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Undertaking of Municipal Officers
TOWN OF WAPPINGER OFFICIAL UNDERTAKING OF MUNICIPAL OFFICERS WHEREAS, Joseph P. Paoloni, of the Town of Wappinger, County of Dutchess, New York, has been elected to the office of Town Clerk of the Town of Wappinger with term to expire December 31, 2015; and WHEREAS, Jessica Ann Fulton, of the Town of Wappinger, County of Dutchess, New York, has been appointed to the office of Deputy Town Clerk of the Town of Wappinger with term to expire December 31, 2015; and NOW, THEREFORE, we as respective officers above, do hereby undertake with the Town of Wappinger that we will faithfully perform and discharge the duties of our office, and will promptly account for and pay over all moneys or property received as a Town Officer, in accordance with the law; and The Town does and shall maintain insurance coverage, presently with American Alternative Insurance Company, in the sum of $25,000.00 for the Town Clerk, Deputy Town Clerk, Receiver of Taxes, the Town Supervisor, and the Supervisor's Secretary to indemnify against losses through the failure of the officers, clerks and employees covered thereunder faithfully to perform their duties or to account properly for all monies or property received by virtue of their positions or employment, and through fraudulent or dishonest acts committed by the officers, clerks and employees covered thereunder. Dated: Wappingers alls, New York dseph P. Paoloni, own of Wappinger G°~C~C~~~M[~D JAN2~2014 State of New York County of Dutchess J On the day of January, said State . TOWN 0~' VUI~PPINGER 2014 before me, the undersigned, a Notary Public in and for ~~~ NOTARY PUBLIC, STATE OF NEW YORK Official Undertaking January 30, 2014 Pg. 1 °"° G A-M RENZO Notary Public, State of Newyork ~ No.01RE6279649 Qualified in Dutchess County Commission Expires April 15, 20~ e sica Ann Fulton, Deputy Town Clerk own of Wappinger TOWN OF WAPPINGER OFFICIAL UNDERTAKING OF MUNICIPAL OFFICERS WHEREAS, Joseph P. Paoloni, of the Town of Wappinger, County of Dutchess, New York, has been elected to the office of Town Clerk of the Town of Wappinger with term to expire December 31, 2015; and WHEREAS, Jessica Ann Fulton, of the Town of Wappinger, County of Dutchess, New York, has been appointed to the office of Deputy Town Clerk of the Town of Wappinger with term to expire December 31, 2015; and NOW, THEREFORE, we as respective officers above, do hereby undertake with the Town of Wappinger that we will faithfully perform and discharge the duties of our office, and will promptly account for and pay over all moneys or property received as a Town Officer, in accordance with the law; and The Town does and shall maintain insurance coverage, presently with Marshall and Sterling Insurance Company, in the sum of $1,000,000.00, plus an additional $1,000,000.00 for the Town Receiver of Taxes, the Town Supervisor, the Comptroller, the Deputy Receiver of Taxes, and the Supervisor's Secretary to indemnify against losses through the failure of the officers, clerks and employees covered thereunder faithfully to perform their duties or to account properly for all monies or property received by virtue of their positions or employment, and through fraudulent or dishonest acts committed by the officers, clerks and employees covered thereunder. Dated: ~~ Wa fingers Falls, New York ~6seph P. Paoloni, Town Clerk Town of Wappinger r sica Ann Ful on, Deputy Town Clerk own of Wappinger ~~~~~~~ ~ D JAN2~2014 TOwN O{~ ~v,yppjNGER Official Undertaking pg. 1 January 29, 2014 Named Insured: - PalicyNumber: GJ?PA-PF-6854895-02f 000 TOWN OF WAPPINGER Policy Period: Frain 03 - 22 - 2 q 14 To q1-22-2815 GOVERNMENT 'CRIME COVERAGE PART DECLARAT1t3NS SCHEDULE O~ CR1ME COVERAGE Insuring Agreement Limit of Insurance Deductible Amount Employee Theft $ 25,000 Per Lass $ 250 Per Lass 0 Includes Faithful Performance Forgery ar Alteration $ 25,000 ~ per Occurrence $ 250 per Occurrence Inside the Premises -Theft of Money & Securities $ 25,00© per Occurrence $ 250 per Occurrence Inside the Premises -Robbery/safe Burglary $ 5,000 per Occurrence $ 250 per Occurrence Outside the Premises $ 25,00 per Occurrence $ 250 per Occurrence Computer Fraud $ 10,000 per Occurrence $ 250 per Occurrence Funds Transfer Fraud $ 1Q,000 per Occurrence $ 250 per Occurrence Money Orders $ 90,000 per Occurrence $ 250 per Occurrence Estimated Coverage Part Premium: $ 719 . q0 ,;, ~~ GRIME FORMS '' See Schedule of Farms and Endorsements. Employee Benefit Plan{s) included as Insureds: i JAN ^ ~ 2014 TOWN OF WAPPIIVGEP T^ 111 / ~ A P~ A Ir- ~ !,~ GCRt00 {01-09) az-z~-2Q5.4 r;tvGUS..cn ~~re GOVERNMENT CRIME COVERAGE FORM FLOSS SUSTAINED FORM} Various provisions in this policy restrict coverage. Read the entire policy carefully to determine rights, duties and what is or is not covered. Throughout this policy the words you" and 'your" re#er to the Named Insured shown in the Declarations. The words 'Sere," "us"and "our" refer to the Company providing this insurance. Other words and phrases that appear in quotation marks have special meaning. Refer to Section f. Definitions. A Insuring Agreements Coverage is ..provided under the following Insuring Agreements for which a Limit of Insurance is shown in the Declarations and applies to loss that you sustain resulting directly from an "occurrence" taking place during the Policy Period shown in the Declarations, except as provided in Condition 3~,1,j. or E.1.k, which is "discovered" by you during the Policy Period shown in the Declarations or during the period of time provided in the Extended Period To Discover Loss Condition E.1.f:: 1. Employee Theft -Per Lass C average We will pay liar loss of or damage to '}Honey", "securities" and 'other property" resulting directly from 'theft" committed by an "employee", whether ident~ed or not., acting alone or in .collusion with other persons. For the purposes of this Insuring Agreement, 'theft" shall also include "forgery". 2 Employee Theft -Per Employee Coverage We will pay for loss of or damage to "money", "securities" and "other property" resulting directly frorn'theft" committed by each "employee", whether identified or not, acting alone or in collusion vrith other persons. • For the purposes of this Insuring Agreement, 'theft" shall also include "forgery". 3. Forgery Dr Alteration a. We will pay for loss resulting directly from "forgery" or alteration of checks, drafts, promissory notes, or similar written promises, orders or directions to pay a sum certain in "money" that are: (1) Made or drawn by or drawn upon you; or (2) Made or drawn by one acting as your agent; or that are purported to have been so made or drawn. For the purposes of this Insuring Agreement, a substitute check as defined in the Check Clearing for the Z1st Century Act shall be treated the same as the original. it replaced. b. !f you are sued for refusing to pay any instrument covered in Paragraph 3.a., on the basis that it has been forged or altered, and you have our written consent to defend against the SUIt, we will pay for any reasonable legal expenses that you incur and pay in that defense. The amount that we will pay is in addition to the Limit of Insurance applicable to this Insuring Agreement. 4. Inside The Premises -Theft Of Money And Securities a. We will pay for loss of "money" and "securities" inside the "premises" or "banking premises": (1) Resulting directly from "theft" committed by a parson present inside such "premises" or 'banking premises"; or (2} Resulting directly from disappearance ar destruction. GCR1t12 (D1-09) Copyright 2©09 American Alternative Insurance Corporation. Alt Page 1 Of 15 rights reserved. Intrudes copyrighted material of the Insurance CRIME Services C7fiice, Inc. with its permission. PRQDUCER CCW1' b. We will pay for loss fram damage to the "premises" or its exterior resulting directly from an actual or attempted "theft" of `fioney" and "securities" if you are. the owner of the "premises" ar are liable for damage to it. rw We will pay for loss of or damage to a locked safe, vault, cash register, cash box or cash drawer located inside the "premises" resulting directly from an actua# or attempted "Eheft" of or unlawful entry into those conta#ners. 5. Inside The Premises -Robbery Or Safe Burglary Of Otfier Property a We will pay for lass of or damage to "other property": t1} Inside the "premises" resulting directly fram an actual or attempted "robbery" of a "'custodian"; ar (2) inside the "premises" in a safe or vault resulting directly from an actua# or attempted "safe burglary" b. We wil# pay far loss from damage to the "premises" ar its exterior resulting directly from an actual ar attempted '"robbery" ar "safe burglary" of "other property" if you are the owner of the "premises" or are liable for damage to it. c. We wil# pay for #oss of or damage to a lacked safe or vault located inside the "premises" resu#ting directly from an actual or attempted "robbery" or "safe burglary". 6. Outside The Premises a. We will pay for loss of "money" and "securities" outside the "premises" in the care and custody of a "messenger'" or an armored .motor vehicle company resulting directly from "chef#'; disappearance or destruction. b. Vlte will pay for loss of ar damage to "other property" outside the "premises" in the care and custody of a "messenger" or an armored motor vehicle company resulting directly fram an actual ar attempted'Yobbery". 7. CompuEer Fraud We w#II pay far loss of or damage to "money", "securities" and "other property" resulting directly from the use of any computer to fraudulently cause a transfer of that property from inside the "premises" or "banking premises": a. To a person (other than a'Ynessenger'~ outside those "premises"; or b. To a place outside those "premises". 8. Funds Transfer Fraud We will pay far loss of "funds" resulting d#rectly from a "fraudulent instruction" direr#ing a financial institution to transfer, pay or deliver "funds" from your "transfer account". 9. money t3rders Artd Counterfeit Money We will pay for loss resulting direct#y from your having accepted in good faith, in exchange for merchandise, "money" or sere#ces: a. Money orders issued by any post office, express company or bank that are not paid upon presentation; or b. "Counterfeit money" tha# is acquired during the regular course of business. B. Lirr~t Of insurance The most we w#Il pay for all lass resulting directly from an "occurrence" is the applicable Limit of insurance shown in the Declarations.. if any loss is covered under more than one Insuring Agreement or Coverage, the most we wi#I pay for such #oss shall not exceed the largest Limit of Insurance available under any one of those Insuring Agreements ar Coverages. C. Deductible We will not pay for Loss resulting directly from an "occurrence" unless the amount. of loss exceeds the Deductible Amount shown in the Declarations. We will then pay the amount of Loss in excess of the Deductible Amount, up to the Limit of Insurance. GCR1tl2 {f)1-09j CopyrgtM 2009 American Alternative Insurance Corporation. Alf Page 2 of 15 rights reserved. inctudescopyrighted material afthe insurance CRIME Services Office, inc. with its permission. a~oDUC~ roar D. Exclusions 1. This insurance does not cover: a. Acts Committed BY You Lass resulting from 'heft" or any other dishonest act committed by you, whether acting alone or in collusion with other persons.. b. Acts Of Employees Learned Of By You Prior Ta The Policy Period Loss caused by an "employee" if the "employee" had also committed '~hef#" or any other dishonest act prior to the effective date of this insurance and you ar any of your officials, mat in collusion with the "employee", learned of that "kheft" or dishonest act prior to the Policy Period shown in the Declarations, c. Acts Of Officials, Employees Or Repr+esentatnres Lass resulting from "theft" or any other dishonest act committed by any of your officials, "employees" or authorized representatives: {1} Whether acting alone or in collusion with other persons; or (2} While performing services for you or otherwise; except when coveted under Insuring Agreement A1. or A2 d. Canfidentiat tnfomration Loss resulting from: (1} The unauthorized disclosure of your confidential information including, but not limited to, patents, trade secrets, processing methods or customer lists; or {2} The unauthorized use ar disclosure of confidential. informa#ion of another person ar entity which is held by you including, but not limi#ed to, financial information, personal information, credit card informa#ion. or similar non-public information. e. GovemtrenYat Action Loss resulting from seizure or destruction of property by order of governmental authority. f, Indirect Loss Loss that is an indirect result of an 'occurrence"covered by this insurance including, but mat limited ta, lass resulting from: (1) Your inability to realize income that you would have realized had there been na lass of or damage to 'money", "securities" or "other property". {2} Payment of damages of any type for which you are legally liable. But, we will pay compensatory damages arising directly from a loss covered under this insurance. {3} Payment of costs, fees or other expenses you incur in establishing either the existence or the amount of lass under this insurance. g. Legal Fees, Costs And Expenses Fees, costs and expenses incurred by you which are related to any legal action, except when covered under Ensuring Agreement A3. h. Nuclear Hazard Loss or damage resulting from nuclear reaction ar radiation, or radioactive contamination, however caused. i. Pollution Loss or damage caused by or resulting from pallu#ion. Pollution means the discharge, dispersal, seepage, migration, release or escape of any solid, liquid, gaseous or thermal irritant or contaminant, including smoke, vapor, soot, fumes, acids, alkalis, chemicals and waste. Waste includes materials to be recycled, reconditioned or reclaimed. j. War And StrnttarAction Loss or damage resulting from: {1} War, including undeclared or civil war; GCR'f t}2 (0'l-D9} Copyright 2009 Ar~rign Alternative insurance Corporation.. Aq Page 3 of 15 rights reserved. includes copyrighted material otthe Insurance CRIME Services Otrice, Inc. with its perm'ssson. aROOUC~u cover {2) Warlike action by a military force, including action in hindering or defending against an actual ar expected attack, by any government, sovereign or other authority using military personnel or other agents; or (3) Insurrection, rebellion, revolution, usurped power, or action taken by governmental authority in hindering or defending against any of these. 2. Insuring Agreements A1, and A2 do not caves: a. Bonded Employees Loss caused by any "employee" required by law to be individually bonded. b. Inventory Shortages Lass, or that part of any lass, the proof of which as to its existence or amount is dependent upon: {1} An inventory computation; or {2) A profit and foss computation.. However, where you establish wholly apart from such computations that you have sustained a loss, then you may offer your inventory records and actual physical count of inventory in support of the amounf of loss claimed. c. Trading. Loss resulting from trading, whether in your name or in a genuine or fictitious account. d. Treasurers Or Tax Collectors Loss caused by any treasurer or tax collector by whatever name known. 3. Insuring Agreements A4., A5. and A6, do not cover: a. Accounting Or Arithmetical Errors Or Omissions Lass resulting from accounting or arithmetical errors or omissions. b. Exchanges Or Purchases Loss resulting from the giving or surrendering of property in any exchange ar purchase. c. Fire Loss or damage resulting from fire, however caused, except: (1} Loss of or damageta "money" and "securities"; and (2} Loss from damage to a safe or vault. d. Money Operated Devices Loss of property contained in any money operated device unless the amount cf "money" deposited in i# is recorded by a continuous recording instrument in the device. e. Motor Vehit~s Or Equipment And Accessories Loss of or damage to motor vehicles, trailers or semi-trailers or er~uipment and accessories attached to them. f. Transfer Or Surrender Of Property {1) Lass of ar damage to property after it has been transferred or surrendered to a person or place outside the "premises" ar "banking premises": {a) On the basis of unauthorized instructions; {b) As a result of a threat to do bodily harm to any person; (c) As a result of a threat to da damage to any property; {d) As a result of a threat. to introduce a denial of service attack into your computer system; {e) As a result of a threat to introduce a virus or other malicious instruction into your computer system which is designed to damage, destroy ar corrupt data ar computer programs stored within your computer system; GGR102 {{)1-09) Copyright 2009 AmericanAtterna6ve I~urance Corporation. ~I Page 4 of 15 rights reserved. Includes copyrighted mater€al of the insurance GRIME Services 4Pfice, Inc. with its permission. ~200UCE32 COPT' (f} As a result of a threat to contaminate, pollute or render substandard your products ar goods; or (gj As a result of a threat to disseminate, divulge or utilize: (i} Your confidential information; or (iij Weaknesses in the source code within your computer system. {2j But, this Exclusion does not apply under Insuring Agreement A6. to loss of "money", "securities" or "other property" while outside the "premises" in the care and custody of a "messenger" if you: (a} Had no knowledge of any threat at the time the conveyance began; or 4bj Had knowledge of a threat at the time the conveyance began, but the loss was not related to the threat. g. Vandalism Loss from damage to the "premises" or its exterior, or to any safe, vault, cash register, cash box, cash drawer or "other property" by vandalism or malicious mischief. h. Voluntary Partt`rng Of Tine To Or Possession Of Property Loss resulting from your, or anyone acting on your express or implied authority, being induced' by any dishonest act to voluntarily part with title to or possession of any property. 4. Insuring Agreement A7. does not cover: a. Credit Card Transactions Loss resulting from the use ar purported use of credit, debit, charge, access, convenience, identification, stored-vatue or other cards or the information contained on such cards. b. Funds Transfer Fraud Loss resulting from a "fraudulent instruction" directing a financial institution to transfer, pay or deliver 'funds"from your "transfer account", c. Inventory Shortages Loss, or that part of any loss, the proof of which as to its existence or amount is dependent upon: (1} An inventory computation; or (2j A profit and lass computation. 5. Insuring Agreement A8. does not cover: COMPUTER FRAUD! Loss resulting from the use of any computer to fraudulently cause a transfer of "money", "securities" or "other property". E. Conditions The following Conditions apply in addition to the Common Policy Conditions: 7, Conditions Apptieable To All Insuring Agreements a. Additional Premises Or Employees If, while this insurance is in force, you establish any additional "premises" or hire additional "employees", such "premises" and "employees" shall automatically be covered under this insurance. Notice to us of an increase in the number of "premises" ar "employees" need not be given and no additional premium need be paid fior the remainder of the Policy Period shown in the Declarations. b. .Concealment, Misrepresentation Or Fraud This insurance is void in any case of fraud by you as it relates to this insurance at any time. It is also void if .you or any Other Insured, at any time, intentionally conceal or misrepresent a material fact concerning: GCR102 ~Q'i-09} Copyright 2009 American Alternative Insurance Corporation. All Page 5 of 'I5 rights reserved. Mcludes copyrighted material of the Insurance CRIME Services Office, Inc. with its permission. ~oouc~ c~ {1} This insurance; {2} The property covered under fhis insurance, {3) Your interest in the property covered under this insurance; or (4) A claim under this insurance. c. Caaperation You must. cooperate with us in all matters pertaining to this insurance as stated in its terms and conditions. d. Duties !n The Event Of Loss After you "discover" a foss or a situation that may resul# in loss of or darrtage to "money", "securities" or "other property" you must: {1} Notify us as soon as possible. lfi you have reason to believe that any loss {except for Loss covered under Insuring Agreement A1., A2. ar A3.} involves a violation of law, you must also notify the local law enfornt authorities.. {2} Submit to examination under oath at our request and give us a signed statement of your answers. (3} Produce for our examination all pertinent records. {4) Give us a detailed, sworn proof of loss within 120 days. {s~ Cooperate with us in the investigation and settlement of any claim e. Emplc7yee Benefit Plans (1) The employee benefit plans shown in the Declarations (hereafter referred to as Plan) are included as Insureds under Insuring Agreement A1. or A2. {2j Any payment we rnake for loss sustained by any Plan will be made to the Plan sustaining the loss. {3} The Deductible Amount applicable fo Insuring Agreement A1. or A2. does not apply to loss sustained ay any Plan. f. Extended Period To C}~cover Lass We will pay far lass that ynu sus#ained prior to the effective date of cancellation of this insurance, which is "d'ascavered" by you no later than 1 year from the date of that cancellation. However, this extended period to "discover" loss terminates immediately upon the effective date of any other insurance obtained by you, whether from us ar another insurer, replacing in whole or in part the coverage afforded under this insurance, whether or not such other insurance provides coverage €or loss sustained prior to 'its affective date. g. Joint Insured {1) If mare than one Insured is named in the Declarations, the first Named Insured will act for itself and far every other Insured for all purposes of this insurance. If the fast Narr~d Insured ceases to be covered, then the next Named Insured will became the first Named Insured. {2} If any Insured or official of that Insured has knowledge of any information relevant to this insurance, that knowledge is considered knowledge of every Insured.. {3) An "employee" of any Insured is considered to be an "employee" of every Insured. (4) if this insurance ar any of its coverages is cancelled as to any Insured, loss sustained by tha# Insured is covered only if it is "discovered" by you no later than 1 year from the date of #hat cancellation. GCR102 (01-09} Copyright 2009 American Alternative Durance Corporation. AJi Page 6 of 15 rights reserved. Encludes copyrighted material of the insurance CRIME Services C7Hice, Inc. with its permission. PRODUCER COPY However, this extended period to "discover" loss terminates immediately upon the effective date of any other insurance obtained by that Insured, whether from us ar another insurer, replacing in whole or in part the coverage afforded under this insurance, whether or not such other insurance provides coverage far loss sustained prior to its effective date. {6} We will not pay more for loss sustained by mare than one Insured than the amount we would pay if all such loss had been sustained by one Insured. {6) Payment by us to the first Tamed Insured for loss sustained by any Insured, other than an employee benefit plan, shall fully release us an account of such Noss. h. Legal Action Against Us You may not bring any legal action against us involving loss: {1} Unless you have compl'sed with all the terms of this insurance; {2} Until g0 days after you have filed proof of loss with us; and (3} Unless brought within 2 years from the date you "discovered" the loss. If any limitation in this Condition 9s prohibited by law., such limitation is amended so as to equal the minimum period of limitation provided by such law. i. Liberalization If we adopt any revision that would broaden the coverage under this insurance without additional premium within 45 days prior to or during the Policy Period shown in the Declarations, the broadened coverage will immediately apply to this insurance, j. Loss Sustained During Priorinsurance issued EY Us Or Any Affiliate {1} Loss Sustained Partly During 7h~ Insurance And Partly During Prior Insurance If you "discover'" loss during the Policy Period shown in the Declarations, resulting directly from an "occurrence" taking place: (a} Partly during the Policy Period shown in the Declarations; and (b} Partly during the Policy Period{s) of any prior cancelled insurance that we ar any affiliate issued to you or any predecessor in interest; and this insurance became effective at the time of cancellation of the prior insurance, we will first settle the mount of loss that you sustained during this Policy Period. We will then settle the remaining amount of loss that you sustained during the Policy Period{s} of the prior insurance.. (2} Loss Sustained Entirety During Prior Insurance If you "discover"' loss during the Policy Period shown in the Declarations, resulting directly from an "occurrence" taking place entirely during the Policy Period{s} of any prior cancelled insurance that we ar any affiliate issued to you ar any predecessor in interest, we will pay for the loss, provided:. {a} This. insurance became effective at the Time of cancellation of the prior insurance; and {b) The loss would have been covered under this insurance had it been in effect at the time of the "occurrence". We will first settle the amount of loss that you sustained during the most recent prior insurance.. We will then settle any remaining amount of loss that you sustained during the Policy Period{s} of any other prior insurance. (3} In settling loss subject to this Condition: {a} The most we will pay for the entire loss is the highest single Limit of Insurance applicable during the period of loss, whether such limit was written under this insurance or was written under the prier insurance issued by us. GCR902 {01-09} Copyright 2OD9 American Alternative Insurance Corporation. Ali rightsreseroed. lncludescopyrighted material of the insurance CRIME Services Office, Inc, with 'risepermission. Page7of15 PRODUCER COPY (b) We will apply the applicable Deductible Amount shown in the Declarations #a the amount of Loss sustained under this insurance. If no foss was sustained under this insurance, we will apply the Deductible Amount shown in the Declarations to the amount of lass sustained under the most recent prior insurance. If the Deductible Amount is Larger than the amount of loss sustained under this insurance, or the most recent prior insurance, we will apply the remaining Deductible Amount to the remaining amount of lass sustained during the prior .insurance. We will not apply any other Deductible Amount that may have been applicable to the loss. {4) The following examples demonstrate how we will settle lasses subject to this Condition E.1.j.. EXAMPLI= NO. 1; The insured sustained a covered loss of $10,000 resulting directly Pram an "occurrence" taking place during the terms of Policy A and Policy B. POLICY A The current policy. Written at a Limit of insurance of $50,000 and a Deductible .Amount of $5,000. POLICY B Issued prior to Policy A. Written at a Limit of Insurance of $5(1,000 and a Deductible .Amount of $5,000, The amount of loss sustained under Policy Ais $2,500 and under Policy 8 is $7,500. The highest single Limit of Insurance applicable to this entire loss is $50,000 written under Policy A The Policy A Deductible Amount of $5,000 applies. The Jass is settled as follows: 1. The amount of lass sustained under Policy A ($2,50(.1) is settled first. The amoun# we will pay is nil {$0.00) because the amount of loss is less than the Deductible Amount {i.e., $2,500 loss - $5,000 deductible = $0.00). 2. The remaining amount of Loss sustained under Policy B ($7,500) is settled next. The amount .recoverable is $5,000 after the remaining Deductible Amount from Policy A of $2,500 is applied to the loss (i.e., $7,500 loss - $2,5~ deductible $5,000). The most we will pay far this loss is $5,000. 15XAMPLI~ NO.2: The insured sustained a covered loss of $250,000 resulting directly from an "occurrence" taking place during fhe terms of Policy A and Policy B. POLICY A The current policy. Written at a Limit of Insurance of $125,000 and a Deductible Amount of $10,000, POLICY B Issued prior to Policy A. Written at a Limit of insurance of $'150,000 acrd a Deductible Amount of $25,000. The amount of loss sustained under Policy A is $175,000 and under Policy B is The highest single Limit of Insurance applicable to this entire lass is $150,000 written under Policy & The Policy A Deductible Amount of $10,000 applies. The loss is settled as follows; 1. The amount of loss sustained under Policy A ($175,010) is settled first. The amount we will pay is the Policy A Limit of $125,000 because $175,000 loss - $10,000 deductible = $165,000 which is greater than the $125,000 policy limit. GCR102 (01-09) Copyright 2049 American A3ternative Insurance Corporation. AIE Page $ of 15 rights reserved. Includes copyrighted material of the insurance CWME Services Office, lna. with its permission. ~raaucez co~r 2. The remaining amount of loss sustained under Paiicy B {$75,000} is settled next. The amount we will pay is $25,000 (i.e., $150,000 Policy B limit - $125,000 paid under PolicyA = $25,000). The most we will pay for this foss is $150,000. EXAMPLE NO. 3: The insured sustained a covered loss of $2,0C~,0(XI resulting directly Pram an "occurrence" taking place during the terms of Policies A, B, C and C1. POLICY A The current policy. Written at a Limit o€ Insurance of $1,000,000 and a Deductible Amount of $100,000. POLICY B Issued prior to PaGcy A Written at a Limit of Insurance of $750,0 and a Deductible Amount of $75,400. POLICY C Issued prior to Policy B, Written at a Limit of Insurance of $500,000 and a Deductible Amount of $50,000. POLICY D Issued prior to Policy C. Written at a Limit of Insurance of $500,00 and & Deductible Amount of $50,000. The amount of loss sustained under Policy A is $350,000, under Policy B is $250,000, under Policy C is $500,000 and under Policy D is $800,000. The highest single Limit of Insurance applicable to this entire loss is $1,000,000 written under Policy A. The Policy A Deductible Amount of $100,000 applies. The foss is settled as follows 1. The amount of loss sustained under Policy A ($350,000} is settled first. The amount we will pay is $250,000 (i.e., $350,000 loss - $1130,000 deductible = $250, ~0}. 2. The amount of loss sustained under Policy B ($250,.000) is settled next. The amount we will pay is $250,OtM3 (no deduc#ible is applied).. 3. The. amount of loss sustained under Policy C ($600,000} is settled next. The amount we will pay is $500,000, the policy limit (no deductible is applied). 4. We will not make any further payment. under Policy Q as the maximum amount payable under the highest single Limit of Insurance applying to the loss of $1,000,000 under Policy Alias been satisfied. The most we will pay for this lass is $1,000,000. k. Loss Sustained During Prior insurance Net Issued By Us Or Any Affiliate (1j If you "discover" loss during the Policy Period shown in the .Declarations, resulting directly from an "occurrence" taking place during the policy period of any prior cancelled insurance that was issued to you or a predecessor in interest by another company, and the period of time to discover loss under tha# insurance had expired, we will pay for the Toss under this insurance, provided: (a} This insurance became effective at the time of cancellation of the prior insurance; and (b) The loss would have been covered under this insurance had it been in effect at the time of the "occurrence". (2) In settling [ass subject to this Condition: (a) The most we will pay for the entire loss is the lesser of the Limits of Insurance applicable during the period of loss, whether such Limit was written under this insurance or was written under the prior cancelled insurance. GCR102 (01-09) Copyright 2009 American Alternative Insurance Corporation. All Page 9 of 15 rights reserved. Includes copyrighted material of the Insurance GRIME Services Office, Inc. with its permission. ~c~uc~ cony {b} We will apply the applicable Deductible Amount shown in the Declarations to the amount of lass sustained under the cancelled insurance. (3} The insurance provided under this Condition is subject to the following: (a) if loss covered under this Condition is also partially covered under Condition E.1.j., the amount recoverable under this Condition is part of, not in addition to, the amount recoverable under Condition E.i.j. (b} For loss covered under this Condition that is not subject to Paragraph (3}(a), the amount recoverable under this Condition, is part af, not in addition to, the Limit of Insurance applicable to the loss covered under this insurance and is limited to the lesser of the amount recoverable under:. (i) This insurance as of its effective date; or (ii} The prior cancelled insurance had it remained in effect. 1. Other insurance If other valid and collectible insurance is available to you for loss covered under this insurance, our obligations are limited as follows: (1) Prirnarylnsurance When this insurance is written as primary insurance, and: (a) You have other insurance subject to the same terms and conditions as this insurance, we will pay our share of the covered loss. Our share is the proportion that the applicable Limit of Insurance shown in the Declarations bears #o the total limit of all insurance covering the same loss. (b) You have ether insurance covering the same lass other than that described in Paragraph (7}(a}, we will only pay for the amount of Ivss that exceeds: {~ The Limit of Insurance and Deductible Amount of that other insurance, whether you can collect an it or net; or (ii} The Deductible Amount shown in the Declarations; whichever is greater. Our payment for Ivss is subject to the terms and conditions of this insurance. {2} Excess Insurance , (a} When this insurance is written excess over other insurance, we will only pay for the amount of loss that excels the Limit of insurance and Deductible Amount of that other insurance, whether you can collect vn it or not. Our payment for loss is subject to the terms and conditions of this insurance. (b} However, if Toss covered under this insurance is subject to a Deductible, we will reduce the Deductible Amount shown in the Declarations by the sum total of aJl such other insurance plus any Deduc#ible Amount applicable to that other insurance. m, Ownership Of Property; interests Covered The property covered under this insurance is limited to property: (1) That you own or lease; or (2) That you hold for others whether or not you are legally liable far the loss of such property. However, this insurance is for your benefit only. It provides no rights or benefits to any other person or organization. Any claim for loss that is covered under this insurance must be presented by you. rr. Records You must keep records of all property covered .under this insurance so we can verify the amount of any Coss. GCR1t)2 (01-09) Copyright 2009 American Alternative Insurance Corporation. AEI PagQ 10 of 15 rights reserved. Includes copyrighted material o#the Insurance Gi~IME Services Office, Inc. with its permission. ~aouc~ cope o. Recarreries {1) Any recoveries, whether effected before or after any payment under this insurance, whether made by us or you, steal! be applied net of the expense of such recovery:. {a) First, to you in satisfaction of your covered loss in excess of the amount paid under this insurance; {b) Second, to us in satisfaction of amounts paid in settlement of your claim; {c} Third, to you in satisfaction of any Deductible Amount; and {d} Fourth, to you in satisfaction of any loss not covered under this insurance, {2) Recoveries do not include any recovery: {a) From insurance, suretyship, reinsurance, security or indemnity taken for our benefit; or {b} Of original "securit~s" after duplicates of them have been issued. p. Territory This insurance covers loss that you sustain resulting directly from an "occurrence" taking place within the United States of America {including its territories and possessions) and Puerto Rico. q. Transfer Of Your Rights Ofi Recovery Against Oti~ers To Us You must transfer to us all your rights of recovery against any person or organization for any loss you sustained and far which we have paid or settled. You must also da everything necessary to secure those rights and do nothing after lass to impair them. r. Valuation -Settlement {1} The value of any loss for purposes of coverage under this policy shall be determined as follows: {a) Lass of "money" but only up to and including its face value. {b} Loss of "securities" but only up to and including their value at the close of business on the day the loss was "discovered". We may, at our option: {i} Pay the market value of such "securities" or replace them in kind, in which event you must assign to us all your rights, title and interest in and to those "securities", or {it} Pay the cost of any Lost Securities Bond required in connection with issuing duplicates of the "securities". However, we will be liable only for the payment of so much of the cost of the bond as would be charged for a band having a penalty not exceeding the lesser of the: i. Market value of the "s~urities" at the close of business an the day the loss was "discovered'; or ii. The Limit of Insurance applicable to the."securities". (c) Loss of ar damage to "other property" or loss from damage to the "premises" or its exterior for the replacement cost of the property without deduction for depreciation. However, we will not pay more than the least of the following: {i) The cos# to replace the lost or damaged property with property of comparable material and quality and used for the same purpose; {ii? The amount you actually spend that is necessary to repair or replace the lost or dammed property; or (iii) The Limit of Insurance applicable to the lost or damaged property. With regard to Paragraphs r.{1){c}{~ through r.{1}{c){iii}, we will not pay on a replacement cost basis for any loss ar damage: "t. until the lost or damaged property is actually repaired or replaced; and ii. Unless the repairs or replacement are made as soon as reasonably passible after the loss or damage. GCR102 {01-09} Copyright 2QQ9 American Alterrrative Insurance Corporation. Ali Page 11 of 15 rights reserved. Includes capyrigMed material of the Insurance CRIME Services Qffice, Inc. with Sts permission. FFt©DUCEFt CQPf If the lost ar damaged property is not repaired or replaced, we will pay on an actual cash value basis. (2} Any property that we pay for or replace becomes our property. 2. Conditions Applicable To Insuring Agreements A.1. And A2 a. indemnification We will indemnify any of your officials who are required by law to give individual bonds for the faithful performance of their duties against loss through "theft" committed by "employees"who serve under them, subject to the applicable Limit of Insurance. b. Termination As To Any Em~oyee This Insuring Agreement terminates as to any "employee'". (1} As scan as: Via} You; or (b} Any of your officials or employees authorized to manage, govern or control your "employees" not in collusion with the "employee"; learn of "theft" or any other dishories# act committed by the "employee" whether before ar after becoming employed by you. {2} On the date specified in a notice mailed to the firs€ Named Insured. That date will be at least 34 days after the date of mailing. We will mail or deliver our notice to the first Named Insured's last mailing address known to us. If notice is mailed, proof ofi mailing wilt be sufficient proof of notice. c. Terrttory We will pay for loss caused by any "employee" while temporarily outside the territory specified in the Territory Condition E.1.p. for a period of not more than 90 consecutive days. 3. Conditions Applicable To Insuring Agreement A3. a. Deductible Amount The Deductible Amount does not apply to legal expenses paid under Insuring Agreement A.3. b. Electronic And Mechanigl Signatures We will treat signatures that are produced or reproduced electronically, mechanically ar by other means the same as handwritten signatures. c. Proof Of Lass You must include with your proof of loss any instrument involved in that foss, or, if that is not passible, an affidavit setting forth the amount and cause of lass, d. Territory We wilE cover loss that you sustain resulting directly from an "occurrence" taking place anywhere in the world. Territory Condition E,1.p. does not apply to insuring Agreement A3. 4. Conditions Applicable To Insuring Agreements A5. And A6. a. Armored Motor Vehicle Companies Under Insuring Agreement A6., we will only pay for the amount of lass you cannot recover: (1} Under your contract with the armored motor vehicle company; and (2} f=rom any insurance or indemnity carried by, or for the benefit of customers of, the armored mo#or vehicle company. GCR102 (01-U9} Copyright 2oD9 American Alternative insurance Corporation. All Page 12 of 15 rights reserved. Includes copyrighted material o#the Ensuranee CLIME Services Qffice, inc. with its permission. ppcz~ucsa copy b.5pecial Limit Of Insurance For Specifirted Prapt:rty We will only pay up to $5,000 for any one "occurrence" of loss of or damage to manuscripts,. drawings, or records of any kind, ar the cost of reconstructing them or reproducing any information contained in them. 5. Conditions Applicable To Insuring Agreement AT. a Special t_itret t}f Insurance For Specif~d Property We will only pay up to $5,000 for any one "occurrence" of loss of or damage to manuscripts, drawings, or records of any kind, ar the .cost of reconstructing them or reproducing any rr'nformation contained in them. b. Territory We will cover loss that you sustain resulting directly from an "occurrence" taking place anywhere in the world. Territory Condition E.1.p. does not apply to Insuring Agreement A.i. F. Definitions 1. "Banking premises" means the interior, of that portion of any building occupied by a banking institution or similar safe depository. 2. "Counterfeit money" means an imitation of "money" that is intended to deceive and to be taken as genuine. 3. "Custodian" means you, or any "employee" while having care and custody of property inside the "premises", excluding any person while Ming as a'tinratchpersan" ar janitor. 4. 'Discover" or "discovered" means the time when you first became aware of facts which would cause a reasonable person to assume that a loss of a type cover~i by this insurance has been or will be incurred, regardless of when the act or acts caus'sng or contributing #a such loss occurred, even though the exact amount or details of loss may not then be known. 'Discover" or "discovered" also means the time when you first receive notice of an actual ar potential claim in which it is alleged that you are liable to a third party under circumstances which, if true, would constitute a loss under this insurance. 5. "Employee": a. "Employee" means:. (1} Any natural person: {a} While in your service and fiar the first 30 days immediately after termination of service, unless such termination is due to "theft" or any other dishonest act committed by the "employee"; {b} Who you compensate directly by salary, wages or commissions; and {c} Who you have the right to direct and control while performing services for you; (2} Any natural person who is famished temporarily to you: {a} Ta substitute for a permanent "employee" as defined in Paragraph a.(1}, who is on leave; or {b} To meet seasonal or short term workload conditions; while that person is subject to your direction and control and performing services for you, excluding, however, any such person while having care and custody of property outside the "premises"; {3} Any natural person who is leased to you under a written agreement between you and a labor leasing firm, to perform duties related to the conduct of your business, but does not mean a temporary "employee" as defined in Paragraph a.{2} {4} Any natural person who is: GCR1Q2 {01-09) Copyright 2009 Arr~rioan Alternative Insurance Corpora#ion. Ati Page 13 of 15 rights reserved. Includes copyrighted material of the Ensurance CRIME Services Office, Inc. with. its permission. s~rzcmucER c~v {a) A trustee, officer, "'employee", administrator or manager, except an administrator or manager who is an independent contractor, of any employee benefrt plan{s}; and {b} An official of yours while that person is engaged in handling "funds" or "other property" of any employee benefit plan; {5} Any natural person who is a former official, "employee" or trustee retained as a consultant while performing services for you; or {6} Any natural person who is a guest student or intern pursuing studies or duties, excluding, however, any such person while having care and custody of property outside the "premises". {7} Any non-compensated natural person: {aj Other than one who is a fund solicitor, while performing services for you that are usual to the duties of an "employee"; or {b} While acting as a fund solicitor during fund raising campaigns.. b. "Employee" does not mean any agent, independent contractor or representative of the same general character not specified in Paragraph 5.a. ' 6. "Forgery" means the signing of the name of another person or organization with intent to deceive; it does not mean a signature which consists in whole or in part of one's own name signed with or without authority, in any capacity, for any purpose. 7. "Fraudulent instruction" means:. a. An electronic, telegraphic, cable, teletype, telefacsirnile or telephone instruction which purports to have been transmitted by you, .but which was in fact fraudulently transmitted by someone else without your knowledge or consent; b. A written instruction {other than those described in Insuring Agreement A3.} issued by you, which was forged or altered by .someone other than you without your knowledge or consent, or which purports. to have been issued by you, but was in fact fraudulently issued without your knowledge or consent; or c. An electronic, telegraphic, cable, teletype, #elefacsimile, telephone or written instruction initially received by you which purports to have been transmitted by an employee" but which was in fact fraudulently transmitted by someone else without your or the "employee's" knowledge or consent. 8. "Funds" means "money" and "securities". 9. "Messenger" means you or any "employee"while having care and custody of property outside the "premises". 1d. "Money" rr>eans: a. Currency, coins and bank notes in current use and having a face value; and b. Travelers checks, register checks and money orders held far sale to the public. 11. "Occurrence" means: a. Under Insuring Agreement A1.: {1}An individua! act; {2}The combined total of all separate acts whether or not related; or {3}A series of acts whether or not related;. committed by an "employee" acting alone or in collusion with other persons, during the Policy Period shown in the Declarations, except as provided under Condition E.1.j. or E.1.k b. Under Insuring Agreement A2.: {1} An individua! act; {2} The combined total of all separate acts whether or not related; ar {3} A series of acts whether or not related; GCR102 {01-U9} Copyright2oogAmericanAlternative Insurance Corporation. All Page 14 of 15 rights reserved. Includes copyrighted material of the Insurance CRIME Services Offrce, Inc. with its permission. ~,ooucE~ caa+~ committed by each "employee" acting alone or in collusion with other persons, during the Policy Period shown in the Declarations, except as provided under Condition E.1.j, ar E.1.k. c. Under Insuring Agreement A3,: (1) An individual act; !2) The combined total of all separate acts whether or not related;. or (3} A series of acts whether or not rela#ed; committed by a person acting alone or in collusion with other persons, involving one or more instruments,. during the Policy Period shown in the Declarations, except as provided under Condition E.1.j. or E.1.k. d. Under All Other Insuring Agreements: (1) An individual act or event; {2) The combined total of all separate acts or events whether or not related; or (3j A series of acts or events whether or not related; committed by a person acting alone ar in collusion with other persons, or not committed by any person, during the Policy Period shown in the Declarations, except as provided under Condition E.1.j. or E.1,k , 12. "Other property" means any tangible property other than "money" and "securities" that has intrinsic value. "Other property" does not include computer programs, electronic data ar any property specifically excluded under this insurance. 13. "Premises" means the interior of that portion of any building you occupy in conducting your business. 14, 'Robbery" means the unlawful taking of property from the care and custody of a person by one who has: a. Caused or threatened to cause that person bodily harm; or b. Committed an obviously unlawful ac# witnessed by that person. 15. "Safe burglary" means the unlawful taking of: a. Property from within a locked safe or vault by a person unlawfuAy entering the safe or vault as evidenced by marks of forcible entry upon its exterior; or b. A safe or vault from inside the "premises". 16. "Securities" means negotiable and nonnegotiable instruments or contracts representing either 'fioney" or property and includes: a. Tokens, tickets, revenue and other stamps {whether represented by actual stamps ar unused value in a meter) in current use; and b. Evidences of debt issued in connection with credit or charge cards, which cards are not issued by you; but does not include "money". 17. 'Theft" means the unlawful taking of property to the deprivation of the Insured. 18, 'Transfer account" means an account maintained by you at a financial institution from which you can initiate the transfer, payment or delivery of "funds'": a. By means of electronic, telegraphic, cable, teletype, telefacsimile ar telephone instructions communicated directly through an electronic funds transfer system; or b. By means of written instruc#ions {other than those described in Insuring Agreement A3.) establishing the conditions under which such transfers are to be initiated by such financial institut"sons through an electronic funds transfer system. 19. 'Watchperson" means any person you retain specifically to have care and custody of property inside the "premises" and who has no other duties. GCR1t}2 {01-09} Copyright 2009 American Alternative ]r~surance Corporation. All Page 15 of 15 rigt~is reserved. Includes copyrighted material of the Insurance C W ME Services C~£fice, Inc. u+ith its permission. PRaDUCER COPT TH15 ENDORSEMENT CHANGES THE POLIGY. PLEASE MEAD tT CAREFUI..LY.. ADD SCHEDULE EXCESS LIMIT OF INSURANCE FOR SPECIFIED EMPLOYEES OR POSITIONS This endorsement modifies insurance provided under the fallowing: COMMERCIAL CRIME COVERAGE PART GOVERNMENT CRIME COVERAGE PART` SCHEDULE Name Schedule Coves Names Of Govered "E to s" Excess Limit Of Insurance Each "Em t " Position Schedule Govera Titles Of Covered Positions Location Of Covered Positions No. Of "Employees" Each Position Excess Linut Of tnsurance Each "Err~sloyee° TAX COLLECTOR. WAPP3NGERS FALLS, NY 1 225,000 of nn antrv aonear~ ahc~ve. the information required to complete this endorsement wlii be shown i n the Declarations as applicable~to this endorsement.] 1. The Excess Limit of Insurance Shawn in the Schedule applies to each °emplayee" Who is Warned or who holds a position shown in the Schedule opposite that limit. 2 The Excess Limit of Insurance applies only to that part of any covered loss that exceeds the Limit of Insurance shown in the Declarations for the Employee Theft Insuring Agreement plus any applicable Deductible Amount. 3. The Excess Limit of insurance applies only to loss caused by an identified "employee". 4. If the Excess Limit of insurance is scheduled on a position basis, the most we will pay for an "employee" holding more than one position is the largest Excess Limit of Insurance in effect and applicable to any one of those positions at the time of Toss. GCF23t}3 ({}1-09} Copyright 2009 American Alternative Insurance Corporation. Page 1 of 1 Ali rights reserved. inctudes ccpyrigtrted material of the GRIME Insurance Services ~{f'ice, inc. with its permission. r~oouc~ cc~ar THIS ENDORSEMI=NT GRANGES THE PQLICY. PLEASE RI±Ap iT CAf2EFUtLY, INCLUDE TREASURERS OR TAX COLLECTORS AS EMPLOYEES This endorsement. modifies insurance provided under the following: GOVERNMENT CRIME COVERAGE FORM SCHEDULE _.. _ Treasurers Or Tax Collectors _ YOUR TREASURERS AND/OR TAX COLLECTORS (If no entry appears above, the information required to complete tYris endorsement will be shown in the Declarations as applicable to this endorsement.] 1, The defnltion of "employee" is amended to include your treasurers or tax collectors shown in the Schedule. 2. Exclusion Q.2.d. Treasurers Or Tax Collectors is deleted, GCR305 X01-49) Copyright 2008 American Alternative insurance Corporation. fill Page 1 of 1 rights reserved. Includes copyrighted material ofthe Insurance CRIME Services Office, Inc.. witfi its permission. r~oauc~ coax THiS ENDORSEMENT CHANGES THE POLICY. PLEASE REAC3 IT CAREFULLY. NSW YORK CHANGE This endorsement modifies insurance provided under the following: COMMERCIAL CRIME COVERAGE PART` GOVERNMENT CRIME COVERAGE PART The fallowing is added to the Section E. Conditions: ESTIMATION OF CLAIMS Upon request, we will furnish you, or your representative, with a written estimate of damages to real property, specifying alI deductions, provided such an estimate has been prepared by us or has been prepared on our behalf far pur own purposes. This estimate will be provided within thirty days after your request or its preparation, whichever is later. GCRNY1 {U1-ti9) Copyright 20Q9 American AlterrraBvs Insurance Corporation. Alt P2igB 1 a# 1 righfs reserved. Includes copyrighted material of the Insurance CRIME Services Office, Inc. with its psrmission. aRCx~ucez ct~' TH[S ENDC)RSEMENT GRANGES THE POLICY. P!_EASE READ iT CAREFULLY. ADD FAITHFUL PERF~RMAt~CE t)F DUTY C~VE~AGE FC3R ~OVERNMEN7 EMPLC3YEES This endorsement modifies insurance provided under the following: GOVERNMENT CRIME COVERAGE PART and applies to the Employee Theft Insuring Agreement. A Provisions 1. The following is added fio the Employee Theft Insuring Agreement designated above: We will pay far loss or damage to '}Honey", "securities" and "other property" resulting directly from the failure of any "'employee" to faithfully perform his or her duties as prescribed by law, when such failure has as its direct and immediate result a loss of your covered property. 2. As respects the coverage. provided by this endorsement, the following exclusions are added to Section D.2 Exclusions: e. Loss resulting from the failure of any entity acting as a depository for your property or property forwhich you are responsible. f. Damages for which you .are legally liable as a result of: {9) The deprivation or violation of the civil rights of any person by an "employee"; or (~ The tortious conduct of an "employee", except the conversion of property of other parties held by you En any capacity. 3. As respects the coverage provided by this endorsement, Paragraph 2.b.{1) of the Termination As To Any Employee Condition is replaced by the following: (1) As soon as: {a) You; or {b) Any official or employee authorized to manage, govern or control your "employees" learn of any act committed by the "employee" whether before or after becoming employed by you which would constitute a loss covered under the terms of the Employee Theft Ensuring Agreemen#, as amended by this endorsement. 4. As respects the coverage pravtded by this endorsement, Gondi6on 2.a., lndemnfication, is replaced by the following: We will indemnify any of your officials who are required by law to give bonds far the faithful performance of their duties against loss through the failure of any "employee" under the supervision of that official to faithfully perform his or her duties as prescribed by law, when such failure has as Ets direct and immediate resul# a loss of your covered property, GCR4fliU (01-09) Copyright 2009 American Alternative Ir~urance Corporatkan_ AI[ Page 1 of 1 rights reserved. Includes copyrighted material oithe knsurance GRIME Services office, IRO. With Its permission. PRC~llCE~r CQPY