5-2 承保範圍及不保事項 - ACE Group

Insurer:(a) wholly ceases underwriting of the respective insurance or formally announces its intention to doso; or(b) is the subject of an order or resolution for winding up or formally proposes a scheme ofarrangement; or(c)has its authority to carry on insurance business withdrawn; or(d) has its financial strength rating, or the financial strength rating of its ultimate parent company,downgraded to a rating below [insert rating] by Standard & Poor’s, A.M. Best Ratings or Fitch(Duff & Phelps), or to a rating below [insert rating] by Moody’s.If there are no Claims, Investigations or circumstances notified to the Insurer under this policy, theInsurer will refund any unearned premium at pro-rata basis; orBased on any reason other than the events stated in (a)-(d) above, subject to no Claims,Investigations or circumstances notified to the Insurer under this policy, the Insurer will refund anyunearned premium at short rate basis as per the short rate table.If any Claims, Investigations or circumstances notified to the Insurer under this policy, the premiumwill be deemed to be fully earned and none will be repayable to the Company and/or the Insured.In all other respects this policy remains unaltered.ACE elite III Directors & Officers Liability Insurance PolicyE148 Continuous Cover ExtensionBy way of endorsement to the policy, the parties agree as follows (subject otherwise to all other terms,conditions, limits of liability and exclusions of the policy):7.8 Continuous Cover is hereby deleted in its entirety and replaced by the following:7.8 Continuous CoverThis policy extends to cover the Insured for any Claim or Investigation which could have been notified tothe Insurer under an earlier Directors and Officers Liability Insurance Policy issued by the Insurer and/ orother insurer which is notified during the Policy Period or Discovery Period (if applicable), provided that:(i) there has been no fraudulent non-disclosure or fraudulent misrepresentation in respect of any suchClaim or Investigation (each being a "Prior Matter"); and(ii) the Insured has maintained, without interruption, a Directors and Officers Liability Insurance Policywith the Insurer from no later than the date when the Insured first became aware of the Prior Matteruntil the date this policy commenced; and(iii) cover under this Extension will be in accordance with the terms, conditions, exclusions and limitations(including the Insuring Agreement, Schedule, limit of liability and retention) of the policy in force at thetime the Insured first became aware of the Prior Matter.In all other respects this policy remains unaltered.ACE elite III Directors & Officers Liability Insurance PolicyE006A Bankruptcy / Insolvency/ Creditors ExclusionBy way of endorsement to the policy, the parties agree as follows (subject otherwise to all other terms,conditions, limits of liability and exclusions of the policy):It is hereby understood and agreed that the Insurer shall not be liable to make any payment under thepolicy in connection with any Claim or Investigation based on, arising from or attributable to:268