Financial Institutions Combined
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Financial Institutions
CombinedFinancial Institutions Combined Mid Term Adjustment Schedule
This schedule must be read in conjunction with the Policy Wording.
Policy Number SPL/SLFG/000008241
Type of Document Renewal Policy
Insured Amada Investment Management (Pty) Ltd
Insured Vat Number N/A
Company Registration
2014/166148/07
Number
Insured Business Description Investment management in money market segregated portfolios
Argentum Building Suite 2-1,
66 Glenwood Road,
Insured Postal Address Lynnwood Glen Menlo Park,
South Africa,
0081
Intermediary AON Risk Services - Parklands PO Box 1874,
Broker Code: AONPARK01B South Africa,
FSP Number: 20555 2121
VAT Number: 4320101498
Insurer The Hollard Insurance Company Limited 22 Oxford Road,
(Reg No 1952/003004/06) Parktown,
A Licensed Financial Service Provider Johannesburg,
(FAIS license No 17698) Gauteng,
2000
Tel: (011) 351-5000
Email: liabs@itoo.co.za
Period of Insurance From: 01 September 2018 To : 31 August 2019 (both dates inclusive)
Anniversary/Renewal Date 01 September 2019
Type of Contract Annual
Effective Date 01 September 2018
Payment Frequency Once Off
Once Off Premium R 46 000 (VAT Inclusive)
Annual Premium R 46 000 (VAT Inclusive)
In terms of ruling issued by SARS, this document together with proof of payment of premium constitutes
an alternative to a tax invoice, debit note or credit note as contemplated in sections 20(7) and 21(5) of the
VAT Act respectively. Insured amounts are exclusive of VAT at 15%. VAT Registration number: 4450117405.
Deductibles have no VAT consequence and are not subject to VAT when recovered by an insurer from an
insured.
7230
Email: liabs@itoo.co.za
Policy number: SPL/SLFG/000008241 Page 2Banking Details
THIC-ITOO Special Risks - Premium Account
Nedbank
Reference Number:
Type: Current Account No: 1133 731619 Branch Code: 198765 Swift Code: NEDZAJJ
All Premiums and Fees are VAT Inclusive; the total payment due for this transaction includes Broker
Commission of 15%
Financial Institutions Combined Policy Schedule
Risk Details
Shared Limit of Indemnity R 5 000 000
Basis of Limit Aggregate
Bankers Blanket Bond Retroactive Date
Computer Crime Retroactive Date 10 March 2015
Financial Institutions Professional
Indemnity Retroactive Date
Policy Details
Section Name Deductible Basis of Deductible
Section A: Bankers Blanket Bond R 500 000 Each and Every Claim
Section B: Computer Crime R 500 000 Each and Every Claim
Section C: Financial Institutions
R 500 000 Each and Every Claim
Professional Indemnity
● Bankers Blanket Bond Wording
Policy Wording ● Third Party Electronic and Computer Crime Wording
● Financial Institutions Professional Indemnity
1. Premiums are VAT Inclusive
2. Limits are VAT Exclusive
Standard Policy Conditions 3. Currency of premiums and limits are in ZAR
4. Deductibles have no VAT consequence
5. Intermediary Commission: 15% included in quoted premium
7230
Email: liabs@itoo.co.za
Policy number: SPL/SLFG/000008241 Page 3Bankers Blanket Bond
● Aggregate Limit Endorsement
● War and Terrorism Exclusion
● Tie-in-Limits Endorsement
● Claims Preparation Costs included in the Indemnity Limit -
deductible R 50 000
● Auditors' Fees included in the Indemnity Limit -
deductible R 50 000
● Cost of Reinstating Data included in the Indemnity Limit -
deductible R 50 000
● Retroactive Date: Retroactive Date per Inception, please
provide proof, failing which retro = inception
● Worldwide, excluding USA / Canada
Financial Institutions Professional Indemnity
● Money Laundering Exclusion
● War and Terrorism Exclusion
● Tie-in-Limits Endorsement
Terms and Conditions
● Mechanical Breakdown Exclusion (Technology Failure
Exclusion)
● Worldwide excluding USA / Canada
● Retroactive Date: Retroactive Date per Inception, please
provide proof, failing which retro = inception
● FIPI 87 Extensions
Third Party, Electronic and Computer Crime
● War and Terrorism Exclusion
● Tie-in-Limits Endorsement
● Claims Preparation Costs included in the Indemnity Limit,
deductible R 50 000
● Auditors' Fees included in the Indemnity Limit -
deductible R 50 000
● Cost of Reinstating Data included in the Indemnity Limit -
deductible R 50 000
● Retroactive Date: Retroactive Date per Inception, please
provide proof, failing which retro = inception
● Worldwide excluding USA / Canada
7230
Email: liabs@itoo.co.za
Policy number: SPL/SLFG/000008241 Page 4Endorsements / Extensions / Exclusions
Business Identity Theft Endorsement
In consideration of the premium and notwithstanding anything to the contrary contained in the policy, it is
hereby agreed and noted that in the event that an identity theft incident occurs iTOO will indemnify the
insured up to a maximum limit of R 500 000.00 towards costs to rectify the incident, utilizing iTOO Business
Identity Theft support risk staff contactable on 080 SUPPORT (7877678) from Monday to Friday 08h00 to
16h30.
Identity Theft is defined as: Any incident whereby the Insured Companys identifying data has been utilized to
impersonate the business in order to further an identity thiefs intents.
Process
If an identity theft incident takes place, you must call the iTOO SUPPORT LINE ON 080 SUPPORT in order
for a consultant to be appointed. Once a consultant is appointed, a case will need to be opened at the local
police station with the assistance of the support risk staff. You will then be required to provide all necessary
documentation and assistance within 30 days of contacting the Support Helpline. Identity Theft restitution
cover is only available if you lodge your claim through the above process.
Exclusions
a) Expenses not approved by iTOO.
b) iTOO will not make payments directly to customers or service providers.
c) Expenses related to High Court and/or High Court of Appeal action.
d) Losses caused by the theft of pin codes, log in details, phishing scams and account numbers.
e) Losses that a customer suffers as a result of ATM or credit card fraud.
f) Consequential Losses suffered as a result of the Identity Theft.
g) Individuals; including Directors, Officers and Staff.
Nothing in this endorsement shall be construed to increase the insurers limit of liability set forth in the
declarations page of such other iTOO Policy.
For further information please visit the Identity Theft web site: www.identityguard.co.za
Legal Assist Endorsement
In consideration of the premium charged and paid and notwithstanding anything to the contrary contained in
the policy, it is hereby agreed and noted that as a iTOO Specialist and General Liability policy holder, we will
pay on behalf of the Insured various legal services relating to the Insureds business activities. Such services
are obtainable by contacting the iTOO Legal Assist line on 0861 102 033; 24 hours a day, 7 days a week.
What You Get
Each policy holder has access to the following as per policy period:
a) An unlimited 24/7 facility for telephonic advice and assistance;
The following will also be made available if deemed necessary:
a) A face to face Consultation with a qualified attorney;
b) Up to three letters, matter and complexity dependent; and
c) A follow up consultation.
Exclusions
a) Any claim, circumstance or notification related matter/s that may or may not be covered under this
policy;
b) Any advice on how to bring a claim under this policy;
c) Any matters pertaining to any claims repudiated by the iTOO Special Risks (Pty) Ltd;
d) Matters where the policy holders business does not have an economical or legitimate interest;
e) Any matters related to Family law;
f) Any Criminal Matters;
g) Credit Control or Debt Collection;
h) Issuing and service of a summons and/ or response; and
i) Any disputes between the policy holder and iTOO.
j) Any matter in which iTOO believes the policyholder has been dishonest or unethical.
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Email: liabs@itoo.co.za
Policy number: SPL/SLFG/000008241 Page 5Nothing in this endorsement shall be construed to increase the insurers limit of liability set forth in the
declarations page of such other iTOO Policy.
Sanctions Exclusion
It is hereby noted and agreed that neither Hollard Insurance Company Limited (the insurer), nor any of its
Reinsurers shall be deemed to provide cover and no (Re) Insurer shall be liable to pay any claim or provide any
benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such
benefit would expose Hollard Insurance Company Limited and/or its Reinsurers to any sanction, prohibition or
restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the
European Union, United Kingdom or United States of America.
Asbestos Exclusion
It is hereby understood and agreed that notwithstanding anything herein to the contrary the Insurer shall not
afford any indemnity in respect of any Claim or for any loss, costs or expenses arising out of, resulting from,
in consequence of or in any way involving asbestos or any materials containing asbestos in any form or
quantity.
North American Exclusion
It is hereby understood and agreed that the insurer shall not be liable to make any payment for loss in
connection with any claim made against the insured where legal action or litigation is brought in a court of law
constituted in the United States of America or Canada or arising out of the activities of the company in the
United States of America or Canada.
Nuclear Exclusion
Nuclear Risks
Loss or destruction of, or damage to, property whatsoever or any loss or expense whatsoever resulting or
arising there from or any consequential loss.
Any legal liability of whatsoever nature directly or indirectly caused by or contributed to by or arising from
● ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear
waste from the combustion of nuclear fuel.
● the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear
assembly or nuclear component thereof.
Terrorism and War Exclusion
It is hereby understood and agreed that this policy does not cover any loss in connection with any claim made
against the insured arising out of, in whole or in part, directly or indirectly or resulting from or by:
1.war, any act of war, civil war, invasion, insurrection, revolution, use of military power or usurpation of
government of military power; or
2.the intentional use of military force to intercept, prevent, or mitigate any know or suspected terrorist
act; or
3.any terrorist acts.
It is further agreed that the terms war and terrorist acts are respectively defined as follows:
a)War shall mean war, whether declared or not, or any warlike activities including use of military force
by any sovereign nation to achieve economic, geographic, nationalistic, political, racial, religious
or other ends;
b)Terrorist act(s) shall mean any actual or threatened use of force or violence directed at or causing
damage, injury, harm or disruption, or commission of an act of force or violence dangerous to
human life or property, against any individual, property or government, with the stated or
unstated objective of pursuing economic, ethnic, nationalistic, political, racial or religious
interests, whether such interests are declared or not. Thefts or other criminal acts, primarily
committed for personal gain and acts arising primarily from prior personal relationships between
perpetrator(s) and victim(s) shall not be considered terrorist acts. A terrorist act shall also
include any act which is verified or recognised by the South African Government, or the
Government of the country in which the claim is made against the insured, as an act of terrorism.
7230
Email: liabs@itoo.co.za
Policy number: SPL/SLFG/000008241 Page 6Tie-in of Limits
In consideration of the premium charged, it is hereby understood and agreed that the combined Limit of
Liability of the Insurer for all Claims both under this policys Limit of Liability, as set forth in the policy schedule,
and also under policy numbers Electronic and Computer Crime and Financial Institutions Professional
Indemnity issued to (or any policy which replaces such policy or succeeds it in time) (Other Hollard Policy),
shall be
Accordingly, the Limit of Liability for Loss under this policy shall be reduced by Loss incurred under the Other
Hollard Policy because the Limit of Liability under the Other Hollard Policy is now part of and not in addition
to the Limit of Liability of this policy as set forth in Item 5 of the policy schedule.
Finally, nothing in this endorsement shall be construed to increase the Insurers Limit of Liability set forth in the
Declarations page of such Other Hollard Policy which shall remain the maximum liability of the Insurer for all
claims under such policy, or the Insurers Limit of Liability under this policy as set forth in the schedule of this
policy which shall remain the maximum liability of the Insurer for all Claims under this policy.
FIPI ' 87 Extensions - applies to FIPI
Breach of Trust, Breach of Fiduciary Duty, Breach of Professional Duty and Misrepresentation Extension
Sub-paragraph (iii) of the insuring clause shall be deleted and replaced by the following:
(iii)
-Be for financial loss caused by a negligent act, negligent error or negligent omission on the part of an officer
or employee of the insured; or
-Be for financial loss caused by a breach of trust on the part of an officer or employee of the insured; or
-Be for financial loss caused by a breach of fiduciary duty on the part of an officer or employee of the insured;
or
-Be for financial loss based by a breach of professional duty on the part of an officer or employee of the insured;
or
-Be for financial loss caused by misrepresentation on the part of an officer or employee of the insured; and
Sub-paragraph (vi) of the insuring clause shall be deleted and replaced by the following:
(vi) relate to other than to a negligent act, negligent error or negligent omission or breach of trust or breach
of fiduciary duty or breach of professional duty or misrepresentation which was or may have been or is alleged
to have been committed or omitted (as the case may be) before the retroactive date specified in item 3 of the
policy schedule.
The final paragraph of condition shall be deleted and replaced by the following:
if a series of third party claims shall result from any single negligent act, negligent error or negligent omission
or breach of trust or breach of fiduciary duty or breach of professional duty or misrepresentation (or related
series of negligent acts, negligent errors or negligent omissions or breaches of professional duty or
misrepresentation), then, irrespective of the total number of claims, all such third party claims shall be
considered to be a single third party claim for the purpose of the application of the deductible stated in item
6 of the policy schedule.
Condition 11 (b) shall be deleted and replaced by the following:
(b) merger, purchase or acquisition
In the event that the insured shall merge with or purchase or otherwise acquire all or any of the
undertaking, assets or liabilities of another business this policy shall not afford any coverage of any kind
for any third party claim which involved any act, error or omission, or breach of trust, or breach of
fiduciary duty or breach of professional duty or misrepresentation which arises or occurs directly or
indirectly out of or in relation to all and any of such undertaking assets or liabilities or their acquisition
unless:
As a result of merger or purchase or acquisition by any means of all or any of the undertaking, assets or
liabilities of another business, that business:
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Email: liabs@itoo.co.za
Policy number: SPL/SLFG/000008241 Page 7-Has less than 2.5% of the insureds issued share capital, and
-Less than 100 employees, and
-The claims record is clean in excess of R100,000 each claim for the last 5 years, and
-There is no material deviation from the insureds business as stated in the proposal form, or
-The insured shall have obtained the underwriters agreement in writing to the extension of cover under the
policy in relation to the same and then only upon such terms as may be stipulated by underwriters after
full disclosure of all material facts by the insured.
In consideration of the foregoing the premium, as shown in item 4 of the schedule, has been amended
accordingly.
2. DEFAMATION (INCLUDING INJURIOUS FALSEHOOD) EXTENSION
For the purpose of this Extension only the following amendment applies: The terms negligent act,
negligent error or negligent omission is deemed to include defamation (including injurious falsehood).
3. DISHONESTY EXTENSION
3.1 For the purpose of this Extension only the following amendment applies:
The terms negligent act, negligent error or negligent omission is deemed to include any dishonest or
fraudulent act or omission.
3.2 The following Specific Definition shall apply:
The reference to "a dishonest or fraudulent act or omission" shall mean an act or omission on the part
of any officer or employee of the Insured which was committed with the manifest intent to cause a third
party to whom the Insured may be held legally liable, to sustain a loss."
3.3 Specific Exclusion 2 shall be deleted in its entirety
*We trust you find the above in order. Should you have any additional requests and/or questions, please
contact ITOO *
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Email: liabs@itoo.co.za
Policy number: SPL/SLFG/000008241 Page 8DISCLOSURE NOTICE TO SHORT-TERM INSURANCE POLICYHOLDERS
IMPORTANT PLEASE READ CAREFULLY
(This notice does not form part of the insurance contract or any other document)
PARTICULARS OF UNDERWRITING MANAGER
Business Name ITOO Special Risks (Pty) Ltd
FSP Number 47230
Physical Address 22 Oxford Road, Parktown, Johannesburg, 2193
Postal Address PO Box 87419, Houghton, 2041
Telephone Number +27 (11) 351 5000
Fax Number +27 (11) 351 8015
Email Address info@itoo.co.za
Website www.itoo.co.za
Compliance Officer
Name of Company Associated Compliance
Telephone Number 011 678 2533
ITOO IS AUTHORISED TO PROVIDE FINANCIAL SERVICES IN RESPECT OF SHORT-TERM LIABILITY,
FINANCIAL CRIME, DRONE COVER
License Number 47230
ITOO HAS THE FOLLOWING INSURANCE IN PLACE WHICH PROVIDES PROTECTION TO CLIENTS
ITOO has Fidelity Insurance underwritten by AIG South Africa Limited and Professional Indemnity
Insurance underwritten by The Hollard Insurance Company Limited. No IGF is in place as ITOO does not
collect any premiums.
SHOULD YOU HAVE A CLAIM AGAINST YOUR POLICY, PLEASE NOTE THE FOLLOWING:
(a) Procedures for the submission of claims are detailed in the policy wording.
YOUR INSURER
Name The Hollard Insurance Company Limited
FSP Number 17698
Physical Address 22 Oxford Road, Parktown, Johannesburg, 2193
Postal Address PO Box 87419, Houghton, 2041
Telephone Number 011 351 5000
Fax Number 011 351 0691
Website www.hollard.co.za
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Email: liabs@itoo.co.za
Policy number: SPL/SLFG/000008241 Page 9Compliance
011 351 5000
Department
COMPLAINTS
If you would like to lodge a formal complaint with ITOO, please write to:
ITOO SPECIAL RISKS Pty Ltd
Complaints Officer/Responsible Manager
Email: warwickg@itoo.co.za
Website: www.itoo.co.za
If you would like to lodge a formal complaint regarding your insurer or the underwriting manager, please
write to:
The Hollard Insurance Company
Hollard Broker Markets Complaints
Email: HBMcomplaints@hollard.co.za
Website: www.hollard.co.za
If you get no response or you are dissatisfied with the outcome of your complaint, you may approach the
FAIS Ombud or Short-term Ombudsman, details of which appear below.
THE OMBUDSMAN FOR SHORT-TERM INSURANCE THE FAIS OMBUD
Physical Address Physical Address Sussex Office Park
Sunnyside Office Park
Ground Floor Block B
5th Floor,
473 Lynnwood Rd
Building D
Cnr. Lynnwood Rd &
32 Princess of Wales
Sussex Ave Lynnwood,
Terrace Parktown
0081
Postal Address PO Box 32334, Postal Address PO Box 74571,
Braamfontein, 2017 Lynnwood Ridge, 0040
Telephone Number 0860 726 890/011 726 Telephone Number 012 470 9080/012 762
8900 5000
Fax Number 011 726 5501 Fax Number 012 348 3447
Email Address info@osti.co.za Email Address info@faisombud.co.za
Website www.osti.co.za Website www.faisombud.co.za
COMMISSION, BINDER AND CONFLICT OF INTEREST DISCLOSURE
Your broker receives a commission from your insurer. The levels of commission vary depending upon the
product type. The exact amounts are disclosed in your policy schedule. In addition, your broker may charge
you a broker/policy fee which will have to be disclosed to you by your broker.
ITOO is paid a binder fee which is which is calculated as a percentage on the gross written premium it places
with your insurer. ITOO also shares in the profits of the underwriting scheme.
BINDER DISCLOSURE
ITOO acts as a binder-holder for The Hollard Insurance Company Limited and has a signed binder
agreement to this effect. In terms of this agreement, the binder-holder may:
1. enter into, vary and renew policies;
2. determine the premiums;
3. determine policy benefits;
4. settle all valid claims;
5. reject claims;
6. cancel policies.
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Email: liabs@itoo.co.za
Policy number: SPL/SLFG/000008241 Page 10OTHER KEY CONFLICT OF INTEREST DISCLOSURES
Relating to your ITOO:
Does ITOO have a shareholding in any insurer? No
Does ITOO have a relationship with any insurer that provides a financial interest other than
No
ownership?
Does ITOO have a relationship with any broker that provides an ownership or financial interest? No
Does ITOO have a relationship with any distribution channel that provides an ownership, financial
No
interest or support service?
The Hollard Group has an equity interest in ITOO Special Risks (Pty) LTD, the underwriting manager (UMA)
and Hollard has appointed a non-executive director to the board of the UMA.
Does ITOO have a relationship with any other person that provides an ownership or financial
Yes
interest?
Any combination of these relationships and/or ownership or financial interests may present a potential
conflict and as such we need to ensure you are aware of these.
A full copy of ITOO conflict of interest management policy can be obtained upon written request to ITOO.
DISCLOSURE OF PREMIUMS AND FEES
All premium obligations and fees are disclosed in your policy schedule.
MANNER OF PAYMENT OF PREMIUM, DUE DATE AND CONSEQUENCE OF NON-PAYMENT
Please refer to your policy wording for details regarding premium payment, due dates of payment and
consequences of non-payment.
OTHER MATTERS OF IMPORTANCE
1. You must be informed of any material changes to the information provided above.
2. If the information above was given to you verbally, it must be confirmed in writing within 30 days.
3. If any complaint to the broker or insurer is not resolved to your satisfaction, you may submit a complaint
to the Short-Term Insurance Ombudsman or the FAIS Ombud, depending on the nature of the
complaint.
4. A polygraph or any lie-detector test is not obligatory in the event of a claim and the failure thereof may
not be the sole reason for repudiating the claim.
5. All material facts must be accurately and properly disclosed, and the accuracy and completeness of all
answers, statements or other information provided by or on your behalf remains your own responsibility.
6. You must on request be supplied with a copy or written or printed record of any transaction requirement
within a reasonable time.
7. Do not sign any blank or partially completed application form.
8. Complete all forms in ink.
9. Keep all documents handed to you.
10. Make note as to what is said to you.
11. Don't be pressurised to buy the product.
12. Incorrect or non-disclosure by you of relevant facts may influence an insurer on any claims arising from
your contract of insurance.
7230
Email: liabs@itoo.co.za
Policy number: SPL/SLFG/000008241 Page 11You can also read
