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HomeMy WebLinkAbout1980-89 RECE1VED UAN 1_6 19Br~ Town Clerk South01d "UTICA I TUAL INSURANCE ( )MPANY NEW HARTFORD, NEW YORK EXECUTION REPORT FOR BOND Important: This form to be completed and sent to your reporting office on day bond iE signed P.O. ~ox 3SSt M ~TthoXd, Nm~Yo~k ADDRESS su 37511 PRODUCER Mc~mnn Pz,:Lce Ag~r~v. EFF DATE 36-41 I EXP DATE 42-t7 AMOUNT OF BOND I )7/-12/~ 07/12/87 ~lO0~O00.O 2251 31 681 T]~:t E TOT PREM 57*64 ~5Z3o00 MOUNT OF CONTRACT IBOND FILED WHERE PRODUCER*S NUMBER 18-22 PERCENT OF COMM 30-32 03 Y~'t~ T 1£ Q METHOD OF RENEWAL LNCLOSURES PAPERS TO FOLLOW. DO WE CARRY OTHER LINES? YES ~3 NO ~3 CLASS 1-2 __ 27-28 01 OX TOWN CODE 24:26' ~ FIDELITY FORM TYPE OF CONTRACT PREMIUM FIELD 1 PREMIUM FIELD 2 ~-~ 42 ~ 5~61 ~7 681 I ~513.00 681 i $3#2.00** $171.00 PRODUCER'S COPY COMMERCIAL 'BLANKET BOND Revised to March, 1980 HOME OFFICE · NEW HARTFORD, NEW YORK (Herein called the Underwriter) DECLARATIONS ~'- Item 1. Name of insured (herein called the Insured): ~oul:hold l'Lt'~ D:Lst~:L~t: Principal Address: Box 395e SouthoLd~ l~W Yerk Item 2. Bond Period: from 12'01 a m on ,¢~;',.---~,.,..~.,~ ~>t.~.,,~ ,/.//,, , to 12:01 a.m. on the effective date of the cancelation or terminal, ion of this Bond, standard time at the Principal Address as to each of said dates. Item 3. Limit of Liability: $ 100,000.00 Item 4. The liability of the Underwriter is subject to the terms of the following riders attached hereto: Item 5. The Insured by the acceptance of this Bond gives notice to the Underwriter terminating or canceling prior bond(s) or policy(les) Nq.(s) such termination or cancelation to be effective as of the time this Bond becomes effective. Signed, Sealed and Dated UTICA MUTUAL INSURANCE COMPANY ,,- By ~111~,~ ~8 Attorney.in-Fact TSB 5072b INSURING AGREEMENT The Underwriter, in consideration of the payment of the premium, and subject to the Declarations made a part hereof, the General Agreements, Conditions and Limitations, and other terms of this Bond, agrees to indemnify the Insured against loss of money or other property which the Insured shall sustain resulting directly from one or more fraudulent or dishonest acts of an Employee, acting alone or in collusion with others, to an amount not exceeding in the aggregate the amount stated in Item 3 of the Declarations. Dishonest or fraudulent acts as used in this Insuring Agreement shall mean only dishonest or fraudulent acts committed by such Employee with the manifest intent: (a) to cause the Insured to sustain such loss; and (b) to obtain financial benefit for the Employee, or for any other person or organization intended by the Em- ployee to receive such benefit, other than salaries, commissions, fees, bonuses, promotions, awards, profit sharing, pensions or other employee benefits earned in the normal course of employment. GENERAL AGREEMENTS ;' ' CONSOLIDATION-MERGER A. If, through consolidation or merger with, or purchase of assets of, some other concern, any persons shall become Employees, the Insured shall give the Underwriter written notice thereof and shall pay an adrhtional premium computed pro rata from the date of such consolidation, merger or purchase to the end of the current premium period. JOINT INSURED B, If more than one Insured is covered under this Bond, the Insured first named shall act for itself and for every other Insured for all purposes of this Bond. Knowledge possessed or discovery made by any Insured or by any partner or officer thereof shall, for the purposes of Sections 6, 7 and 12, constitute knowledge possessed or dis- covery made by every Insured. Cancelation of the insurance here- under as respects any Employee as provided in Section 12 shall apply to every Insured. If, prior to the cancelation or termination of this Bond in its entirety, this Bond is canceled or terminated as to any Insured, there shall be no liability for any loss sustained by such Insured unless discovered within one year from the date of such cancelation or termination. The liability of the Underwriter for loss sustained by any or all of the Insured shall not exceed the amount for which the Underwriter would be liable had all such loss been sus- tained by any one of the Insured, Payment by the Underwriter to the Insured first named of any loss under this Bond shall fully release the Underwriter on account of such loss. If the Insured first named ceases for any reason to be covered under this Bond, then the Insured next named shall thereafter be considered as the Insured first named for all purposes of this Bond. LOSS UNDER PRIOR BOND OR POLICY C. It the coverage of this Bond is substituted for any prior bond or policy of insurance carried by the ~r~sured or by any predecessor in interest of the Insured, which prior bond or policy is lerminated, canceled or allowed to expire as of the time of such subslitution, lhe Underwriter agrees lhat this Bond applies to loss which is discovered as provided in Section 1 of the Conditions and Limitations and which would have been recoverable by the Insured or such predeces- sor under such prior bond or policy except for the fact that lhe time within which to discover loss thereunder had expired; provided: (1) the indemnity atforded by this General Agreement C shall be a par1 of and not in addition to the amounl of insurance afforded by this Bond; (2) such loss would have been covered under this Bond had this Bond wilh its agreements, limitations and conditions as of the time of such substitulion been in force when the acts or faults causing such loss were committed; and (3) recovery under this Bond on account of such loss shall in no event exceed the amount which would have been recoverable under this Bond in the amount for which it is written as of the time ol such substitution, had this Bond been in force when such acts or defaults were committed, or the amount which would have been recoverable under such prior bond or policy had such prior bond or policy continued in force until the discovery of such loss, if the latter amount be smaller, BOND PERIOD, TERRITORY, DISCOVERY , Section 1. Loss is covered under this Eiond or~ y f discovered ~ not later than one year from the end of the Bond Period· Subject to General Agreement C, this Bond applies only to loss · sustained by the Insured through fraudulent or dishonest acts corn- '- mitred during the Bond Period by any of the Employees engaged in the regular service of the Insured within any of the States of the United States of America, the District of Columbia, Virgin Islands, Puedo Rico, Canal Zone or Canada or while such Employees are elsewhere for a limited period. EXCLUSION Section 2. This Bond does not apply: (a) to the defense of any legal proceeding brought against the Insured, or to fees, costs or expenses incurred or paid by the Insured in prosecuting or defending any legal proceeding whether or not such proceeding results, or would result in a loss to the Insured covered by this Bond; (b) to lose, or that part of any loss, as the case may be, the proof of which, either as to its factual existence or to its amount, ,is dependent upon an inventory computation or a profit and loss computation; (c) to potential income, including but not limited to interest and dividends, not realized by the Insured because of a loss covered under this Bond; (d) to damages of any type for which the Insured Is legally liable, except direct compensatory damages arising from a loss covered under this Bond; (e) to costs, fees and other expenses incurred by the Insured in establishing the existence of or amount of loss covered under this Bond. DEFINITION OF EMPLOYEE Section 3. As used in this Bond, "Employee" means any natural person (except a director or trustee of the Insured, if a corporation, who is not also an officer or employee thereof in some other capa- city) while in the regular service of the Insured in the ordinary course of th.~e Insured's business during the Bond Perod and whom'the Insured.comoensates by salary, wages or con"i~,sions and has the right to govern and direct in the performanc~such servce, bu d'~e~ not mearf any brolrer, factor, commission ?R"erchant considnee, THE FOREGOING INSURING AGREEMENT AND GENERAL AGREEMENTS ARE SUBJECT TO THE FOLLOWING CONDITIONS AND LIMITATIONS: conbactor or other agent or representalive of the same general char- acter. The words "while in the regular service of the Insured" shall include lhe first 30 days thereafter; subject, however, to Sections 12 and 13. LOSS CAUSED BY UNIDENTIFIABLE EMPLOYEES Section 4. ,If a loss is alleged to have been caused by the fraud or dishonesty of any one or more of the Employees and the Insured shatl be unable to designate the specific Employee or Employees causing such loss, the Insured shall nevertheless have the benefit of this Bond, subject to the provisions of Section 2(b) of this Bond, provided that the evidence submitted reasonably proves that the loss was m fact due to the fraud or dishonesty of one or more of the said Employees. and provided, further, that the aggregate liability of the Underwriter for any such loss shall not exceed the amount stated in Ilem 3 of the Declarations. OWNERSHIP OF MONEY OR OTHER PROPERTY Section 5. The insured property may be owned by the Insured, or held by the Insured in any capacity whether or not the Insured is liable for the loss thereof, or may be property as respects which the Insured is legally liable. PRIOR FRAUD, DISHONESTY OR CANCELATION Section 6. The coverage of this Bond shall not apply to any Employee from and after the time that the Insured or any partner or officer thereof not in collusion with such Employee shall have knowl- edge or information thai such Employee has committed any fraudulent or dishonest act in the service of the Insured or otherwise, whether such act be committed before or after the date of employment by the Insured. If, prior to the issuance of this Bond, any fidelity insurance in favor of the Insured or any predecessor in interest of the Insured and covering one or more of the Insured's Employees shall have been canceled as to any of such Employees by reason of the giving of written notice of cancelation by the insurer issuing such fidelity insurance, whether the Underwriter or not, and if such Employees shall not have been reinstaled under the coverage of such lidelity insurance or supersedin,~,,[ideli/y insurance, the Underwriter shall not be liable on account o~h Employees unless the Underw~/er shall agree in writino to incl~' such Employees within the coverage o¢ LOSS -- NOTICE -- PROOF -- .' , ACTION AGAINST UNDER.~i~TER .. Sectio~ 7. Upon knowledge or discover~loss under this Bond, ~ Insured shall: (a) give notice thereof as"~oon as practicable to "the Underwriter or any of its authorized agents, and (b) file de~ailed proof of loss, duly sworn to, with the Underwriter within four months after the discovery ol loss. Upon the Underwbter's request, the Insured shall produce for the Underwrder's examination all pertinent records, at such reasonable times and places as the Underwriter shall designate, and shall cooperate with the Underwriter in al~ matters pertaining to loss or claims with respect thereto. No action shall lie against the Underwriter unless, as a condition precedent thereto, there shall have been full compliance with all the terms of this Bond, nor until ninety days after the required proofs of loss have been filed with the Underwriter, nor at all unless com- menced within two years from the date when the Insured discovers the loss. if any limitation of time for notice of loss or any legal pro- ceeding herein conlaJned is shorter than that permitted to be fixed by agreement under any statute controlling the construction of this Bond. the shortest permissible statutory limitation of time shall govern and shall supersede the time limitation herein stated. RECOVERIES Section 8. If the Insured shalt sustain any loss covered by this Bond which exceeds the amount ol indemnity provided by this Bond, the Insured shall be entitled to all recovenes (except from surety- ship, insurance, reinsurance, security or indemnity liken by or for the benefit of the Underwriter) by whomsoever made, on account of such loss under this Bond Lmtil fully reimbursed, less the actual cost of affecting the same; and any remainder shall be applied to the reimbursement of the Underwriter, LIMITS OF LIABILITY Section 9. Indemnification by the Underwriter for any loss under this Bond shall not reduce the Underwriter's liability for other losses under this Bond whenever sustained. The Underwriter's total liability under this Bond for any loss caused by any Employee or in which such Employee is concerned or implicated is limited to the amount stated in Item 3 of the Declarations. Regardless of the number of years this Bond shall continue in force and the number of premiums which shall be payable or paid, the limit of liability stated in item 3 of the Declarations shall not be cumulative from year to year or period to period. LIMIT OF LIABILITY UNDER THIS BOND AND PRIOR INSURANCE Section 10. With respect to loss caused by any Employee or in which such Employee is concerned or implicaled or which is charge- In witness whereof, the Underwriter has caused ,~ble to any Employee as provided in Section 4 and which, occurs partly during the Bond Period and partly during the period of other bonds or policies is,~l~ by the Underwriter to the Insure~ or tp any predecessor in inte~f the Insured and terminated or ~anCeled or allowed to expire an-'~' in which the period for discovery has not expired at the time any such loss thereunder is4discovered, the total liability of the Underwriter under this Bond and under such other bonds or policies shall not exceed, in the aggregate, the amount stated in Item 3 of the Declarations or the amount available to the Insured under such other bonds or policies, as limited by the terms and conditions thereof, for any such loss, if the latter amount be the larger. OTHER INSURANCE Seclion 11. if there is available to the Insured any other insur- ance or indemnity covering any loss covered by this Bond, the Underwriter shall be liable hereunder only for that part of such loss which is in excess of the amount recoverable or recovered from such other insurance or indemnity. CANCELATION AS TO ANY EMPLOYEE Section 12. This Bond shall be deemed canceled as to any Employee: (a) immediately upon discovery by the Insured, or by any pa~ner or officer thereof not in collusion with such Employee, of any fraudulent or dishonest act on the part of such Employee; or (b) at 12:01 a.m, standard time as aforesaid, upon the effective date specified in a written notice mailed to the insured. Such date shall be not less than fifteen days after the date of mailing. The mailing by the Underwriter of notice as aforesaid to the Insured at the address shown in this Bond shall be sufficient proof of notice. Delivery of such written notice by the Underwriter shall be equivatent to ma, iling. CANCELATION OF BOND Section 13. This Bond may be canceled by the Insured by mail- ing to the Underwriter written notice stating when thereafter the cancelation shal~ be effective. This Bond may be canceled by the Underwriter by mailing to the tnsured at the address shown in this Bond written notice stating when, not less than fifteen days there- after, such cancelation shall be elfective, The mailing of notice as aforesaid shall be sufficient proof of notice. Delivery of such written notice either by the Insured or by the Underwriter shall be equivalent to mailing. If the Insured cancels, earned premium sha~l be computed in accordance with the customary short rate table and procedure. If the Underwriter cancels, earned premium shall be computed pro rata. Premium adjustment may be made at the time cancelation is elfected or as soon as practicable after cancelation becomes effec- tive, but payment or tender of unearned premium is not a condition of cancelation. this Bond to be executed on the Declarations page. RIDER To be attached to and form part of Bond No. SU 37511 In favor of $outhold F:i.~'e Dist~'fct It is agreed that: ]. "Employee" as defined in the attached bond shall als9 be deemed to include any natural person, other than one engaged in the solicitation of funds, who renders service to the Insured without compensa- tion and who, while so serving, performs acts coming within the scope of the usual duties of any of the officers, clerks or other employees of the Insured. 2. This rider is effective as of noon on ~Tu].y 12, 198u, , standard time as specified in the attached bond. VOLUNTEER WORKEIL~ RIDER FOR USE WITH BLANKET POSITION BONO, COMMERCIAL BLANKET BOND, WHEN ISSUED TO ORGANIZATIONS HAVING A BENEVOLENT, POLITICAL SOCIAL OR CIVIC PURPOSE TO INCLUDE AS EMPLOYEES, VOLUNTEE~ WORKERS OTHER THAN ~a~LICITORS OF ~UNDS. REVISED TO MAY, 1957. SR 5292a Printed in U~. UTICA MUTUAL INSURANCE COMPANY BYRosema~¥ Wada8 Attome/-In-Fact