Legal Liabilities Directors and Officers Liability


(9) arising directly or indirectly from any fines or penalties or any punitive, multiple, aggravated or exemplary damages where such can be identified separately within any award of any court


(10) directly or indirectly arising out of any (a) pension or superannuation scheme (b) health and welfare plan (c) share option scheme or plan (d) other employee benefit programme


established or maintained for the benefit of The Association or The Association’s employees


(11) arising directly or indirectly from or caused by any failure to effect or maintain any insurance policy for The Association


(12) arising directly or indirectly from any Bodily Injury other than Defence Costs indemnified under Cover (5) – Bodily Injury Defence Costs


(13) arising directly or indirectly from or caused by Pollution


(14) arising directly or indirectly from or caused by damage to property


(15) arising directly or indirectly from a Subsidiary.


(5) Bodily Injury Defence Costs We will pay Defence Costs arising from any Bodily Injury as the result of a Wrongful Act.


Our total liability in respect of such Defence Costs, during any one Period of Insurance shall not exceed £50,000.


We will not provide any other indemnity under this Section in respect of any Claim arising directly or indirectly from Bodily Injury other than those Defence Costs indemnified above.


(6) Representation Costs


We will pay on behalf on behalf of The Association or any Insured Person any reasonable costs and expenses incurred by them for representation at properly constituted hearings, tribunals or proceedings


Provided that


(a) such costs and expenses are incurred with Our prior written consent


(b) the subject of the hearing, tribunal or proceeding may become a Claim under this Section


9


Our total liability under this Cover shall not exceed £15,000 in all in any one Period of Insurance.


(7) Extended Reporting Period


If We decline to offer renewal terms for this policy for reasons other than non-payment of premium, The Association has the right to extend the Period of Insurance for a period of either


(1) 6 months or (2) 12 months or (3) 24 months or (4) 36 months


hereafter referred to as the Extended Reporting Period.


Provided that:


(a) The Association makes written application to Us to exercise the Extended Reporting Period, stating their preferred option, within 15 days of the expiry date of the Period of Insurance


(b) payment of the additional premium chargeable is made by The Association within 30 days of the expiry date of the Period of Insurance


(c) indemnity during the Extended Reporting Period is only provided in respect of any Wrongful Act committed prior to the expiry date of the Period of Insurance


(d) this policy is not superseded by another policy covering the same, or substantially the same, risks.


The additional premium chargeable for the Extended Reporting Period shall be calculated as follows:-


(1) 6 months – no charge (2) 12 months – 50% of expiring premium


(3) 24 months – 75% of expiring premium


(4) 36 months – 100% of expiring premium


and will be subject to Insurance Premium Tax where applicable.


Our total liability under this Section shall not exceed the Limit of Indemnity.


We shall not be liable for the Excess or any lesser amount for which a Claim may be settled.


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