within thirty (30) days following the effective date of nonrenewal or termination. The offer of renewal terms and conditions or premiums different from those in effect prior to renewal shall not constitute refusal to renew. ICAP-PL Policy Form 17-02-1039 (Ed. 8-92) Page 4 of 10
Exclusions IV. A. The Company shall not be liable for Loss on account of any Claim: 1. based upon, arising from or in consequence of any circumstance if written notice of such circumstance has been given under any policy of which this Policy is a renewal or replacement or which it may succeed in time; 2. based upon, arising from or in consequence of any demand, suit, proceeding, order, decree or judgment entered or pending against any Insured on or prior to the Pending or Prior Date set forth in ITEM 8. of the Declarations, or the same or any substantially similar fact, circumstance or situation underlying or alleged therein; 3. brought or maintained by or on behalf of any Insured or Affiliate except: a. a Claim that is a derivative action brought or maintained by or on behalf of the Insured Investment Company by one or more persons who are not Insureds and who bring or maintain the Claim without the assistance, solicitation or participation of any Insured; b. a Claim brought or maintained by an Insured Person for contribution or indemnity, if the Claim directly results from another Claim covered under this Policy; or SPECIMEN 4. based upon, arising from or in consequence of bodily injury, c. a Claim brought or maintained by an Insured where, in the opinion of independent counsel selected by and at the expense of such Insured, (subject to the Company's consent, such consent not to be unreasonably withheld) the failure to make such Claim would result in legal liability of such Insured; emotional distress, mental anguish, sickness, disease or death of any person, or for damage to or destruction of any tangible property including loss of use thereof; 5. based upon, arising from or in consequence of: a. the actual, alleged or threatened discharge, release, escape or disposal of Pollutants into or on real or personal property, water or the atmosphere; or b. any direction or request that the Insured test for, monitor, clean up, remove, contain, treat, detoxify or neutralize Pollutants, or any voluntary decision to do so, including but not limited to any Claim for financial loss to any Insured or security holders or creditors of any Insured, based upon, arising from, or in consequence of the matters described in a. and b. of this exclusion; 6. based upon, arising from or in consequence of the liability of a party, other than an Insured, assumed by an Insured pursuant to contract, except liability which would have attached in the absence of such contract; 7. based upon, arising from or in consequence of an intentional breach of a contract; ICAP-PL Policy Form 17-02-1039 (Ed. 8-92) Page 5 of 10
Page 1 and 2: Chubb Group of Insurance Companies
Page 3 and 4: Investment Company Asset Protection
Page 5: Definitions (continued) 2. any amou
Page 9 and 10: Reporting and Notice (continued) 5.
Page 11 and 12: General Terms and Conditions Action

declarations investment company asset protection liability policy

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