Reliance Contractors - Laserfiche WebLink

Home Browse Search

0 0 0 8. Regardless of the number of years this bond shall continue in force and the number of premiums that shall be payable or paid. the liability of the Surety under this bond shall not be cumulative in amount from year to year 0 or from period to period. In no event shall the Surety's aggregate liability for all Employee Dishonesty Acts of all Employees exceed the amount stated above, whether by reason of Employee Dishonesty' Acts of the 0 Obligee's Employee(s). interest. attorney's fees or any other reason whatsoever. O 9. With respect to loss or losses caused by an Employee or that are chargeable to such Employee as provided in Section 5 and that occur partly under this bond and partly under other bonds or policies issued by the Surety to the Obligee or to any predecessor in interest of the Obligee and terminated or canceled or allowed to expire and O in which the period for discovery has not expired at the time any such loss or losses thereunder are discovered. the total liability of the Surety under this bond and under such other bonds or policies shall not exceed. in the ® aggregate. the amount carried under this bond on such loss or losses or the amount available to the Obligee O under such other bonds or policies. as limited by the terms and conditions thereof, for any such loss or losses. if the latter amount be larger. 0 10. The Obligee. as a condition to coverage under this bond. must transfer to the Surety all rights of recovery,to the extent that a loss is paid by the Surety against any person or organization for any loss the Obligee sustains and O for which the Surety has paid or settled the claim. The Obligee must also do everything necessary to secure 0 those rights and do nothing after loss to impair them. O II. If the Obligee shall sustain any loss or losses covered by this bond that exceed the amount of coverage provided ® by this bond. the Obligee shall be entitled to all recoveries (except from suretyship. insurance. reinsurance. Q security or indemnity taken by or for the benefit of the Surety by whomsoever made)on account of such loss or losses until the Obligee has been fully reimbursed for such excess. plus the actual cost of effecting the same,and ® less the amount of the deductible carried on the Employee causing such loss or losses:and any remainder and all ® other amounts shall be applied to the reimbursement of the Surety. The Surety's right of subrogation to the Subscriber. rights against any Employee(s) or any other person shall not be inferior to the Subscriber's 0 remaining rights. if any. against such person. 0. 12. This bond shall be deemed canceled as to any future acts of any Employee of the Obligee immediately upon O discovery by the Obligee. or by any partner or officer thereof not in collusion with such Employee(s). of any 0 possible Employee Dishonesty Act on the part of the Employee or at 12:01 A.M. standard time at the Obligee's address upon the effective date specified in a written notice mailed by the Surety to the Obligee. Such date shall ® not be less than fifteen (I5)days after the date of mailing. The mailing by Surety of notice. as aforesaid. to the Obligee at its principle office shall be sufficient proof of notice. For purposes of this Section. discovery shall O include that time at which the Obligee in the exercise of reasonable care. should have discovered such possible 0 Employee Dishonesty Act. For purposes of this section. Obligee shall include officers or partners of the Obligee or Employees of the Obligee who have supervisor'authority over other Employee(s). 0 13. This bond shall be deemed canceled in its entirety at 12:01 A.M. Standard Time upon the effective date O specified in a written notice by the Obligee upon the Surety or by the Surety upon the Obligee or sent by mail. 0 Such date. if the notice is served by the Surety. shall not be less than ten (10)days after such service.or if sent by the Surety by mail. not less than fifteen (15) days from the date of mailing. The mailing by the Surety of 0 notice,as aforesaid. to the Obligee at its principle office shall be sufficient proof of receipt of notice.The Surety ® shall refund to the Obligee the unearned premium computed pro rata if this bond is canceled at the insistence of the Surety or at a short rate if canceled or reduced at the insistence of the Obligee. ® 14. The Obligee hereby warrants that neither the Obligee nor any Employee has committed any fraudulent or dishonest act in the service of any Subscriber.or otherwise. In the absence of any prior written agreement by the O Surety. the Surety shall have no liability whatsoever if the Obligee or any Employee(s). prior to the issuance of this bond. committed any fraudulent or dishonest act which the Oblieee(or any partner or officer of Obligee not O in collusion with such Employee(s)) had. or in the exercise of reasonable care should have had. knowledge. If O prior to the issuance of this bond.any bond or insurance issued in favor of any predecessor in interest of Obligee covering Obligee or any Employee(s)shall have been canceled as to the Obligee or said Employee(s)by reason 0 of: (a)the discover of any fraudulent or dishonest act on the part of Obligee or said Employee or(b)the giving ® of written notice of cancellation as to Obligee or said Employee by any such surety or insurer whether Surety or not. and if Obligee or said Employee shall not have been reinstated under this coverage or any such bond or 0 insurance. the Surety shall not be liable under this bond. For purposes of this Section only, a fraudulent or ® dishonest act is defined as any such act punishable as a crime under the law of the jurisdiction in which the act occurred,whether or not a conviction was obtained therefore. tux-sazeoA ozroe Paue 2 of 3