Fidelity Guarantee Insurance Clause

Baltimore-Business-Fidelity-Bonds-Insure-Against-Fraud

13 Aug Fidelity Guarantee Insurance Clause

AUDITORS’ FEES CLAUSE (Limit Rp. 10.000.000,-)

 

The insuranceunderitem 2 islimitedtothereasonablefeespayablebytheInsuredtotheirAuditors for producingandcertifyingbyanyparticularsordetailscontainedintheInsured’sbooks of accountorotherbusinessbooksordocumentsorsuchotherproofsinformationorevidence as anyberequiredbythe Company underthetermsandconditions on thispolicy.

 

AnyparticularsordetailscontainedintheInsuredbooksotherbusinessbooksordocumentswhichmayberequiredbythe Company for thepurpose of investigatingorverifyinganyclaimhereundermaybeproducedandcertifiedbytheInsured’sAuditorsandtheirCertificatesshallbe prima facieevidence of theparticularsordetailstowhichsuchcertificaterelates.

 

 

 

AUTOMATIC ADDITION AND DELETION CLAUSE ( 30 days )

 

Itisfurtheragreedthatthepolicywillbeacceptcoverunderthetermsandconditions of thispolicy for allpropertyfromthedate of coveredandwillbedeletecoverfromthedate of excluded, ineachcase pro rata premiumswillbecalculated. The insuredundertakestodeclareallpropertycoveredandexcludedbythedeclaration as soon as practical (30 days)

 

 

 

AUTOMATIC REINSTATEMENT OF SUM INSURED

 

The insurancebythispolicyshall not tothecontraryandtheinsurerundertakestopaytheappropriateextra premium on theamount of thelossfromthedatethereoftothedate of theperiod of insurance.

 

 

 

CANCELLATION  CLAUSE  ( 30 days )

 

Boththeinsurerandtheinsuredareentitledtoterminatethisinsuranceupon 30 (thirty) daysnoticeinwritingbeinggiven. Suchterminationshouldbeeffected of theregisteredletter. Whentheinsurerterminatedtheinsurance, heisobligedtoreturnpro-rata premium for theunexpiredperiod of insurance. IfitistheInsuredwhoterminatedtheinsurance, premium willbecalculated on theshort term ratelaiddowninthecurrentfire Insurance tariff of Indonesia for thecompletedperiod of insurance

 

 

 

LOSS NOTIFICATION (30 days)

 

Notwithstandinganythingcontainedhereintothecontraryitisagreedthatthisinsurancewill not beprejudicedbyanyinadvertentdelayserrorsoromissioninnotifyingthecompany of anycircumstancesoreventgivingriseorlikelytogiveriseto a claimunderthispolicy.

 

 

 

MEMORANDUM ON DISPUTE CLAUSE (C)

 

In theeven of anydisputearisingbetweentheInsurerandtheInsuredinrespect of theimplementationand/orinterpretation of thispolicy, thedisputeshallbesettledamicablywithin 60 (sixty) dayssincethedisputearises. The disputearisessincetheInsuredor The insurer has expressedinthewritinghisdisagreement on thesubjectmatter of thedispute. Ifthedisputecould not besettled, theInsurershallgivetheoptiontotheInsuredtoelecteitherone of thefollowingdisputeclausestosettlethedisputeandsuchchoicecould not berevoked. The InsuredmustnotifyhischoicetotheInsurerbyregisteredletter, telegrams, telex, facsimile, E-mailorbycourier

 

 

 

Settlement of Dispute (Arbitration) Clause

 

 

 

ItisherebynotedandagreedthattheInsuredandtheInsurershallsettlethedisputethrough Arbitration AdHoc as follows :

 

 

 

1.     The Arbitration AdHocconsists of threearbitrators. The InsuredandtheInsurereachshallappoint on arbitrationwithin 30 (thirty) daysfromthedate of receipt of thewrittennotification, thenthetwoarbitratorsshallappointthethirdarbitratorwithin 14 (fourteen) daysfromthedate of appointment of thesecondarbitrator. The thirdarbitratorshall as umpire of the Arbitration AdHoc.

 

 

 

2.  Shouldtherebeanydisagreement as totheappointment of arbitrator(s) and/orthetwoarbitrators fail toappointthethirdarbitrator, thentheInsuredandortheInsurercouldrequesttheChairman of thecourt (Ketua Pengadilan Negeri) wherethedefendantdomicilestoappointthearbitrator (s) and/ortheUmpire.

 

 

 

3.  The arbitratorsshallexaminethecaseandmakeanawardwithin 180 (onehundredandeighty) daysfromthedate of theformation of the Arbitration AdHoc. The period of examination of thecasecouldbeextendedupontheconsent of bothpartiesandifitisdeemednecessarybythe Arbitration AdHoc.

 

 

 

4.  The Arbitration awardis final, bindingandenforceable for bothparties, theInsuredandtheInsurer. ShouldtheInsuredand/ortheInsurer fail tocomplywiththearbitrationaward, thenattherequest of theotherparty, theawardshallbeexecutedunderthe order of theChairman of thecourt (Ketua Pengadilan Negeri) wherethedefendantdomiciles.

 

 

 

5.  Matterswhichare not providedand/or not sufficientlyprovidedunderthisclauseshallbesubjecttotheprovisions of theact of the Republic Indonesia Nr. 30 dated August 12, 1999 regardingthe Arbitration andAlternativeDisputeResolution.

 

 

 

Settlement of Dispute (Court of Law) Clause

 

 

 

ItisherebynotedandagreedthattheInsuredandInsurershallsettlethedisputethrough Court of Law wherethedefendantresides.

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