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«In consideration of payment of the premium and subject to the Declarations and the limitations, conditions, provisions and other terms of this ...»

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Chubb Professional PortfolioSM

Chubb Group of Insurance Companies

15 Mountain View Road

General Terms and Conditions

Warren, NJ 07059

In consideration of payment of the premium and subject to the Declarations and the limitations, conditions,

provisions and other terms of this Policy, the Company and the Insureds agree as follows:

I. TERMS AND CONDITIONS

Except for these General Terms and Conditions or unless stated to the contrary in any Coverage Part, the terms and conditions of each Coverage Part apply only to that Coverage Part. If any provision in these General Terms and Conditions is inconsistent or in conflict with the terms and conditions of any Coverage Part, the terms and conditions of such Coverage Part shall control for purposes of that Coverage Part. All references to "Section", "Subsection", "Paragraph" or "Subparagraph" in these General Terms and Conditions shall apply only to these General Terms and Conditions, unless otherwise stated. All references to "Section", "Subsection", "Paragraph" or "Subparagraph" in a Coverage Part, shall apply only to such Coverage Part, unless otherwise stated.

II. DEFINITIONS

Claim shall have the meaning ascribed to that term in each applicable Coverage Part.

Claims Made Liability Coverage Part means all Liability Coverage Parts, except the MediaGuard Occurrence Liability Coverage Part.

Covered Subpoena shall have the meaning ascribed to that term in each applicable Coverage Part.

Defense Costs shall have the meaning ascribed to that term in each applicable Coverage Part.

Expense shall have the meaning ascribed to that term in each applicable Coverage Part.

Insured shall have the meaning ascribed to that term in each applicable Coverage Part.

Insured Person shall have the meaning ascribed to that term in each applicable Coverage Part.

Liability Coverage Part means:

(A) the Miscellaneous Professional and Technology Services Liability Coverage Part, Technology Products and Services Liability Coverage Part, MediaGuard Claims Made Liability Coverage Part, and MediaGuard Occurrence Liability Coverage Part; and (B) Insuring Clauses (A), Cyber Liability Coverage and (B), Privacy Regulatory Action Coverage, of the CyberSecurity Coverage Part, if purchased as set forth in Item 4, Coverage applicable to this Policy, of the GTC Declarations.

Loss shall have the meaning ascribed to that term in each applicable Coverage Part.

Managing Partner shall have the meaning ascribed to that term in each applicable Coverage Part.

Non-Liability Coverage Part means Insuring Clauses (C), Privacy Notification and Crisis Management Expenses Coverage; (D), Reward Expenses Coverage; and (E), Additional Expenses Coverage, of the CyberSecurity Coverage Part, if purchased as set forth in Item 4, Coverage applicable to this Policy, of the GTC Declarations.

Organization means the Parent Organization and any Subsidiary. Organization shall also mean any such entity as a debtor in possession under United States bankruptcy law or the equivalent of a debtor in possession under the law of any other country.

Parent Organization means the entity named in Item 1 of the GTC Declarations.

Policy Period means the period of time set forth in Item 2 of the GTC Declarations, subject to any prior termination in accordance with Section IX, Termination of Policy.

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Production shall have the meaning ascribed to that term in each applicable Coverage Part.

Related Claims means all Claims for Wrongful Acts based upon, arising from, or in consequence of the same or related facts, circumstances, situations, transactions or events or the same or related series of facts, circumstances, situations, transactions or events.

Related Expenses shall have the meaning ascribed to that term in each applicable Coverage Part.

Subpoena Defense Costs shall have the meaning ascribed to that term in each applicable Coverage Part.

Subsidiary means:

(A) any entity while more than fifty percent (50%) of the outstanding securities representing the present right to vote for election of or to appoint directors, trustees, managers, members of the Board of Managers or equivalent positions of such entity are owned, or controlled, by the Parent Organization, directly or through one or more Subsidiaries;

(B) any entity formed as a partnership while more than fifty percent (50%) of the ownership interests representing the present right to vote for election of or to appoint the management or executive committee members or equivalent positions of such entity are owned, or controlled, by the Parent Organization, directly or through one or more Subsidiaries; or (C) any entity while:

(1) exactly fifty percent (50%) of the voting rights representing the present right to vote for election of or to appoint directors, trustees, managers, members of the Board of Managers or equivalent positions of such entity are owned, or controlled, by the Parent Organization, directly or through one or more Subsidiaries; and (2) the Parent Organization, pursuant to a written contract with the owners of the remaining and outstanding voting stock of such entity, solely controls the management and operation of such entity.





Wrongful Act shall have the meaning ascribed to that term in each applicable Coverage Part.

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IV. RELATED CLAIMS AND RELATED EXPENSES

(A) With respect to the Claims Made Liability Coverage Parts, all Related Claims shall be deemed a single Claim made in the Policy Period in which the earliest of such Related Claims was first made or first deemed to have been made in accordance with the Reporting section of the applicable Coverage Part (the “Earliest Related Claim”). All Related Claims shall be subject to the same Retention and Limits of Liability applicable to the Earliest Related Claim.

(B) With respect to the Non-Liability Coverage Parts, all Related Expenses shall be deemed a single Expense incurred or discovered, as applicable, in the Policy Period in which the earliest of such Related Expenses is incurred or discovered (the “Earliest Related Expenses”). All Related Expenses shall be subject to the same Retention and Limits of Liability applicable to the Earliest Related Expense.

(C) With respect to the Claims Made Liability Coverage Parts and Non-Liability Coverage Parts, if any Claims and Expenses are based upon, arising from or in consequence of the same or related facts, circumstances, situations, transactions or events or the same or related series of facts, circumstances, situations, transactions or events, then all such Claims and Expenses shall be deemed made, incurred

or discovered, as applicable, in the earliest of the following:

(1) the Policy Period in which the earliest of such Claims is first made or deemed to have been made; or (2) the Policy Period in which the earliest of such Expenses is deemed to have been incurred or discovered, and shall be subject to the applicable Retentions and Limits of Liability of such Policy Period.

(D) With respect to the MediaGuard Occurrence Liability Coverage Part, all Related Claims shall be deemed a single Claim. All Related Claims shall be subject to the same Retention and Limits of Liability.

V. EXTENDED REPORTING PERIOD

With respect to the Claims Made Liability Coverage Parts:

(A) If this Policy does not renew or otherwise terminates for a reason other than for failure to pay premium (each a “Termination of Coverage”), then an Insured shall have the right to purchase an Extended Reporting Period for the Additional Period and Additional Premium set forth in Item 5 of the GTC Declarations.

(B) In the event of a Termination of Coverage and upon request from an Insured, the Company shall, in its sole discretion, provide a quote for Additional Periods other than as set forth in Item 5, Extended Reporting Period, of the GTC Declarations. Any such additional quote offered shall be subject to such Additional Premium as the Company may require.

(C) The offer of renewal terms and conditions or premiums different from those in effect prior to renewal shall not constitute refusal to renew.

(D) This right to purchase an Extended Reporting Period shall lapse unless written notice of election to purchase the Extended Reporting Period, together with payment of the applicable Additional Premium, is received by the Company within sixty (60) days after the effective date of the Termination of Coverage.

(E) If an Extended Reporting Period is purchased, then coverage otherwise afforded by this Policy shall be extended to apply to Claims: (1) first made during such Extended Reporting Period; and (2) reported to the Company pursuant to the Reporting section of the applicable Coverage Part, but only to the extent such Claims are for Wrongful Acts before the effective date of such Termination of Coverage or the date of any conversion of coverage described in Section VI, Changes in Exposure, whichever is earlier. Any Claim made during the Extended Reporting Period shall be deemed to have been made during the Policy Period immediately preceding the Extended Reporting Period.

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(F) The entire premium for the Extended Reporting Period shall be deemed fully earned at the inception of such Extended Reporting Period.

(G) The limit of liability for the Extended Reporting Period is part of and not in addition to the Combined Maximum Aggregate Limit of Liability set forth in Item 3 of the GTC Declarations.

–  –  –

VII. SPOUSES, DOMESTIC PARTNERS, ESTATES AND LEGAL REPRESENTATIVES

With respect to the Liability Coverage Parts, coverage under this Policy shall extend to Claims for Wrongful

Acts of an Insured Person made against:

(A) the lawful spouse or domestic partner of such Insured Person solely by reason of such spouse or domestic partner’s status as a spouse or domestic partner, or such spouse or domestic partner’s ownership interest in property which the claimant seeks as recovery for an alleged Wrongful Act of such Insured Person; or (B) the estate, heirs, legal representatives or assigns of such Insured Person if such Insured Person is deceased, or the legal representatives or assigns of such Insured Person if such Insured Person is legally incompetent, insolvent or bankrupt, provided that no coverage afforded by this Section VII shall apply with respect to any loss arising from an act, error or omission by an Insured Person’s spouse, domestic partner, estate, heirs, legal representatives or assigns.

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X. BANKRUPTCY

Bankruptcy or insolvency of an Insured shall not relieve the Company of its obligations nor deprive the Company of its rights or defenses under this Policy.

XI. COORDINATION OF COVERAGE

(A) If Loss on account of any Claim is covered under more than one Liability Coverage Part, such Loss shall be first covered under the MediaGuard Occurrence Liability Coverage Part, if applicable, subject to its terms, conditions and limitations. Any remaining portion of such Loss which is not paid under the MediaGuard Occurrence Liability Coverage Part shall then be covered under the CyberSecurity Coverage Part, if applicable, subject to its terms, conditions and limitations. Any remaining portion of such Loss otherwise covered under any other applicable Liability Coverage Part which is not paid under the MediaGuard Occurrence Liability or CyberSecurity Coverage Parts shall be covered under such other Liability Coverage Part, subject to the terms, conditions and limitations of such Liability Coverage Part.

(B) If Loss on account of any Claim is covered under the MediaGuard Occurrence Liability Coverage Part and any other Liability Coverage Part, and if the Insured elects to retain the duty to defend such Claim pursuant to Section VII, Defense and Settlement of Claims, Subpoenas and Retraction Demands, of the MediaGuard Occurrence Liability Coverage Part, then the terms of such Section VII as well as the terms of Section VIII(A), Allocation, of the MediaGuard Occurrence Liability Coverage Part shall apply to such Claim.

XII. VALUATION AND FOREIGN CURRENCY

All premiums, limits, retentions, loss and other amounts under this Policy are expressed and payable in the

–  –  –

currency of the United States of America. Except as otherwise provided in this Policy, if a judgment is rendered, a settlement is denominated or any element of loss under this Policy is stated in a currency other than United States of America dollars, payment under this Policy shall be made in United States of America dollars at the rate of exchange published in The Wall Street Journal on the date the judgment becomes final, the amount of the settlement is agreed upon or any element of loss is due, respectively.

XIII. ACTION AGAINST THE COMPANY

No action may be taken against the Company unless, as a condition precedent thereto, there shall have been full compliance with all the terms of this Policy. No person or entity shall have any right under this Policy to join the Company as a party to any action against any Insured to determine such Insured’s liability nor shall the Company be impleaded by such Insured or legal representatives of such Insured.

XIV. ROLE OF PARENT ORGANIZATION



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