Conditions and
Limitations
Termination
(continued)
|
|
If any partner, director, trustee, or officer or supervisory employee of an ASSURED not acting in collusion with an Employee learns of any dishonest act committed by such Employee at any time, whether in the employment of the ASSURED or otherwise, whether or not such act is of the type covered under this Bond, and whether against the ASSURED or any other person or entity, the ASSURED:
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|
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|
|
|
|
a.
|
shall immediately remove such Employee from a position that would enable such Employee to cause the ASSURED to suffer a loss covered by this Bond; and
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|
|
|
|
|
|
b.
|
within forty-eight (48) hours of learning that an Employee has committed any dishonest act, shall notify the COMPANY, of such action and provide full particulars of such dishonest act.
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|
|
|
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|
|
The COMPANY may terminate coverage as respects any Employee sixty (60) days after written notice is received by each ASSURED Investment Company and the Securities and Exchange Commission, Washington, D.C. of its desire to terminate this Bond as to such Employee.
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|
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|
|
Other Insurance
|
14.
|
Coverage under this Bond shall apply only as excess over any valid and collectible insurance, indemnity or suretyship obtained by or on behalf of:
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|
|
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|
|
a.
|
the ASSURED,
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|
|
|
|
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|
b.
|
a Transportation Company, or
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|
|
|
|
|
|
c.
|
another entity on whose premises the loss occurred or which employed the person causing the loss or engaged the messenger conveying the Property involved.
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|
|
|
|
Conformity
|
15.
|
If any limitation within this Bond is prohibited by any law controlling this Bond's construction, such limitation shall be deemed to be amended so as to equal the minimum period of limitation provided by such law.
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|
|
|
|
Change or Modification
|
16.
|
This Bond or any instrument amending or affecting this Bond may not be changed or modified orally. No change in or modification of this Bond shall be effective except when made by written endorsement to this Bond signed by an authorized representative of the COMPANY.
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|
|
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|
|
If this Bond is for a sole ASSURED, no change or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to the Securities and Exchange Commission, Washington, D.C., by the acting party.
|
ICAP Bond (5-98)
|
|
Form 17-02-1421 (Ed. 5-98)
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Page 18 of 19
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Conditions and
Limitations
Change or Modification
(continued)
|
|
If this Bond is for a joint ASSURED, no charge or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to all insured Investment Companies and to the Securities and Exchange Commission, Washington, D.C., by the COMPANY.
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|
ICAP Bond (5-98)
|
|
Form 17-02-1421 (Ed. 5-98)
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Page 19 of 19
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IMPORTANT NOTICE TO POLICYHOLDERS
All of the members of the Chubb Group of Insurance companies doing business in the United States (hereinafter “Chubb”) distribute their products through licensed insurance brokers and agents (“producers”). Detailed information regarding the types of compensation paid by Chubb to producers on US insurance transactions is available under the Producer Compensation link located at the bottom of the page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from your producer.
Thank you for choosing Chubb.
10-02-1295 (ed. 6/2007)
Important Notice:
The SEC Requires Proof of Your Fidelity Insurance Policy
Your company is now required to file an electronic copy of your fidelity insurance coverage (Chubb’s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to rules adopted by the SEC on June 12, 2006.
Chubb is in the process of providing your agent/broker with an electronic copy of your insurance policy as well as instructions on how to submit this proof of fidelity insurance coverage to the SEC. You can expect to receive this information from your agent/broker shortly.
The electronic copy of your policy is provided by Chubb solely as a convenience and does not affect the terms and conditions of coverage as set forth in the paper policy you receive by mail. The terms and conditions of the policy mailed to you, which are the same as those set forth in the electronic copy, constitute the entire agreement between your company and Chubb.
If you have any questions, please contact your agent or broker.
Form 14-02-12160 (ed. 7/2006)
ENDORSEMENT/RIDER
Effective date of
|
|
this endorsement/rider: June 9, 2020
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FEDERAL INSURANCE COMPANY
|
|
|
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Endorsement/Rider No. 1
|
|
|
|
To be attached to and
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|
form a part of Policy No. 82341119
|
Issued to: HERCULES CAPITAL, INC.
COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS
It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other similar laws or regulations prohibit the coverage provided by this insurance.
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.
All other terms, conditions and limitations of this Policy shall remain unchanged.
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|
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Authorized Representative
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14-02-9228 (2/2010)
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Page 1
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|
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FEDERAL INSURANCE COMPANY
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Endorsement No: 2
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Bond Number: 82341119
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NAME OF ASSURED: HERCULES CAPITAL, INC.
PREMIUM ENDORSEMENT
It is agreed that:
1.
|
The premium for this Bond for the period June 9, 2020 to June 9, 2021 is:
|
|
|
|
Premium: Eight Thousand One Hundred Dollars and no/100 ($8,100.00)
|
|
|
2.
|
It is further agreed that this premium is subject to change during this period if amendments are made to this Bond at the request of the ASSURED.
|
This Endorsement applies to loss discovered after 12:01 a.m. on June 9, 2020.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: June 9, 2020
|
By
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|
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Authorized Representative
|
|
ICAP Bond
Form 17-02-0735 (Rev. 1-97)
|
FEDERAL INSURANCE COMPANY
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|
|
|
Endorsement No. 3
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|
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|
Bond Number: 82341119
|
NAME OF ASSURED: HERCULES CAPITAL, INC.
REVISE ITEM 2. ENDORSEMENT
It is agreed that this Bond is amended by deleting ITEM 2. in its entirety on the DECLARATIONS and substituting the following:
ITEM 2. LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:
If "Not Covered" is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference to such INSURING CLAUSE in this Bond shall be deemed to be deleted. There shall be no deductible applicable to any loss under INSURING CLAUSE 1 sustained by any Investment Company.
INSURING CLAUSE
|
|
SINGLE LOSS
LIMIT OF LIABILITY
|
|
|
DEDUCTIBLE
AMOUNT
|
|
1.
|
Employee
|
|
$
|
1,900,000
|
|
|
$
|
50,000
|
|
2.
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On Premises
|
|
$
|
1,900,000
|
|
|
$
|
50,000
|
|
3.
|
In Transit
|
|
$
|
1,900,000
|
|
|
$
|
50,000
|
|
4.
|
Forgery or Alteration
|
|
$
|
1,900,000
|
|
|
$
|
50,000
|
|
5.
|
Extended Forgery
|
|
$
|
1,900,000
|
|
|
$
|
50,000
|
|
6.
|
Counterfeit Money
|
|
$
|
1,900,000
|
|
|
$
|
50,000
|
|
7.
|
Threats to Person
|
|
$
|
Not Covered
|
|
|
$
|
N/A
|
|
8.
|
Computer System
|
|
$
|
1,900,000
|
|
|
$
|
50,000
|
|
9.
|
Voice Initiated Funds Transfer Instruction
|
|
$
|
Not Covered
|
|
|
$
|
N/A
|
|
10.
|
Uncollectible Items of Deposit
|
|
$
|
Not Covered
|
|
|
$
|
N/A
|
|
11.
|
Audit Expense
|
|
$
|
Not Covered
|
|
|
$
|
N/A
|
|
12.
|
Telefacsimile Instruction
|
|
$
|
1,900,000
|
|
|
$
|
50,000
|
|
13.
|
Unauthorized Signature
|
|
$
|
1,900,000
|
|
|
$
|
50,000
|
|
14.
|
Fraudulent Transfer Instruction
|
|
$
|
1,900,000
|
|
|
$
|
50,000
|
|
This Endorsement applies to loss discovered after 12:01 a.m. on June 9, 2020.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: June 9, 2020
|
By
|
|
|
|
|
Authorized Representative
|
|
ICAP Bond
Form 17-02-1582 (Ed. 5-98)
|
Page 1
|
ENDORSEMENT/RIDER
Effective date of
|
|
this endorsement/rider: June 9, 2020
|
FEDERAL INSURANCE COMPANY
|
|
|
|
Endorsement/Rider No. 4
|
|
|
|
To be attached to and
|
|
form a part of Bond No. 82341119
|
|
|
Issued to: HERCULES CAPITAL, INC.
|
|
FRAUDULENT TRANSFER INSTRUCTIONS ENDORSEMENT
(For use with the ICAP bond)
In consideration of the premium charged, it is agreed that this bond is amended as follows:
(1)
|
The following Insuring Clause is added:
|
|
|
|
|
|
FRAUDULENT TRANSFER INSTRUCTIONS
|
|
|
|
|
|
Loss resulting directly from the ASSURED having, in good faith, transferred money on deposit in a Customer’s account, or a Customer’s Certificated Security or Uncertificated Security, in reliance upon a fraudulent instruction transmitted to the ASSURED via telefacsimile, telephone or electronic mail; provided, however, that:
|
|
|
|
|
|
A.
|
the fraudulent instruction purports, and reasonably appears, to have originated from:
|
|
|
i.
|
such Customer, or
|
|
|
ii.
|
an Employee acting on instructions of such Customer, or
|
|
|
iii.
|
another financial institution acting on behalf of such Customer with authority to make such instructions; and
|
|
|
|
|
|
B.
|
the sender of the fraudulent instruction verified the instruction with the password, PIN, or other security code of such Customer; and
|
|
|
|
|
|
C.
|
the sender was not, in fact, such Customer, was not authorized to act on behalf of such Customer, and was not an Employee; and
|
|
|
|
|
|
D.
|
the instruction was received by an Employee specifically authorized by the ASSURED to receive and act upon such instructions; and
|
|
|
|
|
|
E.
|
for any transfer exceeding the amount set forth in paragraph (8) of this endorsement, the ASSURED verified the instructions via a call back to a predetermined telephone number set forth in the ASSURED’s written agreement with such Customer or other verification procedure approved in writing by the COMPANY; and
|
14-02-21330 (10/2014)
|
Page 1
|
|
|
F.
|
the ASSURED preserved a contemporaneous record of the call back, if any, and the instruction which verifies use of the authorized password, PIN or other security code of the Customer.
|
|
|
|
|
(2)
|
For the purposes of the coverage afforded by this endorsement, the following terms shall have the following meanings:
|
|
|
|
|
|
Certificated Security means a share, participation or other interest in property of, or an enterprise of, the issuer or an obligation of the issuer, which is:
|
|
|
|
|
|
(1)
|
represented by an instrument issued in bearer or registered form, and
|
|
|
|
|
|
(2)
|
of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in which it is issued or dealt in as a medium for investment, and
|
|
|
|
|
|
(3)
|
either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations.
|
|
|
|
|
|
Customer means any individual, corporate partnership, proprietor, trust customer, shareholder or subscriber of an Investment Company which has a written agreement with the ASSURED authorizing the ASSURED to transfer Money on deposit in an account or Certificated Security or Uncertificated Security in reliance upon instructions transmitted to the ASSURED via telefacsimile, telephone or electronic mail to transmit the fraudulent instruction.
|
|
|
|
|
|
Uncertificated Security means a share, participation or other interest in property of or an enterprise of the issuer or an obligation of the issuer, which is:
|
|
|
|
|
|
(1)
|
not represented by an instrument and the transfer of which is registered on books maintained for that purpose by or on behalf of the issuer, and
|
|
|
|
|
|
(2)
|
of a type commonly dealt in on securities exchanges or markets, and
|
|
|
|
|
|
(3)
|
either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations.
|
|
|
|
|
(3)
|
It shall be a condition precedent to coverage under this Insuring Clause that the ASSURED assert any available claims, offsets or defenses against such Customer, any financial institution or any other party to the transaction.
|
|
|
|
|
(4)
|
Solely with respect to the Fraudulent Transfer Instruction Insuring Clause, the following Exclusions are added:
|
|
|
|
|
|
A.
|
Loss resulting directly or indirectly from a fraudulent instruction if the sender, or anyone acting in collusion with the sender, ever had authorized access to such Customer’s password, PIN or other security code; and
|
|
|
|
|
|
B.
|
Loss resulting directly or indirectly from the fraudulent alteration of an instruction to initiate an automated clearing house (ACH) entry, or group of ACH entries, transmitted as an electronic message, or as an attachment to an electronic message, sent via the internet, unless:
|
|
|
|
|
|
|
i.
|
each ACH entry was individually verified via the call back procedure without regard to the amount of the entry; or
|
|
|
ii.
|
the instruction was formatted, encoded or encrypted so that any altercation in the ACH entry or group of ACH entries would be apparent to the ASSURED.
|
14-02-21330 (10/2014)
|
Page 2
|
|
(5)
|
Solely with respect to the Fraudulent Transfer Instruction Insuring Clause, Exclusion 2.k. is deleted and replaced with the following:
|
|
|
|
|
|
k.
|
loss resulting from voice requests or instructions received over the telephone, provided however, this Section 2.k. shall not apply to INSURING CLAUSE 7. or 9. or the Fraudulent Transfer Instruction Insuring Clause.
|
|
|
|
|
(6)
|
For the purposes of the Fraudulent Transfer Instruction Insuring Clause, all loss or losses involving one natural person or entity, or one group of natural persons or entities acting together, shall be a Single Loss without regard to the number of transfers or the number of instructions involved.
|
|
|
|
|
(7)
|
For the purposes of the Fraudulent Transfer Instruction Insuring Clause, the Single Loss Limit of Liability shall be $ 1,900,000. The Deductible Amount shall be $50,000.
|
|
|
|
|
(8)
|
The amount of any single transfer for which verification via call back will be required is: $ 50,000.
|
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.
All other terms, conditions and limitations of this Bond shall remain unchanged.
|
|
|
|
Authorized Representative
|
|
14-02-21330 (10/2014)
|
Page 3
|
|
|
FEDERAL INSURANCE COMPANY
|
|
|
|
Endorsement No.: 5
|
|
|
|
Bond Number: 82341119
|
NAME OF ASSURED: HERCULES CAPITAL, INC.
UNAUTHORIZED SIGNATURE ENDORSEMENT
It is agreed that this Bond is amended as follows:
1.
|
By adding the following INSURING CLAUSE:
|
|
|
|
|
|
13.
|
Unauthorized Signature
|
|
|
|
|
|
Loss resulting directly from the ASSURED having accepted, paid or cashed any check or Withdrawal Order made or drawn on or against the account of the ASSURED’S customer which bears the signature or endorsement of one other than a person whose name and signature is on file with the ASSURED as a signatory on such account.
|
|
|
|
|
|
It shall be a condition precedent to the ASSURED'S right of recovery under this INSURING CLAUSE that the ASSURED shall have on file signatures of all the persons who are signatories on such account.
|
|
|
|
|
2.
|
By adding to Section 1., Definitions, the following:
|
|
|
|
|
|
s.
|
Instruction means a written order to the issuer of an Uncertificated Security requesting that the transfer, pledge or release from pledge of the specified Uncertificated Security be registered.
|
|
|
|
|
|
t.
|
Uncertificated Security means a share, participation or other interest in property of or an enterprise of the issuer or an obligation of the issuer, which is:
|
|
|
|
|
|
|
(1)
|
not represented by an instrument and the transfer of which is registered on books maintained for that purpose by or on behalf of the issuer, and
|
|
|
|
|
|
|
(2)
|
of a type commonly dealt in on securities exchanges or markets, and
|
|
|
|
|
|
|
(3)
|
either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations.
|
ICAP Bond
|
|
Form 17-02-5602 (Ed. 10-3)
|
Page 1
|
|
u.
|
Withdrawal Order means a non-negotiable instrument, other than an Instruction, signed by a customer of the ASSURED authorizing the ASSURED to debit the customer’s account in the amount of funds stated therein.
|
|
|
|
|
This Endorsement applies to loss discovered after 12:01 a.m. on June 9, 2020.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: June 9, 2020
|
By
|
|
|
|
|
Authorized Representative
|
|
ICAP Bond
|
|
Form 17-02-5602 (Ed. 10-03)
|
Page 2
|
|
FEDERAL INSURANCE COMPANY
|
|
|
|
Endorsement No.: 6
|
|
|
|
Bond Number: 82341119
|
NAME OF ASSURED: HERCULES CAPITAL, INC.
JOINT LOSS PAYEE ENDORSEMENT
It is agreed that this Bond is amended as follows:
1.
|
At the written request of the Named ASSURED, any payment in satisfaction of loss covered by this Bond involving money, securities or other Property in which Hercules Technology Growth Capital, Inc has an interest shall be paid by an instrument issued to that organization and the Named ASSURED as Joint Loss-Payees, subject to the following conditions and limitations:
|
|
a.
|
The attached Bond is for the sole use and benefit of the Named ASSURED as expressed herein. The organization named above shall not be considered as an ASSURED under this Bond, nor shall it otherwise have any rights or benefits under said Bond.
|
|
|
|
|
b.
|
Notwithstanding any payment made under the terms of this Endorsement or the execution of more than one of such similar Endorsement, the amount paid for any one loss occurrence or otherwise in accordance with the terms of this bond shall not exceed the LIMIT OF LIABILITY as set forth in the DECLARATIONS.
|
|
c.
|
Nothing herein is intended to alter the terms, conditions and limitations of this Bond.
|
|
2.
|
Should this Bond be canceled, reduced, non-renewed or restrictively modified by the COMPANY, the COMPANY will endeavor to give thirty (30) days advance notice to Hercules Technology Growth Capital, Inc but failure to do so shall not impair or delay the effectiveness of any such cancellation, reduction, non-renewal or restrictive modification, nor shall the COMPANY be held liable in any way.
|
|
3.
|
Should this Bond be canceled or reduced at the request of the ASSURED, the COMPANY will endeavor to notify Hercules Technology Growth Capital, Inc of such cancellation or reduction within ten (10) business days after receipt of such request, but failure to do so shall not impair or delay the effectiveness of such cancellation or reduction, nor shall the COMPANY be held liable in any way.
|
This Endorsement applies to loss discovered after 12:01 a.m. on June 9, 2020.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: June 9, 2020
|
By
|
|
|
|
|
Authorized Representative
|
|
Form 17-02-4771 (Ed. 9-02)
ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: June 9, 2020
|
FEDERAL INSURANCE COMPANY
|
|
|
|
Endorsement/Rider No. 7
|
|
|
|
To be attached to and
form a part of Bond No. 82341119
|
Issued to: HERCULES CAPITAL, INC.
DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION ENDORSEMENT
In consideration of the premium charged, it is agreed that this Bond is amended as follows:
1.
|
The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.
|
2.
|
The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced with the following:
If this Bond is for a joint ASSURED, no change or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to all insured Investment Companies and the Securities and Exchange Commission, Washington, D.C., by the COMPANY.
|
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.
All other terms, conditions and limitations of this Bond shall remain unchanged.
|
|
|
|
Authorized Representative
|
|
17-02-2437 (12/2006) rev.
|
Page 1
|
|
|
FEDERAL INSURANCE COMPANY
Endorsement No: 8
Bond Number: 82341119
|
|
|
NAME OF ASSURED: HERCULES CAPITAL, INC.
|
|
TERMINATION-NONRENEWAL-NOTICE ENDORSEMENT
It is agreed that this Bond is amended as follows:
1.
|
By adding to Section 13., Termination, the following:
"Termination By The Company
Bonds In Effect For More Than Sixty (60) Days
If this Bond has been in effect for more than sixty (60) days, or, if this Bond is a renewal, the COMPANY may terminate by providing written notice of cancellation at least sixty (60) days before the effective date of termination for at least one of the following reasons:
|
|
1.
|
Nonpayment of premium;
|
|
2.
|
Discovery of fraud or material misrepresentation in obtaining this Bond or in the presentation of a claim thereunder;
|
|
3.
|
Discovery of willful or reckless acts or omissions or violation of any provision of this Bond on the part of the ASSURED which substantially and materially increases any hazard insured against, and which occurred subsequent to the inception of the current BOND PERIOD;
|
|
4.
|
Conviction of the ASSURED of a crime arising out of acts increasing the hazard insured against;
|
|
5.
|
Material change in the risk which increases the risk of loss after insurance coverage has been issued or renewed, except to the extent that the COMPANY should reasonably have foreseen the change, or contemplated the risk when the contract was written;
|
|
6.
|
Determination by the Commissioner that the continuation of the Bond would jeopardize a COMPANY'S solvency or would place the COMPANY in violation of the insurance laws of any state;
|
|
7.
|
Determination by the Commissioner that continuation of the present premium volume of the COMPANY would jeopardize the COMPANY'S policyholders, creditors or the public;
|
|
8.
|
Such other reasons that are approved by the Commissioner;
|
|
9.
|
Determination by the Commissioner that the COMPANY no longer has adequate reinsurance to meet the ASSUREDS needs;
|
|
10.
|
Substantial breaches of contractual duties, conditions or warranties; or
|
|
11.
|
Unfavorable underwriting facts, specific to the ASSURED, existing that were not present at the inception of the Bond.
|
ICAP Bond
Form 17-02-1360 (Rev. 10-99)
|
Page 1
|
|
Bonds In Effect Sixty (60) Days Or Less
If this Bond has been in effect for sixty (60) days or less, and it is not a renewal Bond, the COMPANY may terminate for any reason by providing written notice of termination at least sixty (60) days before the effective date of termination.
Notice Of Termination
Notice of termination under this Section shall be mailed or delivered, by certified mail, return receipt provided by the United States Postal Service, to the ASSURED and to the authorized agent or broker, if any, at least sixty (60) days prior to the effective date of cancellation at the address shown on the DECLARATIONS of this Bond.
If this Bond is cancelled for nonpayment of premium, the COMPANY will mail or deliver, by certified mail, return receipt provided by the United States Postal Service, a written notice at least thirty (30) days before the effective date of cancellation. The cancellation notice shall contain information regarding the amount of premium due and the due date, and shall state the effect of nonpayment by the due date. Cancellation shall not be effective if payment of the amount due is made prior to the effective date of cancellation.
All notice of cancellation shall state the reason(s) for cancellation.
There is no liability on the part of, and no cause of action of any nature shall arise against, the COMPANY, its authorized representatives, its employees, or any firm, person or corporation furnishing to the COMPANY, information relating to the reasons for cancellation or nonrenewal, for any statement made by them in complying or enabling the COMPANY to comply with this Section, for the provision of information pertaining thereto, or for statements made or evidence submitted at any hearings conducted in connection therewith, if such information was provided in good faith and without malice.
Notice Of Nonrenewal
If the COMPANY elects not to renew this Bond, the COMPANY shall mail or deliver written notice, by certified mail, return receipt, provided by the United States Postal Service, to the ASSURED, at his last known address, at least sixty (60) days before the expiration date or before the anniversary date, if this Bond has been written for a term of more than one (1) year. Such notice shall also be mailed to the ASSURED'S agent or broker, if any.
Such notice shall contain all of the following:
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c.
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Reason for Cancellation;
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d.
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Expiration Date of the Bond;
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e.
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Effective Date and Hour of Cancellation.
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Notice of nonrenewal shall not be required if the COMPANY or a COMPANY within the same insurance group has offered to issue a renewal Bond, the ASSURED has obtained replacement coverage or has agreed in writing to obtain replacement coverage, the ASSURED has requested or agreed to nonrenewal, or the Bond is expressly designated as nonrenewable.
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ICAP Bond
Form 17-02-1360 (Rev. 10-99)
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Page 2
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Return Premium Calculations
Any unearned premiums which have been paid by the ASSURED shall be refunded to the ASSURED on a pro rata basis if terminated by the COMPANY or the ASSURED. The unearned premiums shall be refunded to the ASSURED within forty-five (45) days of receipt of the request for cancellation or the effective date of cancellation, whichever is later.
Conditional Renewal
If the COMPANY offers or purports to renew the Bond, but on less favorable terms or at higher rates, the new terms or higher premiums may take effect on the renewal date, if the COMPANY mails or delivers by certified mail, return receipt provided by the United States Postal Service, to the ASSURED, notice of the new terms or premiums at least sixty (60) days prior to the renewal date. If the COMPANY notifies the ASSURED within sixty (60) days prior to the renewal date, the new terms or premiums do not take effect until sixty (60) days after the notice is mailed or delivered, in which case, the ASSURED may elect to cancel the renewal Bond within the sixty (60) day period. If the COMPANY does not notify the ASSURED of the new terms or premiums, the COMPANY shall continue the Bond at the expiring terms and premiums until notice is given or until the effective date of replacement coverage is obtained by the ASSURED, whichever occurs first.”
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2.
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It is further understood and agreed that for the purposes of Section 13., Termination, any occurrence listed in this Section shall be considered to be a request by the ASSURED to immediately terminate this Bond.
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This Endorsement applies to loss discovered after 12:01 a.m. on June 9, 2020.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: June 9, 2020
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By
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Authorized Representative
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ICAP Bond
Form 17-02-1360 (Rev. 10-99)
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Page 3
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ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: June 9, 2020
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FEDERAL INSURANCE COMPANY
Endorsement/Rider No. 9
To be attached to and
form a part of Bond No. 82341119
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Issued to: HERCULES CAPITAL, INC.
EMPLOYEE BENEFIT PLANS ENDORSEMENT
In consideration of the premium charged, it is agreed that this Bond amended by adding the following section:
All of the ASSURED'S employee benefit plans that qualify under Section 412 of the Employee Retirement Income Security Act of 1974 (ERISA), are provided bonding protection under INSURING CLAUSE 1., Employee, as required under ERISA.
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.
All other terms, conditions and limitations of this Policy shall remain unchanged.
Date: June 9, 2020
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Authorized Representative
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Q13-746 (03/2019)
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Page 1
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275298
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ENDORSEMENT/RIDER
Effective date of
this endorsement/rider: June 9, 2020
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FEDERAL INSURANCE COMPANY
Endorsement/Rider No. 10
To be attached to and
form a part of Policy No. 82341119
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Issued to: HERCULES CAPITAL, INC.
PRO RATA CANCELLATION ENDORSEMENT
In consideration of the premium charged, it is agreed that, notwithstanding anything to the contrary in the policy or any endorsements thereto, in the event that this policy is cancelled, any premium refund due to the insured shall be computed on a pro rata basis.
The cancellation will be effective even if a refund has not been made or offered.
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.
All other terms, conditions and limitations of this Policy shall remain unchanged.
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Authorized Representative
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14-02-19726 (12/2019)
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Page 1
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268508
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