5-2 承保範圍及不保事項 - ACE Group

Committee who brings and maintains the Claim without the participation,solicitation, consent or assistance of any Insured; or(e) alleging an Employment Related Wrongful Act; or(f) in respect of Defence Costs.4.5 Outside DirectorshipIn respect of Extension 2.16, “Outside Directorship Cover”, ACE will not pay:(a) for any Loss that is insured under any other policy entered into by oreffected on behalf of the Outside Organisation, or under which the InsuredPerson is a beneficiary, whether prior or current;(b) for any Loss in connection with any Claim against an Insured Personfor which the Outside Organisation is required or permitted to indemnify theInsured Person; or(c) for any Loss in connection with any Claim made by or on behalf of anyInsured Person, any Outside Organisation or any director, supervisor, officeror employee of the Outside Organisation, or any individual or entity or affiliatedgroup of individuals and/or entities who directly or beneficially own(s) or control(s)at the time of the Wrongful Act or other conduct, twenty percent (20%) or moreof the issued and outstanding capital, equity or loan stock of the OutsideOrganisation and representation on the Board of Directors of the OutsideOrganisation, except in respect of:(i) any Claim based on, arising out of or attributable to an EmploymentRelated Wrongful Act; or(ii) any Claim that is a derivative action brought or maintained in the name ofan Outside Organisation by any legally authorised individual or entity,including any regulatory authority, liquidator, receiver or administrativereceiver, provided the action is not brought or maintained with the expressor tacit consent, agreement, concurrence, co-operation, support orencouragement of any Insured Person, the Outside Organisation or anyDirectors, Officers or employees of the Outside Organisation, other thanas required by law.4.6 Professional Indemnity ExclusionACE will not pay under Insuring Clauses 1.1 or 1.2, Extension 2.5 “LegalRepresentation Expenses” or any applicable Extension, for any Loss from anyactual or alleged act, error or omission in the provision of Investment Services to athird party, including any alleged breach of any contract for the provision ofInvestment Services and/or advice to such third party by the Insured.EXCLUSIONS APPLICABLE TO INSURING CLAUSE 1.3 (PROFESSIONAL INDEMNITY)4.7 Insured versus Insured ClaimsWith respect to Insuring Clause 1.3, ACE will not pay any Loss arising from anyClaim brought or maintained by any Insured, other than:(a) a Claim brought or maintained by an Insured Organisation, for and onbehalf of members of a Fund, where a counsel is selected by such InsuredOrganisation (selection of a counsel being subject to approval by ACE, whichapproval shall not be unreasonably withheld) has advised that, on the balance ofprobabilities, the Insured Organization should bring or maintain such a Claim, orthe failure to make such a Claim would result in a breach of duty of such InsuredOrganisation under Applicable Regulations. ACE will reimburse or pay onbehalf of the Fund the cost of the legal advice;(b) a Claim by an Insured who brings the Claim solely in his or her capacityas a client or customer of the Insured Organisation or beneficiary or member ofa Fund;(c) a Claim for contribution or indemnity by an Insured Person if the Claimfor contribution or indemnity results from a Claim which is covered under thisPolicy; or(d) Defence Costs.4.8 Counterparty InsolvencyACE will not pay under Insuring Clauses 1.3, any Loss arising from any Claimdirectly or indirectly caused by, arising out of or in any way connected with thefailure to pay or suspension of payment, or failure to fulfil a contract, by anyinvestment company, broker, dealer, buyer, seller or underwriter of securities or419