40-17G 1 fidelitybondcoverage51320pdf.htm fidelitybondcoverage51320pdf.htm - Generated by SEC Publisher for SEC Filing

Jason Duffy

Vice President

Insurance & Risk Management

FMR LLC

245 Summer St., V7E, Boston, MA, 02210 Phone: 617-563-9480: Fax: 617-385-0811 jason.duffy@fmr.com

 

May 6, 2020

U.S. Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, NW
Washington, DC 20543

RE:

Fidelity Investments Mutual Funds (FMR LLC) Rule 17g Compliance Filing

Fidelity Bond Coverage Period: July 1, 2019 – July 1, 2020

 

To Whom It May Concern:

We submit the following excess bond policies on behalf of Fidelity Investments Mutual Funds for $50,000,000 excess of $100,000,000 in coverage:

American International Reinsurance Company, LTD.
Policy No: 33089944 (Equity and High Income Funds)
Policy No: 33089946 (Fixed Income & Asset Allocation Funds)
Participation: $6M part of $50M x $100M

XL Specialty Insurance Company

Policy No: ELU162149-19 (Equity and High Income Funds)

Policy No: ELU162154-19 (Fixed Income & Asset Allocation Funds) Participation: $5M part of $50M x $100M

Ironshore Insurance Services
Policy No: 003198802 (Equity and High Income Funds)
Policy No: 003199002 (Fixed Income & Asset Allocation Funds)
Participation: $5M part of $50M x $100M

Freedom Specialty Insurance Company
Policy No: XJO1908785 (Equity and High Income Funds)
Policy No: XJO1908766 (Fixed Income & Asset Allocation Funds)
Participation: $10M part of $50M x $100M

Twin City Fire Insurance Co. (The Hartford)

Policy No: 08 FI 0252161-18 (Equity and High Income Funds)

Policy No: 08 FI 0252157-18 (Fixed Income & Asset Allocation Funds) Participation: $10M part of $50M x $100M

Houston Casualty Company

Policy No: 24-MGU-19-A47039 (Equity and High Income Funds)

Policy No: 24-MGU-19-A47037 (Fixed Income & Asset Allocation Funds) Participation: $8M part of $50M x $100M

London: Antares AUL 1274

Policy No: B080113016P19 (Equity and High Income Funds)

Policy No: B080113012P19 (Fixed Income & Asset Allocation Funds) Participation: $6M part of $50M x $100M

The lead bond insurance policy, statement confirming payment of premiums, resolution of a majority of independent trustees approving coverage, joint insured bond statement and the Fidelity Bond Insurance Recovery Agreement have been submitted. The accession number is 0000880195-20-000002.



 

POLICYHOLDER NOTICE

In accordance with American International Reinsurance Company, Ltd’s Customer Complaint Handling Policy, if there is ever an occasion when our service does not meet your expectations please contact us using the appropriate contact details below and provide the Policy Number and the name of the Policyholder/Insured to help us address your complaint expeditiously. Any complaint should be sent to:

AIG Bermuda Compliance
27 Richmond Road,
Pembroke HM 08
Bermuda
Email: aigbermudacompliance@aig.com

We will promptly acknowledge the complaint and review the facts and circumstances to determine the appropriate resolution as soon as reasonably practicable.


 

American International Reinsurance Company, Ltd.

27 Richmond Road
Pembroke HM 08, Bermuda
Telephone Number: 441-295-7827
Facsimile Number: 441-292-8099

PREMIER EXCESS II

NOTICES: DEPENDING ON THE TERMS, CONDITIONS AND EXCLUSIONS OF THE FOLLOWED POLICY, THIS POLICY (1) MAY ONLY PROVIDE COVERAGE FOR LOSS FROM CLAIMS FIRST MADE OR FIRST MADE AND REPORTED DURING ITS POLICY PERIOD; (2) MAY HAVE ITS LIMITS OF LIABILITY REDUCED BY THE PAYMENT OF DEFENSE COSTS AND/OR CLAIMS EXPENSES; AND (3) MAY NOT IMPOSE A DUTY TO DEFEND ON THE INSURER. PLEASE READ THE FOLLOWED POLICY AND THIS POLICY CAREFULLY AND DISCUSS THE COVERAGE PROVIDED THEREUNDER AND HEREUNDER WITH YOUR INSURANCE AGENT OR BROKER.

      DECLARATIONS  
 
POLICY NUMBER: 33089944            
 
ITEM 1: NAMED INSURED:   Fidelity Equity and High Income Funds  
  NAMED INSURED ADDRESS:   c/o FMR LLC        
      200 Seaport Blvd.        
      Mailzone ZW9C        
      Boston, MA 02210        
      U.S.A.        
 
ITEM 2: POLICY PERIOD: July 1, 2019 to July 1, 2020        
  (12:01 a.m. Standard/Prevailing time at the address stated in Item 1)  
 
ITEM 3: LIMIT OF LIABILITY: $6,000,000 Part of $50,000,000 U.S. dollars in the aggregate  
  EXCESS OF TOTAL UNDERLYING LIMITS OF: $100,000,000 U.S. dollars  
 
ITEM 4: UNDERLYING POLICIES:            
 
INSURER:   POLICY NUMBER:     UNDERLYING LIMIT: POLICY PERIOD:
PRIMARY POLICY:            
National Union Fire Insurance Company   01-346-65-10   $ 15,000,000 07/01/2019 to 07/01/2020
of Pittsburgh, Pa.            
EXCESS POLICIES:            
Federal Insurance Company   82484869     $10,000,000 Excess of 07/01/2019 to 07/01/2020
          $ 15,000,000  
Everest Reinsurance Company   FL5FD00012-191     $10,000,000 Excess of 07/01/2019 to 07/01/2020
          $ 25,000,000  
ICI Mutual Insurance Company   87153319 B   $15,000,000 Excess of 07/01/2019 to 07/01/2020
          $ 35,000,000  
Allied World Assurance Company, AG   C014840/009     $15,000,000 Excess of 07/01/2019 to 07/01/2020
          $ 50,000,00  
Travelers Casualty and Surety Company of   106547262     $10,000,000 Excess of 07/01/2019 to 07/01/2020
America         $ 65,000,000  
Continental Insurance Company   287042220     $10,000,000 Excess of 07/01/2019 to 07/01/2020
          $ 75,000,000  
Quota Share Layer of $15,000,000 (*)         Excess of $85,000,000 07/01/2019 to 07/01/2020
*Starr Indemnity & Liability Company   1000059071191   $ 10,000,000 07/01/2019 to 07/01/2020
*AXIS Insurance Company   MNN727586/01/2019   $ 5,000,000 07/01/2019 to 07/01/2020
FOLLOWED POLICY:            
National Union Fire Insurance Company   01-346-65-10   $ 15,000,000 07/01/2019 to 07/01/2020
of Pittsburgh, Pa.            
 
103287 (03 10) Page 1 of 2        

 

AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.
27 Richmond Road
Pembroke, HM08
Bermuda

  • All rights reserved.

.


 

ITEM 5: PREMIUM: $17,814 U.S. dollars
ITEM 6: ADDRESSES FOR ALL NOTICES UNDER THIS POLICY:

 

A.      Claims Address:

B. Insurer Address:

Via e-mail to: Via Easy-Link Fax: Via mail to:

fl_catexcessclaims@aig.com; or 866.230.8517 AIG Property Casualty

Financial Lines Claims – Cat Excess Liability PO Box 25947 Shawnee Mission, KS 66225

 

27 Richmond Road, Pembroke HM 08, Bermuda

ITEM 7: ENDORSEMENTS EFFECTIVE AT INCEPTION:  
 
NUMBER TITLE FORM NUMBER
1 Economic Sanctions Endorsement 119679
2 Quota Share Participation Endorsement 103303
3 Tie-In of Limits Endorsement Manuscript
4 Amendment to IV Rights Endorsement Manuscript
5 Fidelity Special Amendatory Endorsement Manuscript

 

ITEM 8: BROKER: Willis (Bermuda) Limited
  BROKER ADDRESS: Wellesley House
    90 Pitts Bay Road
    Pembroke HM08

 


  January 13, 2020
Authorized Representative Date

 

103287 (03 10)

Page 1 of 2

AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.
27 Richmond Road
Pembroke, HM08
Bermuda

  • All rights reserved.

.


 

PREMIER EXCESS II


In consideration of premium paid, the Insurer, the Named Insured and all insureds under this Policy (Named Insured and all insureds under this Policy are, collectively, the “Insureds”) agree as follows:

I. INSURING AGREEMENT

This Policy shall provide coverage in accordance with the same terms, conditions and exclusions of the Followed Policy, as modified by and subject to the terms, conditions and exclusions of this Policy. Notwithstanding the foregoing, this Policy shall not provide coverage broader than that provided by any Underlying Policy, or any policy issued by any participating quota share insurer, unless such broader coverage is specifically agreed to herein or in a written endorsement attached hereto.

II. LIMIT OF LIABILITY AND EROSION RECOGNITION

The Limit of Liability is the aggregate limit of the Insurer's liability for all coverage under this Policy. The Insurer’s coverage obligations under this Policy attach to the Insurer only after the Total Underlying Limits have been exhausted through payments of covered loss by, on behalf of or in the place of the Underlying Insurers pursuant to the terms and conditions of the Underlying Policies. This Policy shall continue in force as primary insurance only upon the exhaustion of the Total Underlying Limits and satisfaction of any applicable retention by reason of such payments. This Policy shall recognize erosion of an Underlying Limit of an Underlying Policy through payment of covered loss by others pursuant to the terms and conditions of the Underlying Policy. Payments made under any amendatory endorsement required by any jurisdiction in the United States of America (“U.S.A.”) or sub-limit of liability shall be deemed to apply toward exhaustion of the limits of liability of the Underlying Policies, but this Policy shall not follow such amendatory endorsement or sub-limit of liability. The risk of uncollectibility of any part of the Total Underlying Limits, for any reason, is expressly retained by the Insureds, and is neither insured under this Policy nor assumed by the Insurer.

III. NOTICES

Where the Followed Policy requires or permits notice to that insurer, the Insureds have the same obligations to notify, and the Insurer has the same rights to notification under this Policy, except that with respect to this Policy, any notice to the Insurer must be directed as follows: (i) for notices of claims and/or circumstances, by mail or e-mail to the Claims Address; and (ii) for all other notices, by mail to the Insurer Address.

IV. RIGHTS

The Insurer shall have the same rights, privileges and protections afforded to the insurer of the Followed Policy in accordance with the terms, conditions and exclusions of the Followed Policy. The Insurer shall maintain full and complete claims control as respects its portion of any claim or loss arising under this Policy. The Insurer shall also have the right, in its sole discretion, but not the obligation, to effectively associate with the Insureds in the defense and settlement of any claim that appears to be reasonably likely to involve the Insurer. The Insureds shall provide the Insurer with such information and cooperation as the Insurer may reasonably request and shall not do anything that prejudices the Insurer’s position or potential rights of recovery, including, but not limited to, terminating any Underlying Policy.

V. RELIANCE

The Insurer has issued this Policy in reliance upon the completeness and accuracy of the applications, warranty statements, the binders for the Underlying Policies, any attachments thereto and any other information submitted, the entirety of which shall be deemed attached hereto and made a part hereof.

VI. CHANGES AND CANCELLATION

If, subsequent to the issuance of the Followed Policy, the terms, conditions or exclusions of an Underlying Policy are modified, the Insureds must notify the Insurer in writing, as soon as practicable, of such modifications. If such modifications: (i) expand the coverage of an Underlying Policy, (ii) change the policyholder name or address, or (iii) modify premium, this Policy shall not follow those changes unless the Insurer agrees to such modification in writing, which shall be at the sole discretion of the Insurer. The Named Insured agrees to pay any additional premium the Insurer may require for such modification(s). This Policy shall follow the cancellation terms of the Followed Policy except that in the event the Insurer cancels this Policy for non-payment of premium, this Policy shall be void as of the inception date of the Policy Period.

103288(3/10)

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AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.
27 Richmond Road
Pembroke, HM08
Bermuda

  • All rights reserved.

 

PREMIER EXCESS II POLICY - Continued

VII. CHOICE OF LAW

The following shall always apply to this Policy:

A.      the procedural law of the venue selected under Clause VIII. ARBITRATION, Sub-Clause C. 1. or C. 2., below; and
B.      Clause IX. PUNITIVE DAMAGES, below, shall be construed and enforced solely in accordance with the laws of Bermuda.
VIII.      ARBITRATION
  A.      It is agreed that any dispute arising out of or in connection with this Policy, including any question regarding its
   existence,      interpretation, validity or termination, shall be referred to and fully and finally resolved solely by
   arbitration.     
  B.      This Policy shall follow the terms of the Followed Policy with respect to arbitration only when said terms require the
   dispute      to proceed either in Hamilton, Bermuda, London, England, or Toronto or Vancouver, Canada.
  C.      In the event the Followed Policy does not provide for arbitration in the locations set forth in Sub-Clause B., above,
   the      arbitration shall take place in one of the following venues:
   1.      Hamilton, Bermuda under the Bermuda International Conciliation and Arbitration Act 1993 (exclusive of the Conciliation Part of such Act), as may be amended and supplemented, which Act is deemed incorporated by reference hereto; or
   2.      London, England or Toronto or Vancouver, Canada under the English Arbitration Act 1996, as may be amended and supplemented, which Act is deemed incorporated by reference hereto.
  D.      Where an Insured and the Insurer are parties to the dispute, the Insured shall make the selection referenced in
   Sub-Clause      C., above. Where the Insurer and a party deriving rights through or asserting rights on behalf of an
   Insured      are parties to the dispute, the Insurer shall make the selection referenced in Sub-Clause C., above.
  E.      The number of arbitrators shall be three (such arbitrators are, collectively, the “Arbitration Board”).
  F.      Each party shall bear the costs of its own arbitrator. The remaining cost of arbitration shall be borne equally by the
   parties.     
  G.      All awards made by the Arbitration Board shall be final and no right of appeal shall lie from any award rendered by
   the      Arbitration Board.
IX.      PUNITIVE DAMAGES

This Policy shall cover punitive damages to the same extent punitive damages are covered under the Followed Policy. However, if the coverage provision for punitive damages of any Underlying Policy is solely contingent on the insurability of such damages under applicable law, then this Policy shall provide coverage for punitive damages.

X. SERVICE OF SUIT AND JURISDICTION

Notwithstanding any provision of the Followed Policy or any Underlying Policy, this Policy shall not conform to the law of any jurisdiction in the U.S.A. The Insurer does not consent to the service of suit in the U.S.A. or the jurisdiction of any federal, territorial or state court in the U.S.A.

Solely for the purpose of effectuating arbitration under Clause VIII. ARBITRATION, above, or enforcing an award entered in such arbitration, the Insurer, at the request of the Insured, will submit to the jurisdiction of a court of competent jurisdiction within the U.S.A. and will comply with all requirements necessary to give such court jurisdiction. Nothing in this Clause X. SERVICE OF SUIT AND JURISDICTION, constitutes, or should be understood to constitute, a waiver of the Insurer’s rights to commence a suit in any court of competent jurisdiction in the U.S.A, to remove a suit to a United States District Court, or to seek a transfer of a suit to another court as permitted by the laws of the U.S.A. or any jurisdiction in the U.S.A. It is further agreed that service of process in such suit may be made upon the Insurer’s General Counsel at 175 Water Street, 18th Floor, New York, New York 10038, and that in any suit instituted against the Insurer to effectuate arbitration or enforce an award entered in such arbitration, both of which solely as provided for under Clause VIII. ARBITRATION, above, the Insurer will abide by the final decision of such court or of any appellate court in the event of any appeal. Further, pursuant to any statute of any jurisdiction in the U.S.A. that makes provision therefor, the Insurer hereby designates the Superintendent, Commissioner, or Director of Insurance, or other officer specified for that purpose in the statute, or his or her successor or successors in office, as its true and lawful attorney upon whom may be served any lawful process in any suit instituted by the Insured within the scope of this CLAUSE X. SERVICE OF SUIT AND JURISDICTION, and hereby designates the above referenced General Counsel as the person to whom the said officer is authorized to mail such process or a true copy thereof.

IN WITNESS WHEREOF, the Insurer has caused this Policy to be signed by its Authorized Representative.

103288(3/10)

2 of 2

  • All rights reserved.

 

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

ENDORSEMENT # 1

This endorsement, effective July 1, 2019 (at 12:01 a.m. Prevailing Time at the address shown in Item 1 of the Declarations) forms a part of Policy No. 33089944 issued to Fidelity Equity and High Income Funds by American International Reinsurance Company, Ltd.

ECONOMIC SANCTIONS ENDORSEMENT

This endorsement modifies insurance provided under the following:

Coverage shall only be provided and payment of loss under this policy shall only be made in full compliance with enforceable United Nations economic and trade sanctions and the trade and economic sanction laws or regulations of the European Union and the United States of America, including, but not limited to, sanctions, laws and regulations administered and enforced by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC").

119679 (9/15)

Page 1 of 1

AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.

27 Richmond Road Pembroke, HM08 Bermuda

  • All rights reserved.

 

ENDORSEMENT # 2
This endorsement, effective July 1, 2019 (at 12:01 a.m. Prevailing Time at the address shown in Item 1 of the
Declarations)
forms a part of Policy No. 33089944 issued to Fidelity Equity and High Income Funds
by American International Reinsurance Company, Ltd.
 
QUOTA SHARE PARTICIPATION ENDORSEMENT
In consideration of the premium paid, it is hereby understood and agreed that Item 3: Limit of Liability of the
Declarations is deleted and replaced with the following:
ITEM 3. LIMIT OF LIABILITY: US$6,000,000 quota share part of US$50,000,000 excess of
US$100,000,000 aggregate for all Coverages combined (including Defense Costs).
 
It is further understood and agreed that Section II. TERMS AND CONDITIONS, Clause C. FOLLOWING FORM,
paragraph 2 is amended by the addition of the following:

 

This Policy shall pay only 12% of all covered Loss excess of US$100,000,000 subject to a maximum aggregate Limit of Liability of US$6,000,000. The obligation of American International Reinsurance Company, Ltd. to pay for Loss is several and not joint of the obligation of any other participating quota share insurer or any other insurer.

All other terms, conditions and exclusions remain unchanged.

103303(11/09)

Page 1 of 1

AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.

27 Richmond Road Pembroke, HM08 Bermuda

  • All rights reserved.

 

ENDORSEMENT # 3

This endorsement, effective July 1, 2019 (at 12:01 a.m. Prevailing Time at the address shown in Item 1 of the Declarations) forms a part of Policy No. 33089944 issued to Fidelity Equity and High Income Funds by American International Reinsurance Company, Ltd.

TIE-IN LIMITS ENDORSEMENT

In consideration of the premium charged, it is hereby understood and agreed that the combined Limits of Liability of the Insurer for all claims both under this Policy, and also under Policy No. 33089945 issued to Fidelity Equity and High Income Funds by American International Reinsurance Company, Ltd., shall be $6,000,000.

Accordingly, the Limits of Liability for Loss under this Policy shall be reduced by Loss incurred under Policy No. 33089945 because the Limits of Liability under Policy No. 33089945 are part of and not in addition to the Limits of Liability of this Policy.

Nothing in this endorsement shall be construed to increase the Insurer’s Limits of Liability set for in the Declarations page of Policy No. 33089945 which shall remain the maximum liability of the Insurer for claims under such Policy, or the Insurer’s Limits of Liability under this Policy as set forth in Item 3 of the Declarations, which shall remain the maximum liability of the Insurer for claims under this Policy.

It is further understood and agreed that the Insurer shall not recognize any erosion of the Underlying Limits due to Loss paid by any Underlying Insurers under such insurer’s respective Underlying Policy, as a result of the operation of this Tie-In Limits Endorsement or similar Tie-In Limits endorsement of any Underlying Insurers.

All other terms, conditions and exclusions remain unchanged.

Manuscript

Page 1 of 1

AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.

27 Richmond Road Pembroke, HM08 Bermuda

  • All rights reserved.

 

ENDORSEMENT # 4

This endorsement, effective July 1, 2019 (at 12:01 a.m. Prevailing Time at the address shown in Item 1 of the Declarations) forms a part of Policy No. 33089944 issued to Fidelity Equity and High Income Funds by American International Reinsurance Company, Ltd.

AMEND SECTION IV. RIGHTS ENDORSEMENT

It is hereby understood and agreed that Section IV. RIGHTS is deleted and replaced with the following:

IV. RIGHTS

The Insurer shall have the same rights, privileges and protections afforded to the insurer of the Followed Policy in accordance with the terms, conditions and exclusions of the Followed Policy. The Insurer shall maintain full and complete claims control as respects its portion of any claim or loss arising under this Policy. The Insurer shall also have the right, in its sole discretion, but not the obligation, to effectively associate with the Insureds in the defense and settlement of any claim that appears to be reasonably likely to involve the Insurer. The Insureds shall provide the Insurer with such information and cooperation as the Insurer may reasonably request and shall not do anything that prejudices the Insurer’s position or potential rights of recovery, including, but not limited to, terminating any Underlying Policy. However, the failure of an Insured to comply with this provision shall not impair another Insured Person’s right to coverage.

All other terms, conditions and exclusions remain unchanged.

Manuscript

Page 1 of 1

AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.

27 Richmond Road Pembroke, HM08 Bermuda

  • All rights reserved.

 

ENDORSEMENT # 5

This endorsement, effective July 1, 2019 (at 12:01 a.m. Prevailing Time at the address shown in Item 1 of the Declarations) forms a part of Policy No. 33089944 issued to Fidelity Equity and High Income Funds by American International Reinsurance Company, Ltd.

FIDELITY SPECIAL AMENDATORY ENDORSEMENT

In consideration of the premium charged, it is hereby understood and agreed that this policy is amended as follows:

1.      Clause I. INSURING AGREEMENT is deleted in its entirety and replaced with the following:
  I.      INSURING AGREEMENT
  This      Policy shall provide coverage in accordance with the same terms, conditions and exclusions of the Followed
  Policy,      as modified by and subject to the terms, conditions and exclusions of this Policy.
2.      Clause II. LIMIT OF LIABILITY AND EROSION RECOGNITION is deleted in its entirety and replaced with the
  following:     
  II.      LIMIT OF LIABILITY AND EROSION RECOGNITION
  The      Limit of Liability is the aggregate limit of the Insurer's liability for all coverage under this Policy. The Insurer’s
  coverage      obligations under this Policy attach to the Insurer only after the Total Underlying Limits have been
  exhausted      through payments of Loss pursuant to the terms and conditions of the Underlying Policies by, on
  behalf      of or in the place of the Underlying Insurers. This Policy shall continue in force as primary insurance only
  upon      the exhaustion of the Total Underlying Limits and satisfaction of any applicable retention by reason of such
  payments.      This Policy shall recognize erosion of an Underlying Limit of an Underlying Policy through payment
  by      others of Loss pursuant to the terms and conditions of the Underlying Policy. Payments made under any
  amendatory      endorsement required by any jurisdiction in the United States of America (“U.S.A.”) or sub-limit of
  liability      shall be deemed to apply toward exhaustion of the limits of liability of the Underlying Policies, but this
  Policy      shall not follow such amendatory endorsement or sub-limit of liability. The risk of uncollectibility of any
  part      of the Total Underlying Limits, for any reason, is expressly retained by the Insureds, and is neither insured
  under      this Policy nor assumed by the Insurer.
3.      Clause V. RELIANCE is deleted in its entirety and replaced with the following
  V.      RELIANCE
  The      Insurer has issued this Policy in reliance upon the completeness and accuracy of the applications, warranty
  statements,      the binders for the Underlying Policies, any attachments thereto and any other information
  submitted,      the entirety of which shall be deemed attached hereto and made a part hereof, subject to any
  severability      provision in the Followed Policy.

All other terms, conditions and exclusions remain unchanged.

Manuscript

Page 1 of 1

AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.

27 Richmond Road Pembroke, HM08 Bermuda

©All rights reserved.


 



 


XL Catlin - Professional Insurance
100 Constitution Plaza
17th Floor
Hartford, CT 06103
Phone 860-246-1863
Fax 860-246-1899

February 6, 2020

Mary Coughlin
Willis of MA Inc
Three Copley Place
Suite 300
Boston, MA 02116

Re: Fidelity Equity and High Income Funds
Excess Bond Policy

Dear Mary,

Enclosed, please find the policy for Fidelity Equity and High Income Funds. Thank you for choosing XL Insurance. Please call if you have any questions or concerns.

Sincerely,


Bill Caporale

ko


 

Bond Number: ELU162149-19 XL Specialty Insurance Company
Renewal of Number: ELU156086-18 A member of the XL America Companies
 
          Executive Offices
          70 Seaview Avenue
  EXCESS BOND Stamford, CT 06902-6040
          Telephone 877-953-2636
 
ITEM 1. Name of Insured (herein called Insured) :  
    Fidelity Equity and High Income Funds  
    c/o FMR LLC, 200 Seaport Blvd.  
  Principal Address: Mailzone ZW9C  
    Boston, MA 02210  
 
ITEM 2. Bond Period: from: 12:01 a.m. Standard Time on July 01, 2019 to July 01, 2020
ITEM 3. Aggregate Limit of Liability: $ 5,000,000 Part Of $ 50,000,000.00
ITEM 4. Single Loss Limit of Liability : $ 5,000,000 Part of $50,000,000  
 
ITEM 5: Schedule of Underlying Coverage:  

 

(A)      Primary Bond or Policy:
  (ii)      Insurer: National Union Fire Insurance Company of Pittsburgh, Pa.
  (ii)      Bond or Policy Number: 01-346-65-10
  (iii)      Bond or Policy Period: July 01, 2019 to July 01, 2020
  (iv)      Limit(s) of Liability

Single Loss Limit of Liability: $15,000,000
Aggregate Limit of Liability: $15,000,000
(v) Single Loss Deductible or Retention: $400,000

(B)      Excess Bond or Policy:
  (i)      Insurer: Federal Insurance Company
  (ii)      Bond or Policy Number: 82484869
  (iii)      Bond or Policy Period: July 01, 2019 to July 01, 2020
  (iv)      Limit(s) of Liability

Single Loss Limit of Liability: $10,000,000
Aggregate Limit of Liability: $10,000,000

(C)      Excess Bond or Policy:
  (i)      Insurer: Everest Reinsurance Company
  (ii)      Bond or Policy Number: FL5FD00012-191
  (iii)      Bond or Policy Period: July 01, 2019 to July 01, 2020
  (iv)      Limit(s) of Liability
   Single Loss Limit of Liability: $10,000,000 Aggregate Limit of Liability: $10,000,000
(D)      Excess Bond or Policy:
  (i)      Insurer: ICI Mutual Insurance Company
  (ii)      Bond or Policy Number: 87153319D

(iii (iv

Bond or Policy Period: July 01, 2019 to July 01, 2020 Limit(s) of Liability Single Loss Limit of Liability: $15,000,000 Aggregate Limit of Liability: $15,000,000

 

(E)      Excess Bond or Policy:
  (i)      Insurer: Allied World Assurance Company, AG
  (ii)      Bond or Policy Number: C014840/009

(iii (iv

Bond or Policy Period: July 01, 2019 to July 01, 2020 Limit(s) of Liability Single Loss Limit of Liability: $15,000,000 Aggregate Limit of Liability: $15,000,000

 

FB 70 09 10 10

Page 1 of 1


 

(F)      Excess Bond or Policy:
  (i)      Insurer: Travelers Casualty and Surety Company of America
  (ii)      Bond or Policy Number: 106547262

(iii (iv

Bond or Policy Period: July 01, 2019 to July 01, 2020 Limit(s) of Liability Single Loss Limit of Liability: $10,000,000 Aggregate Limit of Liability: $10,000,000

 

(G)      Excess Bond or Policy:
  (i)      Insurer: Continental Casualty Company
  (ii)      Bond or Policy Number: 287042220

(iii (iv

Bond or Policy Period: July 01, 2018 to July 01, 2019 Limit(s) of Liability Single Loss Limit of Liability: $10,000,000 Aggregate Limit of Liability: $10,000,000

 

(H)      Excess Bond or Policy:
  (i)      Insurer: AXIS Insurance Company
  (ii)      Bond or Policy Number: MNN727586/01/2019

(iii (iv

Bond or Policy Period: July 01, 2019 to July 01, 2020 Limit(s) of Liability Single Loss Limit of Liability: $5,000,000 Part of $15,000,000 Aggregate Limit of Liability: $5,000,000 Part of $15,000,000

 

(I)      Excess Bond or Policy:
  (i)      Insurer: Starr Indemnity & Liability Company
  (ii)      Bond or Policy Number: 1000059071191

(iii (iv

Bond or Policy Period: July 01, 2019 to July 01, 2020 Limit(s) of Liability

Single Loss Limit of Liability: $10,000,000 Part of $15,000,000 Aggregate Limit of Liability: $10,000,000 Part of $15,000,000

 

(J)      Excess Bond or Policy:
  (i)      Insurer: Lloyd’s of London
  (ii)      Bond or Policy Number: B080113016P19

(iii (iv

Bond or Policy Period: July 01, 2019 to July 01, 2020 Limit(s) of Liability Single Loss Limit of Liability: $6,000,000 Part Of $50,000,000 Aggregate Limit of Liability: $6,000,000 Part Of $50,000,000

 

(K)      Excess Bond or Policy:
  (i)      Insurer: National Casualty Company
  (ii)      Bond or Policy Number: XJO1908785

(iii (iv

Bond or Policy Period: July 01, 2019 to July 01, 2020 Limit(s) of Liability

Single Loss Limit of Liability: $10,000,000 Part of $50,000,000 Aggregate Limit of Liability: $10,000,000 Part of $50,000,000

 

(L)      Excess Bond or Policy:
  (i)      Insurer: Twin City Fire Insurance Co
  (ii)      Bond or Policy Number: 08 FI 0252161 -19

(iii (iv

Bond or Policy Period: July 01, 2019 to July 01, 2020 Limit(s) of Liability

Single Loss Limit of Liability: $10,000,000 Part of $50,000,000 Aggregate Limit of Liability: $10,000,000 Part of $50,000,000

 

(M)      Excess Bond or Policy:
  (i)      Insurer: US Specialty Insurance Company
  (ii)      Bond or Policy Number: 24-MGU-19-A47039

(iii (iv

Bond or Policy Period: July 01, 2019 to July 01, 2020 Limit(s) of Liability Single Loss Limit of Liability: $8,000,000 Part Of $50,000,000 Aggregate Limit of Liability: $8,000,000 Part Of $50,000,000

 

FB 70 09 10 10

Page 2 of 2


 

(N)      Excess Bond or Policy:
  (i)      Insurer: American International Reinsurance Company
  (ii)      Bond or Policy Number: 33089944

(iii (iv

Bond or Policy Period: July 01, 2019 to July 01, 2020 Limit(s) of Liability Single Loss Limit of Liability: $6,000,000 Part of $50,000,000 Aggregate Limit of Liability: $6,000,000 Part of $50,000,000

 

(O)      Excess Bond or Policy:
  (i)      Insurer: Ironshore Indemnity Inc.
  (ii)      Bond or Policy Number: 003198802
  (iii Bond or Policy Period: July 01, 2019 to July 01, 2020
  (iv Limit(s) of Liability    
    Single Loss Limit of Liability: $5,000,000 Part of $50,000,000
    Aggregate Limit of Liability: $5,000,000 Part of $50,000,000
Item 6. Premium:    
    Premium $ 14,847.00
    Taxes, Surcharges or Fees $ 0.00
    Total Policy Premium $ 14,847.00
 
ITEM 7. The liability of the Underwriter is subject to the terms of the following riders attached hereto:
  FB 71 04 10 10 XS 80 07 12 14 XL 80 23 07 02    

 

THESE DECLARATIONS AND THE POLICY, WITH THE ENDORSEMENTS, ATTACHMENTS, AND THE APPLICATION SHALL CONSTITUTE THE

ENTIRE AGREEMENT BETWEEN THE INSURER AND THE INSURED RELATING TO THIS INSURANCE.

FB 70 09 10 10

Page 2 of 2


 

IN WITNESS

XL SPECIALTY INSURANCE COMPANY

REGULATORY OFFICE

505 EAGLEVIEW BOULEVARD, SUITE 100

DEPARTMENT: REGULATORY
EXTON, PA 19341-1120
PHONE: 800-688-1840

 

It is hereby agreed and understood that the following In Witness Clause supercedes any and all other In Witness clauses in this policy.

All other provisions remain unchanged.

IN WITNESS WHEREOF, the Insurer has caused this policy to be executed and attested, and, if required by state law, this policy shall not be valid unless countersigned by a duly authorized representative of the Insurer.


Joseph Tocco President

Toni Ann Perkins Secretary

 

LAD 400 0915 XLS

  • 2015 X.L. America, Inc. All Rights Reserved. May not be copied without permission.

 

NOTICE TO POLICYHOLDERS

U.S. TREASURY DEPARTMENT’S OFFICE OF FOREIGN ASSETS CONTROL

(“OFAC”)

No coverage is provided by this Policyholder Notice nor can it be construed to replace any provisions of your policy. You should read your policy and review your Declarations page for complete information on the coverages you are provided.

This Policyholder Notice provides information concerning possible impact on your insurance coverage due to the impact of U.S. Trade Sanctions1. Please read this Policyholder Notice carefully.

In accordance with the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) regulations, or any other U.S. Trade Sanctions applied by any regulatory body, if it is determined that you or any other insured, or any person or entity claiming the benefits of this insurance has violated

U.S. sanctions law, is a Specially Designated National and Blocked Person (“SDN”), or is owned or controlled by an SDN, this insurance will be considered a blocked or frozen contract. When an insurance policy is considered to be such a blocked or frozen contract, neither payments nor premium refunds may be made without authorization from OFAC. Other limitations on the premiums and payments also apply.

1 “U.S Trade Sanctions” may be promulgated by Executive Order, act of Congress, regulations from the U.S. Departments of State, Treasury, or Commerce, regulations from the State Insurance Departments, etc.

PN CW 05 0519

©2019 X.L. America, Inc. All rights reserved. May not be copied without permission.

Includes copyrighted material of Insurance Services Office, Inc., with its permission.


 

NOTICE TO POLICYHOLDERS

PRIVACY POLICY

The AXA XL insurance group (the “Companies”), believes personal information that we collect about our customers, potential customers, and proposed insureds (referred to collectively in this Privacy Policy as

“customers”) must be treated with the highest degree of confidentiality. For this reason and in compliance with the Title V of the Gramm-Leach-Bliley Act (“GLBA”), we have developed a Privacy Policy that applies to all of our companies. For purposes of our Privacy Policy, the term “personal information” includes all information we obtain about a customer and maintain in a personally identifiable way. In order to assure the confidentiality of the personal information we collect and in order to comply with applicable laws, all individuals with access to personal information about our customers are required to follow this policy.

Our Privacy Promise

Your privacy and the confidentiality of your business records are important to us. Information and the analysis of information is essential to the business of insurance and critical to our ability to provide to you excellent, cost-effective service and products. We understand that gaining and keeping your trust depends upon the security and integrity of our records concerning you. Accordingly, we promise that:

1.      We will follow strict standards of security and confidentiality to protect any information you share with us or information that we receive about you;
2.      We will verify and exchange information regarding your credit and financial status only for the purposes of underwriting, policy administration, or risk management and only with reputable references and clearinghouse services;
3.      We will not collect and use information about you and your business other than the minimum amount of information necessary to advise you about and deliver to you excellent service and products and to administer our business;
4.      We will train our employees to handle information about you or your business in a secure and confidential manner and only permit employees authorized to use such information to have access to such information;
5.      We will not disclose information about you or your business to any organization outside the XL Catlin insurance group of Companies or to third party service providers unless we disclose to you our intent to do so or we are required to do so by law;
6.      We will not disclose medical information about you, your employees, or any claimants under any policy of insurance, unless you provide us with written authorization to do so, or unless the disclosure is for any specific business exception provided in the law;
7.      We will attempt, with your help, to keep our records regarding you and your business complete and accurate, and will advise you how and where to access your account information (unless prohibited by law), and will advise you how to correct errors or make changes to that information; and
8.      We will audit and assess our operations, personnel and third party service providers to assure that your privacy is respected.

Collection and Sources of Information

We collect from a customer or potential customer only the personal information that is necessary for (a) determining eligibility for the product or service sought by the customer, (b) administering the product or service obtained, and (c) advising the customer about our products and services. The information we collect generally comes from the following sources:

  • Submission During the submission process, you provide us with information about you and your business, such as your name, address, phone number, e-mail address, and other types of personal identification information;
  • Quotes We collect information to enable us to determine your eligibility for the particular insurance product and to determine the cost of such insurance to you. The information we collect will vary with the type of insurance you seek;

PN CW 02 0119

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© 2019 X.L. America, Inc. All Rights Reserved.
May not be copied without permission.


 

NOTICE TO POLICYHOLDERS

  • Transactions We will maintain records of all transactions with us, our affiliates, and our third party service providers, including your insurance coverage selections, premiums, billing and payment information, claims history, and other information related to your account;
  • Claims If you obtain insurance from us, we will maintain records related to any claims that may be made under your policies. The investigation of a claim necessarily involves collection of a broad range of information about many issues, some of which does not directly involve you. We will share with you any facts that we collect about your claim unless we are prohibited by law from doing so. The process of claim investigation, evaluation, and settlement also involves, however, the collection of advice, opinions, and comments from many people, including attorneys and experts, to aid the claim specialist in determining how best to handle your claim. In order to protect the legal and transactional confidentiality and privileges associated with such opinions, comments and advice, we will not disclose this information to you; and
  • Credit and Financial Reports We may receive information about you and your business regarding your credit. We use this information to verify information you provide during the submission and quote processes and to help underwrite and provide to you the most accurate and cost-effective insurance quote we can provide.

Retention and Correction of Personal Information

We retain personal information only as long as required by our business practices and applicable law. If we become aware that an item of personal information may be materially inaccurate, we will make reasonable effort to re-verify its accuracy and correct any error as appropriate.

Storage of Personal Information

We have in place safeguards to protect data and paper files containing personal information. Sharing/Disclosing of Personal Information

We maintain procedures to assure that we do not share personal information with an unaffiliated third party for marketing purposes unless such sharing is permitted by law. Personal information may be disclosed to an unaffiliated third party for necessary servicing of the product or service or for other normal business transactions as permitted by law.

We do not disclose personal information to an unaffiliated third party for servicing purposes or joint marketing purposes unless a contract containing a confidentiality/non-disclosure provision has been signed by us and the third party. Unless a consumer consents, we do not disclose “consumer credit report” type information obtained from an application or a credit report regarding a customer who applies for a financial product to any unaffiliated third party for the purpose of serving as a factor in establishing a consumer’s eligibility for credit, insurance or employment. “Consumer credit report type information” means such things as net worth, credit worthiness, lifestyle information (piloting, skydiving, etc.) solvency, etc. We also do not disclose to any unaffiliated third party a policy or account number for use in marketing. We may share with our affiliated companies information that relates to our experience and transactions with the customer.

Policy for Personal Information Relating to Nonpublic Personal Health Information

We do not disclose nonpublic personal health information about a customer unless an authorization is obtained from the customer whose nonpublic personal information is sought to be disclosed. However, an authorization shall not be prohibited, restricted or required for the disclosure of certain insurance functions, including, but not limited to, claims administration, claims adjustment and management, detection, investigation or reporting of actual or potential fraud, misrepresentation or criminal activity, underwriting, policy placement or issuance, loss control and/or auditing.

PN CW 02 0119

Page 2 of 3

© 2019 X.L. America, Inc. All Rights Reserved.
May not be copied without permission.


 

NOTICE TO POLICYHOLDERS

Access to Your Information

Our employees, employees of our affiliated companies, and third party service providers will have access to information we collect about you and your business as is necessary to effect transactions with you. We may also disclose information about you to the following categories of person or entities:

  • Your independent insurance agent or broker;
  • An independent claim adjuster or investigator, or an attorney or expert involved in the claim;
  • Persons or organizations that conduct scientific studies, including actuaries and accountants;
  • An insurance support organization;
  • Another insurer if to prevent fraud or to properly underwrite a risk;
  • A state insurance department or other governmental agency, if required by federal, state or local laws; or
  • Any persons entitled to receive information as ordered by a summons, court order, search warrant, or subpoena.

Violation of the Privacy Policy

Any person violating the Privacy Policy will be subject to discipline, up to and including termination.

For more information or to address questions regarding this privacy statement, please contact your broker.

PN CW 02 0119

Page 3 of 3

© 2019 X.L. America, Inc. All Rights Reserved.
May not be copied without permission.


 

NOTICE TO POLICYHOLDERS

FRAUD NOTICE

 
 

Alabama

Any person who knowingly presents a false or fraudulent claim for payment of a loss or benefit or who knowingly presents false information in an application for insurance is guilty of a crime and may be subject to restitution fines or confinement in prison, or any combination thereof.

Arkansas

Any person who knowingly presents a false or fraudulent claim for payment of a loss or benefit or knowingly presents false information in an application for insurance is guilty of a crime and may be subject to fines and confinement in prison.

Colorado

It is unlawful to knowingly provide false, incomplete, or misleading facts or information to an insurance company for the purpose of defrauding or attempting to defraud the company. Penalties may include imprisonment, fines, denial of insurance, and civil damages. Any insurance company or agent of an insurance company who knowingly provides false, incomplete, or misleading facts or information to a policyholder or claimant for the purpose of defrauding or attempting to defraud the policyholder or claimant with regard to a settlement or award payable from insurance proceeds shall be reported to the Colorado Division of Insurance within the Department of Regulatory Agencies.

District of Columbia

WARNING: It is a crime to provide false or misleading information to an insurer for the purpose of defrauding the insurer or any other person. Penalties include imprisonment and/or fines. In addition, an insurer may deny insurance benefits if false information materially related to a claim was provided by the applicant.

Florida

Any person who knowingly and with intent to injure, defraud, or deceive any insurer files a statement of claim or an application containing any false, incomplete, or misleading information is guilty of a felony of the third degree.

Kansas

A "fraudulent insurance act" means an act committed by any person who, knowingly and with intent to defraud, presents, causes to be presented or prepares with knowledge or belief that it will be presented to or by an insurer, purported insurer, broker or any agent thereof, any written, electronic, electronic impulse, facsimile, magnetic, oral, or telephonic communication or statement as part of, or in support of, an application for the issuance of, or the rating of an insurance policy for personal or commercial insurance, or a claim for payment or other benefit pursuant to an insurance policy for commercial or personal insurance which such person knows to contain materially false information concerning any fact material thereto; or conceals, for the purpose of misleading, information concerning any fact material thereto.

Kentucky

Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance containing any materially false information or conceals, for the purpose of misleading, information concerning any fact material thereto commits a fraudulent insurance act, which is a crime.

Louisiana

Any person who knowingly presents a false or fraudulent claim for payment of a loss or benefit or knowingly presents false information in an application for insurance is guilty of a crime and may be subject to fines and confinement in prison.

Maine

It is a crime to knowingly provide false, incomplete or misleading information to an insurance company for the purpose of defrauding the company. Penalties may include imprisonment, fines, or denial of insurance benefits.

Maryland

Any person who knowingly or willfully presents a false or fraudulent claim for payment of a loss or benefit or who knowingly or willfully presents false information in an application for insurance is guilty of a crime and may be subject to fines and confinement in prison.

New Jersey

Any person who includes any false or misleading information on an application for an insurance policy is subject to criminal and civil penalties.

 

PN CW 01 0719

Page 1 of 3

© 2019 X.L. America, Inc. All Rights Reserved.
May not be copied without permission.


 

 

NOTICE TO POLICYHOLDERS

 
 

New Mexico

ANY PERSON WHO KNOWINGLY PRESENTS A FALSE OR FRAUDULENT CLAIM FOR PAYMENT OF A LOSS OR BENEFIT OR KNOWINGLY PRESENTS FALSE INFORMATION IN AN APPLICATION FOR INSURANCE IS GUILTY OF A CRIME AND MAY BE SUBJECT TO CIVIL FINES AND CRIMINAL PENALTIES.

New York

General: All applications for commercial insurance, other than automobile insurance: Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance or statement of claim containing any materially false information, or conceals for the purpose of misleading, information concerning any fact material thereto, commits a fraudulent insurance act, which is a crime, and shall also be subject to a civil penalty not to exceed five thousand dollars and the stated value of the claim for each such violation.

All applications for automobile insurance and all claim forms: Any person who knowingly makes or knowingly assists, abets, solicits or conspires with another to make a false report of the theft, destruction, damage or conversion of any motor vehicle to a law enforcement agency, the department of motor vehicles or an insurance company, commits a fraudulent insurance act, which is a crime, and shall also be subject to a civil penalty not to exceed five thousand dollars and the value of the subject motor vehicle or stated claim for each violation.

Fire: Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance containing any false information, or conceals for the purpose of misleading, information concerning any fact material thereto, commits a fraudulent insurance act, which is a crime.

The proposed insured affirms that the foregoing information is true and agrees that these applications shall constitute a part of any policy issued whether attached or not and that any willful concealment or misrepresentation of a material fact or circumstances shall be grounds to rescind the insurance policy.

Ohio

Any person who, with intent to defraud or knowing that he is facilitating a fraud against an insurer, submits an application or files a claim containing a false or deceptive statement is guilty of insurance fraud.

Oklahoma

WARNING: Any person who knowingly, and with intent to injure, defraud or deceive any insurer, makes any claim for the proceeds of an insurance policy containing any false, incomplete or misleading information is guilty of a felony.

Pennsylvania

All Commercial Insurance, Except As Provided for Automobile Insurance:

Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance or statement of claim containing any materially false information or conceals for the purpose of misleading, information concerning any fact material thereto commits a fraudulent insurance act, which is a crime and subjects such person to criminal and civil penalties.

Automobile Insurance: Any person who knowingly and with intent to injure or defraud any insurer files an application or claim containing any false, incomplete or misleading information shall, upon conviction, be subject to imprisonment for up to seven years and the payment of a fine of up to $15,000.

 

PN CW 01 0719

Page 2 of 3

© 2019 X.L. America, Inc. All Rights Reserved.
May not be copied without permission.


 

 

NOTICE TO POLICYHOLDERS

 
 

Puerto Rico

Any person who knowingly and with the intention of defrauding presents false information in an insurance application, or presents, helps, or causes the presentation of a fraudulent claim for the payment of a loss or any other benefit, or presents more than one claim for the same damage or loss, shall incur a felony and, upon conviction, shall be sanctioned for each violation by a fine of not less than five thousand dollars ($5,000) and not more than ten thousand dollars ($10,000), or a fixed term of imprisonment for three (3) years, or both penalties. Should aggravating circumstances [be] present, the penalty thus established may be increased to a maximum of five (5) years, if extenuating circumstances are present, it may be reduced to a minimum of two (2) years.

Rhode Island

Any person who knowingly presents a false or fraudulent claim for payment of a loss or benefit or knowingly presents false information in an application for insurance is guilty of a crime and may be subject to fines and confinement in prison.

Tennessee

All Commercial Insurance, Except As Provided for Workers’ Compensation It is a crime to knowingly provide false, incomplete or misleading information to an insurance company for the purpose of defrauding the company. Penalties include imprisonment, fines and denial of insurance benefits.

Workers’ Compensation: It is a crime to knowingly provide false, incomplete or misleading information to any party to a workers’ compensation transaction for the purpose of committing fraud. Penalties include imprisonment, fines and denial of insurance benefits.

Utah

Workers’ Compensation: Any person who knowingly presents false or fraudulent underwriting information, files or causes to be filed a false or fraudulent claim for disability compensation or medical benefits, or submits a false or fraudulent report or billing for health care fees or other professional services is guilty of a crime and may be subject to fines and confinement in state prison.

Virginia

It is a crime to knowingly provide false, incomplete or misleading information to an insurance company for the purpose of defrauding the company. Penalties include imprisonment, fines and denial of insurance benefits.

Washington

It is a crime to knowingly provide false, incomplete or misleading information to an insurance company for the purpose of defrauding the company. Penalties include imprisonment, fines and denial of insurance benefits.

West Virginia

Any person who knowingly presents a false or fraudulent claim for payment of a loss or benefit or knowingly presents false information in an application for insurance is guilty of a crime and may be subject to fines and confinement in prison.

All Other States

Any person who knowingly and willfully presents false information in an application for insurance may be guilty of insurance fraud and subject to fines and confinement in prison. (In Oregon, the aforementioned actions may constitute a fraudulent insurance act which may be a crime and may subject the person to penalties).

 

PN CW 01 0719

Page 3 of 3

© 2019 X.L. America, Inc. All Rights Reserved.
May not be copied without permission.


 

 

XS 80 07 12 14

Endorsement No.: 1

Named Insured: Fidelity Equity and High Income Funds

Bond No.: ELU162149-19

Effective: July 01, 2019

12:01 A.M. Standard Time

Insurer: XL Specialty Insurance Company

 

EXCESS ENDORSEMENT

In consideration of the premium charged:

(1)      It is understood and agreed that the Limit of Liability for this Policy as set forth in Item 3 of the Declarations is the maximum amount payable, including Defense Expenses, by the Insurer under this Policy. Any provision of the Underlying Insurance indicating any ability or right to any reinstatement of such policy's limit of liability shall be inapplicable to this Policy, including any provision indicating a reinstatement of such policy's limit of liability during any extended discovery or reporting period. The Insurer shall not be liable to the Insureds or any other person or entity claiming through or in the name or right of the Insureds for any loss or other liability based upon, arising out of, directly or indirectly resulting from, in consequence of, or in any way involving the application or enforcement of any such provision of the Underlying Insurance.
(2)      It is understood and agreed that the Insurer is under no obligation to renew this Policy upon its expiration. Any provision of the Underlying Insurance indicating any automatic renewal of this Policy shall be inapplicable to this Policy. The Insurer shall not be liable to the Insureds or any other person or entity claiming through or in the name or right of the Insureds for any loss or other liability based upon, arising out of, directly or indirectly resulting from, in consequence of, or in any way involving the application or enforcement of any such provision of the Underlying Insurance.

All other terms, conditions and limitations of this Policy shall remain unchanged.

XS 80 087 12 14

Page 1 of 1

  • 2014 X.L. America, Inc. All Rights Reserved. May not be copied without permission.

 

 

XL 80 23 07 02

Endorsement No.: 2

Named Insured: Fidelity Equity and High Income Funds

Bond No.: ELU162149-19

Effective: July 01, 2019

12:01 A.M. Standard Time

Insurer: XL Specialty Insurance Company

 

TIE IN LIMITS ENDORSEMENT

In consideration of the premium charged, in addition to this Policy, the Insurer or an affiliated company of the Insurer (any such affiliated company being included within the term "Insurer" for the purposes of this endorsement) has also agreed to issue to the person or entity named in Item 1 of the Declarations the following policy(ies) (such policy(ies), the “Other Policy(ies)”):

Excess Liability Policy (Mutual Funds, $5,000,000 Part of $50,000,000 x $100,000,000), Policy No.

ELU162149-19, Issued by: XL Specialty Insurance Company

It is expressly acknowledged by the person or entity named in Item 1 of the Declarations that the premium for these policies has been negotiated with the understanding that all policies would have shared limits of liability. Therefore, in consideration of the premium charged:

(1)      Any payment of loss or damages, including costs and expenses of defense, under this Policy will reduce the limit of liability available under the Other Policy(ies) for the defense and settlement of, or the payment of any liabilities in connection with, any claim or claims made under the Other Policy(ies).
(2)      Any payment of loss or damages, including costs and expenses of defense, under the Other Policy(ies) will reduce the Limit of Liability available under this Policy for the defense and settlement of, or the payment of any liabilities in connection with, any claim or claims made under this Policy during the Policy Period.
(3)      If the Insurer shall have paid loss or damages, including costs and expenses of defense, under this Policy and loss or damages, including costs and expenses of defense, under the Other Policy(ies) in an aggregate amount equaling $5,000,000 any and all obligations of the Insurer under this Policy will be completely fulfilled and extinguished, and the Insurer will have no further obligations of any kind or nature whatsoever under this Policy.

All other terms, conditions and limitations of this Policy shall remain unchanged.

XL 80 23 07 02

Page 1 of 1


 

EXCESS POLICY COVERAGE FORM

THIS IS A CLAIMS MADE POLICY. EXCEPT AS OTHERWISE PROVIDED HEREIN, THIS POLICY ONLY APPLIES TO CLAIMS FIRST MADE DURING THE POLICY PERIOD. THE LIMIT OF LIABILITY AVAILABLE TO PAY DAMAGES OR SETTLEMENTS SHALL BE REDUCED AND MAY BE EXHAUSTED BY THE PAYMENT OF DEFENSE EXPENSES. THIS POLICY DOES NOT PROVIDE FOR ANY DUTY BY THE INSURER TO DEFEND ANY INSURED. PLEASE READ AND REVIEW THE POLICY CAREFULLY.

In consideration of the payment of the premium and in reliance on all statements made and information furnished to the Insurer identified in the Declarations (the Insurer) and to the issuer(s) of the Underlying Insurance, the Insurer and the insureds agree as follows:

I. INSURING AGREEMENT

The Insurer will provide coverage excess of the Underlying Insurance stated in ITEM 4 of the Declarations. Coverage hereunder will apply in conformance with the terms, conditions, endorsements and warranties of both the Primary Policy stated in ITEM 4 (A) of the Declarations and of any other Underlying Excess Policy stated in ITEM 4 (B) of the Declarations. The coverage hereunder will attach only after all of the Underlying Insurance has been exhausted by the actual payment of covered amounts under the Underlying Insurance by the applicable insurers thereunder or by any other source. To the extent that any terms, conditions, and endorsements of the Policy may be inconsistent with any terms, conditions, and endorsements of the Underlying Insurance, the terms, conditions, and endorsements of this Policy shall govern.

II. DEPLETION OF UNDERLYING LIMITS OF LIABILITY

The coverage hereunder shall attach only after the limits of all Underlying Insurance have been exhausted by payment of covered amounts. Subject to the terms, conditions, and endorsements of this Policy and the Underlying Insurance, this Policy will continue to apply to covered amounts as primary insurance in the event of the exhaustion of all of the limits of liability of such Underlying Insurance as the result of the actual payment of covered amounts by the applicable insurer thereunder or by any other source. Any risk of uncollectibility with respect to the Underlying Insurance will be expressly retained by the insureds and will not be assumed by the Insurer.

III. RIGHTS AND CLAIM PARTICIPATION

The Insurer shall have the same rights, privileges and protections afforded to the insurer(s) of the Underlying Insurance and may, at its sole discretion, elect to participate in the investigation, settlement and/or defense of any claim against the insureds even if the Underlying Insurance has not been exhausted. The insureds will provide such information and cooperation as is reasonably requested. The insureds shall not do anything that prejudices the Insurer’s position or potential rights of recovery, including, but not limited to, terminating any Underlying Insurance.

IV. LIMIT OF LIABILITY

The amount stated in ITEM 3 of the Declarations is the limit of liability of the Insurer and shall be the maximum amount payable, including defense expenses, by the Insurer under this Policy. Defense expenses are part of and not in addition to the limit of liability and the payment of such will reduce the limit of liability.

V.      NOTICE, ALTERATION, AND TERMINATION
(A)      Where the Underlying Insurance permits or requires notice to the Insurer, the insureds shall have the same obligations and rights to notify the Insurer under this Policy. All notices required under the Underlying Insurance policies and this Policy shall be sent to the address set forth in ITEM (5) of the Declarations: Attention Claim Department or by electronic mail to: proclaimnewnotices@xlgroup.com. Notice given to any underlying insurer will not be deemed notice to the Insurer.
(B)      No change in or modification of this Policy shall be effective unless made by endorsement. In the event of a change of any kind to any Underlying Insurance that broadens or expands coverage, this Policy will become subject to such change only if and to the extent that the Insurer consents to such change in writing and the insured pays any additional premium that may be required by the Insurer.
(C)      This Policy will terminate immediately upon the termination of any of the Underlying Insurance, whether cancelled by the insured or the applicable insurer. Notice of cancellation or non-renewal of any such policies duly given by any of the applicable insurers shall serve as notice of the cancellation or non-renewal of this Policy by the Insurer.

XS 71 00 05 14

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IRONSHORE INDEMNITY INC.
(A Stock Company)
175 Berkeley Street
Boston, MA 02116
Toll Free: (877) IRON411

This Policy is issued by the stock insurance company listed above (herein "Insurer").

EXCESS LIABILITY INSURANCE POLICY DECLARATIONS

UNLESS OTHERWISE PROVIDED IN THE FOLLOWED POLICY, THIS POLICY IS A CLAIMS MADE POLICY WHICH COVERS ONLY

CLAIMS FIRST MADE AGAINST THE INSUREDS DURING THE POLICY PERIOD. PLEASE READ THIS POLICY CAREFULLY.

Policy No. 003198802

ITEM 1. INSURED COMPANY PRINCIPAL ADDRESS:

  Fidelity Equity and High Income Funds
  C/O FMR LLC 200 Seaport Blvd. Mail Zone ZW9C
  Boston, MA 02210
ITEM 2. COVERAGE PROVIDED: Excess Commercial Crime and Fidelity Insurance
ITEM 3. FOLLOWED POLICY: FMR Funds Concentric Custom Bond
  INSURER: National Union Fire Insurance Company of Pittsburgh, Pa.
  POLICY NUMBER: 01-346-65-10
ITEM 4. POLICY PERIOD
  From July 01, 2019 12:01 A.M. To July 01, 2020 12:01 A.M.
  (Local time at the address shown in ITEM 1.)
 
ITEM 5. PREMIUM: $12,860.00
ITEM 6. LIMIT OF LIABILITY/AGGREGATE LIMIT: $5,000,000 for all Loss under all Coverages combined.
 
ITEM 7. UNDERLYING POLICY LIMITS/ATTACHMENT POINT: $100,000,000
ITEM 8. PENDING & PRIOR LITIGATION DATE: N/A

 

Form: EXC.003; Edited (03.14.08)

Page 1 of 2


 

ITEM 9. NOTICE TO INSURER

A.      Notice of Claim, Wrongful Act or Loss:
  Send to Company Indicated Above c/o Ironshore Insurance Services, LLC 28 Liberty Street 5th Floor New York, NY 10005
B.      All other notices:
  Send to Company Indicated Above c/o Ironshore Insurance Services, LLC 28 Liberty Street 5th Floor New York, NY 10005

ITEM 10. BROKER ADDRESS:

Mary Coughlin
Willis of Massachusetts, Inc.
Three Copley Place 100 Huntington Avenue
800 Boylston Street SUITE NO 300
Boston, MA 02116
LICENSE #: N/A

ITEM 11. FORMS AND ENDORSEMENTS:

1. IRON.PN.001 (0513) OFAC Compliance Notice

2. EDO.008 (708) Quota Share Amendment of Declarations (Excess) 3. EXC.END.049 (0913) Tie-In Limits

THESE DECLARATIONS, TOGETHER WITH THE COMPLETED AND SIGNED APPLICATION, FOR THIS POLICY AND THE FOLLOWED POLICY, INCLUDING INFORMATION FURNISHED IN CONNECTION THEREWITH WHETHER DIRECTLY OR THROUGH PUBLIC FILING, AND THE POLICY FORM ATTACHED HERETO, CONSTITUTE THE INSURANCE POLICY.

Date: March 10, 2020  
  MO/DAY/YR Authorized Representative

 

Form: EXC.003; Edited (03.14.08)

Page 2 of 2


 

POLICYHOLDER DISCLOSURE STATEMENT UNDER THE TERRORISM RISK INSURANCE ACT OF 2002 AS AMENDED BY THE TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT OF 2007 AND AS FURTHER AMENDED BY THE TERRORISM RISK

INSURANCE PROGRAM REAUTHORIZATION ACT OF 2015

Coverage for acts of terrorism is included in your policy. You are hereby notified that under the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization act of 2007, and as further amended by the Terrorism Risk Insurance Program Reauthorization Act of 2015, you have coverage for losses resulting from acts of terrorism, as defined in section 102(1) of the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2015. The term “act of terrorism” means any act that is certified by the Secretary of the Treasury—in consultation with the Secretary of Homeland Security, and the Attorney General of the United States—to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property, or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of certain air carriers or vessels or the premises of a United States mission; and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion.

YOU SHOULD KNOW THAT WHERE COVERAGE IS PROVIDED BY THIS POLICY FOR LOSSES RESULTING FROM CERTIFIED ACTS OF TERRORISM, SUCH LOSSES MAY BE PARTIALLY REIMBURSED BY THE UNITED STATES GOVERNMENT UNDER A FORMULA ESTABLISHED BY FEDERAL LAW. HOWEVER, YOUR POLICY MAY CONTAIN OTHER EXCLUSIONS WHICH MIGHT AFFECT YOUR COVERAGE, SUCH AS AN EXCLUSION FOR NUCLEAR EVENTS. UNDER THE FORMULA, THE UNITED STATES GOVERNMENT GENERALLY REIMBURSES A SPECIFIC PERCENTAGE OF COVERED TERRORISM LOSSES EXCEEDING THE STATUTORILY ESTABLISHED DEDUCTIBLE PAID BY THE INSURANCE COMPANY PROVIDING THE COVERAGE. THE PREMIUM CHARGED FOR THIS COVERAGE IS PROVIDED BELOW AND DOES NOT INCLUDE ANY CHARGES FOR THE PORTION OF LOSS THAT MAY BE COVERED BY THE FEDERAL GOVERNMENT UNDER THE ACT.

The portion of your annual premium that is attributable to coverage for acts of terrorism is $ 0.00 , and does not include any charges for the portion of losses covered by the United States Government under the Act.

I ACKNOWLEDGE THAT I HAVE BEEN NOTIFIED THAT THE TERRORISM RISK INSURANCE ACT, AS AMENDED, CONTAINS A SPECIFIC CAP THAT LIMITS U.S. GOVERNMENT REIMBURSEMENT AS WELL AS INSURER’S LIABILITY FOR LOSSES RESULTING FROM CERTIFIED ACTS OF TERRORISM WHEN THE AMOUNT OF SUCH LOSSES IN ANY ONE CALENDAR YEAR EXCEEDS THE CAP. IF THE AGGREGATE INSURED LOSSES FOR ALL INSURERS EXCEED THE CAP, YOUR COVERAGE MAY BE REDUCED. I HAVE ALSO BEEN NOTIFIED OF THE PORTION OF MY PREMIUM ATTRIBUTABLE TO SUCH COVERAGE.

Policyholder/Applicant’s Signature

Print Name

Date

Name of Insurer:

Policy Number:


 

IRONSHORE INDEMNITY INC.
(A Stock Company)
175 Berkeley Street
Boston, MA 02116
Toll Free: (877) IRON411

Policy Number: 003198802

EXCESS LIABILITY INSURANCE POLICY

I.      INSURING AGREEMENT
  In      consideration of the payment of the premium and in reliance upon all statements made in the application for this
  Policy      and the Followed Policy, including the information furnished in connection therewith, whether directly or
  through      public filing, and subject to all terms, definitions, conditions, exclusions and limitations of this policy, the
  Insurer      agrees to provide insurance coverage to the Insureds in accordance with the terms, definitions, conditions,
  exclusions      and limitations of the Followed Policy, except as may be otherwise provided in this Policy.
II.      LOSS PAYABLE PROVISION
  It      is agreed the Insurer shall pay the Insured as defined in the Followed Policy for Loss by reason of exhaustion by
  payments      of all Underlying Policy Limits of all underlying policies by the underlying insurers issuing such underlying
  policies      and/or the Insureds, subject to i) the terms and conditions of the Followed Policy as that form is submitted to
  the      Insurer; ii) the Limit of Liability as stated in Item 6 of the Declarations; and iii) the terms and conditions of, and the
  endorsements      attached to, this Policy. In no event shall this policy grant broader coverage than would be provided by
  the      Followed Policy.
III.      DEFINITIONS
  A.      The Terms “Insurer” and “Followed Policy” shall have the meanings attributed to them in the Declarations.
  B.      The term "Insureds” means those individuals and entities insured by the Followed Policy.
  C.      The term "Policy Period" means the period set forth in Item 4 of the Declarations.
  D.      The term "Underlying Policy Limits/Attachment Point" means an amount equal to the aggregate of all limits of liability as set forth in Item 7 of the Declarations for all Underlying Policies, plus the uninsured retention, if any, applicable to the Underlying Policies.
IV.      POLICY TERMS
  A.      This policy is subject to the same representations contained in the Application for the Followed Policy and has the same terms, definitions, conditions, exclusions and limitations (except as regards the premium, the limits of liability, the policy period and as may be otherwise in this Policy) as are contained in the Followed Policy.
  B.      If during the Policy Period or any Discovery Period the terms, conditions, exclusions or limitations of the Followed Policy are changed in any manner, the Insureds shall as a condition precedent to their rights to coverage under this policy give to the Insurer written notice of the full particulars thereof and secure the Insurers affirmative consent to such modification before coverage will be effective.

Form: EXC.004; Edited (07.12.07)

Page 1 of 2


 

C.      As a condition precedent to their rights under this policy, the Insureds shall give to the Insurer as soon as practicable written notice in accordance with the terms, conditions, definitions, exclusions and limitations of the Followed Policy.
D.      Notwithstanding any of the terms of this policy which might be construed otherwise, this policy shall drop down only in the event of reduction or exhaustion of the Underlying Limit and shall not drop down for any other reason including, but not limited to, uncollectibility (in whole or in part) of any Underlying Limits. The risk of uncollectibility of such Underlying Limits (in whole or in part) whether because of financial impairment or insolvency of an underlying insurer or for any other reason, is expressly retained by the Insureds and is not in any way or under any circumstances insured or assumed by the carrier.

Ironshore Indemnity Inc. by:


Form: EXC.004; Edited (07.12.07)

Page 2 of 2


 

IRONSHORE INDEMNITY INC.
(A Stock Company)
175 Berkeley Street
Boston, MA 02116
Toll Free: (877) IRON411

Endorsement # 1  
 
Policy Number: 003198802 Effective Date of Endorsement: July 01, 2019
Insured Name: Fidelity Equity and High Income Funds  

 

OFAC COMPLIANCE NOTICE

Payment of Loss under this Policy shall only be made in full compliance with all United States of America economic or trade sanction laws or regulations, including, but not limited to, sanctions, laws and regulations administered and enforced by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC").

IRON.PN.001 (0513)

Page 1 of 1


 

IRONSHORE INDEMNITY INC.
(A Stock Company)
175 Berkeley Street
Boston, MA 02116
Toll Free: (877) IRON411

Endorsement # 2  
 
Policy Number: 003198802 Effective Date of Endorsement: July 01, 2019
Insured Name: Fidelity Equity and High Income Funds  

 

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

QUOTA SHARE AMENDMENT OF DECLARATIONS (EXCESS)

In consideration of the premium charged, it is hereby understood and agreed that:

1.      Item 6. of the Declarations is deleted and replaced by the following:

Item 6. Aggregate Quota Share Layer Limit of Liability: 50,000,000

Maximum aggregate Limit of Liability for all Claims made during the Policy Period.

Subject to all of its terms and conditions, this Policy shall provide coverage for Claims in excess of the Underlying Insurance, up to the Insurer’s quota share participation of the aggregate maximum limit stated above. Any Loss within the Aggregate Quota Share Layer Limit of Liability stated above shall be paid pro rata by each of the insurers subscribing to this Aggregate Quota Share Layer Limit of Liability in accordance with the proportion set forth in the Participation Agreement entered into by each such insurer. The participation of such insurers is set forth below in Item 7. of the Declarations. The obligations of such insurers who subscribe to the quota share arrangement are several and not joint, and are limited to the extent of their individual subscriptions. No subscribing insurers is responsible for the obligation of any co-subscribing insurer.

The Insurer's participation is set forth at Item 12. of the Declarations. The Insurer has full claims and underwriting control of its portion of the quota share arrangement and no action or omission by any of the co-subscribing insurers shall bind the Insurer or be deemed a waiver of any coverage defense the Insurer has under this Policy or available at law. The Insurer shall act on its own behalf with respect to all other matters concerning this Policy, and no other insurer subscribing to the Policy may act on behalf of or bind the Insurer with respect to the Policy terms or any matter concerning the Policy. All notices by an Insured to the Insurer under this Policy shall be provided to the Insurer at the address specified in the Declarations.

2. The Declarations are amended by the addition of the following:

Item 12.

Insurer's Quota-Share Participation:   10 %
Insurer's Limit of Liability: $ 5,000,000  

 

EDO.008 (7/08)

Page 1 of 2


 

The Insurer agrees to pay on behalf of the Insured under the Policy that proportion of covered Loss set forth above in the manner provided under Item 3. of the Declarations and in full conformance with all the terms and conditions of the Policy.

3. Ite m 7. of the Declarations is amended by adding the following:    
 
Quota Share Layer Attachment Point: $ 100,000,000      
 
Quota Share Participant   Policy Number     Limit of Liability
 
London/Lloyds Syndicates   B080113016 P19 $ 6,000,000 p/o $50,000,000 x $100,000,000
Freedom Specialty Insurance Company   XJO1908785   $ 10,000,000 p/o $50,000,000 x $100,000,000
Twin City Fire Insurance Co (The Hartford)   08 FI 0252161 -19   $ 10,000,000 p/o $50,000,000 x $100,000,000
Houston Casualty Company (HCC)   24-MGU-19-A47039   $ 8,000,000 p/o $50,000,000 x $100,000,000
American Intl Reinsurance Company   33089944   $ 6,000,000 p/o $50,000,000 x $100,000,000
Ironshore Indemnity Inc.   003198802   $ 5,000,000 p/o $50,000,000 x $100,000,000
XL Specialty Insurance Company   ELU162149-19   $ 5,000,000 p/o $50,000,000 x $100,000,000

 

4.      Item 5. of the Declarations is deleted and replaced by the following:
Item 5. Total Quota Share Layer Premium: $ 147,735
  Insurer's Quota-Share Participation Premium: $ 12,860

 

The Total Quota Share Layer Premium is payable pro rata to each of the insurers subscribing to this Quota Share Layer in accordance with the proportion set forth in its Participation Agreement.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.


  March 10, 2020
Authorized Representative Date

 

EDO.008 (7/08)

Page 2 of 2


 

IRONSHORE INDEMNITY INC.

(A Stock Company) 175 Berkeley Street Boston, MA 02116 Toll Free: (877) IRON411

 
  Endorsement # 3
 
Policy Number: 003198802 Effective Date of Endorsement: July 01, 2019

 

Insured Name: Fidelity Equity and High Income Funds

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

TIE-IN LIMITS

It is hereby understood and agreed as follows:

Any payment of Loss under this Policy shall serve to reduce the Limit of Liability under Policy Number 003198702. Any payment of Loss under Policy Number 003198702 shall serve to reduce the Limit of Liability of this Policy. It is understood and agreed that only one Limit of Liability shall apply to any Loss that may be insured by this Policy and Policy Number 003198702 and in no event will the Limit of Liability of this Policy and the Limit of Liability of Policy Number 003198702 apply in the aggregate to any Loss arising from a Wrongful Act or Related Wrongful Acts.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS OF THIS POLICY REMAIN UNCHANGED.


  March 10, 2020
Authorized Representative Date

 

EXC.END.049 (0913)

Page 1 of 1


 

Liberty Mutual Group California Privacy Notice

Commercial Lines (excluding Workers’ Compensation)
(Effective January 1, 2020)

Liberty Mutual Group and its affiliates, subsidiaries, and partners (collectively “Liberty Mutual” or “we”, “us” and “our”) provide insurance to companies and other insurers. This Privacy Notice explains how we gather use, and share your data. This Privacy Notice applies to you if you are a Liberty Mutual commercial line insured or are a commercial line claimant residing in California. It does not apply to covered employees or claimants under Workers’ Compensation policies. If this notice does not apply to you, go to libertymutual.com/privacy to review the applicable Liberty Mutual privacy notice.

What Data Does Liberty Mutual Gather?

We may collect the following categories of data:

  • Identifiers, including a real name, alias, postal address, unique personal identifier, online identifier, Internet Protocol address, email address, account name, Social Security Number, driver’s license number, or other similar identifiers;
  • Personal information described in California Civil Code § 1798.80(e), such as your name, signature, Social Security Number, physical characteristics or description, address, telephone number, driver’s license or state identification card number, insurance policy number, education, employment, employment history, bank account number, financial information, medical information, or health insurance information;
  • Protected classification characteristics, including age, race, color, national origin, citizenship, religion or creed, marital status, medical condition, physical or mental disability, sex (including gender, gender identity, gender expression, pregnancy or childbirth and related medical conditions), sexual orientation, or veteran or military status;
  • Commercial information, including records of personal property, products or services purchased, obtained, or considered, or other purchasing or consuming histories and tendencies;
  • Internet or other similar network activity, including browsing history, search history, information on a consumer’s interaction with a website, application, or advertisement;
  • Professional or employment related information, including current or past job history or performance evaluations;
  • Inferences drawn from other personal information, such as a profile reflecting a person’s preferences, characteristics, psychological trends, predispositions, behavior, attitudes, intelligence, abilities, and aptitudes;
  • Risk data, including data about your driving and/or accident history; this may include data from consumer reporting agencies, such as your motor vehicle records and loss history information, health data, or criminal convictions; and
  • Claims data, including data about your previous and current claims, which may include data regarding your health, criminal convictions, third party reports, or other personal data.

For information about the types of personal data we have collected about California consumers in the past twelve (12) months, please go to libertymutual.com/privacy and click on the link for the California Supplemental Privacy Policy.

How We Get the Personal Data:

We gather your personal data directly from you. We also gather your personal data from other people. For
For example, you provide us with data when you: example:
 
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§ ask about, buy insurance or file a claim

§ pay your policy

§ your insurance agent or broker

§ your employer, association or business (if you are insured through them)

 

§ visit our websites, call us, or visit our office

§ our affiliates or other insurance companies about your transactions with them

§ consumer reporting agencies, Motor Vehicle Departments, and inspection services, to gather your credit history, driving record, claims history, or value and condition of your property

§ other public directories and sources

§ third parties, including other insurers, brokers and insurance support organizations who you have communicated with about your policy or claim, anti-fraud databases, sanctions lists, court judgments and other databases, government agencies, open electoral register or in the event of a claim, third parties including other parties to the claim witnesses, experts loss adjustors and claim handlers

§ other third parties who take out a policy with us and are required to provide your data such as when you are named as a beneficiary or where a family member has taken out a policy which requires your personal data

 

For information about how we have collected personal data in the past twelve (12) months, please go to libertymutual.com/privacy and click on the link for the California Supplemental Privacy Policy.

How Does Liberty Mutual Use My Data?

Liberty Mutual uses your data to provide you with our products and services, and as otherwise provided in this Privacy Notice. Your data may be used to:

Business Purpose Data Categories
Market, sell and provide insurance. This includes · Identifiers
for example: · Personal Information
    · Protected Classification Characteristics
· calculating your premium; · Commercial Information
· determining your eligibility for a quote; · Internet or other similar network activity
· confirming your identity and service your · Professional or employment related information
  policy;    
    · Inferences drawn from other personal information
    · Risk data
    · Claims data
Manage your claim. This includes, for example: · Identifiers
    · Personal Information
· managing your claim, if any; · Protected Classification Characteristics
· conducting claims investigations; · Commercial Information
· conducting medical examinations; · Internet or other similar network activity
· conducting inspections, appraisals; · Professional or employment related information
· providing roadside assistance; · Inferences drawn from other personal information

 

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· providing rental car replacement, or repairs; · Risk data
    · Claims data
Day to Day Business and Insurance Operations. · Identifiers
This includes, for example: · Personal Information
· creating, maintaining, customizing and securing · Protected Classification Characteristics
  accounts; · Commercial Information
· supporting day-to-day business and insurance · Internet or other similar network activity
  related functions; · Professional or employment related information
· doing internal research for technology · Inferences drawn from other personal information
  development;    
· marketing and creating products and services; · Risk data
· conducting audits related to a current contact · Claims data
  with a consumer and other transactions;    
· as described at or before the point of gathering    
  personal data or with your authorization;    
Security and Fraud Detection. This includes for · Identifiers
example: · Personal Information
    · Protected Classification Characteristics
· detecting security issues; · Commercial Information
· protecting against fraud or illegal activity, and · Internet or other similar network activity
  to comply with regulatory and law enforcement    
  authorities; · Professional or employment related information
· managing risk and securing our systems, assets, · Inferences drawn from other personal information
  infrastructure and premises; roadside · Risk data
  assistance, rental car replacement, or repairs · Claims data
· help to ensure the safety and security of Liberty    
  staff, assets and resources, which may include    
  physical and virtual access controls and access    
  rights management;    
· supervisory controls and other monitoring and    
  reviews, as permitted by law; and emergency    
  and business continuity management;    
Regulatory and Legal Requirements. This includes · Identifiers
for example: · Personal Information
· controls and access rights management; · Protected Classification Characteristics
· to evaluate or conduct a merger, divestiture, · Commercial Information
  restructuring, reorganization, dissolution, or · Internet or other similar network activity
  other sale or transfer of some or all of Liberty’s · Professional or employment related information
  assets, whether as a going concern or as part of · Inferences drawn from other personal information
  bankruptcy, liquidation, or similar proceeding, · Risk data
  in which personal data held by Liberty is · Claims data
  among the assets transferred;    
· exercising and defending our legal rights and    
  positions;    
· to meet Liberty contract obligations;    
· to respond to law enforcement requests and as    
  required by applicable law, court order, or    
  governmental regulations;    
· as otherwise permitted by law.    

 

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Improve Your Customer Experience and Our · Identifiers
Products. This includes for example: · Personal Information
    · Commercial Information
· improve your customer experience, our · Internet or other similar network activity
  products and service;    
    · Professional or employment related information
· to provide, support, personalize and develop    
  our website, products and services; · Inferences drawn from other personal information
· create and offer new products and services; · Risk data
    · Claims data
Analytics to identify, understand and manage our · Identifiers
risks and products. This includes for example: · Personal Information
    · Protected Classification Characteristics
· conducting analytics to better identify, · Commercial Information
  understand and manage risk and our products;    
    · Internet or other similar network activity
    · Professional or employment related information
    · Inferences drawn from other personal information
    · Risk data
    · Claims data
Customer service and technical support. This · Identifiers
includes for example: · Personal Information
    · Commercial Information
· answer questions and provide notifications; · Internet or other similar network activity
· provide customer and technical support; · Professional or employment related information
    · Inferences drawn from other personal information
    · Risk data
    · Claims data

 

How Does Liberty Mutual Share My Data?

Liberty Mutual does not sell your personal data as defined by the California Consumer Privacy Act.

Liberty Mutual shares personal data of California consumers with the following categories of third parties:

  • Liberty Mutual affiliates;
  • Service Providers;
  • Public entities and institutions (e.g. regulatory, quasi-regulatory, tax or other authorities, law enforcement agencies, courts, arbitrational bodies, and fraud prevention agencies);
  • Professional advisors including law firms, accountants, auditors, and tax advisors;
  • Insurers, re-insurers, policy holders, and claimants; and
  • As permitted by law.

Liberty Mutual shares the following categories of personal data regarding California consumers to service providers for business purposes:

Identifiers

Protected Classification Characteristics; Internet or other similar network activity;

Inferences drawn from other personal information; Professional, employment, and education information;

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Personal Data;

Commercial Information; Claims Data;

Risk Data;

 


 

For information about how we have shared personal information in the past twelve (12) months, please go to libertymutual.com/privacy and click on the link for the California Supplemental Privacy Policy.

What Privacy Rights Do I Have?

The California Consumer Privacy Act provides California residents with specific rights regarding personal information. These rights are subject to certain exceptions. Our response may be limited as permitted under law.

Access or Deletion

You may have the right to request that Liberty Mutual disclose certain information to you about our collection and use of your personal data in the twelve (12) months preceding such request, including a copy of the personal data we have collected. You also may have the right to request that Liberty Mutual delete personal data that Liberty Mutual collected from you, subject to certain exceptions.

Specifically, you have the right to request that we disclose the following to you, in each case for the twelve (12) month period preceding your request:

  • the categories of personal data we have collected about you;
  • the categories of sources from which the personal data was/is collected;
  • our business or commercial purpose for collecting personal data;
  • the categories of third parties with whom we share personal data;
  • the specific pieces of data we have collected about you;
  • the categories of personal data about you, if any, that we have disclosed for monetary or other valuable consideration, including the categories of third parties to which we have disclosed the data, by category or categories of personal data for each third party to which we disclosed the personal data; and
  • the categories of personal data about you that we disclosed for a business purpose.

You can make a request by either:

Calling: 800-344-0197

Online: Mail:

libertymutualgroup.com/privacy-policy/data-request Liberty Mutual Insurance Company 175 Berkeley St., 6th Floor Boston, MA 02116 Attn: Privacy Office

 

You may also make a verifiable consumer request on behalf of your minor child.

You or your authorized agent may only make a verifiable consumer request for access or data deletion twice within a twelve (12) month period. The verifiable consumer request must provide sufficient information that allows Liberty Mutual to reasonably verify that you are the person about whom Liberty Mutual collected personal data or an authorized representative of such person; and describe your request with sufficient detail that allows Liberty Mutual to properly understand, evaluate, and respond to it. For more information about how Liberty Mutual will verify your identity and how an authorized agent may make a request on your behalf, go to libertymutual.com/privacy and click on the California Supplemental Privacy Policy.

Response Timing

Liberty Mutual will respond to a verifiable consumer request within forty-five (45) days of its receipt. If more time is needed, Liberty Mutual will inform you of the reason and extension period in writing.

Any disclosures that will be provided will only cover the twelve (12) month period preceding our receipt of the verifiable

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consumer request. If Liberty Mutual is unable to fulfill your request, you will be provided with the reason that the request cannot be completed. For more information about how we will respond to requests, go to libertymutual.com/privacy and click on the California Supplemental Privacy Policy.

Rights to opt in and out of data selling

California consumers have the right to direct businesses not to sell your personal data (opt-out rights), and personal data of minors under 16 years of age will not be sold, as is their right, without theirs or their parents' opt-in consent. Liberty Mutual does not sell the personal data of consumers. For more information, go to libertymutual.com/privacy and click on the California Supplemental Privacy Policy.

No account needed

You do not need to create an account with Liberty Mutual to exercise your rights. Liberty Mutual will only use personal data provided in a request to review and comply with the request.

No discrimination

You have the right not to be discriminated against for exercising any of your CCPA rights. Unless permitted by the CCPA, exercising your rights will not cause Liberty Mutual to:

  • Deny you goods or services;
  • Charge you different prices or rates for goods or services, including through granting discounts or other benefits, or imposing penalties;
  • Provide you a different level or quality of goods or services; or
  • Suggest that you may receive a different price or rate for goods or services, or a different level or quality of goods or services.

Will Liberty Mutual Update This Privacy Notice?

We reserve the right to makes changes to this notice at any time and for any reason. The updated version of this policy will be effective once it is accessible. You are responsible for reviewing this policy to stay informed of any changes or updates.

Who Do I Contact Regarding Privacy?

If you have any questions or comments about this Notice or the Supplemental CCPA Notice, your rights, or are requesting the Notice in an alternative format, please do not hesitate to contact Liberty Mutual at:

Phone: Email:

Postal Address:

800-344-0197 privacy@libertymutual.com

Liberty Mutual Insurance Company 175 Berkeley St., 6th Floor Boston, MA 02116 Attn: Privacy Office

 

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7 World Trade Center 250 Greenwich Street 37th Floor New York, NY 10007

 
 
 

January 15, 2020

Mary Coughlin Willis

Willis of Massachusetts 800 Boylston Street, Suite 600 Boston, MA 02199

 

RE: Fidelity Equity & High Income Funds
  Policy Number: XJO1908785
  Liability Limit: $10,000,000 Part of $50,000,000 Excess of $100,000,000 Single Loss Limit of Liability
    $10,000,000 Part of $50,000,000 Excess of $100,000,000 Aggregate Limit of Liability
 
Dear Mary,  

 

Nationwide is pleased to provide you with the enclosed Fidelity Equity & High Income Funds Policy, with effective dates 07/01/2019 to 07/01/2020, issued by National Casualty Company (the “Company”) to the above captioned insured.

As requested, the Policy has been issued despite the fact that Nationwide has not received all of the Underlying Excess policy(ies)/endorsements.

As you are aware, the binder for this Policy may contain a subjectivity(ies) regarding receipt, review and acceptance of complete copies of the binders for all of the Underlying Excess policies, as well as complete copies of all of the policies themselves. Please forward complete copies of all of the policies to my attention as soon as possible.

The Company fully reserves its rights to amend the Policy in the event that any inconsistencies exist between the binders related to the policies and the policies when issued. In addition, by issuing the Policy, the Company does not waive any rights or defenses it may have in connection with the Policy, nor is it stopped from asserting all or any defenses that may be available to it with regard to the Policy.

If you have any questions or concerns, please do not hesitate to contact me.


Enclosures


 



 

     Underwritten by: National Casualty Company Home Office: One Nationwide Plaza · Columbus, Ohio 43215 Administrative Office: 8877 North Gainey Center Drive · Scottsdale, Arizona 85258 1-800-423-7675 · A Stock Company

EXCESS INSURANCE POLICY
Crime and Fidelity

DEPENDING UPON THE TERMS OF THE FOLLOWED POLICY, THIS POLICY MAY APPLY ONLY TO LOSSES FIRST DISCOVERED DURING THE POLICY PERIOD OR EXTENDED REPORTING PERIOD, IF APPLICABLE, AND THE LIMIT OF LIABILITY MAY BE REDUCED BY PAYMENT OF DEFENSE COSTS. PLEASE READ AND REVIEW THE POLICY CAREFULLY.

DECLARATIONS

Item 1. Named Fidelity Equity & High Income Funds   Policy No.:   XJO1908785
  Insured & c/o FMR LLC     Agent No.:   20408  
  Mailing 200 Seaport Blvd, Mailzone ZW9C   Renewal No.: XMF1800060
  Address: Boston, MA 02210            
Item 2. Limit of Liability (maximum amount payable by the Insurer under this Policy)*  
  A. Single Loss Limit (Commercial Crime or Financial Institution Bond): $ 10,000,000  
  B. Aggregate Limit (Financial Institution Bond only): $ 10,000,000  
*Aggregate Limit is applicable to FI Bond only         Part of $ 50,000,000
Item 3. Policy Period:              
  07/01/2019 to 07/01/2020 12:01 A.M. local time at Named Insured’s Mailing Address  
Item 4. Schedule of Underlying Policies:            
  “Followed Policy” means the policy or coverage section identified below in the Schedule of Underlying
  Policies, as constituted at its inception (unless the Insurer consents to any change thereto by written
  endorsement to this Policy).            
 
Followed       Underlying   Limit of Liability  
      Underlying Insurer           Policy Period
Policy       Policy   x Single x Aggregate
 
x   NATIONAL UNION FIRE INSURANCE 01-346-65-10 $ 15,000,000 07/01/2019 -
    COMPANY OF PITTSBURGH, PA           07/01/2020
 
      SEE FORM UT-358 12-07 FOR COMPLETE SCHEDULE OF UNDERLYING POLICIES
 
“Underlying Limits” means the following amount: $ 100,000,000          
Single Loss Limit (Financial Institution Bond or Commercial Crime):     $ 100,000,000
Aggregate Limit (Financial Institution Bond only):       $ 100,000,000

 

“Underlying Policies” means all policies or coverage sections of policies identified in the above Schedule of Underlying Policies, as constituted at their inception (unless the Insurer consents to any change thereto by written endorsement to this Policy). “Underlying Insurer” means any insurer identified in the above Schedule of Underlying Policies as issuing an Underlying Policy.

Item 5. Premium: $ 29,686 Terrorism Premium: $ 0 Total Premium: $ 29,686
Item 6. Notice of Claims to:   Other Notices to:
  Nationwide Management Liability & Specialty Nationwide Management Liability & Specialty
  Attn: Claims Manager   Attn: Claims Manager
  7 World Trade Center, 37th Floor 7 World Trade Center, 37th Floor
  250 Greenwich Street   250 Greenwich Street
  New York, NY 10007-0033 New York, NY 10007-0033
 
  mlsreportaclaim@nationwide.com mlsreportaclaim@nationwide.com

 

XJ-D-1 (08-17)


 

These Declarations, together with the application (as defined in the Followed Policy) and any information submitted therewith, the Policy, and any written endorsement(s) attached thereto, shall constitute the contract between the

Insureds and the Insurer.

XJ-D-1 (08-17)


 

     Underwritten by: National Casualty Company Home Office: One Nationwide Plaza • Columbus, Ohio 43215 Administrative Office: 8877 North Gainey Center Drive • Scottsdale, Arizona 85258 1-800-423-7675 • A Stock Company

EXCESS INSURANCE POLICY
Crime and Fidelity

UNLESS OTHERWISE PROVIDED IN THE FOLLOWED POLICY, THIS POLICY APPLIES ONLY TO LOSSES FIRST DISCOVERED BY THE INSURED DURING THE POLICY PERIOD OR EXTENDED REPORTING PERIOD.

In consideration of the payment of the premium and in reliance upon the application (as defined in the Followed Policy) and any information submitted therewith, and subject to the Declarations and terms and conditions of this Policy, the persons and entities entitled to coverage under the Followed Policy (the “Insureds”) and the Insurer agree as follows:

I.      INSURING AGREEMENT
  The      Insurer shall provide insurance coverage excess of the Underlying Limits in accordance with the
  same      terms, definitions, conditions, exclusions and limitations as are contained in the Followed Policy,
  except      with respect to the premium, the limit of liability and as otherwise provided herein.
II.      DEFINITIONS
  “Financial      Insolvency” means the status of any Underlying Insurer being subject to the appoint-
  ment,      by any state, federal or foreign official, agency or court, of any receiver, conservator, liquidator,
  trustee,      rehabilitator or similar official to take control of, supervise, manage or liquidate such Underly-
  ing      Insurer.
III.      REDUCTION OR EXHAUSTION OF UNDERLYING LIMITS
  A.      The Insurer shall not provide any coverage under this Policy until the full amount of the Underlying
   Limits      has been exhausted through payments by, on behalf of or in the place of the Underlying
   Insurers      of amounts covered under the terms of the Underlying Policies by any or all of the
   following:     
   (1)      the Underlying Insurers under the Underlying Policies;
   (2)      the Insured; or
   (3)      any other source.
  B.      In the event that Underlying Limits are partially reduced by reason of actual payments as
   described      in Section III.A. above, then subject to the Limit of Liability this Policy shall continue to
   apply      as excess over the reduced Underlying Limits.
  C.      1. In the event that a Single Loss Limit of Liability is selected in Item 2.A. of the Declarations, and

the Underlying Polices have paid the full amount of their Single Loss Underlying Limits for each and every Underlying Policy as applicable, as described in Section III.A. above (and the full amount of any applicable deductible or uninsured retention has been paid under the Followed Policy by the Insured or others), then subject to the Single Loss Limit of Liability set forth on the Declarations of this Policy, this Policy shall continue to apply as primary insurance in accordance with the terms, definitions, conditions, exclusions and limitations of the Followed Policy and the terms, definitions, conditions, exclusions and limitations of this Policy; provided always that this Policy shall only pay excess of such deductible or retention, which shall be applied in the same manner as specified in the Followed Policy.

XJ-P-1 (8-17)

Page 1 of 2



 

  2. In the event that an Annual Aggregate Limit of Liability is selected in Item 2.B. of the
   Declarations, and the Underlying Limits are wholly exhausted by reason of actual payments as described in Section III.A. above (and the full amount of any applicable deductible or uninsured retention has been paid under the Followed Policy by the Insured or others), then subject to the Limit of Liability this Policy shall continue to apply as primary insurance in accordance with the terms, definitions, conditions, exclusions and limitations of the Followed Policy and the terms, definitions, conditions, exclusions and limitations of this Policy; provided always that this Policy shall only pay excess of such deductible or retention, which shall be applied in the same manner as specified in the Followed Policy.
  D.      This Policy shall only pay in the event of the reduction or exhaustion of the Underlying Limits by
   reason      of actual payments as described in Section III.A. above and shall not drop down for any
   other      reason, including but not limited to the existence of any sub-limit in any Underlying Policy;
   provided,      however, this Policy will recognize erosion of any of the Underlying Policies due to the
   existence      of a sub-limit.
  E.      The Insureds expressly retain the risk of any gap in coverage or uncollectibility and the Insurer
   does      not in any way insure or assume such risk.
IV.      CONDITIONS OF COVERAGE
  A.      As a condition precedent to this Policy’s coverage, in the event of the Financial Insolvency of any
   of      the Underlying Policies or the reduction or exhaustion of any of the Underlying Policies, the
   Insureds      shall notify the Insurer in writing as soon as practicable thereafter, with full particulars.
  B.      If during the Policy Period or any discovery or extended reporting period, any terms, definitions,
   conditions,      exclusions and limitations of the Followed Policy are changed, this Policy shall not be
   subject      to such change unless the Insurer consents by written endorsement to this Policy.

XJ-P-1 (8-17)

Page 2 of 2



 

SCHEDULE OF FORMS AND ENDORSEMENTS
 
Policy No. XJO1908785   Effective Date 07/01/2019
      12:01 A.M. Standard Time
  Fidelity Equity & High Income
Named Insured Funds   Agent No. 20408
 
 
UT-COVPG   01-17 COVER PAGE
XJ-D-1   08-17 EXCESS INSURANCE POLICY CRIME AND FIDELITY DECLARATIONS
XJ-P-1   08-17 EXCESS INSURANCE POLICY CRIME AND FIDELITY
UT-SP-2   12-95 SCHEDULE OF FORMS AND ENDORSEMENTS
UT-358   12-07 SCHEDULE OF UNDERLYING POLICIES
UT-3g   03-92 EXCESS POLICY - TIE IN OF LIMITS (EQUITY & HIGH INCOME
      FUND POLICY ) - AS EXPIRING
XM-207   08-17 AMEND REDUCTION OR EXHAUSTION OF UNDERLYING LIMITS-LOSS
XM-202   08-17 AMEND CONDITIONS OF COVERAGE
UT-3g   03-92 EXCESS POLICY - AMEND CONDITIONS OF COVERAGE - AS
      EXPIRING

 

UT-SP-2 (12-95)


 

  SCHEDULE OF UNDERLYING POLICIES    
 
Policy No. XJO1908785       Effective Date 07/01/2019
            12:01 A.M. Standard Time
 
Fidelity Equity & High Income          
Named Insured Funds       Agent No. 20408    
 
 
Issuing Insurer Policy Number     Limits of Liability   Attachment
 
Primary:            
National Union Fire 01-346-65-10   $ 15,000,000   See Followed Policy
Insurance Company of           Deductible
Pittsburgh, PA            
 
1st Excess:            
ACE American 82484869   $ 10,000,000 $ 15,000,000
Insurance Company            
 
2nd Excess:            
Everest National FL5FD00012-191   $ 10,000,000 $ 25,000,000
Insurance Company            
 
3rd Excess:            
ICI Mutual Insurance 87153319 B $ 15,000,000 $ 35,000,000
Company, RRG            
 
4th Excess:            
Allied World C014840/009   $ 15,000,000 $ 50,000,000
Assurance Company            
Ltd.            
 
5th Excess:            
Travelers Casualty 106547262   $ 10,000,000 $ 65,000,000
and Surety Company of            
America            
 
6th Excess:            
Continental Casualty 287042220   $ 10,000,000 $ 75,000,000
Company            
 
7th Excess:            
AXIS Insurance MNN727586/01/2019   $ 5,000,000 $ 85,000,000
Company       PART OF $15,000,000    
 
Starr Indemnity & 1000059071191   $ 10,000,000 $ 85,000,000
Liability Company       PART OF $15,000,000    

 

UT-358 (12-07)


 

    ENDORSEMENT
    NO.  
 
ATTACHED TO AND ENDORSEMENT EFFECTIVE DATE    
FORMING A PART OF   NAMED INSURED AGENT NO.
POLICY NUMBER (12:01 A.M. STANDARD TIME)    
XJO1908785 07/01/2019 Fidelity Equity & High Income Funds 20408

 

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

TIE-IN OF LIMITS ENDORSEMENT

This endorsement modifies insurance provided under the following:

EXCESS INSURANCE POLICY

In consideration of the premium paid, it is hereby understood and agreed that there shall be a combined limit of liability of $10,000,000 for all Claims under this Policy and all Claims under policy number XMF1800060 issued by the Company to all Fidelity funds bonds, including any policy that renews or replaces or succeeds in time either policy, which combined limit of liability shall be the maximum amount payable by the Company under all such policies.

All other terms and conditions of this Policy remain unchanged.

UT-3g-4667-Z (12-19)

Page 1 of 1


 

Underwritten by National Casualty Company   EENDORSEMENT
      NO. 2
 
ATTACHED TO AND ENDORSEMENTT EFFECTIVEE DATEE      
FORMING A PART OF   NAMED INSURED   AGENT NO..
POLICYPOLICY NUMBERNUMBER (12:01 A.M. STANDARD TIME)      
 
 
XJO1908785 07/01/2019 Fidelity Equity & High Income Funds   20408
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

 

AMEND REDUCTION OR EXHAUSTION OF UNDERLYING LIMITS—LOSS

In consideration of the premium charged, it is hereby understood and agreed that Section III. REDUCTION OR EXHAUSTION OF UNDERLYING INSURANCE, subsection A. is deleted in its entirety and replaced with the following:

A.      The Insurer shall not provide any coverage under this Policy until the full amount of the Underlying
  Limits      has been exhausted through payments by, on behalf of or in the place of the Underlying In-
  surers      of Loss under the terms of the Underlying Policies by any or all of the following:
  (1)      The Underlying Insurers under the Underlying Policies;
  (2)      The Insured, including payments made on behalf of the Insured;
  (3)      A DIC Insurer, in the event the difference-in-conditions policy written by such DIC Insurer drops down to pay any amount due under the Underlying Policies; or
  (4)      Any third-party.

All other terms and conditions of this Policy remain unchanged.

AUTHORIZED REPRESENTATIVE

DATE

XM-207 (8-17)

Page 1 of 1



 

Underwritten by National Casualty Company   EENDORSEMENT
      NO. 3
 
ATTACHED TO AND ENDORSEMENTT EFFECTIVEE DATEE      
FORMING A PART OF   NAMED INSURED   AGENT NO..
POLICYPOLICY NUMBERNUMBER (12:01 A.M. STANDARD TIME)      
 
 
XJO1908785 07/01/2019 Fidelity Equity & High Income Funds   20408
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
 
AMEND CONDITIONS OF COVERAGE

 

In consideration of the premium charged, it is hereby understood and agreed that Section IV.A. CONDITIONS OF COVERAGE is deleted in its entirety and replaced by the following:

A.      In the event of the Financial Insolvency of any of the Underlying Policies or the reduction or exhaus- tion of any of the Underlying Policies, the Insureds shall notify the Insurer in writing as soon as practicable thereafter, with full particulars.

All other terms and conditions of this Policy remain unchanged.

AUTHORIZED REPRESENTATIVE

DATE

XM-202 (8-17)

Page 1 of 1



 

    ENDORSEMENT
    NO. 4
 
ATTACHED TO AND ENDORSEMENT EFFECTIVE DATE    
FORMING A PART OF   NAMED INSURED AGENT NO.
POLICY NUMBER (12:01 A.M. STANDARD TIME)    
 
XJO1908785 07/01/2019 Fidelity Equity & High Income Funds 20408
 
 
  THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.  

 

AMEND CONDITIONS OF COVERAGE

This endorsement modifies insurance provided under the following:

EXCESS POLICY

In consideration of the premium paid, it is hereby understood and agreed that Section IV. CONDITIONS

OF COVERAGE is amended by adding the following:

C.      In the event a coverage dispute arises between the Insured and the Insurer in relation to matters that are also the subject of a dispute with an Underlying Insurer, then at the Insured’s election, those disputes shall be heard together in the same court or arbitration proceedings.

All other terms and conditions of this Policy remain unchanged.

AUTHORIZED REPRESENTATIVE

DATE

UT-3g-4668-Z (12-19)

Page 1 of 1


 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 

U.S. SPECIALTY INSURANCE COMPANY

THIS IS A CLAIMS MADE EXCESS POLICY WHICH APPLIES ONLY TO CLAIMS FIRST MADE AGAINST THE INSUREDS DURING THE POLICY PERIOD. THE LIMITS OF LIABILITY AVAILABLE TO PAY DAMAGES OR SETTLEMENTS WILL BE REDUCED, AND MAY BE EXHAUSTED, BY THE PAYMENT OF DEFENSE EXPENSES.

DECLARATIONS
EXCESS INDEMNITY POLICY
POLICY NUMBER: 24-MGU-19-A47039 RENEWAL OF: 24-MGU-18-A44158
ITEM 1. INSURED: Fidelity Equity and High Income Funds
    c/o FMR LLC 200 Seaport Blvd, Mail Zone ZW9C
    Boston, MA 02210  
ITEM 2. POLICY PERIOD:  

 

(a)      Inception Date: 7/1/2019
(b)      Expiration Date: 7/1/2020

at 12:01 a.m. at the Principal Address stated in ITEM 1.

ITEM 3. LIMIT OF LIABILITY (INCLUSIVE OF DEFENSE EXPENSES): $8,000,000 Limit of Liability part of $50,000,000 excess of $100,000,000 Underlying Limits

ITEM 4. SCHEDULE OF UNDERLYING INSURANCE:  
  See Attached Schedule of Underlying Insurance.  
 
ITEM 5. PREMIUM: $23,753.00      
 
ITEM 6. NOTICES REQUIRED TO BE GIVEN TO INSURER MUST BE ADDRESSED TO:
 
  Street Address:   Facsimile Number: E-mail Address:
  Tokio Marine HCC – D&O Group (860) 676-1737 usclaims@tmhcc.com
  8 Forest Park Drive      
  Farmington, CT 06032      
  Attn: Claims Manager      
 
ITEM 7. ENDORSEMENTS ATTACHED AT ISSUANCE  
3116E-MA 994-911 994-917 994-980 994-9022 994-9036 994-9094 80016

 

IN WITNESS WHEREOF, the Insurer has caused this Policy to be signed on the Declarations Page by its President, a Secretary and a duly authorized representative of the Insurer.

Date: January 23, 2020

USSIC 993 (04/2002)


 

U.S. SPECIALTY INSURANCE COMPANY

ENDORSEMENT NUMBER: 1

MASSACHUSETTS AMENDATORY ENDORSEMENT

     This Endorsement, effective at 12:01 a.m. on 7/1/2019, forms part of Policy No. 24-MGU-19-A47039, issued to Fidelity Equity and High Income Funds by U.S. Specialty Insurance Company:

In consideration of the premium charged, it is agreed that:

(1)      The paragraph at the end of the Policy (beginning “In witness whereof”) is amended to read in its entirety as follows:

In witness whereof the Insurer has caused this Policy to be executed by its authorized officers.

(2)      The sentence at the end of the Declarations Page (beginning “IN WITNESS WHEREOF”) is amended to read in its entirety as follows:

IN WITNESS WHEREOF, the Insurer has caused this Policy to be signed on the Declarations Page by its President and a Secretary.

Accordingly, the countersignature line for an Authorized Representative is deleted in its entirety from the Declarations Page.

All other terms, conditions and limitations of this Policy shall remain unchanged.

______________________________________
Authorized Representative

USSIC 3116E-MA Ed. 10/05

Page 1 of 1

 


 

ENDORSEMENT NUMBER: 2

TIE-IN OF LIMITS ENDORSEMENT (AGGREGATE)

     To be attached to and made a part of Policy No. 24-MGU-19-A47039, issued to Fidelity Equity and High Income Funds by U.S. Specialty Insurance Company.

In consideration of the premium charged, it is agreed that:

(1)      For purposes of this endorsement, the term “Other Policy” means Policy Number 24-MGU-19- A47038 issued by the Insurer (or an affiliate of the Insurer).
(2)      Notwithstanding anything to the contrary in this Policy or the Other Policy, the Insurer’s combined maximum aggregate limit of liability under this Policy and the Other Policy shall be $8,000,000 part of $50,000,000. Accordingly, the Insurer’s limit of liability under this Policy shall be reduced, and may be exhausted, by actual payments made by the Insurer under the Other Policy, and the Insurer’s limit of liability under the Other Policy shall be reduced, and may be exhausted, by actual payments made by the Insurer under this Policy.
(3)      Nothing in this endorsement is intended, nor shall it be construed, to increase the limit of liability under this Policy (which shall remain the amount set forth in ITEM 3 of the Declarations) or the limit of liability under the Other Policy.

All other terms, conditions and limitations of this Policy will remain unchanged.

Complete the following only when this endorsement is not prepared with the Policy or is not to be effective with the Policy.

Effective date of this endorsement:

By:________________________________
Attorney-in-Fact

994-911 Page 1 of 1
Ed. 06/05  

 


 

ENDORSEMENT NUMBER: 3

SCHEDULE OF UNDERLYING INSURANCE

     To be attached to and made a part of Policy No. 24-MGU-19-A47039, issued to Fidelity Equity and High Income Funds by U.S. Specialty Insurance Company.

In consideration of the premium charged it is hereby agreed and understood that the Schedule of Underlying Insurance on the Declarations page is amended to read as follows:

  Insurer Policy Number     Limits
Primary National Union Fire Insurance Company 01-346-65-10   $ 15,000,000
  of Pittsburgh, Pa.        
1st Excess Federal Insurance Company 82484869   $ 10,000,000
2nd Excess Everest Reinsurance Company FL5FD00012-191   $ 10,000,000
3rd Excess ICI Mutual Insurance Company 87153319 B $ 15,000,000
4th Excess Allied World Assurance Company, AG C014840/009   $ 15,000,000
5th Excess Travelers Casualty and Surety Company 106547262   $ 10,000,000
  of America        
6th Excess Continental Insurance Company 287042220   $ 10,000,000
7th Excess AXIS Insurance Company MNN727586/01/2019   $ 5,000,000
7th Excess Starr Indemnity & Liability Company 1000059071191   $ 10,000,000

 

Schedule of Quota Share Participants        
Aggregate Limit for all quota share participants: $50,000,000.00    
  Insurer   Policy Limits Policy Number  
Participant American International Reinsurance Company $ 6,000,000 33089944  
Participant XL Specialty Insurance Company $ 5,000,000 ELU162149-19  
Participant National Casualty Company $ 10,000,000 XJO1908785  
Participant Lloyd's of London $ 6,000,000 B080113016 P19
Participant Twin City Fire Insurance Company $ 10,000,000 08 FI 0252161 -19  
Participant Ironshore Indemnity Inc. $ 5,000,000 003198802  

 

All other terms, conditions and limitations of this Policy will remain unchanged, including but not limited to the maximum aggregate Limit of Liability set forth in ITEM 3. of the Declarations.

Complete the following only when this endorsement is not prepared with the Policy or is not to be effective with the Policy.

Effective date of this endorsement:

By:  
  Attorney-in-Fact

 

994-917 Page 1 of 1
Ed. 04/00  

 


 

ENDORSEMENT NUMBER: 4

AMEND SETTLEMENT PROVISION

     To be attached to and made a part of Policy No. 24-MGU-19-A47039, issued to Fidelity Equity and High Income Funds by U.S. Specialty Insurance Company.

In consideration of the premium charged, it is agreed that Section V. is amended to read in its entirety as follows:

V.      SETTLEMENT
  The Insureds shall not admit liability for or settle any claim for any amount that would involve the coverage afforded by this Policy without the Insurer’s prior written consent, which will not be unreasonably withheld.

All other terms, conditions and limitations of this Policy will remain unchanged.

Complete the following only when this endorsement is not prepared with the Policy or is not to be effective with the Policy.

Effective date of this endorsement:

By:  
  Attorney-in-Fact

 

994-980 Page 1 of 1
Ed. 03/05  

 


 

ENDORSEMENT NUMBER: 5

AMEND INSURING AGREEMENT

     To be attached to and made a part of Policy No. 24-MGU-19-A47039, issued to Fidelity Equity and High Income Funds by U.S. Specialty Insurance Company.

In consideration of the premium charged, it is agreed that Section I of this Policy is deleted and replaced with the following:

I.      INSURING AGREEMENT
  The Insurer shall provide the Insureds with insurance excess of the Underlying Insurance scheduled in ITEM 4 of the Declarations. Except as specifically set forth in the terms, conditions or endorsements of this Policy, coverage hereunder shall apply in conformance with the terms, conditions, limitations and endorsements of the Primary Policy, subject to any more restrictive provisions of the other Underlying Insurance, except that coverage hereunder shall attach only after all Underlying Insurance has been exhausted by actual payment of claims or losses thereunder.

All other terms, conditions and limitations of this Policy will remain unchanged.

Complete the following only when this endorsement is not prepared with the Policy or is not to be effective with the Policy.

Effective date of this endorsement:

By:________________________________
Attorney-in-Fact

994-9022 Page 1 of 1
Ed. 03/08  

 


 

ENDORSEMENT NUMBER: 6

DELETE SECTION II.B (CANCELLATION OF UNDERLYING INSURANCE) AND AMEND SECTION IX (POLICY TERMINATION)

To be attached to and made a part of Policy No. 24-MGU-19-A47039, issued to

Fidelity Equity and High Income Funds by U.S. Specialty Insurance Company.

In consideration of the premium charged, it is agreed that:

(1)      Section II.B of the Policy is deleted in its entirety. However, nothing in this endorsement is intended, nor shall it be construed, to relieve the Insured of its obligation under Section VIII.B to give the Insurer written notice as soon as practicable of any cancellation of Underlying Insurance. Moreover, in the event a policy of Underlying Insurance is cancelled, the Insurer shall not be liable under this Policy earlier or to any greater extent than it would have been had the policy of Underlying Insurance not been cancelled.
(2)      The second sentence of Section II.A (Maintenance of Underlying Insurance) is deleted and replaced with the following:

The Insurer shall not be liable under this Policy earlier or to any greater extent than it would have been if the Insureds had complied with this condition.

(3) The following paragraph is added to Section IX:

This Policy is non-cancelable by the Insurer except for non-payment of premium. The Insurer may cancel this Policy for non-payment of premium by sending not less than 10 days notice of such cancellation to the entity named in ITEM 1 of the Declarations at such entity’s last known address.

All other terms, conditions and limitations of this Policy will remain unchanged.

Complete the following only when this endorsement is not prepared with the Policy or is not to be effective with the Policy.

Effective date of this endorsement:

By:________________________________
Attorney-in-Fact

994-9036 Page 1 of 1
Ed. 01/09  

 


 

ENDORSEMENT NUMBER: 7

TREATMENT OF PAYMENTS AS

REDUCING OR EXHAUSTING UNDERLYING LIMIT

     To be attached to and made a part of Policy No. 24-MGU-19-A47039, issued to Fidelity Equity and High Income Funds by U.S. Specialty Insurance Company.

In consideration of the premium charged, it is agreed that:

(1)      For purposes of this endorsement:
  (a)      A-Side Carrier means the issuer of any excess “Side A”/“Difference in Conditions”
   policy      written specifically excess of this Policy.
  (b)      Loss shall have the meaning ascribed to such term in the Primary Policy.
(2)      Notwithstanding anything in the Policy to the contrary:
  (a)      If an issuer of a policy of Underlying Insurance becomes financially insolvent or
   bankrupt      and, solely as a result of such financial insolvency or bankruptcy, fails to pay
   Loss      under such policy of Underlying Insurance, and if the Insureds, an A-Side
   Carrier      or any other entity actually makes payment for part or all of such Loss, then the
   Insurer      will treat such payment as if it had been made by such issuer for purposes of
   determining      reduction or exhaustion (as the case may be) of the limit of liability of such
   policy      of Underlying Insurance.
  (b)      If an issuer of a policy of Underlying Insurance fails to pay Loss under such policy of
   Underlying      Insurance for any reason other than such issuer’s financial insolvency or
   bankruptcy,      and if the Insureds, an A-Side Carrier or any other entity actually makes
   payment      for part or all of such Loss, then the Insurer will treat such payment as if it had
   been      made by such issuer for purposes of determining reduction or exhaustion (as the
   case      may be) of the limit of liability of such policy of Underlying Insurance, but only if
   the      Insureds:
   (i)      promptly notify the Insurer that the Insureds, an A-Side Carrier or any other entity intends to make such payment; and
   (ii)      advise the Insurer of the total amount of Loss that such issuer has paid or has agreed to pay (if any) under such policy of Underlying Insurance.
(3)      In no event shall any failure to pay on the part of an issuer of Underlying Insurance cause the
  Insurer      to be liable under this Policy earlier or to any greater extent than the Insurer would have
  been      if such issuer had paid its policy’s full limit of liability. Except as expressly provided in
  paragraph      (2) above, nothing in this endorsement shall be deemed to waive any term, condition or
  limitation      of this Policy or any policy of Underlying Insurance.
994-9094 Page 1 of 2
Ed. 11/13  

 


 

All other terms, conditions and limitations of this Policy will remain unchanged.

Complete the following only when this endorsement is not prepared with the Policy or is not to be effective with the Policy.

Effective Date of this endorsement:

By:________________________________
Attorney-in-Fact

994-9094 Page 2 of 2
Ed. 11/13  

 


 

ENDORSEMENT NUMBER: 8

POLICYHOLDER DISCLOSURE – TERRORISM PREMIUM NOTICE

     To be attached to and made a part of Policy No. 24-MGU-19-A47039, issued to Fidelity Equity and High Income Funds by U.S. Specialty Insurance Company.

Your Policy contains coverage for certain losses caused by terrorism. We are required to notify you of the portion of the premium, if any, attributable to the coverage for terrorist acts certified under the Terrorism Risk Insurance Act, as amended in 2015 (hereinafter “TRIA”). TRIA also requires us to provide disclosure of federal participation in payment of terrorism losses resulting from an “act of terrorism” as defined by Section 102(1) of TRIA.

Section 102(1) of TRIA defines the term “act of terrorism” as any act that is certified by the Secretary of the Treasury of the United States – in concurrence with the Secretary of Homeland Security and the Attorney General of the United States – to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property, or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of an air carrier or vessel or the premises of a United States mission; and to have been committed by an individual or individuals acting on behalf of any foreign person or foreign interest, as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion.

Please be advised that the actual coverage provided by your Policy for acts of terrorism, as is true for all coverages, is limited by the terms, conditions, exclusions, limits and other provisions of your Policy, any endorsements to the Policy and generally applicable rules of law.

YOU SHOULD KNOW THAT, WHERE COVERAGE IS PROVIDED BY THIS POLICY FOR LOSSES RESULTING FROM CERTIFIED ACTS OF TERRORISM, SUCH LOSSES MAY BE PARTIALLY REIMBURSED BY THE UNITED STATES GOVERNMENT UNDER A FORMULA ESTABLISHED BY FEDERAL LAW. UNDER THIS FORMULA, THE UNITED STATES GOVERNMENT generally reimburses 85% through 2015; 84% beginning on January 1, 2016; 83% beginning on January 1, 2017; 82% beginning on January 1, 2018; 81% beginning on January 1, 2019 and 80% beginning on January 1, 2020 of covered terrorism losses exceeding the statutorily established deductible paid by the insurance company providing the coverage. The Terrorism Risk Insurance Act, as amended, contains a $100 billion cap that limits U.S. Government reimbursement as well as insurers’ liability for losses resulting from certified acts of terrorism when the amount of such losses exceeds $100 billion in any one calendar year. If the aggregate insured losses for all insurers exceed $100 billion, your coverage may be reduced.

The amount of your premium that is attributable to coverage for terrorist acts certified under TRIA is $0.

All other terms, conditions and limitations of this Policy will remain unchanged.

Complete the following only when this endorsement is not prepared with the Policy or is not to be effective with the Policy.

Effective date of this endorsement:

By:________________________________
Attorney-in-Fact

80016 Page 1 of 1
Ed. 01/15  

 


 

U.S. TREASURY DEPARTMENT'S OFFICE OFFOREIGN ASSETS CONTROL ("OFAC") ADVISORY NOTICE TO POLICYHOLDERS

No coverage is provided by this Policyholder Notice nor can it be construed to replace any provisions of your policy. You should read your policy and review your Declarations page for complete information on the coverages you are provided.

This Notice provides information concerning possible impact on your insurance coverage due to directives issued by OFAC. Please read this Notice carefully.

The Office of Foreign Assets Control (OFAC) administers and enforces sanctions policy, based on Presidential declarations of "national emergency". OFAC has identified and listed numerous:

  • Foreign agents;
  • Front organizations;
  • Terrorists;
  • Terrorist organizations; and
  • Narcotics traffickers;

as "Specially Designated Nationals and Blocked Persons". This list can be located on the United States Treasury's web site - http//www.treas.gov/ofac.

In accordance with OFAC regulations, if it is determined that you or any other insured, or any person or entity claiming the benefits of this insurance has violated U.S. sanctions law or is a Specially Designated National and Blocked Person, as identified by OFAC, this insurance will be considered a blocked or frozen contract and all provisions of this insurance are immediately subject to OFAC. When an insurance policy is considered to be such a blocked or frozen contract, no payments nor premium refunds may be made without authorization from OFAC. Other limitations on the premiums and payments also apply.

IL P 001 01 04 Reprinted, in part, with permission of Page 1 of 1
ISO Properties, Inc.

 


 

U.S. SPECIALTY INSURANCE COMPANY

Excess Indemnity Policy


D&O Group
8 Forest Park Drive, Farmington, Connecticut 06032
main 860 674 1900 facsimile 860 676 1737

 

USSIC 994 (04/2002)

page 1 of 4


 

U.S. SPECIALTY INSURANCE COMPANY

EXCESS INDEMNITY POLICY

This is a claims made policy. Please read it carefully.

In consideration of the payment of the premium, and in reliance upon all statements made and information furnished to the Insurer and to the issuers of the Underlying Insurance and subject to the Declarations and the limitations, conditions, provisions, any endorsements to and all other terms of this Policy, the Insurer and the Insureds agree as follows:

I.      INSURING AGREEMENT
  The      Insurer shall provide the Insureds with insurance excess of the Underlying Insurance
  scheduled      in ITEM 4 of the Declarations. Except as specifically set forth in the terms, conditions
  or      endorsements of this Policy, coverage hereunder shall apply in conformance with the terms,
  conditions,      limitations and endorsements of the policy immediately underlying this Policy, except
  that      coverage hereunder shall attach only after all Underlying Insurance has been exhausted by
  actual      payment of claims or losses thereunder.
II.      PRIMARY AND UNDERLYING INSURANCE
  A.      Maintenance of Underlying Insurance
   All of the Underlying Insurance scheduled in ITEM 4 of the Declarations shall be maintained during the Policy Period in full effect except for any reduction of the limits of liability available under the Underlying Insurance solely by reason of actual payment of claims or losses thereunder. Subject at all times to Section II.B of this Policy, the Insurer shall not be liable under this policy earlier or to any greater extent than it would have been if the Insureds had complied with this condition.
  B.      Cancellation of Underlying Insurance
   This Policy shall terminate immediately upon the cancellation of any one or more of the policies scheduled in ITEM 4 of the Declarations, whether cancelled by the Insureds or the applicable insurer. Notice of cancellation or non-renewal of any such policies duly given by any of the applicable insurers shall serve as notice of the cancellation or non- renewal of this Policy by the Insurer.
  C.      Amendment of Underlying Insurance
   No amendment to any Underlying Insurance during the Policy Period shall be effective in extending the coverage or limits of liability afforded by this Policy unless the Insurer so agrees in writing.
III.      DEFINITIONS
  A.      Insured means any person or organization insured under the policy immediately underlying this Policy.
  B.      Policy Period means the period from the inception date to the expiration date set forth in ITEM 2 of the Declarations, or to any earlier cancellation date.
  C.      Primary Policy means the policy scheduled as such in ITEM 4 of the Declarations.

USSIC 994 (04/2002)

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U.      S. SPECIALTY INSURANCE COMPANY
  D.      Underlying Insurance means all policies scheduled in ITEM 4 of the Declarations and any policies replacing them.
IV.      LIMITS OF LIABILITY
  A.      The amount or amounts stated in ITEM 3 of the Declarations are the limits of the Insurer’s liability and shall be the maximum amount(s) payable by the Insurer under this Policy. The limits of liability available under this Policy to pay damages or settlements shall be reduced, and may be exhausted, by the payment of defense expenses.
  B.      In the event of the reduction of the limits of liability of the Underlying Insurance solely as the result of actual payment of claims or losses thereunder by the applicable insurers, this Policy shall, subject to the Insurer’s limits of liability and to the other terms, conditions and endorsements of this Policy, continue to apply to claims or losses as excess insurance over the amount of insurance remaining under such Underlying Insurance.
  C.      In the event of the exhaustion of all of the limits of liability of such Underlying Insurance solely as the result of actual payment of claims or losses thereunder, the remaining limits available under this Policy shall, subject to the Insurer’s limits of liability and to the other terms, conditions and endorsements of this Policy, continue for subsequent claims or losses as primary insurance. Under such circumstances, any retention or deductible specified in the Primary Policy shall also apply to this Policy.
V.      SETTLEMENT
  The      Insureds shall not admit liability for or settle any claim for any amount that would involve
  the      coverage afforded by this Policy without the Insurer’s prior written consent.
VI.      CLAIM PARTICIPATION
  The      Insurer may, at its sole discretion, elect to participate in the investigation, settlement and/or
  defense      of any claim against the Insureds even if the Underlying Insurance has not been
  exhausted.     
VII.      SUBROGATION AND RECOVERIES
  A.      In the event of any payment under this Policy, the Insurer shall be subrogated to all the Insureds’ rights of recovery against any person or organization, and the Insureds shall execute and deliver all instruments and papers and do whatever else is necessary to secure such rights.
  B.      Any amount recovered after payment under this Policy shall be apportioned in the inverse order of payment to the extent of actual payment. The expenses of all such recovery proceedings shall be apportioned in the same ratio as the recoveries.
VIII.      NOTICES
  A.      If the Insureds give any notice of any matter under the Underlying Insurance, the Insureds must also give the Insurer written notice of such matter in the same manner as required by the terms and conditions of the Primary Policy, except that such written notice must be sent to the Insurer at the address set forth in ITEM 6 of the Declarations.
  B.      The Insureds shall give the Insurer notice in writing as soon as practicable of:

USSIC 994 (04/2002)

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U.      S. SPECIALTY INSURANCE COMPANY
  1.      the cancellation of any Underlying Insurance, or
  2.      any additional or return premiums charged or allowed in connection with any
   Underlying Insurance.
IX.      POLICY TERMINATION
A.      This Policy may be canceled by the Insureds at any time either by surrender of this Policy or by written notice stating when thereafter such cancellation is to be effective.
  The mailing of such notice as aforesaid shall be sufficient proof of notice and this policy shall terminate at the date and hour specified in such notice.
B.      The Insurer shall refund the unearned premium computed at the customary short rate if the Policy is canceled by the Insureds.
X.      CONFORMITY TO STATUTE
  Any terms of this Policy which are in conflict with the terms of any applicable laws construing this Policy are hereby amended to conform to such laws.
XI.      AUTHORIZATION AND NOTICES
  The person or entity named in ITEM 1 of the Declarations shall be the sole agent, and shall act on behalf, of the Insureds with respect to all matters under this Policy, including but not limited to giving and receiving notices and other communication, effecting or accepting any endorsements to or notice of cancellation of this Policy, paying premium and receiving any return premiums.
XII.      NO ALTERATIONS WITHOUT ENDORSEMENT
  No change in or modification of this Policy shall be effective unless made by endorsement signed by an authorized employee of the Insurer or any of its agents relating to this Policy.

In witness whereof the Insurer has caused this Policy to be executed by its authorized officers, but this Policy will not be valid unless countersigned on the Declarations Page by a duly authorized representative of the Insurer.


USSIC 994 (04/2002)

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Willis Limited    
51 Lime Street London    
Telephone: +44 (0)2031246000 Fax: +44 (0)2031248223 Website: www.willistowerswatson.com

 


CONTRACT

OF

INSURANCE

Unique Market Reference (UMR):

Insured:

Principal Address:

B080113016P19

Fidelity Equity and High Income Funds

FMR LLC

155 Seaport Blvd., ZW9C.

Boston,

Massachusetts 02210, United States of America

Mailing Address: C/O FMR LLC 200 Seaport Blvd ZW9C

Boston

Massachusetts 02210 United States of America

 

Type:

Insurance of :

Excess Financial Institutions Bond Insurance as further defined in the underlying primary contract issued by the National Union Fire Insurance Company of Pittsburgh, PA as more fully defined in the Contract Wording

 

Period:

From: 1 July 2019 To: 1 July 2020

Both Days at 00:01/local standard time at the above address of the Insured

 

Willis Limited, Lloyd's brokers. A Willis Towers Watson Company. Willis Limited is authorised and regulated by the Financial Conduct Authority. Registered office 51 Lime Street, London EC3M 7DQ. Registered number 181116 England and Wales. Registered VAT number GB 334 1289 70


 

1. RISK DETAILS

 
 
UNIQUE MARKET    
REFERENCE: B080113016P19
 
 
TYPE: Insurance of:
  Excess Financial Institutions Bond Insurance as further defined in the
  underlying primary contract issued by the National Union Fire
  Insurance Company of Pittsburgh, PA as more fully defined in the
  Contract Wording
 
 
INSURED: Fidelity Equity and High Income Funds and as more fully defined in
  the contract wording.
 
 
PRINCIPAL ADDRESS: FMR LLC
  155 Seaport Blvd.,
  ZW9C.  
  Boston,
  Massachusetts 02210,
  United States of America
 
  Mailing Address:
  C/O FMR LLC
  200 Seaport Blvd
  ZW9C  
  Boston  
  Massachusetts 02210
  United States of America
 
 
PERIOD OF    
INSURANCE: From 01 July 2019
  To 01 July 2020
 
  Both Days at 00:01 local standard time at the above address of the
  Insured.
 
 
INTEREST: Excess Financial Institutions Bond insurance as further defined in the
  underlying primary contract issued by National Union Fire Insurance
  Company of Pittsburgh, PA as more fully defined in the Contract
  Wording.
 
 
LIMITS OF LIABILITY: USD 6,000,000 any one loss/claim and in the aggregate for the
  period part of USD 50,000,000 any one loss/claim and in the
  aggregate for the period

 

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in excess of underlying contracts for USD 100,000,000 any one loss/claim and in the aggregate for the period the details of which are held on file in the offices of Willis Limited

 
 

RETENTION:

Primary contract Retentions detailed as per National Union Fire Insurance Company of Pittsburgh, PA

 
 
TERRITORIAL  
LIMITS: Worldwide
 
 

CONDITIONS:

All terms and conditions as set forth in the wording, such wording being Willis Excess Financial Lines Policy Wording as attached amended by and incorporating the following:

 

1.      NMA 2975 (amended) Special Cancellation Clause 30/5/03, as attached.
2.      LMA 5218 U.S. Terrorism Risk Insurance Act of 2002 As Amended New And Renewal Business Endorsement 12/1/2015 amended, as attached.
3.      NMA 2918 (amended) War and Terrorism Exclusion Endorsement 8/10/2001, as attached.
4.      Premium Payment Clause LSW 3001, as attached
5.      NMA 1256 Nuclear Incident Exclusion Clause - Liability - Direct (Broad) 17/3/60, as attached.
6.      NMA 1477 Radioactive Contamination Exclusion Clause - Liability - Direct (13/02/64), as attached.
7.      Service of Suit Claus NMA 1998, as attached.
8.      This contract contains a Tie-in of limits between this Fidelity Fixed Income and Asset Allocation Funds Bond Policy and Fidelity Fixed Income and Asset Allocation Professional Policy
9.      Sanctions Clause, as attached
10.      NMA Lines Clause NMA 2419
11.      IUA 09-054 Foreign Account Tax Compliance Act
  (“FATCA”), as attached.
12.      INSTITUTE RADIOACTIVE CONTAMINATION, CHEMICAL, BIOLOGICAL, BIO.CHEMICAL AND
  ELECTROMAGNETIC WEAPONS EXCLUSION CLAUSE, as attached.
13.      Losses to be notified to Insurers via:- Willis Limited Finex Global - Claims Department 51 Lime Street London EC3M 7DQ
  United Kingdom

Nothing in this Contract shall be construed as a condition precedent or a warranty unless it is expressly stated as such in the Contract

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CHOICE OF LAW AND

JURISDICTION:

PREMIUM:

PREMIUM PAYMENT

TERMS:

TAXES PAYABLE BY INSURED AND ADMINISTERED BY INSURERS:

B0801Q13016P19 Willis Limited FINEXSlip1939233992.doc

This contract shall be governed by, and construed in accordance with, the laws of the State of Massachusetts of the United States of America as more fully set out in the contract wording.

Any dispute between the parties over the terms of this contract shall be submitted to the exclusive jurisdiction of the Courts of United States of America as more fully set out in the NMA 1998 (24/4/86) Service of Suit Clause (U.S.A.) as attached

The language used for contract interpretation shall be English as set out in the contract wording.

Service of Suit Nominee:

Service of Suit Clause (as attached) Mendes and Mount LLP

750 Seventh Avenue New York NY 10019-6829 United States of America.

USD 19,089 for USD 6,000,000 order hereon, of which USD 190.89 in respect of TRIA

Any return premium will be calculated, stated and payable by (re)insurers as net of all Broker Remuneration and Deductions as allowed and declared herein.

Premium Payment Condition as follows:

LSW 3001 (amended) Premium Payment Clause 60 days, as attached due to Insurers on or before 30 August 2019

Where any date on which the Premium is due to be paid falls on a weekend or Public Holiday, presentation to Reinsurers or their agents on the next working will be deemed to comply with the relevant premium payment requirement. For the purposes of this clause, Public Holiday shall mean any public or statutory holiday in any territory through which the Premium must pass between the Insured and Insurers or their agents.

None

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TAXES PAYABLE BY INSURERS AND ADMINISTERED BY

INSURED OR THEIR

AGENT:

RECORDING, TRANSMITTING AND STORING

INFORMATION:

INSURER CONTRACT

DOCUMENTATION:

NOTICE OF CANCELLATION

PROVISIONS:

POLICY FORM:

B0801Q13016P19 Willis Limited FINEXSlip1939233992.doc

None

30% FATCA Withholding Tax only to apply in accordance with the provisions of IUA 09-054.

Where Willis Limited maintains risk and claims data/information/ documents Willis Limited may hold data/information/documents electronically.

This contract document details the current terms entered into by the insurer(s) and constitutes the contract document.

Any further documentation changing this contract agreed in accordance with the contract change provisions set out in this contract, shall form the evidence of such change.

Where (re)insurers have the right to give notice of cancellation, in accordance with the provisions of the contract, then:

To the extent provided by the contract, the Slip Leader is authorised to issue such notice on behalf of all participating (re)insurers; and (optionally)

any (re)insurer may issue such notice in respect of its own participation.

The content and format of any such notice should be in accordance with the ‘Notice of Cancellation’ standard, as published by the

London Market Group (LMG), or their successor body, on behalf of London Market Associations and participants. However failure to comply with this standard will not affect the validity of the notice given.

The notice shall be provided to the broker by the following means:

By an email to FINEXNOC@willis.com

Failure to comply with this delivery requirement will make the notice null and void. Satisfactory delivery of the notice will cause it to be effective irrespective of whether the broker has acknowledged receipt.

J(a) NMA 2421 (Lloyd's)

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WILLIS EXCESS FINANCIAL LINES POLICY
 
Please read this Policy carefully.
 
SCHEDULE
 
Policy Number: B080113016P19  
 
Item 1: Insured: FIDELITY EQUITY AND HIGH INCOME FUNDS
 
 
  Principal Address: FMR LLC
    155 Seaport Blvd.
    ZW9C
    Boston
Massachusetts 02210
    United States of America
 
  Mailing Address: 200 Seaport Blvd.
    ZW9C
    Boston
Massachusetts 02210
    United States of America
 
Item 2: Insurer(s): Lloyd’s Syndicates:
    Antares AUL 1274 and Pioneer Consortium PFI 9375
 
Item 3: Period of Insurance: 01 July 2019 to 01 July 2020
    Both Days at 00:01 local standard time at the Principal
    address shown at Item 1 above.
 
Item 4: Limit of Liability: USD 6,000,000 any one loss/claim and in the aggregate for
    the period
    part of USD 50,000,000 any one loss/claim and in the
    aggregate for the period
 
Item 5: Underlying  
  Policy(ies): in excess of underlying contracts for
    USD 100,000,000 any one loss/claim and in the aggregate for
    the period
    the details of which are held on file in the offices of Willis
    Limited
 
  Retention: Primary contract Retentions detailed as per National
    Union Fir Insurance Company of Pittsburgh, PA
    Contract No: 01-565-05-84
 
 
Item 6: Premium: USD 19,089 for USD 6,000,000 order hereon,
    including USD 190.89 in respect of TRIA
 
 
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  Taxes:   None      
 
Item 7: Notification(s) in accordance with clause 5 required to be  
  addressed to: Willis Limited,  
      FINEX Global - Claims Department,  
      51 Lime Street,  
      London    
      EC3M 7DQ    
      United Kingdom.  
 
Item 8: Endorsements are as attached at issue of this Contract.  
 
Item 9: Additional premium required: Nil    
 
Item 10: Addressees for complaints:      
 
  (a) For Insurers who are Lloyd's Insurers:  
 
      Policyholder and Market Assistance  
      Lloyd’s Market Services  
      One Lime Street  
      London    
      EC3M 7HA    
      United Kingdom.  
 
      Telephone: +44 (0)207 327 5693
      Facsimile: +44 (0)207 327 5225
      Email:   Complaints@Lloyds.com  
 
  (b) For all other Insurers:    
 
    Willis Limited will provide details on request.  

 

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WILLIS EXCESS FINANCIAL LINES POLICY

In consideration of the Insured having paid or agreed to pay the Premium and subject to all of the definitions, terms, conditions and limitations of this Policy, Insurers and the Insured agree as follows:

1.      Insuring Agreement
1.1      Except insofar as the express terms of this Policy:
  (a)      make specific provision in respect of any matter for which specific provision is also made in the Primary Policy, in which case the express terms of this Policy shall prevail; or
  (b)      make specific provision in respect of any matter for which no specific provision is made in the Primary Policy, in which case the express terms of this Policy shall apply;
  this      Policy shall take effect and operate in accordance with the terms of the Primary Policy.
1.2      Subject to the Limit of Liability, the Insurers shall pay to or on behalf of the Insured that
  proportion      of Loss which exceeds the Underlying Limit.
1.3      Except as provided specifically to the contrary in this Policy, the Insurers shall have no
  liability      to make payment for any Loss under this Policy until the Underlying Limit has been
  completely      eroded by amounts which the Insured or insurers of any Side A/Difference in
  Conditions      Policy or insurers of the Underlying Policy(ies) shall have paid the Underlying
  Limit.     
2.      Definitions

Wherever the following words and phrases appear in bold and italics in this Policy they shall have the meanings given to them below:

"Claim" or "Circumstance" shall mean “claim”, “circumstance” or any other term by which the

Primary Policy identifies matters potentially giving rise to payments thereunder in respect of Loss.

"Insured" shall mean those persons and organisations identified at Item 1 of the Schedule and all other persons and organisations as are insured or otherwise entitled to indemnity under the Primary Policy.

"Insurers" shall mean the insurers of this Policy identified at Item 2 of the Schedule.

"Limit of Liability" shall mean the sum(s) shown at Item 4 of the Schedule being the maximum sum(s) the Insurers are liable to pay under this Policy for all Loss, subject to any reinstatement of limit expressly provided for at Item 4 of the Schedule. For the avoidance of doubt, there shall be no reinstatement of the Limit of Liability unless expressly provided for at Item 4, notwithstanding that the Primary Policy may provide for one or more reinstatements.

"Loss" shall mean all and any amounts for which Insurers are liable to the Insured pursuant to the terms and conditions of this Policy and, for the avoidance of doubt and subject only to the operation of any express terms hereof in accordance with clause 1.1 above, this Policy shall be liable to pay as

Loss all losses, costs, liabilities or damages and other expenses of the Insured as are covered by the Primary Policy of whatever nature and howsoever described by the Primary Policy. However, and

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notwithstanding any provision to the contrary in the Primary Policy, the liability of the Insurers of this Policy to the Insured for costs and expenses of any kind whatsoever shall be part of, and not in addition to, the Limit of Liability.

"Period of Insurance" shall mean the period set out at Item 3 of the Schedule.

"Policy" shall mean this insurance contract which includes any endorsements and schedules hereto.

"Premium" shall mean the sum shown at Item 6 of the Schedule.

Primary Limitsshall mean the limits of liability of the Primary Policy applicable to any loss or liability (as applicable) as set out in Item 5(a) of the Schedule.

"Primary Policy" shall mean the policy identified at Item 5(a) of the Schedule or any policy(ies) issued in substitution thereof.

"Relevant Provision" shall mean any provision of an Underlying Policy which reduces the limit of liability of the Underlying Policy automatically by reference to the amount paid or payable under another policy of insurance, or by reference to the limit of liability under another policy of insurance. For the avoidance of doubt, a provision which provides that an Underlying Policy shall pay only the amount by which any loss or liability (as applicable) exceeds the amount paid or payable under any other policy or policies, or which allows the insurer credit for the value of other insurance or indemnification, or which requires the Insured to pursue such insurance or indemnification prior to claiming under the Underlying Policy (such as an “other insurance” or “non-contribution” or other similar provision), shall not be a Relevant Provision.

"Schedule" shall mean the schedule to this Policy.

"Sublimit(s)" shall mean any limit or limits of insurers' liability in the Primary Policy imposed in respect of a particular category of loss or liability (as applicable) and which specifies that the maximum liability of the insurer shall be less than the otherwise generally applicable limit of liability of the Primary Policy.

"Underlying Limit" shall mean the cumulative total of the limits of liability of the insurer(s) of the Underlying Policy(ies) applicable to any loss or liability (as applicable) as set out in Item 5 of the

Schedule.

"Underlying Policy(ies)" shall mean the policies listed at Item 5 of the Schedule.

3. Maintenance of the Underlying Policy(ies)

The Primary Policy, or any policies issued in substitution thereof, shall be maintained in full force and effect during the Period of Insurance save to the extent that it is eroded. This obligation shall cease to apply in the event that the Primary Policy is completely eroded. Clause 1.3 hereof shall apply for the purposes of determining whether and to what extent erosion has occurred. Where an Underlying Policy other than the Primary Policy does not continue in full force and effect (other than by reason of erosion) such policy shall be deemed for all purposes of this Policy to have been maintained. The Primary Policy shall be deemed maintained if it is replaced by the operation of clause 4 hereof.

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4. Step-Down of Cover

Subject always to the Limit of Liability:

4.1      In the event of the reduction of the amount of indemnity available under any Underlying Policy by reason of partial erosion of the Underlying Limit (and in determining the existence and extent of such erosion the provisions of clause 1.3 shall apply) this Policy shall, subject to the Limit of Liability and to the other terms, conditions and limitations of this Policy, continue to be available to pay that proportion of Loss which exceeds the amount of indemnity remaining under the Underlying Policy(ies).
4.2      In the event of there being no indemnity available under the Underlying Policy(ies) by reason of the complete erosion of the Underlying Limit (and in determining the existence and extent of such erosion the provisions of clause 1.3 shall apply), the remaining limits available under this Policy shall, subject to the Limit of Liability and to the other terms, conditions and limitations of this Policy, continue for subsequent Loss as primary insurance and, in that event, any retention, excess or deductible and the remainder of any Sublimit specified in the Primary Policy shall apply under this Policy in respect of Loss.
5.      Notification

Any notification to the Primary Policy of a Claim or Circumstance which is required to be given in accordance with the terms and conditions of the Primary Policy shall also be given to the Insurers in writing.

6.      Claims Participation
6.1      The Insurers shall have no liability to pay costs and expenses incurred by or on behalf of the Insured unless their consent to the incurring of such costs and expenses has first been obtained, such consent not to be unreasonably delayed or withheld.
6.2      No settlement of a claim brought by a third party shall be effected by or on behalf of the Insured for such a sum as will require payment by Insurers under this Policy unless the consent of the Insurers has first been obtained, such consent not to be unreasonably delayed or withheld.
7.      Cancellation and Termination

This Policy may be terminated or cancelled or shall become automatically terminated or cancelled in the same manner and on the same basis or bases as the Primary Policy. However, breach by the Insured of any obligation to pay premium in respect of the Primary Policy or in respect of any other of the Underlying Policy(ies) shall not entitle the Insurers to terminate or cancel this Policy.

8. Recoveries

Where, following payment of Loss by Insurers, recovery is effected, then such recovery, net of the expenses of its being effected, shall be distributed in the following order to the following parties:

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(i)      to the Insured or, to such extent, if any, as appropriate, to any insurer of a policy applying excess of this Policy, but only to the extent (if any) by which such loss or liability (as applicable) exceeded the sum of the excess, deductible or retention of the Primary Policy, the Underlying Limit and the amount paid hereunder; and,
(ii)      if any balance remains following the application of (i) above, to the Insurers to the extent of the amount(s) paid by them hereunder in respect of Loss; and,
(iii)      if any balance remains following the application of (i) and (ii) above, to those, if any, entitled pursuant to the operation of the Underlying Policies to such extent, if any, of the entitlements conferred thereunder; and

For the avoidance of doubt, nothing in this Policy shall be construed as limiting or delaying the Insured's right to payment of any Loss hereunder until such time as it has effected any recovery.

9. Alteration

No material amendment to the terms of the Primary Policy shall apply in respect of this Policy unless and until agreed in writing by the Insurers.

10. Reporting Period

Where the terms of the Primary Policy provide:

(i)      the Insured with a period of time immediately following the policy period of the Primary Policy during which notice may be given to the insurers of the Primary Policy of any Claims or Circumstances; and/or,
(ii)      the right to purchase such a period,

then the Insured shall have the same period and/or right under this Policy in the same manner and on the same terms as those provided for in the Primary Policy except in relation to the premium payable (if any). The premium (if any) payable in respect of any such period available hereunder is set out in Item 9 of the Schedule.

11. Governing Law and Jurisdiction

This insurance shall be governed by and construed in accordance with the laws of the State of Massachusetts and any dispute arising hereunder shall be subject to the exclusive jurisdiction of the courts of United States of America as per NMA 1998 Service of Suit Clause U.S.A. as attached.

12. Complaints

The Insurers aim to provide a high standard at all times but if the Insured is not satisfied with the service provided it should contact the following:

In respect of Lloyd's underwriters: the person(s) identified in Item 10(a) of the Schedule.

In respect of Insurers other than Lloyd's underwriters, Willis Limited will provide on request details of the relevant persons.

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In the event that the Insured remains dissatisfied it may be possible for the Insured's complaint to be referred to the Financial Ombudsman Service who may review the matter. The Financial Ombudsman Service address is:

Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR
Telephone: 0845 0801800
Email: enquiries@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.uk

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ENDORSEMENT No 1

SPECIAL CANCELLATION CLAUSE

In the event that an Underwriter:

a)      ceases underwriting; or
b)      is the subject of an order or resolution for winding up or formally proposes a scheme of arrangement; or
c)      has its authority to carry on insurance business withdrawn,
d)      has its financial strength rating reduced by A.M.Best's, Standard & Poor's or equivalent rating agency to less than A-.

the Insured may terminate that Underwriter's participation on this risk forthwith by giving notice and the premium payable to that Underwriter shall be pro rata to the time on risk. In the event there are any notified, reserved or paid losses or circumstances, premium shall be deemed fully earned. Any return of premium shall also be subject to a written full release of liability from the Insured.

NMA2975 (amended)
30/05/03

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ENDORSEMENT No 2

U.S. TERRORISM RISK INSURANCE ACT OF 2002 AS AMENDED NEW & RENEWAL BUSINESS ENDORSEMENT

This Endorsement is issued in accordance with the terms and conditions of the "U.S. Terrorism Risk Insurance Act of 2002" as amended, as summarized in the disclosure notice.

In consideration of a premium of USD 190.89 paid, it is hereby noted and agreed with effect from inception that the Terrorism exclusion to which this Insurance is subject, shall not apply to any

“insured loss” directly resulting from any "act of terrorism" as defined in the "U.S. Terrorism Risk

Insurance Act of 2002", as amended ("TRIA").

The coverage afforded by this Endorsement is only in respect of any “insured loss” of the type insured by this Insurance directly resulting from an "act of terrorism" as defined in TRIA. The coverage provided by this Endorsement shall expire at 12:00 midnight December 31, 2020, the date on which the TRIA Program is scheduled to terminate, or the expiry date of the policy whichever occurs first, and shall not cover any losses or events which arise after the earlier of these dates. The Terrorism exclusion, to which this Insurance is subject, applies in full force and effect to any other losses and any act or events that are not included in said definition of "act of terrorism".

This Endorsement only affects the Terrorism exclusion to which this Insurance is subject. All other terms, conditions, insured coverage and exclusions of this Insurance including applicable limits and deductibles remain unchanged and apply in full force and effect to the coverage provided by this Insurance.

Furthermore the Underwriter(s) will not be liable for any amounts for which they are not responsible under the terms of TRIA (including subsequent action of Congress pursuant to the Act) due to the application of any clause which results in a cap on the Underwriter’s liability for payment for terrorism losses.

LMA5218
12 January 2015

Form approved by Lloyd's Market Association

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ENDORSEMENT No 3

WAR AND TERRORISM EXCLUSION ENDORSEMENT

Notwithstanding any provision to the contrary within this insurance or any endorsement thereto it is agreed that this insurance excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any of the following regardless of any other cause or event contributing concurrently or in any other sequence to the loss;

(1)      war, invasion, acts of foreign enemies, hostilities or warlike operations (whether war be declared or not), civil war, rebellion, revolution, insurrection, civil commotion assuming the proportions of or amounting to an uprising, military or usurped power; or
(2)      any act of terrorism.
  For the purpose of this endorsement an act of terrorism means an act, including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organisation(s) or government(s), committed for political, religious, ideological or similar purposes including the intention to influence any government and/or to put the public, or any section of the public, in fear.

This endorsement also excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any action taken in controlling, preventing, suppressing or in any way relating to (1) and/or (2) above.

In the event any portion of this endorsement is found to be invalid or unenforceable, the remainder shall remain in full force and effect.

NMA2918 (amended)
08/10/2001

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ENDORSEMENT No 4

PREMIUM PAYMENT CLAUSE

Notwithstanding any provision to the contrary within this contract or any endorsement hereto, in respect of non payment of premium only the following clause will apply.

The (Re)Insured undertakes that premium will be paid in full to (Re)Insurers by 30 August 2019.

If the premium due under this contract has not been so paid to (Re)Insurers by 30 August 2019 (Re)Insurers shall have the right to cancel this contract by notifying the (Re)Insured via the broker in writing. In the event of cancellation, premium is due to (Re)Insurers on a pro rata basis for the period that (Re)Insurers are on risk but the full contract premium shall be payable to (Re)Insurers in the event of a loss or occurrence prior to the date of termination which gives rise to a valid claim under this contract.

It is agreed that (Re)Insurers shall give not less than 15 days prior notice of cancellation to the (Re)Insured via the broker. If premium due is paid in full to (Re)Insurers before the notice period expires, notice of cancellation shall automatically be revoked. If not, the contract shall automatically terminate at the end of the notice period.

If any provision of this clause is found by any court or administrative body of competent jurisdiction to be invalid or unenforceable, such invalidity or unenforceability will not affect the other provisions of this clause which will remain in full force and effect.

30/09/08
LSW3001

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ENDORSEMENT No 5

U.S.A.

NUCLEAR INCIDENT EXCLUSION CLAUSE-LIABILITY-DIRECT (BROAD)

For attachment to insurances of the following classifications in the U.S.A., its Territories and Possessions, Puerto Rico and the Canal Zone:-Owners, Landlords and Tenants Liability, Contractual Liability, Elevator Liability, Owners or Contractors (including railroad) Protective Liability, Manufacturers and Contractors Liability, Product Liability, Professional and Malpractice Liability, Storekeepers Liability, Garage Liability, Automobile Liability (including Massachusetts Motor Vehicle or Garage Liability), not being insurances of the classifications to which the Nuclear Incident Exclusion Clause-Liability-Direct (Limited) applies.

This policy* does not apply:-

I.      Under any Liability Coverage, to injury, sickness, disease, death or destruction
  (a)      with respect to which an insured under the policy is also an insured under a nuclear energy liability policy issued by Nuclear Energy Liability Insurance Association, Mutual Atomic Energy Liability Underwriters or Nuclear Insurance Association of Canada, or would be an insured under any such policy but for its termination upon exhaustion of its limit of liability; or
  (b)      resulting from the hazardous properties of nuclear material and with respect to which (1) any person or organization is required to maintain financial protection pursuant to

the Atomic Energy Act of 1954, or any law amendatory thereof, or (2) the insured is, or had this policy not been issued would be, entitled to indemnity from the United States of America, or any agency thereof, under any agreement entered into by the United States of America, or any agency thereof, with any person or organization.

II.      Under any Medical Payments Coverage, or under any Supplementary Payments Provision
  relating      to immediate medical or surgical relief, to expenses incurred with respect of bodily
  injury,      sickness, disease or death resulting from the hazardous properties of nuclear material
  and      arising out of the operation of a nuclear facility by any person or organization.
III.      Under any Liability Coverage, to injury, sickness, disease, death or destruction resulting from
  the      hazardous properties of nuclear material, if
  (a)      the nuclear material (1) is at any nuclear facility owned by, or operated by or on behalf of, an insured or (2) has been discharged or dispersed therefrom;
  (b)      the nuclear material is contained in spent fuel or waste at any time possessed, handled, used, processed, stored, transported or disposed of by or on behalf of an insured; or
  (c)      the injury, sickness, disease, death or destruction arises out of the furnishing by an insured of services, materials, parts or equipment in connection with the planning, construction, maintenance, operation or use of any nuclear facility, but if such facility is located within the United States of America, its territories or possessions or Canada, this exclusion (c) applies only to injury to or destruction of property at such nuclear facility.

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IV.      As used in this endorsement:
  “hazardous      properties” include radioactive, toxic or explosive properties; “nuclear
  material”      means source material, special nuclear material or byproduct material; “source
  material”,      “special nuclear material”, and "byproduct material" have the meanings given
  them      in the Atomic Energy Act 1954 or in any law amendatory thereof; “spent fuel” means
  any      fuel element or fuel component, solid or liquid, which has been used or exposed to
  radiation      in a nuclear reactor; “waste” means any waste material (1) containing byproduct
  material      and (2) resulting from the operation by any person or organization of any nuclear
  facility      included within the definition of nuclear facility under paragraph (a) or (b) thereof;
  “nuclear      facility” means
  (a)      any nuclear reactor,
  (b)      any equipment or device designed or used for (1) separating the isotopes of uranium or plutonium, (2) processing or utilizing spent fuel, or (3) handling, processing or packaging waste,
  (c)      any equipment or device used for the processing, fabricating or alloying of special nuclear material if at any time the total amount of such material in the custody of the insured at the premises where such equipment or device is located consists of or contains more than 25 grams of plutonium or uranium 233 or any combination thereof, or more than 250 grams of uranium 235,
  (d)      any structure, basin, excavation, premises or place prepared or used for the storage or disposal of waste, and includes the site on which any of the foregoing is located, all operations conducted on such site and all premises used for such operations; “nuclear reactor” means any apparatus designed or used to sustain nuclear fission in a self-supporting chain reaction or to contain a critical mass of fissionable material. With respect to injury to or destruction of property, the word “injury” or “destruction” includes all forms of radioactive contamination of property.

It is understood and agreed that, except as specifically provided in the foregoing to the contrary, this clause is subject to the terms, exclusions, conditions and limitations of the Policy to which it is attached.

*NOTE:- As respects policies which afford liability coverages and other forms of coverage in addition, the words underlined should be amended to designate the liability coverage to which this clause is to apply.

17/3/60
N.M.A. 1256

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ENDORSEMENT No 6

U.S.A.

RADIOACTIVE CONTAMINATION EXCLUSION CLAUSE

-LIABILITY-DIRECT

(Approved by Lloyd's Underwriters' Non-Marine Association)

For attachment (in addition to the appropriate Nuclear Incident Exclusion Clause - Liability -Direct) to liability insurances affording worldwide coverage.

In relation to liability arising outside the U.S.A., its Territories or Possessions, Puerto Rico or the Canal Zone, this Policy does not cover any liability of whatsoever nature directly or indirectly caused by or contributed to by or arising from ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel.

13/2/64
N.M.A. 1477

All other terms, conditions and limitations of this Policy shall remain unchanged.

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ENDORSEMENT No 7

SERVICE OF SUIT CLAUSE (U.S.A.)

It is agreed that in the event of the failure of the Underwriters hereon to pay any amount claimed to be due hereunder, the Underwriters hereon, at the request of the Assured (or Reinsured), will submit to the jurisdiction of a Court of competent jurisdiction within the United States. Nothing in this Clause constitutes or should be understood to constitute a waiver of Underwriters’ rights to commence an action in any Court of competent jurisdiction in the United States, to remove an action to a United States District Court, or to seek a transfer of a case to another Court as permitted by the laws of the United States or of any State in the United States. It is further agreed that service of process in such suit may be made upon Mendes & Mount LLP, 750 Seventh Avenue, New York New York 10019-6829, United States of America and that in any suit instituted against any one of them upon this contract, Underwriters will abide by the final decision of such Court or of any Appellate Court in the event of an appeal.

The above-named are authorized and directed to accept service of process on behalf of Underwriters in any such suit and/or upon the request of the Assured (or Reinsured) to give a written undertaking to the Assured (or Reinsured) that they will enter a general appearance upon Underwriters’ behalf in the event such a suit shall be instituted.

Further, pursuant to any statute of any state, territory or district of the United States which makes provision therefor, Underwriters hereon hereby designate the Superintendent, Commissioner or Director of Insurance or other officer specified for that purpose in the statute, or his successor or successors in office, as their true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the Assured (or Reinsured) or any beneficiary hereunder arising out of this contract of insurance (or reinsurance), and hereby designate the above-named as the person to whom the said officer is authorized to mail such process or a true copy thereof.

N.M.A. 1998 (24/4/86)

All other terms, conditions and limitations of this Policy shall remain unchanged.

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ENDORSEMENT No 8

This policy contains a Tie-in of limits between this Fidelity Fixed Income and Asset Allocation Funds Bond Policy and Fidelity Fixed Income and Asset Allocation Funds Professional Policy.

All other terms, conditions and limitations of this Policy shall remain unchanged

ENDORSEMENT No 9

SANCTIONS CLAUSE

No (re)insurer shall be deemed to provide cover and no (re)insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose the (re)insurer or its' parent, to any sanction, prohibition or restriction implemented pursuant to resolutions of the United Nations or the trade and economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America.

ENDORSEMENT No 10

NMA LINES CLAUSE

This Insurance, being signed for USD 6,000,000 of USD 50,000,000 insures only that proportion of any loss, whether total or partial, including but not limited to that proportion of associated expenses, if any, to the extent and in the manner provided in this Insurance.

The percentages signed in the Table are percentages of 100% of the amount(s) of Insurance stated herein.

NMA 2419

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ENDORSEMENT No 11

Foreign Account Tax Compliance Act (“FATCA”)

Each (Re)Insurer hereby acknowledges the requirements of Sections 1471-1474 US Internal Revenue Code of 1986, as amended, and the Treasury regulations and other guidance issued from time to time thereunder (“FATCA”) and the obligation of each of them to provide to the Broker Willis Limited a valid Internal Revenue Service (“IRS”) Form W8-BEN-E, W-9 or other documentation meeting the requirements of the FATCA regulations to establish they are not subject to any withholding requirement pursuant to FATCA (the “Required Documentation”).

Furthermore:

a)      If a (Re)Insurer becomes non-compliant with FATCA during the contract period or has not provided the Broker with the Required Documentation 14 days prior to any premium due date, the Withholding Agent (as defined in U.S. Treasury Regulation Section 1.1471-1(b)(147)) shall withhold 30% of the premium (to the extent all or a portion of that premium is subject to withholding pursuant to FATCA) due to that (Re)Insurer under this contract on that premium due date and shall promptly notify that (Re)Insurer via the Broker.
b)      The withholding of premium by virtue of (a) above shall not be, and shall not be treated by the (Re)Insurer as a breach of any premium payment condition, warranty or other clause whether or not entitling the (Re)Insurer to cancel, terminate or restrict this contract, refuse, restrict or delay payment of any claim or invoke any interest, penalty or other late payment provision. The (Re)Insurer shall be liable under this contract as if no such withholding had been made.
c)      The (Re)Insurer shall not recoup sums withheld under (a) above by deducting equivalent sums from any payments due to the (Re)Insured or by set off against any other sums owed by the (Re)Insurer and any general or contractual right of set-off enjoyed by the (Re)Insurer is hereby varied and qualified to that extent.
  d)      Where premium is withheld in error, has not yet been paid to the IRS and the underwriter has been paid only the net premium following such withholding, the broker will cooperate with the (re)insurer to process the requisite refund.
IUA      09-054

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ENDORSEMENT No 12

The following endorsement applies solely in respect of Pioneer only:

INSTITUTE RADIOACTIVE CONTAMINATION, CHEMICAL, BIOLOGICAL, BIO.CHEMICAL AND ELECTROMAGNETIC WEAPONS EXCLUSION CLAUSE

This clause shall be paramount and shall override anything contained in this insurance inconsistent therewith: 1. ln no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed to by or arising from: 1.1 ionizing radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel; 1.2 the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or other nuclear assembly or nuclear component thereof; 1.3 any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter; 1.4 the radioactive, toxic, explosive or other hazardous or contaminating properties of any radioactive matter. The exclusion in this sub-clause does not extend to radioactive isotopes, other than nuclear fuel, when such isotopes are being prepared, carried, stored, or used for commercial, agricultural, medical, scientific or other similar peaceful purposes 1.5 any chemical, biological, bio-chemical, or electromagnetic weapon.

10/11/03 c1370

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2. INFORMATION

INFORMATION:

This section details the information that was provided to Insurers to support the assessment of the risk at the time of underwriting.

Where it is required to provide exposure information it is recommended that this should follow the ACORD exposure schedule standard which can be found at www.acord.org

Insured: Fidelity Equity and High Income Funds.
  Excess Professional Liability and Management Liability
Type of Insurance Insurance
 
Policy Period: 01 July 2019 to 01 July 2020

 

INFORMATION

(made available to and seen and agreed by Underwriters)

  • 2019 Q1 17g-1 All Fidelity Funds
  • Asset Allocation Division
  • Claim Status Conference Call
  • Fidelity By the Numbers As Of 31/03/19
  • Fidelity Corporate Description
  • FMR 2018 Shareholder Update
  • FMR 2019 London Taxes Headcount by Country
  • FMR 2019 Renewal Strategy Meeting
  • FMR US Headcount 2019
  • Funds TNAV 2017 vs. 2019
  • Open Claim Status Call 1/12/2016

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·  
3. SECURITY DETAILS
 
 
(RE)INSURER’S  
LIABILITY: (RE)INSURERS LIABILITY CLAUSE
 

(Re)insurer’s liability several not joint

The liability of a (re)insurer under this contract is several and not joint with other (re)insurers party to this contract. A (re)insurer is liable only for the proportion of liability it has underwritten. A (re)insurer is not jointly liable for the proportion of liability underwritten by any other (re)insurer. Nor is a (re)insurer otherwise responsible for any liability of any other (re)insurer that may underwrite this contract.

The proportion of liability under this contract underwritten by a

(re)insurer (or, in the case of a Lloyd’s syndicate, the total of the proportions underwritten by all the members of the syndicate taken together) is shown next to its stamp. This is subject always to the provision concerning “signing” below.

In the case of a Lloyd’s syndicate, each member of the syndicate

(rather than the syndicate itself) is a (re)insurer. Each member has underwritten a proportion of the total shown for the syndicate (that total itself being the total of the proportions underwritten by all the members of the syndicate taken together). The liability of each member of the syndicate is several and not joint with other members. A member is liable only for that member’s proportion. A member is not jointly liable for any other member’s proportion. Nor is any member otherwise responsible for any liability of any other (re)insurer that may underwrite this contract. The business address of each member is Lloyd’s, One Lime Street, London

EC3M 7HA. The identity of each member of a Lloyd’s syndicate and their respective proportion may be obtained by writing to

Market Services, Lloyd’s, at the above address.

Proportion of liability

Unless there is “signing” (see below), the proportion of liability under this contract underwritten by each (re)insurer (or, in the case of a Lloyd’s syndicate, the total of the proportions underwritten by all the members of the syndicate taken together) is shown next to its stamp and is referred to as its “written line”. Where this contract permits, written lines, or certain written lines, may be adjusted

(“signed”).

In that case a schedule is to be appended to this contract to show the definitive proportion of liability under this contract underwritten by each (re)insurer (or, in the case of a Lloyd’s syndicate, the total of the proportions underwritten by all the members of the syndicate taken together).

 

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ORDER HEREON:

BASIS OF WRITTEN

LINES:

BASIS OF SIGNED

LINE:

SIGNING PROVISIONS:

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A definitive proportion (or, in the case of a Lloyd’s syndicate, the total of the proportions underwritten by all the members of a

Lloyd’s syndicate taken together) is referred to as a “signed line”.

The signed lines shown in the schedule will prevail over the written lines unless a proven error in calculation has occurred.

Although reference is made at various points in this clause to “this contract” in the singular, where the circumstances so require this should be read as a reference to contracts in the plural.

21/6/07
LMA3333

USD 6,000,000 of USD 50,000,000

Percentage of order

NMA 2419 Lines Clause, as attached.

Percentage of order

In the event that the written lines hereon exceed 100% of the order, any lines written “to stand” will be allocated in full and all other lines will be signed down in equal proportions so that the aggregate signed lines are equal to 100% of the order without further agreement of any of the (re)insurers.

However:

a)      in the event that the placement of the order is not completed by the commencement date of the period of (re)insurance then all lines written by that date will be signed in full;
b)      the signed lines resulting from the application of the above

provisions can be varied, before or after the commencement date of the period of (re)insurance, by the documented agreement of the (re)insured and all (re)insurers whose lines are to be varied. The variation to the contracts will take effect only when all such (re)insurers have agreed, with the resulting variation in signed lines commencing from the date set out in that agreement

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WRITTEN LINES

MODE OF EXECUTION CLAUSE

This contract and any changes to it may be executed by:

(a)      electronic signature technology employing computer software and a digital signature or digitiser pen pad to capture a person’s handwritten signature in such a manner that the signature is unique to the person signing, is under the sole control of the person signing, is capable of verification to authenticate the signature and is linked to the document signed in such a manner that if the data is changed, such signature is invalidated;
(b)      a unique authorisation provided via a secure electronic trading platform
(c)      a timed and dated authorisation provided via an electronic message/system;
(d)      an exchange of facsimile/scanned copies showing the original written ink signature of paper documents;
(e)      an original written ink signature of paper documents (or a true representation of a signature, such as a rubber stamp).;

The use of any one or a combination of these methods of execution shall constitute a legally binding and valid signing of this contract. This contract may be executed in one or more of the above counterparts, each of which, when duly executed, shall be deemed an original.

In a co-insurance placement following (re)insurers may, but are not obliged to, follow the premium charged by the lead (re)insurer.

(Re)insurers may not seek to guarantee for themselves terms as favourable as those which others subsequently achieve during the placement.

It is the responsibility of each (Re)insurer subscribing to this contract to ensure that they are appropriately licenced to underwrite this contract in the territories described herein and can also discharge their relevant Insurance Premium Tax obligations.

UMR: B080113016P19

(Original) Insured: Fidelity Equity and High Income Funds

Written % Signed and Dated Stamp
  Incorporating Underwriting Reference

 

Details of variation(s) to the contract applying to the above Insurer only:

Premium: for 100% for the policy period
Brokerage: %
SMB: %

 

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CONTRACT ADMINISTRATION AND ADVISORY SECTIONS

(Applying to the contract but not forming part of the client’s contract documentation)

4. SUBSCRIPTION AGREEMENT

SLIP LEADER:

BUREAU LEADER:

BASIS OF AGREEMENT TO CONTRACT

CHANGES:

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For the purposes of SCAP the Slip Leader must be (a) an authorised person (as defined in Section 31 of the Financial Services and Markets Act 2000) with the permission to effect and carry out the contracts of insurance; or (b) a member of Lloyd’s.

Not applicable unless completed here.

Lloyd's Leader LIRMA Leader ILU Leader

(Where both company and Lloyd’s participate, both Bureau

Leaders should be included. For the purposes of SCAP, the Bureau Leader(s) must be identified).

(For claims falling within the scope of the Single Claims Agreement Party (SCAP) Arrangements, claims at or below the Threshold Amount to be agreed by the SLIP LEADER only according to the terms of the SCAP Arrangements and the Bureau Leaders are to adhere to the applicable claims agreement practices and act in accordance with CLAIMS AGREEMENT PARTIES (as defined in A or B below).

GUA (Version 2.0 February 2014) with Non-Marine Schedule -October 2001

A.      In respect of each (re)insurer which at any time has the ability
  to      send and receive ACORD messages via the Exchange:
  i.      Any contract change will be submitted by Willis Limited for agreement via an 'ACORD message';
  ii.      any contract change which requires notification will be notified by Willis Limited via an 'ACORD message';
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  iii.      It is understood and agreed that whilst any contract change may be negotiated and agreed in any legally effective manner (and will be binding at that stage), such agreement of any contract change will be confirmed by each such (re)insurer via an appropriate 'ACORD message'. For the avoidance of any doubt, no further duty of disclosure arises in relation to any such confirmation.
B.      In respect of each (re)insurer who does not have the ability to
  send      and receive ACORD messages via the Exchange:
  i.      It is understood and agreed that whilst any contract change may be negotiated and agreed in any legally effective manner (and will be binding at that stage), any such contract change will be submitted/notified by Willis Limited electronically via email or other electronic means;
  ii.      Such binding agreement of any contract change will be confirmed by each such (re)insurer via email or other electronic means. For the avoidance of any doubt, no further duty of disclosure arises in relation to any such confirmation.

Where there is a requirement for any wording to be agreed this is to be agreed by the Slip Leader only.

The Slip Leader is to determine whether amendments to the wording fall into part one, part two or part three of the GUA schedule.

The period of this contract may be extended for up to one calendar month at expiry, at terms to be agreed by the Slip Leader only.

The following clause is applicable to insurance risks which are eligible for TRIA.

TRIA NOTICE CLAUSE

Authority is hereby given to the Slip Leader to issue notice to Insured(s) as required by the U.S. Terrorism Risk Insurance Act of 2002 on behalf of all insurers hereon.

Where differing premium and/or broker remuneration and deductions terms apply to subscribing (re)insurers to this contract and the contract is subsequently subject to any form of additional/return premium, it is hereby agreed that the original premium and/or broker remuneration and deductions proportions shall be applied to such additional/return premium unless

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OTHER AGREEMENT PARTIES FOR

CONTRACT CHANGES, FOR

PART 2 GUA

CHANGES ONLY:

OTHER AGREEMENT

PARTIES FOR CONTRACT CHANGES, FOR

THEIR PROPORTION

ONLY:

BASIS OF CLAIMS

AGREEMENT:

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specifically stipulated to be otherwise in the endorsement.

Where no other agreement parties for contract changes are stated herein, the agreement party will be the Slip Leader only.

Where no other agreement parties for contract changes are stated herein, the agreement party will be the Slip Leader only.

As specified under the CLAIMS AGREEMENT PARTIES section of this Contract and to be managed in accordance with:

i)      The SINGLE CLAIMS AGREEMENT PARTY ARRANGEMENT LMA9150 [as below] for claims or circumstances assigned as Single Claims Agreement Party Claims (SCAP Claims) or, where it is not applicable, then the following shall apply as appropriate:-
ii)      The Lloyd’s Claims Scheme (combined) or as amended or any successor thereto.

(N.B. The applicable Lloyd’s Claims Scheme/part will be determined by the rules and scope of the Schemes(s))

iii)      IUA claims agreement practices.
iv)      The practices of any company(ies) electing to agree claims in respect of their own participation.

The applicable arrangements (scheme, agreement or practices) will be determined by the rules and scope of said arrangements and should be referred to as appropriate.

Single Claims Agreement Party Arrangements

1 Single Claims Agreement Party

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1.1 Scope

All claims having, or circumstances assessed by the SLIP LEADER as having, a Claim Amount at or below GBP250,000 or currency equivalent (the Threshold Amount) will be designated a Single Claims Agreement Party Claim (SCAP Claim) and will be managed within the terms of these Single Claims Agreement Party Arrangements (these Arrangements). For the purposes of these Arrangements the SLIP LEADER must be: (a) an authorised person (as defined in Section 31 of the Financial Services and Markets Act 2000) with permission to effect and/or carry out contracts of insurance; or (b) a Member of Lloyd’s.

1.2 Exceptions

Where:

1.2.1      the Claim Amount is more than, or, in the assessment of the SLIP LEADER, is likely to be more than, the Threshold Amount; and/or
1.2.2      after making further enquiries, there remains insufficient information to form a view on the likely quantum of any circumstance or claim and in the
  SLIP LEADER’S assessment, there is a material risk that the quantum will ultimately exceed the
  Threshold Amount; and/or
1.2.3      issues arise of fraud or avoidance (either under the Insurance Act 2015 or otherwise) or there are allegations against (re)insurers of regulatory breach which may result in regulatory action being taken against (re)insurers, or actionable allegations of improper claims handling have been made in respect of the claim at issue, or, in the assessment of the SLIP
  LEADER, such issues are likely to arise in connection with a claim; and/or
1.2.4      in the assessment of the SLIP LEADER a claim is, or is likely to become, controversial or complex, or is likely to become subject to Dispute Resolution Proceedings,

such claims or circumstances shall be managed in accordance with the provisions of the applicable BASIS OF CLAIMS AGREEMENT.

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2      Slip Leader Responsibilities
2.1      Receipt of a Claim

Upon receiving a notification of a claim or circumstance, the SLIP LEADER shall, as soon as practicable, reasonably assess and decide, based on all the relevant circumstances (including but not limited to the Claims Information), whether such claim or circumstance is a SCAP Claim and notify the Broker accordingly with instructions for it to advise this decision to all claims agreement parties defined in B of the CLAIMS AGREEMENT PARTIES section.

2.2      Role of the Slip Leader
A      SCAP Claim shall be Determined by the SLIP LEADER on behalf

of itself and all (re)insurers which subscribe: (1) to this Contract on the same contractual terms (other than premium and brokerage); and (2) to these Arrangements (Subscribing (Re)Insurers).

When Determining a SCAP Claim, including where the SLIP

LEADER may have delegated the Determination of a SCAP Claim, the SLIP LEADER must always:

2.2.1      act in good faith and exercise the reasonable care of a competent (re)insurer; and
2.2.2      act in the best interest of all Subscribing (Re)Insurers on whose behalf it acts; and
2.2.3      comply with all laws, sanctions regimes, regulations and related guidance (including, but not limited to, those issued by Lloyd’s, the Financial Conduct
  Authority and/or the Prudential Regulation Authority) as may be applicable to the Determination of a SCAP Claim and to which the SLIP LEADER is subject, including, but not limited to conduct of business rules requiring (re)insurers to treat customers fairly (if applicable in that jurisdiction); and
2.2.4      notify either directly or via the Broker, all
  Subscribing (Re)Insurers of any Dispute Resolution Proceedings commenced against them.

For the avoidance of doubt, the SLIP LEADER shall have no obligations or liability to any (re)insurer, other than a Subscribing (Re)Insurer, arising out of or in any way connected with the

Determination of a SCAP Claim.

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2.3 Reassigning Claims

Where during the life of a SCAP Claim any of the provisions of clause 1.2 apply, the SLIP LEADER shall:

2.3.1      reassign the SCAP Claim to the claims agreement parties defined in B of the CLAIMS AGREEMENT
  PARTIES section; and
2.3.2      notify the Broker accordingly with instructions for it to advise all applicable claims agreement parties defined in B of the CLAIMS AGREEMENT
  PARTIES section, following which the provisions of the applicable BASIS OF CLAIMS AGREEMENT shall apply to the claim.

The SLIP LEADER may, at any time, reassign a SCAP Claim outside of these Arrangements if having due regard to the available Claims Information, all relevant circumstances and its ability to act in accordance with clauses 2.2.1 to 2.2.3 inclusive, it considers that this assignment would be appropriate, following which the provisions of the applicable BASIS OF CLAIMS AGREEMENT shall apply to the claim.

The Broker may also, at any time, reassign a SCAP Claim outside of these Arrangements and to the provisions of the applicable BASIS

OF CLAIMS AGREEMENT by advising all claims agreement parties defined in B of the CLAIMS AGREEMENT PARTIES section.

Where a SCAP Claim has been reassigned outside of these Arrangements, it may not, without the consent of all claims agreement parties defined in B of the CLAIMS AGREEMENT PARTIES section, be reassigned as a SCAP Claim.

Notwithstanding clauses 1.2.1 and 1.2.2 but without prejudice to any other right or requirement to (re)assign a SCAP Claim outside of these Arrangements, where the exchange rate between Sterling and the currency in which the SCAP Claim has been made fluctuates after the conversion date stated in A of the CLAIMS AGREEMENT

PARTIES section such that the Sterling value of the claim exceeds the Threshold Amount, the claim shall not cease to be a SCAP Claim by reason of the currency fluctuation alone.

2.4 Delegation of Determination

The SLIP LEADER may delegate its Determination of a SCAP Claim to another entity.

Despite its right to delegate the Determination of a SCAP Claim pursuant to these Arrangements the SLIP LEADER shall remain responsible for all acts and omissions of the delegate and the acts and

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omissions of those employed or engaged by the delegate as if they were its own.

2.5 Processing Claims

The SLIP LEADER shall ensure that all supporting information has been properly documented prior to payment of the claim and that such records are kept for a period of no less than seven years after closure, subject always to the requirements of applicable laws (including but not limited to those applicable to the processing of personal data and privacy).

3 Broker Responsibilities

Notwithstanding the application of these Arrangements, the Broker shall advise all claims agreement parties defined in B of the CLAIMS

AGREEMENT PARTIES section of any or all of the following matters or events, where known, as soon as practicable:

3.1      any new claim or circumstance assigned as a SCAP Claim;
3.2      any recommended reserve or reserves for a SCAP Claim;
3.3      any revision to the recommended reserve or reserves for a
  SCAP Claim;
3.4      any change in the assignment of a SCAP Claim;
3.5      the receipt of notice of the commencement of any Dispute Resolution Proceedings relating to a SCAP Claim;
3.6      the final Determination of a SCAP Claim, including where a SCAP Claim is denied;
3.7      any receipt of a complaint against (re)insurers;
3.8      any termination of the SLIP LEADER’s authority to
  Determine claims under clauses 4.1 to 4.3 inclusive; and/or
3.9      where so requested by the SLIP LEADER, the identity and participation of all Subscribing (Re)Insurers.
A      Subscribing (Re)Insurer may request the SLIP LEADER and/or

Broker to provide such further information as it may reasonably require and the SLIP LEADER and Broker shall co-operate fully with any such request.

4 Termination of the SLIP LEADER’s Authority

In the event that the SLIP LEADER:

4.1      becomes the subject of voluntary or involuntary rehabilitation or liquidation, action in bankruptcy or similar or in any way otherwise acknowledges its insolvency or is unable to pay its debts or losses; or
4.2      has its right to transact the main class of business covered by the slip withdrawn, suspended, removed or made conditional or impaired in any way by any regulatory authority; or

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4.3      ceases to be either: (a) an authorised person (as defined in Section 31 of the Financial Services and Markets Act 2000) with permission to effect and/or carry out contracts of insurance; or (b) a member of Lloyd’s,

the authority of that SLIP LEADER to Determine all SCAP Claims shall automatically terminate from the date of that event, following which the provisions of the applicable BASIS OF CLAIMS AGREEMENT shall apply to the claim.

5      Professional Advisers
5.1      The SLIP LEADER has the sole authority to appoint and instruct an independent, external, professional adviser (which may include, but is not limited to, a lawyer, loss adjuster, surveyor, actuary or accountant) on behalf of Subscribing (Re)Insurers where, in its sole discretion, it considers the professional adviser necessary for the Determination of a claim. The SLIP LEADER shall supervise the professional adviser throughout the period of their appointment.
5.2      A professional adviser appointed in connection with a SCAP Claim pursuant to clause 5.1 above may, at the SLIP
  LEADER’s discretion, be instructed to send all reports and correspondence directly to the SLIP LEADER. The professional adviser’s fees shall be agreed by the SLIP
  LEADER. The fees of the professional adviser shall be shared between the Subscribing (Re)Insurers in accordance with their respective shares of the SCAP Claim.
6      Claims Concerns

If a Subscribing (Re)Insurer has a concern regarding the handling of a SCAP Claim by the SLIP LEADER it shall notify the SLIP

LEADER of its concern. The SLIP LEADER and the Subscribing (Re)Insurer which has raised the concern shall promptly confer and use their best endeavours to resolve the concern. If any disagreement remains after a period of 28 days from the date on which the concern was notified to the SLIP LEADER, the authority of the SLIP

LEADER to Determine the SCAP Claim to which the concern relates shall terminate, following which the provisions of the applicable BASIS OF CLAIMS AGREEMENT shall apply to the claim.

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7 Intra-(Re)Insurer Dispute Resolution Protocols

Before a Subscribing (Re)Insurer (Claimant) can bring a legal claim against the SLIP LEADER in relation to the Determination of a SCAP Claim or for an alleged breach of its obligations under these Arrangements, it must first attempt to resolve the dispute (Dispute) as follows:

7.1      The Claimant shall notify the SLIP LEADER that it is commencing the Dispute Resolution Protocols prescribed in this clause 7.
7.2      The Dispute shall first be referred to representatives of the SLIP LEADER and of the Claimant who shall meet in a good faith effort to resolve the Dispute. If a resolution is not achieved within 21 days from the date the Dispute was referred to these individuals, the matter shall be escalated to a member of senior management responsible for claims, for each of the Claimant and SLIP LEADER, who shall attempt to resolve the Dispute.
7.3      If the Dispute has not been resolved within 28 days from the date upon which it is referred to senior management, then the Claimant and SLIP LEADER shall enter into a mediation agreement in the form prescribed by the LMA and IUA. If the resulting mediation fails to resolve the Dispute, then the Dispute shall be settled by arbitration in accordance with clause 7.4, provided always that the decision to commence an arbitration must be taken by the senior management of the Claimant in question.
7.4      All arbitrations arising out of or in connection with a Dispute shall be referred to arbitration under ARIAS Fast Track Arbitration Rules. The seat of arbitration shall be London.
8      Limitation of Liability
8.1      The total liability, whether in contract, in tort (including but not limited to negligence), breach of fiduciary duty, breach of statutory duty or otherwise, of a SLIP LEADER to all
Subscribing      (Re)Insurers on whose behalf it has acted, or is
acting,      under these Arrangements shall not exceed GBP
500,000      in respect of any one SCAP Claim (Liability Cap).
8.2      If the aggregate liability of a SLIP LEADER in respect of any
one      SCAP Claim would exceed the Liability Cap, the
Subscribing      (Re)Insurers shall each be entitled to be paid
only      a share of the Liability Cap calculated in proportion to
the      share of the (re)insurance underwritten by each

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  Subscribing (Re)Insurer (excluding for the purposes of this clause any share underwritten by the SLIP LEADER).
8.3      A SLIP LEADER shall not be liable for loss of profits, loss of business, loss of use (in each case whether direct or indirect) or any other indirect, special, or consequential damages alleged to have been suffered by a Subscribing (Re)Insurer arising out of its breach of the terms of these Arrangements.
8.4      Notwithstanding clause 8.3 but subject always to clauses 8.1, 8.2 and 8.5, nothing in this clause 8 is intended to exclude the
  SLIP LEADER’S liability to the Subscribing (Re)Insurers in respect of damages payable by the Subscribing (Re)Insurers to the (re)insured, in addition to the Claim Amount, arising from the mishandling of a SCAP Claim by the SLIP LEADER, its agents or employees, where such mishandling gives rise to an actionable claim for damages against Subscribing (Re)Insurers.
8.5      Nothing in these Arrangements shall exclude, restrict or limit with respect to the handling of a SCAP Claim a SLIP
  LEADER’s liability for: (1) fraud or fraudulent misrepresentation; (2) death or personal injury caused by its negligence or the negligence of its employees or agents; or (3) any matter in respect of which it would be unlawful to exclude or restrict liability.
9      Choice of Law and Jurisdiction

Notwithstanding any other choice of law, express or implied in the contract of (re)insurance, the provisions of these Arrangements shall be construed and governed in accordance with the Laws of England and Wales and the Subscribing (Re)Insurers submit to the exclusive jurisdiction of the Courts of England and Wales.

10      Exclusions
10.1      The following types of business (and applicable risk codes for
  Lloyd’s)      are excluded from these Arrangements:
  10.1.1      Binding Authorities;
  10.1.2      Proportional & Quota Share Treaties.
10.2      The following forms of settlement are excluded from these
  Arrangements:     
  10.2.1      ex gratia payments of any kind;
  10.2.2      commutation agreements.
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Definitions

In these Arrangements, unless the context otherwise requires, the following words shall have the following meanings:

Claim Amount means:

  • in relation to each SCAP Claim, the total amount claimed (after the application of any applicable deductible(s));or
  • in relation to a circumstance, the total amount which, in the judgement of the SLIP LEADER, may be claimed (after the application of any applicable deductible(s)),
  • by the (re)insured from all (re)insurers under the Contract including, but not limited to, any of their expenses or other sums that are recoverable from the (re)insurers under the Contract pursuant to the terms of the (re)insurance. The Claim Amount shall exclude any costs incurred by the (re)insurers arising out of, or in connection with the handling of a SCAP Claim.

Claims Information means the information contained within a notification or provided by the (re)insured or its agent in relation to a SCAP Claim. It also includes all information obtained by the SLIP LEADER or provided by any Professional Adviser employed by (re)insurers.

Contract means, for the purposes of these Arrangements, (re)insurance evidenced by (re)insurers subscribing to a single Market Reform Contract and where all (re)insurers participate on the same contractual terms and conditions (other than premium and brokerage).

Determination/Determine means all claims handling activities necessary (including the appointment and instruction of any

Professional Advisers) in order to: (i) accept or deny a SCAP Claim, in whole or in part; (ii) agree any amount payable and (iii) resolve finally any open matter in respect of the SCAP Claim by agreement or, negotiation.

Dispute Resolution Proceedings means any litigation, arbitration, mediation, regulatory hearing (other than before an ombudsman) or other contested proceeding commenced by or against Subscribing (Re)Insurers in any jurisdiction.

LMA9150
01 February 2018

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CLAIMS AGREEMENT    
PARTIES: A. Claims falling within the scope of the (LMA9150) to be
    agreed by Slip Leader only on behalf of all (re)insurers
    subscribing (1) to this Contract on the same contractual terms
    (other than premium and brokerage) and (2) to these
    Arrangements.
 
    For the purposes of calculating the Threshold Amount, the
    sterling rate on the date that a financial value of the claim is
    first established by the Slip Leader shall be used and the rate
    of exchange shall be the Bank of England spot rate for the
    purchase of sterling at the time of the deemed conversion.
 
  B. For all other claims:
 
  i) For Lloyd's syndicates:
 
    The leading Lloyd's syndicate and, where required by the
    applicable Lloyd's Claims Scheme, the second Lloyd's
    syndicate.
 
    The second Lloyd's Syndicate is
 
  ii) Those companies acting in accordance with the IUA claims
    agreement practices, excepting those that may have opted out
    via iv) below.
 
  iii) Those companies that have specifically elected to agree
    claims in respect of their own participation.
 
  iv) All other subscribing insurers that are not party to the
    Lloyd’s/IUA claims agreement practices, each in respect of
    their own participation.
 
  v) Notwithstanding anything contained in the above to the
    contrary, any ex gratia payments to be agreed by each
    (re)insurer for their own participation.
 
 
CLAIMS    
ADMINISTRATION: Willis Limited and (re)insurers agree that any claims hereunder
  (including any claims related costs/fees) will be notified and
  administered via the Electronic Claims File (ECF) with any
  payment(s) processed via CLASS, unless both parties agree to do
  otherwise.
 
  Where claims or circumstances are not administered via ECF,
  notification, administration and payment(s) will be electronic.

 

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RULES AND EXTENT

OF ANY OTHER DELEGATED CLAIMS AUTHORITY:

EXPERT(S) FEES

COLLECTION:

SETTLEMENT

DUE DATE:

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Where a Lloyd’s syndicate or IUA company is not an agreement party to the claim or circumstance (per CLAIMS AGREEMENT PARTIES A. above) they agree to accept correct ECF sequences for administrative purposes to ensure information is circulated to all subscribing parties.

Willis Limited are authorised to obtain translations of claims documents on behalf of insurers, with Insurers’ associated costs being payable by Insurers as provided for under Expert(s) Fees Collection heading.

For Non Bureaux Insurers only

Claims settlement to be remitted to Willis Limited (unless otherwise specified within the contract) within 7 working days after agreement of claim by Slip Leader and submission of collection to market(s).

None

Where the Claims Agreement Parties hereunder have delegated authority to a third party, then all insurers will follow the settlements of the appointed third party.

In respect of Expert(s) Fees payable by (re)insurers for services performed on their behalf, an appointed Service Provider to provide all collection and disbursement services on behalf of (re)insurers in conjunction with, whenever appropriate, Xchanging in respect of any bureau markets. In respect of Expert(s) Fees payable by (re)insurers for services performed on behalf of the (re)insured Willis Limited to collect fees.

30 August 2019

In the absence of a Settlement Due Date, a Premium Payment Warranty or a Premium Payment Clause which automatically cancels the contract if premium payment is not paid by a specified date, the Settlement Due Date will be calculated by granting 60 days (or 90 days in respect of reinsurance) from whichever is the later of either:

1)      the inception date of the risk or
2)      the date on which the final Insurer agreement is obtained

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INSTALMENT PREMIUM

PERIOD OF CREDIT:

ADJUSTMENT PREMIUM

PERIOD OF CREDIT:

BUREAUX

ARRANGEMENTS:

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Not applicable unless detailed here.

Not applicable unless detailed here.

Premium Processing Clause

Where the premium is to be paid through Xchanging Ins-sure Services (XIS), payment to Insurers will be deemed to occur on the day that a delinked premium is released for settlement by the Appointed Broker or in the case of non-delinked premiums, on the day that the error-free Premium Advice Note (PAN) is submitted to XIS.

Where premiums are to be paid by instalments under the Deferred Account Scheme, and the Appointed Broker does not receive the premium in time to comply with the agreed settlement date for the second or subsequent instalment, the Appointed Broker, if electing to suspend the automatic debiting of the relevant deferred instalment, shall advise the Slip Leader in writing and instruct XIS accordingly. XIS shall then notify Insurers. Payment to any entity within the same group of companies as the Appointed Broker will be deemed to be payment to the Appointed Broker.

Nothing in this clause shall be construed to override the terms of any Premium Payment Warranty or Clause or any Termination or Cancellation provision contained in this contract. Furthermore, any amendment to the Settlement Due Date of a premium instalment as a result of the operation of this Premium Processing Clause shall not amend the date that such instalment is deemed to be due for the purposes of such Premium Payment Warranty or Clause or Termination or Cancellation provision unless Insurers expressly agree otherwise.

Appointed Broker : Willis Limited

LSW3003
14/12/09

Xchanging Ins-sure Services (XIS) are authorised to sign premium, de-linked or otherwise, from individual insureds, cedants, territories, insurers or class of business sections separately as and when received from Willis Limited.

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In the event that any applicable premium payment warranty, clause or condition has a different due date to the settlement due date, XIS are hereby authorised to amend the settlement due date to match the premium payment warranty, clause or condition due date. This agreement shall be binding on all bureau insurers.

Insurers hereby agree that any premium payable in instalments under this contract will be processed as delinked additional premium entries other than when submitted under the Deferred Account Scheme.

Where any Settlement Due Date (SDD), Premium Payment Warranty (PPW) or Premium Payment Condition (PPC) due date falls on a weekend or public holiday, presentation to XIS or insurers hereon or release for settlement of a delinked premium as applicable on the next working day will be deemed to be in compliance with such SDD, PPW or PPC.

Where Premium Transfers have been completed any additional/return premiums due thereafter will be paid/deducted from the last Year of Account unless advised differently by (re)insurers.

Agreed to accept currency rate of exchange adjustments as presented to XIS bearing evidence of Insured payment / settlement.

For signing purposes XIS agree to accept netted down premiums (being both gross and net) as presented by Willis Limited.

All premium related transactions shall be settled in the same currency as indicated in this contract and all claims related transactions, including fees and expenses shall be paid in any appropriate currency as requested by the Insured, expert or adjuster, providing:

Where the currency(ies) is not a currency nominated by Lloyd’s, IUA or XIS as a settlement currency, or where one or more XIS Underwriter does not transact business in a nominated XIS settlement currency or where all or part of the Lloyd's premium is to be settled in US Dollars (USD) for US or Canadian Trust Fund purposes, then all transactions will be converted into Pounds Sterling (GBP), US Dollars (USD) or Euro (EUR), as specified by Willis Limited, at the applicable rate of exchange which shall be determined by:

a)      the date of receipt by Willis Limited for premiums
b)      the date of payment to the client for claims and return premiums or as agreed by the Slip Leader.

XIS are authorised to:

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  • issue For Declaration Only (FDO) signings (to allow prompt policy signing and notification of claims via ECF, where necessary).

Insurers agree to allow delinked signings to be removed on Broker instruction only, subject to evidence that insurers have been advised by the Broker that it has been unable to collect the premium.

Tax Schedules and other documentation supporting premium calculation included within submissions to XIS are deemed informational documents only and do not form part of the contract nor require underwriter agreement.

For the purpose of policy production only references to “Slip Leader” and “Slip Leader only” herein are deemed to read “Insurers”.

 
 

NON-BUREAUX

ARRANGEMENTS:

Insurers agree to accept premium from individual insureds, cedants, territories or class of business sections separately as and when received from Willis Limited.

In the event that any applicable premium payment warranty, clause or condition has a different due date to the settlement due date, insurers hereby agree the settlement due date is amended to match the premium payment warranty, clause or condition due date. This agreement shall be binding on all non-bureau insurers.

Premium included in either the next Statement of Account or the next e-Accounting Financial Account (FA) ACORD message batch, dispatched electronically after SDD shall be deemed to meet Premium Payment Terms. This does not supersede priority payments nor special payment terms nor specifically agreed payment and currency terms stated in this contract.

Agreed to accept currency rate of exchange adjustments as presented to insurers bearing evidence of Insured payment / settlement.

All premium related transactions shall be settled in the same currency as indicated in this contract and all claims related transactions, including fees and expenses shall be paid in any appropriate currency as requested by the Insured, expert or adjuster, providing:

Where the currency(ies) is not a currency nominated by insurers or Willis Limited as a settlement currency, then all transactions will be converted into Pounds Sterling (GBP), US Dollars (USD) or Euro (EUR), as specified by Willis Limited, at the applicable rate of exchange which shall be determined by:

 

a)      the date of receipt by Willis Limited for premiums
b)      the date of payment to the client for claims and return premiums or as agreed by the Slip Leader.

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Settlements in respect of any Canadian interest will be converted, where necessary, into US Dollars (USD) or Canadian Dollars (CAD) for payment to insurers at the applicable rate of exchange determined by the date of premium receipt by Willis Limited.

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TAX PAYABLE BY

INSURER(S):

COUNTRY OF ORIGIN:

REGULATORY RISK

LOCATION:

OVERSEAS BROKER:

US CLASSIFICATION:

ALLOCATION OF PREMIUM TO CODING:

REGULATORY CLIENT

CLASSIFICATION:

B0801Q13016P19 Willis Limited FINEXSlip1939233992.doc

5. FISCAL AND REGULATORY

None

30% FATCA Withholding Tax only to apply in accordance with the provisions of IUA 09-054.

United States of America.

United States of America

Direct Insured

Non-Regulated, Independent Procurement

BB (Crime)   99 %
7 T 1 %

 

Large Risk

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6. BROKER REMUNERATION AND DEDUCTIONS

FEE PAYABLE BY  
CLIENT? Yes
 
TOTAL BROKERAGE: Nil
 
OTHER DEDUCTIONS  
FROM PREMIUM: None

 

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Policy Number: (UMR) B08013016P19

SECURITY DETAILS

  REFERENCES

    UMR (Unique Market Reference): B08013016P19

    Date contract printed to PDF: 16:57 28 June 2019

SIGNED UNDERWRITERS

Antares Syndicate 1274            
Steve Willett            
Written Line 83.34 % Signed Line   83.34 %
Agreed on 16:11  28 June 2019        
For and on behalf of:     Written Line   Signed Line  
Lloyd's Underwriter Syndicate No. 1274 AUL,     83.34 % 83.34 %
London, England            
Bound as Slip Leader, Lloyd’s Leader            
Lloyd's Stamp: 1274          
LORS Code: L1274          
Reference: 300563700019          
Description:            
Risk Code(s): 7T, BB          
 
Pioneer Underwriting Limited            
Joshua Jamieson            
Written Line 16.66 % Signed Line   16.66 %
Agreed on 13:12  28 June 2019        
For and on behalf of:     Written Line   Signed Line  
Pioneer FI - PFI 9375.     8.33 % 8.33 %
Bound            
Lloyd's Stamp: 9375          
Reference: AWA105L19AB          
Description:            
Pioneer Financial Institutions Written by Pioneer     8.33 % 8.33 %
Underwriting Limited on binding authority UMR:            
B1332P19PFI004 on behalf of: 10% - Lloyd's            
Syndicate 457 - Munich Re Syndicate 90% -            
Great Lakes Insurance SE            
Bound            
Reference: AWA105L19AC          
Description:            
Line Conditions            

 

Premiums and Claims to be settled directly with Pioneer Underwriters Limited with notifications to accounts@pioneeruw.com
and UKFIclaims@pioneeruw.com

 

Market Submission - Security Details

Page 1 of 2

28/06/2019 1


 

Policy Number: (UMR) B08013016P19  
   
SETTLEMENT INFORMATION  
   
    Allocation of Premium to Coding  

    7T at 1.00%     BB at 99.00%

    Allocation of Premium to Year of Account  
    2019  

    Terms of Settlement

    Settlement Due Date:

    Instalment Premium Period of Credit:     Adjustment Premium Period of Credit:

30 August 2019

0 day(s) 0 day(s)

 

Lloyd's Underwriter Syndicate No. 1274 AUL, London, England

Bureau Leader and Lloyd’s Leader

Steve Willett

Market Submission - Security Details

Page 2 of 2

28/06/2019 1


 

POLICYHOLDER NOTICE

In accordance with American International Reinsurance Company, Ltd’s Customer Complaint Handling Policy, if there is ever an occasion when our service does not meet your expectations please contact us using the appropriate contact details below and provide the Policy Number and the name of the Policyholder/Insured to help us address your complaint expeditiously. Any complaint should be sent to:

AIG Bermuda Compliance
27 Richmond Road,
Pembroke HM 08
Bermuda
Email: aigbermudacompliance@aig.com

We will promptly acknowledge the complaint and review the facts and circumstances to determine the appropriate resolution as soon as reasonably practicable.


 

American International Reinsurance Company, Ltd.

27 Richmond Road
Pembroke HM 08, Bermuda
Telephone Number: 441-295-7827
Facsimile Number: 441-292-8099

PREMIER EXCESS II

NOTICES: DEPENDING ON THE TERMS, CONDITIONS AND EXCLUSIONS OF THE FOLLOWED POLICY, THIS POLICY (1) MAY ONLY PROVIDE COVERAGE FOR LOSS FROM CLAIMS FIRST MADE OR FIRST MADE AND REPORTED DURING ITS POLICY PERIOD; (2) MAY HAVE ITS LIMITS OF LIABILITY REDUCED BY THE PAYMENT OF DEFENSE COSTS AND/OR CLAIMS EXPENSES; AND (3) MAY NOT IMPOSE A DUTY TO DEFEND ON THE INSURER. PLEASE READ THE FOLLOWED POLICY AND THIS POLICY CAREFULLY AND DISCUSS THE COVERAGE PROVIDED THEREUNDER AND HEREUNDER WITH YOUR INSURANCE AGENT OR BROKER.

      DECLARATIONS  
 
POLICY NUMBER: 33089946            
 
ITEM 1: NAMED INSURED:   Fidelity Fixed Income and Asset Allocation Funds  
  NAMED INSURED ADDRESS:   c/o FMR LLC        
      200 Seaport Blvd.        
      Mail Zone ZW9C        
      Boston, MA 02210        
      U.S.A.        
 
ITEM 2: POLICY PERIOD: July 1, 2019 to July 1, 2020        
  (12:01 a.m. Standard/Prevailing time at the address stated in Item 1)  
 
ITEM 3: LIMIT OF LIABILITY: $6,000,000 Part of $50,000,000 U.S. dollars in the aggregate  
  EXCESS OF TOTAL UNDERLYING LIMITS OF: $100,000,000 U.S. dollars  
 
ITEM 4: UNDERLYING POLICIES:            
 
INSURER:   POLICY NUMBER:     UNDERLYING LIMIT: POLICY PERIOD:
PRIMARY POLICY:            
National Union Fire Insurance Company   01-346-65-10   $ 15,000,000 07/01/2019 to 07/01/2020
of Pittsburgh, Pa.            
EXCESS POLICIES:            
Federal Insurance Company   82484869     $10,000,000 Excess of 07/01/2019 to 07/01/2020
          $ 15,000,000  
Everest Reinsurance Company   FL5FD00012-191     $10,000,000 Excess of 07/01/2019 to 07/01/2020
          $ 25,000,000  
ICI Mutual Insurance Company   87153319 B   $15,000,000 Excess of 07/01/2019 to 07/01/2020
          $ 35,000,000  
Allied World Assurance Company, AG   C014840/009     $15,000,000 Excess of 07/01/2019 to 07/01/2020
          $ 50,000,00  
Travelers Casualty and Surety Company   106547262     $10,000,000 Excess of 07/01/2019 to 07/01/2020
of America       $ 65,000,000  
Continental Insurance Company   287042220     $10,000,000 Excess of 07/01/2019 to 07/01/2020
          $ 75,000,000  
Quota Share Layer of $15,000,000 (*)         Excess of $85,000,000  
*Starr Indemnity & Liability Company   1000059071191   $ 10,000,000 07/01/2019 to 07/01/2020
*AXIS Insurance Company   MNN727586/01/2019   $ 5,000,000 07/01/2019 to 07/01/2020
FOLLOWED POLICY:            
National Union Fire Insurance Company   01-346-65-10   $ 15,000,000 07/01/2019 to 07/01/2020
of Pittsburgh, Pa.            
 
103287 (03 10) Page 1 of 2        

 

AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.
27 Richmond Road
Pembroke, HM08
Bermuda

  • All rights reserved.

.


 

ITEM 5: PREMIUM: $17,814 U.S. dollars
ITEM 6: ADDRESSES FOR ALL NOTICES UNDER THIS POLICY:

 

A.      Claims Address:

B. Insurer Address:

Via e-mail to: Via Easy-Link Fax: Via mail to:

fl_catexcessclaims@aig.com; or 866.230.8517 AIG Property Casualty

Financial Lines Claims – Cat Excess Liability PO Box 25947 Shawnee Mission, KS 66225

 

27 Richmond Road, Pembroke HM 08, Bermuda

ITEM 7: ENDORSEMENTS EFFECTIVE AT INCEPTION:  
 
NUMBER TITLE FORM NUMBER
1 Economic Sanctions Endorsement 119679
2 Quota Share Participation Endorsement 103303
3 Tie-In of Limits Endorsement Manuscript
4 Amendment to IV Rights Endorsement Manuscript
5 Fidelity Special Amendatory Endorsement Manuscript

 

ITEM 8: BROKER: Willis (Bermuda) Limited
  BROKER ADDRESS: Wellesley House
    90 Pitts Bay Road
    Pembroke HM08

 


  January 13, 2020
Authorized Representative Date

 

103287 (03 10)

Page 1 of 2

AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.
27 Richmond Road
Pembroke, HM08
Bermuda

  • All rights reserved.

.


 

PREMIER EXCESS II


In consideration of premium paid, the Insurer, the Named Insured and all insureds under this Policy (Named Insured and all insureds under this Policy are, collectively, the “Insureds”) agree as follows:

I. INSURING AGREEMENT

This Policy shall provide coverage in accordance with the same terms, conditions and exclusions of the Followed Policy, as modified by and subject to the terms, conditions and exclusions of this Policy. Notwithstanding the foregoing, this Policy shall not provide coverage broader than that provided by any Underlying Policy, or any policy issued by any participating quota share insurer, unless such broader coverage is specifically agreed to herein or in a written endorsement attached hereto.

II. LIMIT OF LIABILITY AND EROSION RECOGNITION

The Limit of Liability is the aggregate limit of the Insurer's liability for all coverage under this Policy. The Insurer’s coverage obligations under this Policy attach to the Insurer only after the Total Underlying Limits have been exhausted through payments of covered loss by, on behalf of or in the place of the Underlying Insurers pursuant to the terms and conditions of the Underlying Policies. This Policy shall continue in force as primary insurance only upon the exhaustion of the Total Underlying Limits and satisfaction of any applicable retention by reason of such payments. This Policy shall recognize erosion of an Underlying Limit of an Underlying Policy through payment of covered loss by others pursuant to the terms and conditions of the Underlying Policy. Payments made under any amendatory endorsement required by any jurisdiction in the United States of America (“U.S.A.”) or sub-limit of liability shall be deemed to apply toward exhaustion of the limits of liability of the Underlying Policies, but this Policy shall not follow such amendatory endorsement or sub-limit of liability. The risk of uncollectibility of any part of the Total Underlying Limits, for any reason, is expressly retained by the Insureds, and is neither insured under this Policy nor assumed by the Insurer.

III. NOTICES

Where the Followed Policy requires or permits notice to that insurer, the Insureds have the same obligations to notify, and the Insurer has the same rights to notification under this Policy, except that with respect to this Policy, any notice to the Insurer must be directed as follows: (i) for notices of claims and/or circumstances, by mail or e-mail to the Claims Address; and (ii) for all other notices, by mail to the Insurer Address.

IV. RIGHTS

The Insurer shall have the same rights, privileges and protections afforded to the insurer of the Followed Policy in accordance with the terms, conditions and exclusions of the Followed Policy. The Insurer shall maintain full and complete claims control as respects its portion of any claim or loss arising under this Policy. The Insurer shall also have the right, in its sole discretion, but not the obligation, to effectively associate with the Insureds in the defense and settlement of any claim that appears to be reasonably likely to involve the Insurer. The Insureds shall provide the Insurer with such information and cooperation as the Insurer may reasonably request and shall not do anything that prejudices the Insurer’s position or potential rights of recovery, including, but not limited to, terminating any Underlying Policy.

V. RELIANCE

The Insurer has issued this Policy in reliance upon the completeness and accuracy of the applications, warranty statements, the binders for the Underlying Policies, any attachments thereto and any other information submitted, the entirety of which shall be deemed attached hereto and made a part hereof.

VI. CHANGES AND CANCELLATION

If, subsequent to the issuance of the Followed Policy, the terms, conditions or exclusions of an Underlying Policy are modified, the Insureds must notify the Insurer in writing, as soon as practicable, of such modifications. If such modifications: (i) expand the coverage of an Underlying Policy, (ii) change the policyholder name or address, or (iii) modify premium, this Policy shall not follow those changes unless the Insurer agrees to such modification in writing, which shall be at the sole discretion of the Insurer. The Named Insured agrees to pay any additional premium the Insurer may require for such modification(s). This Policy shall follow the cancellation terms of the Followed Policy except that in the event the Insurer cancels this Policy for non-payment of premium, this Policy shall be void as of the inception date of the Policy Period.

103288(3/10)

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AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.
27 Richmond Road
Pembroke, HM08
Bermuda

  • All rights reserved.

 

PREMIER EXCESS II POLICY - Continued

VII. CHOICE OF LAW

The following shall always apply to this Policy:

A.      the procedural law of the venue selected under Clause VIII. ARBITRATION, Sub-Clause C. 1. or C. 2., below; and
B.      Clause IX. PUNITIVE DAMAGES, below, shall be construed and enforced solely in accordance with the laws of Bermuda.
VIII.      ARBITRATION
  A.      It is agreed that any dispute arising out of or in connection with this Policy, including any question regarding its
   existence,      interpretation, validity or termination, shall be referred to and fully and finally resolved solely by
   arbitration.     
  B.      This Policy shall follow the terms of the Followed Policy with respect to arbitration only when said terms require the
   dispute      to proceed either in Hamilton, Bermuda, London, England, or Toronto or Vancouver, Canada.
  C.      In the event the Followed Policy does not provide for arbitration in the locations set forth in Sub-Clause B., above,
   the      arbitration shall take place in one of the following venues:
   1.      Hamilton, Bermuda under the Bermuda International Conciliation and Arbitration Act 1993 (exclusive of the Conciliation Part of such Act), as may be amended and supplemented, which Act is deemed incorporated by reference hereto; or
   2.      London, England or Toronto or Vancouver, Canada under the English Arbitration Act 1996, as may be amended and supplemented, which Act is deemed incorporated by reference hereto.
  D.      Where an Insured and the Insurer are parties to the dispute, the Insured shall make the selection referenced in
   Sub-Clause      C., above. Where the Insurer and a party deriving rights through or asserting rights on behalf of an
   Insured      are parties to the dispute, the Insurer shall make the selection referenced in Sub-Clause C., above.
  E.      The number of arbitrators shall be three (such arbitrators are, collectively, the “Arbitration Board”).
  F.      Each party shall bear the costs of its own arbitrator. The remaining cost of arbitration shall be borne equally by the
   parties.     
  G.      All awards made by the Arbitration Board shall be final and no right of appeal shall lie from any award rendered by
   the      Arbitration Board.
IX.      PUNITIVE DAMAGES

This Policy shall cover punitive damages to the same extent punitive damages are covered under the Followed Policy. However, if the coverage provision for punitive damages of any Underlying Policy is solely contingent on the insurability of such damages under applicable law, then this Policy shall provide coverage for punitive damages.

X. SERVICE OF SUIT AND JURISDICTION

Notwithstanding any provision of the Followed Policy or any Underlying Policy, this Policy shall not conform to the law of any jurisdiction in the U.S.A. The Insurer does not consent to the service of suit in the U.S.A. or the jurisdiction of any federal, territorial or state court in the U.S.A.

Solely for the purpose of effectuating arbitration under Clause VIII. ARBITRATION, above, or enforcing an award entered in such arbitration, the Insurer, at the request of the Insured, will submit to the jurisdiction of a court of competent jurisdiction within the U.S.A. and will comply with all requirements necessary to give such court jurisdiction. Nothing in this Clause X. SERVICE OF SUIT AND JURISDICTION, constitutes, or should be understood to constitute, a waiver of the Insurer’s rights to commence a suit in any court of competent jurisdiction in the U.S.A, to remove a suit to a United States District Court, or to seek a transfer of a suit to another court as permitted by the laws of the U.S.A. or any jurisdiction in the U.S.A. It is further agreed that service of process in such suit may be made upon the Insurer’s General Counsel at 175 Water Street, 18th Floor, New York, New York 10038, and that in any suit instituted against the Insurer to effectuate arbitration or enforce an award entered in such arbitration, both of which solely as provided for under Clause VIII. ARBITRATION, above, the Insurer will abide by the final decision of such court or of any appellate court in the event of any appeal. Further, pursuant to any statute of any jurisdiction in the U.S.A. that makes provision therefor, the Insurer hereby designates the Superintendent, Commissioner, or Director of Insurance, or other officer specified for that purpose in the statute, or his or her successor or successors in office, as its true and lawful attorney upon whom may be served any lawful process in any suit instituted by the Insured within the scope of this CLAUSE X. SERVICE OF SUIT AND JURISDICTION, and hereby designates the above referenced General Counsel as the person to whom the said officer is authorized to mail such process or a true copy thereof.

IN WITNESS WHEREOF, the Insurer has caused this Policy to be signed by its Authorized Representative.

103288(3/10)

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  • All rights reserved.

 

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

ENDORSEMENT # 1

This endorsement, effective July 1, 2019 (at 12:01 a.m. Prevailing Time at the address shown in Item 1 of the Declarations) forms a part of Policy No. 33089946 issued to Fidelity Fixed Income and Asset Allocation Funds by American International Reinsurance Company, Ltd.

ECONOMIC SANCTIONS ENDORSEMENT

This endorsement modifies insurance provided under the following:

Coverage shall only be provided and payment of loss under this policy shall only be made in full compliance with enforceable United Nations economic and trade sanctions and the trade and economic sanction laws or regulations of the European Union and the United States of America, including, but not limited to, sanctions, laws and regulations administered and enforced by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC").

119679 (9/15)

Page 1 of 1

AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.

27 Richmond Road Pembroke, HM08 Bermuda

  • All rights reserved.

 

ENDORSEMENT # 2

This endorsement, effective July 1, 2019 (at 12:01 a.m. Prevailing Time at the address shown in Item 1 of the Declarations) forms a part of Policy No. 33089946 issued to Fidelity Fixed Income and Asset Allocation Funds by American International Reinsurance Company, Ltd.

QUOTA SHARE PARTICIPATION ENDORSEMENT
 
In consideration of the premium paid, it is hereby understood and agreed that Item 3: Limit of Liability of the
Declarations is deleted and replaced with the following:
 
ITEM 3. LIMIT OF LIABILITY: US$6,000,000 quota share part of US$50,000,000 excess of
US$100,000,000 aggregate for all Coverages combined (including Defense Costs).
 
 
It is further understood and agreed that Section II. TERMS AND CONDITIONS, Clause C. FOLLOWING FORM,
paragraph 2 is amended by the addition of the following:

 

This Policy shall pay only 12% of all covered Loss excess of US$100,000,000 subject to a maximum aggregate Limit of Liability of US$6,000,000. The obligation of American International Reinsurance Company, Ltd. to pay for Loss is several and not joint of the obligation of any other participating quota share insurer or any other insurer.

All other terms, conditions and exclusions remain unchanged.

103303(11/09)

Page 1 of 1

AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.

27 Richmond Road Pembroke, HM08 Bermuda

  • All rights reserved.

 

ENDORSEMENT # 3

This endorsement, effective July 1, 2019 (at 12:01 a.m. Prevailing Time at the address shown in Item 1 of the Declarations) forms a part of Policy No. 33089946 issued to Fidelity Fixed Income and Asset Allocation Funds by American International Reinsurance Company, Ltd.

TIE-IN LIMITS ENDORSEMENT

In consideration of the premium charged, it is hereby understood and agreed that the combined Limits of Liability of the Insurer for all claims both under this Policy, and also under Policy No. 33089947 issued to Fidelity Fixed Income and Asset Allocation Funds by American International Reinsurance Company, Ltd., shall be $6,000,000.

Accordingly, the Limits of Liability for Loss under this Policy shall be reduced by Loss incurred under Policy No. 33089947 because the Limits of Liability under Policy No. 33089947 are part of and not in addition to the Limits of Liability of this Policy.

Nothing in this endorsement shall be construed to increase the Insurer’s Limits of Liability set for in the Declarations page of Policy No. 33089947 which shall remain the maximum liability of the Insurer for claims under such Policy, or the Insurer’s Limits of Liability under this Policy as set forth in Item 3 of the Declarations, which shall remain the maximum liability of the Insurer for claims under this Policy.

It is further understood and agreed that the Insurer shall not recognize any erosion of the Underlying Limits due to Loss paid by any Underlying Insurers under such insurer’s respective Underlying Policy, as a result of the operation of this Tie-In Limits Endorsement or similar Tie-In Limits endorsement of any Underlying Insurers.

All other terms, conditions and exclusions remain unchanged.

Manuscript

Page 1 of 1

AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.

27 Richmond Road Pembroke, HM08 Bermuda

  • All rights reserved.

 

ENDORSEMENT # 4

This endorsement, effective July 1, 2019 (at 12:01 a.m. Prevailing Time at the address shown in Item 1 of the Declarations) forms a part of Policy No. 33089946 issued to Fidelity Fixed Income and Asset Allocation Funds by American International Reinsurance Company, Ltd.

AMEND SECTION IV. RIGHTS ENDORSEMENT

It is hereby understood and agreed that Section IV. RIGHTS is deleted and replaced with the following:

IV. RIGHTS

The Insurer shall have the same rights, privileges and protections afforded to the insurer of the Followed Policy in accordance with the terms, conditions and exclusions of the Followed Policy. The Insurer shall maintain full and complete claims control as respects its portion of any claim or loss arising under this Policy. The Insurer shall also have the right, in its sole discretion, but not the obligation, to effectively associate with the Insureds in the defense and settlement of any claim that appears to be reasonably likely to involve the Insurer. The Insureds shall provide the Insurer with such information and cooperation as the Insurer may reasonably request and shall not do anything that prejudices the Insurer’s position or potential rights of recovery, including, but not limited to, terminating any Underlying Policy. However, the failure of an Insured to comply with this provision shall not impair another Insured Person’s right to coverage.

All other terms, conditions and exclusions remain unchanged.

Manuscript

Page 1 of 1

AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.

27 Richmond Road Pembroke, HM08 Bermuda

  • All rights reserved.

 

ENDORSEMENT # 5

This endorsement, effective July 1, 2019 (at 12:01 a.m. Prevailing Time at the address shown in Item 1 of the Declarations) forms a part of Policy No. 33089946 issued to Fidelity Fixed Income and Asset Allocation Funds by American International Reinsurance Company, Ltd.

FIDELITY SPECIAL AMENDATORY ENDORSEMENT

In consideration of the premium charged, it is hereby understood and agreed that this policy is amended as follows:

1.      Clause I. INSURING AGREEMENT is deleted in its entirety and replaced with the following:
  I.      INSURING AGREEMENT
  This      Policy shall provide coverage in accordance with the same terms, conditions and exclusions of the Followed
  Policy,      as modified by and subject to the terms, conditions and exclusions of this Policy.
2.      Clause II. LIMIT OF LIABILITY AND EROSION RECOGNITION is deleted in its entirety and replaced with the
  following:     
  II.      LIMIT OF LIABILITY AND EROSION RECOGNITION
  The      Limit of Liability is the aggregate limit of the Insurer's liability for all coverage under this Policy. The Insurer’s
  coverage      obligations under this Policy attach to the Insurer only after the Total Underlying Limits have been
  exhausted      through payments of Loss pursuant to the terms and conditions of the Underlying Policies by, on
  behalf      of or in the place of the Underlying Insurers. This Policy shall continue in force as primary insurance only
  upon      the exhaustion of the Total Underlying Limits and satisfaction of any applicable retention by reason of such
  payments.      This Policy shall recognize erosion of an Underlying Limit of an Underlying Policy through payment
  by      others of Loss pursuant to the terms and conditions of the Underlying Policy. Payments made under any
  amendatory      endorsement required by any jurisdiction in the United States of America (“U.S.A.”) or sub-limit of
  liability      shall be deemed to apply toward exhaustion of the limits of liability of the Underlying Policies, but this
  Policy      shall not follow such amendatory endorsement or sub-limit of liability. The risk of uncollectibility of any
  part      of the Total Underlying Limits, for any reason, is expressly retained by the Insureds, and is neither insured
  under      this Policy nor assumed by the Insurer.
3.      Clause V. RELIANCE is deleted in its entirety and replaced with the following
  V.      RELIANCE
  The      Insurer has issued this Policy in reliance upon the completeness and accuracy of the applications, warranty
  statements,      the binders for the Underlying Policies, any attachments thereto and any other information
  submitted,      the entirety of which shall be deemed attached hereto and made a part hereof, subject to any
  severability      provision in the Followed Policy.

All other terms, conditions and exclusions remain unchanged.

 

AUTHORIZED REPRESENTATIVE

 
 
 

Manuscript

Page 1 of 1

AMERICAN INTERNATIONAL REINSURANCE COMPANY, LTD.

27 Richmond Road Pembroke, HM08 Bermuda

 

©All rights reserved.


 


XL Catlin - Professional Insurance
100 Constitution Plaza
17th Floor
Hartford, CT 06103
Phone 860-246-1863
Fax 860-246-1899

February 3, 2020

Mary Coughlin
Willis of MA Inc
Three Copley Place
Suite 300
Boston, MA 02116

Re: Fidelity Fixed Income and Asset Allocation Funds Excess Bond Policy

Dear Mary,

Enclosed, please find the policy for Fidelity Fixed Income and Asset Allocation Funds. Thank you for choosing XL Insurance. Please call if you have any questions or concerns.


ko


 

Bond Number: ELU162154-19 XL Specialty Insurance Company
Renewal of Number: ELU156092-18 A member of the XL America Companies
    Executive Offices
    70 Seaview Avenue
  EXCESS BOND Stamford, CT 06902-6040
    Telephone 877-953-2636
 
ITEM 1. Name of Insured (herein called Insured): Fidelity Fixed Income and Asset Allocation Funds
  c/o FMR LLC, 200 Seaport Blvd.  
  Principal Address : Mailzone ZW9C  
  Boston, MA 02210  
ITEM 2. Bond Period: from: 12:01 a.m. Standard Time on July 01, 2019 to July 01, 2020
ITEM 3. Aggregate Limit of Liability: $5,000,000 Part of $50,000,000.00
ITEM 4. Single Loss Limit of Liability : $5,000,000 Part of $50,000,000  
ITEM 5: Schedule of Underlying Coverage:  

 

(A)      Primary Bond or Policy:
  (ii)      Insurer: National Union Fire Insurance Company of Pittsburgh, Pa.
  (ii)      Bond or Policy Number: 01-346-65-10
  (iii)      Bond or Policy Period: July 01, 2019 to July 01, 2020
  (iv)      Limit(s) of Liability

Single Loss Limit of Liability: $15,000,000
Aggregate Limit of Liability: $15,000,000

(v) Single Loss Deductible or Retention: $400,000

(B)      Excess Bond or Policy:
  (i)      Insurer: Federal Insurance Company
  (ii)      Bond or Policy Number: 82484869
  (iii)      Bond or Policy Period: July 01, 2018 to July 01, 2019
  (iv)      Limit(s) of Liability

Single Loss Limit of Liability: $10,000,000
Aggregate Limit of Liability: $10,000,000

(C)      Excess Bond or Policy:
  (i)      Insurer: Everest Reinsurance Company
  (ii)      Bond or Policy Number: FL5FD00012-191
  (iii)      Bond or Policy Period: July 01, 2019 to July 01, 2020
  (iv)      Limit(s) of Liability
   Single Loss Limit of Liability: $10,000,000 Aggregate Limit of Liability: $10,000,000
(D      Excess Bond or Policy:
  (i) Insurer: ICI Mutual Insurance Company
(ii)      Bond or Policy Number: 87153319D
  (iii Bond or Policy Period: July 01, 2019 to July 01, 2020
  (iv Limit(s) of Liability
Single Loss Limit of Liability: $15,000,000
Aggregate Limit of Liability: $15,000,000
 
(E Excess Bond or Policy:

 

(i)      Insurer: Allied World Assurance Company, AG
(ii)      Bond or Policy Number: C014840/009

(iii (iv

Bond or Policy Period: July 01, 2019 to July 01, 2020 Limit(s) of Liability Single Loss Limit of Liability: $15,000,000 Aggregate Limit of Liability: $15,000,000

 

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(F Excess Bond or Policy:

(i)      Insurer: Travelers Casualty and Surety Company of America
(ii)      Bond or Policy Number: 106547262
  (iii Bond or Policy Period: July 01, 2019 to July 01, 2020
  (iv Limit(s) of Liability
Single Loss Limit of Liability: $10,000,000
Aggregate Limit of Liability: $10,000,000
 
(G Excess Bond or Policy:

 

(i)      Insurer: Continental Casualty Company
(ii)      Bond or Policy Number: 287042220
  (iii Bond or Policy Period: July 01, 2019 to July 01, 2020
  (iv Limit(s) of Liability
Single Loss Limit of Liability: $10,000,000
Aggregate Limit of Liability: $10,000,000
 
(H Excess Bond or Policy:

 

(i)      Insurer: AXIS Insurance Company
(ii)      Bond or Policy Number: MNN727586/01/2019

(iii (iv

Bond or Policy Period: July 01, 2019 to July 01, 2020 Limit(s) of Liability Single Loss Limit of Liability: $5,000,000 Part of $15,000,000 Aggregate Limit of Liability: $5,000,000 Part of $15,000,000

 

(I)      Excess Bond or Policy:
  (i)      Insurer: Starr Indemnity & Liability Company
  (ii)      Bond or Policy Number: 1000059071191
  (iii Bond or Policy Period: July 01, 2019 to July 01, 2020
  (iv Limit(s) of Liability
    Single Loss Limit of Liability: $10,000,000 Part of $15,000,000
    Aggregate Limit of Liability: $10,000,000 Part of $15,000,000
 
(J Excess Bond or Policy:

 

(i)      Insurer: Lloyd’s of London
(ii)      Bond or Policy Number: B080113012P19
  (iii Bond or Policy Period: July 01, 2019 to July 01, 2020
  (iv Limit(s) of Liability
    Single Loss Limit of Liability: $6,000,000 Part Of $50,000,000
    Aggregate Limit of Liability: $6,000,000 Part Of $50,000,000
 
(K Excess Bond or Policy:

 

(i)      Insurer: National Casualty Company
(ii)      Bond or Policy Number: XJO1908786
  (iii Bond or Policy Period: July 01, 2019 to July 01, 2020
  (iv Limit(s) of Liability
    Single Loss Limit of Liability: $10,000,000 Part of $50,000,000
    Aggregate Limit of Liability: $10,000,000 Part of $50,000,000
 
(L Excess Bond or Policy:

 

(i)      Insurer: Twin City Fire Insurance Co
(ii)      Bond or Policy Number: 08 FI 0252157-19
  (iii Bond or Policy Period: July 01, 2019 to July 01, 2020
  (iv Limit(s) of Liability
    Single Loss Limit of Liability: $10,000,000 Part of $50,000,000
    Aggregate Limit of Liability: $10,000,000 Part of $50,000,000
 
( Excess Bond or Policy:

 

(i)      Insurer: US Specialty Insurance Company
(ii)      Bond or Policy Number: 24-MGU-19-A47037

(iii (iv

Bond or Policy Period: July 01, 2019 to July 01, 2020 Limit(s) of Liability Single Loss Limit of Liability: $8,000,000 Part Of $50,000,000 Aggregate Limit of Liability: $8,000,000 Part Of $50,000,000

 

FB 70 09 10 10

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(N Excess Bond or Policy:

(i)      Insurer: American International Reinsurance Company
(ii)      Bond or Policy Number: 33089946
  (iii Bond or Policy Period: July 01, 2019 to July 01, 2020
  (iv Limit(s) of Liability
    Single Loss Limit of Liability: $6,000,000 Part of $50,000,000
    Aggregate Limit of Liability: $6,000,000 Part of $50,000,000
 
(O Excess Bond or Policy:

 

(i)      Insurer: Ironshore Indemnity Inc.
(ii)      Bond or Policy Number: 00319902
  (iii Bond or Policy Period: July 01, 2019 to July 01, 2020
  (iv Limit(s) of Liability    
    Single Loss Limit of Liability: $5,000,000 Part of $50,000,000
    Aggregate Limit of Liability: $5,000,000 Part of $50,000,000
 
Item 6. Premium:      
    Premium $ 14,847.00
    Taxes, Surcharges or Fees $ 0.00
    Total Policy Premium $ 14,847.00
 
ITEM 7. The liability of the Underwriter is subject to the terms of the following riders attached hereto:
  FB 71 04 10 10 XS 80 07 12 14 XL 80 23 07 02    

 

THESE DECLARATIONS AND THE POLICY, WITH THE ENDORSEMENTS, ATTACHMENTS, AND THE APPLICATION SHALL CONSTITUTE THE

ENTIRE AGREEMENT BETWEEN THE INSURER AND THE INSURED RELATING TO THIS INSURANCE.

FB 70 09 10 10

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IN WITNESS

XL SPECIALTY INSURANCE COMPANY

REGULATORY OFFICE

505 EAGLEVIEW BOULEVARD, SUITE 100

DEPARTMENT: REGULATORY
EXTON, PA 19341-1120
PHONE: 800-688-1840

 

It is hereby agreed and understood that the following In Witness Clause supercedes any and all other In Witness clauses in this policy.

All other provisions remain unchanged.

IN WITNESS WHEREOF, the Insurer has caused this policy to be executed and attested, and, if required by state law, this policy shall not be valid unless countersigned by a duly authorized representative of the Insurer.


Joseph Tocco President

Toni Ann Perkins Secretary

 

LAD 400 0915 XLS

  • 2015 X.L. America, Inc. All Rights Reserved. May not be copied without permission.

 

NOTICE TO POLICYHOLDERS

U.S. TREASURY DEPARTMENT’S OFFICE OF FOREIGN ASSETS CONTROL

(“OFAC”)

No coverage is provided by this Policyholder Notice nor can it be construed to replace any provisions of your policy. You should read your policy and review your Declarations page for complete information on the coverages you are provided.

This Policyholder Notice provides information concerning possible impact on your insurance coverage due to the impact of U.S. Trade Sanctions1. Please read this Policyholder Notice carefully.

In accordance with the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) regulations, or any other U.S. Trade Sanctions applied by any regulatory body, if it is determined that you or any other insured, or any person or entity claiming the benefits of this insurance has violated U.S. sanctions law, is a Specially Designated National and Blocked Person (“SDN”), or is owned or controlled by an SDN, this insurance will be considered a blocked or frozen contract. When an insurance policy is considered to be such a blocked or frozen contract, neither payments nor premium refunds may be made without authorization from OFAC. Other limitations on the premiums and payments also apply.

1 “U.S Trade Sanctions” may be promulgated by Executive Order, act of Congress, regulations from the

U.S. Departments of State, Treasury, or Commerce, regulations from the State Insurance Departments, etc.

PN CW 05 0519

©2019 X.L. America, Inc. All rights reserved. May not be copied without permission.

Includes copyrighted material of Insurance Services Office, Inc., with its permission.


 

NOTICE TO POLICYHOLDERS

PRIVACY POLICY

The AXA XL insurance group (the “Companies”), believes personal information that we collect about our customers, potential customers, and proposed insureds (referred to collectively in this Privacy Policy as “customers”) must be treated with the highest degree of confidentiality. For this reason and in compliance with the Title V of the Gramm-Leach-Bliley Act (“GLBA”), we have developed a Privacy Policy that applies to all of our companies. For purposes of our Privacy Policy, the term “personal information” includes all information we obtain about a customer and maintain in a personally identifiable way. In order to assure the confidentiality of the personal information we collect and in order to comply with applicable laws, all individuals with access to personal information about our customers are required to follow this policy.

Our Privacy Promise

Your privacy and the confidentiality of your business records are important to us. Information and the analysis of information is essential to the business of insurance and critical to our ability to provide to you excellent, cost-effective service and products. We understand that gaining and keeping your trust depends upon the security and integrity of our records concerning you. Accordingly, we promise that:

1.      We will follow strict standards of security and confidentiality to protect any information you share with us or information that we receive about you;
2.      We will verify and exchange information regarding your credit and financial status only for the purposes of underwriting, policy administration, or risk management and only with reputable references and clearinghouse services;
3.      We will not collect and use information about you and your business other than the minimum amount of information necessary to advise you about and deliver to you excellent service and products and to administer our business;
4.      We will train our employees to handle information about you or your business in a secure and confidential manner and only permit employees authorized to use such information to have access to such information;
5.      We will not disclose information about you or your business to any organization outside the XL Catlin insurance group of Companies or to third party service providers unless we disclose to you our intent to do so or we are required to do so by law;
6.      We will not disclose medical information about you, your employees, or any claimants under any policy of insurance, unless you provide us with written authorization to do so, or unless the disclosure is for any specific business exception provided in the law;
7.      We will attempt, with your help, to keep our records regarding you and your business complete and accurate, and will advise you how and where to access your account information (unless prohibited by law), and will advise you how to correct errors or make changes to that information; and
8.      We will audit and assess our operations, personnel and third party service providers to assure that your privacy is respected.

Collection and Sources of Information

We collect from a customer or potential customer only the personal information that is necessary for (a) determining eligibility for the product or service sought by the customer, (b) administering the product or service obtained, and (c) advising the customer about our products and services. The information we collect generally comes from the following sources:

  • Submission During the submission process, you provide us with information about you and your business, such as your name, address, phone number, e-mail address, and other types of personal identification information;
  • Quotes We collect information to enable us to determine your eligibility for the particular insurance product and to determine the cost of such insurance to you. The information we collect will vary with the type of insurance you seek;

PN CW 02 0119

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© 2019 X.L. America, Inc. All Rights Reserved.
May not be copied without permission.


 

NOTICE TO POLICYHOLDERS

  • Transactions We will maintain records of all transactions with us, our affiliates, and our third party service providers, including your insurance coverage selections, premiums, billing and payment information, claims history, and other information related to your account;
  • Claims If you obtain insurance from us, we will maintain records related to any claims that may be made under your policies. The investigation of a claim necessarily involves collection of a broad range of information about many issues, some of which does not directly involve you. We will share with you any facts that we collect about your claim unless we are prohibited by law from doing so. The process of claim investigation, evaluation, and settlement also involves, however, the collection of advice, opinions, and comments from many people, including attorneys and experts, to aid the claim specialist in determining how best to handle your claim. In order to protect the legal and transactional confidentiality and privileges associated with such opinions, comments and advice, we will not disclose this information to you; and
  • Credit and Financial Reports We may receive information about you and your business regarding your credit. We use this information to verify information you provide during the submission and quote processes and to help underwrite and provide to you the most accurate and cost-effective insurance quote we can provide.

Retention and Correction of Personal Information

We retain personal information only as long as required by our business practices and applicable law. If we become aware that an item of personal information may be materially inaccurate, we will make reasonable effort to re-verify its accuracy and correct any error as appropriate.

Storage of Personal Information

We have in place safeguards to protect data and paper files containing personal information. Sharing/Disclosing of Personal Information

We maintain procedures to assure that we do not share personal information with an unaffiliated third party for marketing purposes unless such sharing is permitted by law. Personal information may be disclosed to an unaffiliated third party for necessary servicing of the product or service or for other normal business transactions as permitted by law.

We do not disclose personal information to an unaffiliated third party for servicing purposes or joint marketing purposes unless a contract containing a confidentiality/non-disclosure provision has been signed by us and the third party. Unless a consumer consents, we do not disclose “consumer credit report” type information obtained from an application or a credit report regarding a customer who applies for a financial product to any unaffiliated third party for the purpose of serving as a factor in establishing a consumer’s eligibility for credit, insurance or employment. “Consumer credit report type information” means such things as net worth, credit worthiness, lifestyle information (piloting, skydiving, etc.) solvency, etc. We also do not disclose to any unaffiliated third party a policy or account number for use in marketing. We may share with our affiliated companies information that relates to our experience and transactions with the customer.

Policy for Personal Information Relating to Nonpublic Personal Health Information

We do not disclose nonpublic personal health information about a customer unless an authorization is obtained from the customer whose nonpublic personal information is sought to be disclosed. However, an authorization shall not be prohibited, restricted or required for the disclosure of certain insurance functions, including, but not limited to, claims administration, claims adjustment and management, detection, investigation or reporting of actual or potential fraud, misrepresentation or criminal activity, underwriting, policy placement or issuance, loss control and/or auditing.

PN CW 02 0119

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© 2019 X.L. America, Inc. All Rights Reserved.
May not be copied without permission.


 

NOTICE TO POLICYHOLDERS

Access to Your Information

Our employees, employees of our affiliated companies, and third party service providers will have access to information we collect about you and your business as is necessary to effect transactions with you. We may also disclose information about you to the following categories of person or entities:

  • Your independent insurance agent or broker;
  • An independent claim adjuster or investigator, or an attorney or expert involved in the claim;
  • Persons or organizations that conduct scientific studies, including actuaries and accountants;
  • An insurance support organization;
  • Another insurer if to prevent fraud or to properly underwrite a risk;
  • A state insurance department or other governmental agency, if required by federal, state or local laws; or
  • Any persons entitled to receive information as ordered by a summons, court order, search warrant, or subpoena.

Violation of the Privacy Policy

Any person violating the Privacy Policy will be subject to discipline, up to and including termination.

For more information or to address questions regarding this privacy statement, please contact your broker.

PN CW 02 0119

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© 2019 X.L. America, Inc. All Rights Reserved.
May not be copied without permission.


 

NOTICE TO POLICYHOLDERS

FRAUD NOTICE

 
 

Alabama

Any person who knowingly presents a false or fraudulent claim for payment of a loss or benefit or who knowingly presents false information in an application for insurance is guilty of a crime and may be subject to restitution fines or confinement in prison, or any combination thereof.

Arkansas

Any person who knowingly presents a false or fraudulent claim for payment of a loss or benefit or knowingly presents false information in an application for insurance is guilty of a crime and may be subject to fines and confinement in prison.

Colorado

It is unlawful to knowingly provide false, incomplete, or misleading facts or information to an insurance company for the purpose of defrauding or attempting to defraud the company. Penalties may include imprisonment, fines, denial of insurance, and civil damages. Any insurance company or agent of an insurance company who knowingly provides false, incomplete, or misleading facts or information to a policyholder or claimant for the purpose of defrauding or attempting to defraud the policyholder or claimant with regard to a settlement or award payable from insurance proceeds shall be reported to the Colorado Division of Insurance within the Department of Regulatory Agencies.

District of Columbia

WARNING: It is a crime to provide false or misleading information to an insurer for the purpose of defrauding the insurer or any other person. Penalties include imprisonment and/or fines. In addition, an insurer may deny insurance benefits if false information materially related to a claim was provided by the applicant.

Florida

Any person who knowingly and with intent to injure, defraud, or deceive any insurer files a statement of claim or an application containing any false, incomplete, or misleading information is guilty of a felony of the third degree.

Kansas

A "fraudulent insurance act" means an act committed by any person who, knowingly and with intent to defraud, presents, causes to be presented or prepares with knowledge or belief that it will be presented to or by an insurer, purported insurer, broker or any agent thereof, any written, electronic, electronic impulse, facsimile, magnetic, oral, or telephonic communication or statement as part of, or in support of, an application for the issuance of, or the rating of an insurance policy for personal or commercial insurance, or a claim for payment or other benefit pursuant to an insurance policy for commercial or personal insurance which such person knows to contain materially false information concerning any fact material thereto; or conceals, for the purpose of misleading, information concerning any fact material thereto.

Kentucky

Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance containing any materially false information or conceals, for the purpose of misleading, information concerning any fact material thereto commits a fraudulent insurance act, which is a crime.

Louisiana

Any person who knowingly presents a false or fraudulent claim for payment of a loss or benefit or knowingly presents false information in an application for insurance is guilty of a crime and may be subject to fines and confinement in prison.

Maine

It is a crime to knowingly provide false, incomplete or misleading information to an insurance company for the purpose of defrauding the company. Penalties may include imprisonment, fines, or denial of insurance benefits.

Maryland

Any person who knowingly or willfully presents a false or fraudulent claim for payment of a loss or benefit or who knowingly or willfully presents false information in an application for insurance is guilty of a crime and may be subject to fines and confinement in prison.

New Jersey

Any person who includes any false or misleading information on an application for an insurance policy is subject to criminal and civil penalties.

 

PN CW 01 0719     Page 1 of 3
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NOTICE TO POLICYHOLDERS

 
 

New Mexico

ANY PERSON WHO KNOWINGLY PRESENTS A FALSE OR FRAUDULENT CLAIM FOR PAYMENT OF A LOSS OR BENEFIT OR KNOWINGLY PRESENTS FALSE INFORMATION IN AN APPLICATION FOR INSURANCE IS GUILTY OF A CRIME AND MAY BE SUBJECT TO CIVIL FINES AND CRIMINAL PENALTIES.

New York

General: All applications for commercial insurance, other than automobile insurance: Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance or statement of claim containing any materially false information, or conceals for the purpose of misleading, information concerning any fact material thereto, commits a fraudulent insurance act, which is a crime, and shall also be subject to a civil penalty not to exceed five thousand dollars and the stated value of the claim for each such violation.

All applications for automobile insurance and all claim forms: Any person who knowingly makes or knowingly assists, abets, solicits or conspires with another to make a false report of the theft, destruction, damage or conversion of any motor vehicle to a law enforcement agency, the department of motor vehicles or an insurance company, commits a fraudulent insurance act, which is a crime, and shall also be subject to a civil penalty not to exceed five thousand dollars and the value of the subject motor vehicle or stated claim for each violation.

Fire: Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance containing any false information, or conceals for the purpose of misleading, information concerning any fact material thereto, commits a fraudulent insurance act, which is a crime.

The proposed insured affirms that the foregoing information is true and agrees that these applications shall constitute a part of any policy issued whether attached or not and that any willful concealment or misrepresentation of a material fact or circumstances shall be grounds to rescind the insurance policy.

Ohio

Any person who, with intent to defraud or knowing that he is facilitating a fraud against an insurer, submits an application or files a claim containing a false or deceptive statement is guilty of insurance fraud.

Oklahoma

WARNING: Any person who knowingly, and with intent to injure, defraud or deceive any insurer, makes any claim for the proceeds of an insurance policy containing any false, incomplete or misleading information is guilty of a felony.

Pennsylvania

All Commercial Insurance, Except As Provided for Automobile Insurance:

Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance or statement of claim containing any materially false information or conceals for the purpose of misleading, information concerning any fact material thereto commits a fraudulent insurance act, which is a crime and subjects such person to criminal and civil penalties.

Automobile Insurance: Any person who knowingly and with intent to injure or defraud any insurer files an application or claim containing any false, incomplete or misleading information shall, upon conviction, be subject to imprisonment for up to seven years and the payment of a fine of up to $15,000.

 

PN CW 01 0719

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© 2019 X.L. America, Inc. All Rights Reserved.
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NOTICE TO POLICYHOLDERS

 
 

Puerto Rico

Any person who knowingly and with the intention of defrauding presents false information in an insurance application, or presents, helps, or causes the presentation of a fraudulent claim for the payment of a loss or any other benefit, or presents more than one claim for the same damage or loss, shall incur a felony and, upon conviction, shall be sanctioned for each violation by a fine of not less than five thousand dollars ($5,000) and not more than ten thousand dollars ($10,000), or a fixed term of imprisonment for three (3) years, or both penalties. Should aggravating circumstances [be] present, the penalty thus established may be increased to a maximum of five (5) years, if extenuating circumstances are present, it may be reduced to a minimum of two (2) years.

Rhode Island

Any person who knowingly presents a false or fraudulent claim for payment of a loss or benefit or knowingly presents false information in an application for insurance is guilty of a crime and may be subject to fines and confinement in prison.

Tennessee

All Commercial Insurance, Except As Provided for Workers’ Compensation It is a crime to knowingly provide false, incomplete or misleading information to an insurance company for the purpose of defrauding the company. Penalties include imprisonment, fines and denial of insurance benefits.

Workers’ Compensation: It is a crime to knowingly provide false, incomplete or

 

misleading information to any party to a workers’ compensation transaction for the purpose of committing fraud. Penalties include imprisonment, fines and denial of insurance benefits.

Utah Workers’ Compensation: Any person who knowingly presents false or fraudulent

underwriting information, files or causes to be filed a false or fraudulent claim for disability compensation or medical benefits, or submits a false or fraudulent report or billing for health care fees or other professional services is guilty of a crime and may be subject to fines and confinement in state prison.

Virginia It is a crime to knowingly provide false, incomplete or misleading information to an

insurance company for the purpose of defrauding the company. Penalties include imprisonment, fines and denial of insurance benefits.

Washington It is a crime to knowingly provide false, incomplete or misleading information to an

insurance company for the purpose of defrauding the company. Penalties include imprisonment, fines and denial of insurance benefits.

West Virginia Any person who knowingly presents a false or fraudulent claim for payment of a loss or

benefit or knowingly presents false information in an application for insurance is guilty of a crime and may be subject to fines and confinement in prison.

All Other States Any person who knowingly and willfully presents false information in an application for

insurance may be guilty of insurance fraud and subject to fines and confinement in prison. (In Oregon, the aforementioned actions may constitute a fraudulent insurance act which may be a crime and may subject the person to penalties).

PN CW 01 0719

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XS 80 07 12 14

Endorsement No.: 1

Named Insured: Fidelity Fixed Income and Asset Allocation Funds

Policy No.: ELU162154-19

Effective: July 01, 2019

12:01 A.M. Standard Time

Insurer: XL Specialty Insurance Company

 

EXCESS ENDORSEMENT

In consideration of the premium charged:

(1)      It is understood and agreed that the Limit of Liability for this Policy as set forth in Item 3 of the Declarations is the maximum amount payable, including Defense Expenses, by the Insurer under this Policy. Any provision of the Underlying Insurance indicating any ability or right to any reinstatement of such policy's limit of liability shall be inapplicable to this Policy, including any provision indicating a reinstatement of such policy's limit of liability during any extended discovery or reporting period. The Insurer shall not be liable to the Insureds or any other person or entity claiming through or in the name or right of the Insureds for any loss or other liability based upon, arising out of, directly or indirectly resulting from, in consequence of, or in any way involving the application or enforcement of any such provision of the Underlying Insurance.
(2)      It is understood and agreed that the Insurer is under no obligation to renew this Policy upon its expiration. Any provision of the Underlying Insurance indicating any automatic renewal of this Policy shall be inapplicable to this Policy. The Insurer shall not be liable to the Insureds or any other person or entity claiming through or in the name or right of the Insureds for any loss or other liability based upon, arising out of, directly or indirectly resulting from, in consequence of, or in any way involving the application or enforcement of any such provision of the Underlying Insurance.

All other terms, conditions and limitations of this Policy shall remain unchanged.

XS 80 07 12 14

Page 1 of 1

  • 2014 X.L. America, Inc. All Rights Reserved. May not be copied without permission.

 

 

XL 80 23 07 02

Endorsement No.: 2

Named Insured: Fidelity Fixed Income and Asset Allocation Funds

Policy No.: ELU162154-19

Effective: July 01, 2019

12:01 A.M. Standard Time

Insurer: XL Specialty Insurance Company

 

TIE IN LIMITS ENDORSEMENT

In consideration of the premium charged, in addition to this Policy, the Insurer or an affiliated company of the Insurer (any such affiliated company being included within the term "Insurer" for the purposes of this endorsement) has also agreed to issue to the person or entity named in Item 1 of the Declarations the following policy(ies) (such policy(ies), the “Other Policy(ies)”):

Excess Liability Policy (Mutual Funds, $5,000,000 Part of $50,000,000 x $100,000,000), Policy No.

ELU162153-19, Issued by: XL Specialty Insurance Company

It is expressly acknowledged by the person or entity named in Item 1 of the Declarations that the premium for these policies has been negotiated with the understanding that all policies would have shared limits of liability. Therefore, in consideration of the premium charged:

(1)      Any payment of loss or damages, including costs and expenses of defense, under this Policy will reduce the limit of liability available under the Other Policy(ies) for the defense and settlement of, or the payment of any liabilities in connection with, any claim or claims made under the Other Policy(ies).
(2)      Any payment of loss or damages, including costs and expenses of defense, under the Other Policy(ies) will reduce the Limit of Liability available under this Policy for the defense and settlement of, or the payment of any liabilities in connection with, any claim or claims made under this Policy during the Policy Period.
(3)      If the Insurer shall have paid loss or damages, including costs and expenses of defense, under this Policy and loss or damages, including costs and expenses of defense, under the Other Policy(ies) in an aggregate amount equaling $5,000,000 any and all obligations of the Insurer under this Policy will be completely fulfilled and extinguished, and the Insurer will have no further obligations of any kind or nature whatsoever under this Policy.

All other terms, conditions and limitations of this Policy shall remain unchanged.

XL 80 23 07 02

Page 1 of 1

  • 2002 X.L. America, Inc. All Rights Reserved. May not be copied without permission.

 

Excess Bond

The insurer identified on the Declarations Page (the “Underwriter”), in consideration of an agreed premium, and in reliance upon all statements made and information furnished by the Insured to the Underwriter and to the issuers of the Underlying Coverage, and subject to the Declarations, Insuring Agreement(s), General Agreements, Conditions and Limitations and other terms, conditions and limitations hereof, agrees to indemnify the Insured for

INSURING AGREEMENT

EXCESS FOLLOW-FORM COVERAGE

Loss for which, but for the exhaustion of any applicable limit or limits of liability, coverage would have been afforded under the Underlying Coverage in ITEM 5 of the Declarations of this Excess Bond, subject, except as specifically set forth in this Excess Bond, to all of the terms, conditions and limitations of the bond identified in ITEM 5(A) of the Declarations of this Excess Bond; provided, that under no circumstances will this Excess Bond afford coverage broader than the most restrictive coverage provided in any Underlying Coverage.

GENERAL AGREEMENTS

JOINT INSURED

(A)      If multiple Insureds are covered under this Excess Bond, the first named Insured will act for all Insureds. The Underwriter’s payment to the first named Insured of loss sustained by any Insured will fully release the Underwriter on account of such loss. If the first named Insured ceases to be covered under this Excess Bond, the Insured next named will thereafter be considered the first named Insured.
  The Underwriter’s liability for loss or losses sustained by all Insureds will not exceed the amount for which the Underwriter would have been liable had such loss or losses been sustained by one Insured.

CHANGE OF CONTROL – NOTICE

(B)      When the Insured learns of a change in control, it must give written notice thereof to the Underwriter. As used in this General Agreement, “control” means the power to determine the management or policy of the Insured or of a controlling holding company by virtue of voting stock ownership. A change in ownership of voting stock which results in direct or indirect ownership by a stockholder or an affiliated group of stockholders of fifteen percent (15%) or more of such stock will be presumed to result in a change of control for the purpose of the required notice. Failure to give the required notice will result in termination of coverage for any loss involving a transferee, to be effective upon the date of stock transfer. The entire premium for this Excess Bond will be deemed to have been fully earned as of the effective date of any change in control of the Insured, including but not limited to the taking over of the Insured by a receiver or other liquidator or by State or Federal officials.

CONDITIONS AND LIMITATIONS

Section 1. LIMIT OF LIABILITY – NON-ACCUMULATION OF LIABILITY

(A)      The Underwriter’s total liability under this Excess Bond for all loss, regardless of when paid, will not exceed the Aggregate Limit of Liability in ITEM 3 of the Declarations of this Excess Bond. The Aggregate Limit of Liability will be reduced by the amount of any payment made under this Excess Bond. Upon exhaustion of the Aggregate Limit of Liability by such payments, the Underwriter will have no further liability under this Excess Bond for loss, whether or not previously reported to the Underwriter. The Aggregate Limit of Liability will not be increased or reinstated by any recovery made and applied in accordance with Section 5 hereunder or by any portion of any Aggregate Limit of Liability under any previous Bond.

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(B)      Subject to the Aggregate Limit of Liability, the Underwriter’s liability for each Single Loss will not
  exceed      the applicable Single Loss Limit of Liability in ITEM 4 of the Declarations of this Excess Bond.
  For      purposes of this Section 1(B), Single Loss means all covered loss resulting from
  (i)      any one act or series of related acts of burglary, robbery or attempt thereat, in which no employee of the Insured is implicated, or
  (ii)      any one act or series of related unintentional or negligent acts or omissions on the part of any person (whether or not an employee of the Insured) resulting in damage to or destruction or misplacement of property, or
  (iii)      all acts or omissions other than those specified in (i) and (ii) preceding, caused by any person (whether or not an employee of the Insured) or in which such person is implicated, or
  (iv)      any one casualty or event not specified in (i), (ii) or (iii) preceding;
  unless      such term is defined differently in the bond identified in ITEM 5(A) of the Declarations of this
  Excess      Bond, in which case Single Loss will have the meaning set forth in such bond.
(C)      Neither the Aggregate Limit of Liability nor the Single Loss Limit of Liability will be cumulative in
  amount      from Bond Period to Bond Period regardless of the number of years this Excess Bond may be
  in      force, the number of times this Excess Bond may be renewed or the number of Bond Periods in
  which      the acts giving rise to any loss occurred or were committed.

Section 2. EXHAUSTION OF UNDERLYING COVERAGE

(A)      The Underwriter will be liable to pay loss only if and when the total amount of the limit of liability applicable to such loss under the Underlying Coverage has been exhausted solely by the actual payment of loss under the Underlying Coverage.
(B)      In the event that the limit of liability applicable to any loss under the Underlying Coverage has been reduced, but not exhausted, solely by the actual payment of loss under the Underlying Coverage, this Excess Bond will pay covered loss which is excess of the reduced total amount of the limit of liability applicable to such loss under the Underlying Coverage, subject always to the Single Loss Limit of Liability and the remaining Aggregate Limit of Liability of this Excess Bond.
(C)      In the event of the exhaustion of the limit of liability applicable to any loss under the Underlying Coverage solely by the actual payment of loss under the Underlying Coverage, this Excess Bond will continue in force as primary insurance in respect of any subsequent loss which, but for such exhaustion, would have been covered under the Underlying Coverage, subject always to the Single Loss Limit of Liability and the remaining Aggregate Limit of Liability of this Excess Bond; provided, always, that this Excess Bond will pay only such loss which is excess over any retention or deductible that would have been applicable under the Underlying Coverage.

Section 3. MAINTENANCE OF UNDERLYING COVERAGE

(A)      The Insured must maintain the Underlying Coverage in full force and effect during the Bond Period, except for any reduction or exhaustion of any limit or limits of liability solely by the actual payment of loss. If for any reason the Underlying Coverage shall not have been so maintained, or if the Insured’s recovery under the Underlying Coverage is restricted or unavailable as a result of the insolvency of any issuer of any Underlying Coverage, this Excess Bond will apply excess of the applicable limit or limits of liability of the Underlying Coverage, plus any applicable retention or deductible, as if the Underlying Coverage had been maintained in full force and effect.
(B)      The Insured must notify the Underwriter in writing of any change or alteration of or amendment to the Underlying Coverage. This Excess Bond will not follow form of or be subject to any such change, alteration or amendment unless the Underwriter has so agreed by written endorsement to this Excess Bond and has received any additional premium that the Underwriter may require in connection therewith.
(C)      No claim, loss or coverage subject to any sublimit of liability (other than a single loss limit of liability) under any Underlying Coverage will be considered covered loss under this Excess Bond, but the

FB 71 04 10 10

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  • 2010 X.L. America, Inc. All Rights Reserved. May not be copied without permission.

 

payment of such claim, loss or coverage under the Underlying Coverage will be recognized, to the extent of such payment, as reducing or exhausting the applicable limit or limits of liability of the Underlying Coverage for purposes of determining when coverage under this Excess Bond shall attach.

Section 4. NOTICE/PROOF – LEGAL PROCEEDINGS AGAINST UNDERWRITER

(A)      The Insured must, within the time and manner prescribed in the bond identified in ITEM 5(A) of the Declarations of this Excess Bond, give the Underwriter notice of any discovery of loss of a kind that may be covered under this Excess Bond, whether or not the amount of such loss is known or expected to be in excess of the applicable limit or limits of liability under the Underlying Coverage and whether or not the Underwriter is or may be liable therefor in whole or in part. Upon the Underwriter’s request, the Insured must give the Underwriter a written statement of such loss and copies of all correspondence between the Insured and the issuer of any Underlying Coverage regarding such loss.
  Notice given by the Insured to any issuer of Underlying Coverage regarding the discovery of any loss will not constitute notice of such discovery of loss for purposes of this Section 4(A).
(B)      The Insured must, within the time and manner prescribed in the bond identified in ITEM 5(A) of the Declarations of this Excess Bond, file with the Underwriter a proof of loss for any loss of a kind that may be covered under this Excess Bond, whether or not the Underwriter is or may be liable therefor in whole or in part. Upon the Underwriter’s request, the Insured must give the Underwriter a written statement of such loss and copies of any proof of loss provided to any issuer of any Underlying Coverage and of all documents provided to or made available to any such issuer in support thereof.
  The filing by the Insured of a proof of loss under any Underlying Coverage will not constitute the filing of a proof of loss with the Underwriter for purposes of this Section 4(B).
(C)      Legal proceedings against the Underwriter may not be brought before the expiration of any period of limitation in any Underlying Coverage applicable to the commencement of legal proceedings against any issuer of any Underlying Coverage.
(D)      This bond is for the use and benefit only of the Insured named in the Declarations and the Underwriter will not be liable hereunder for loss sustained by anyone other than the Insured. No suit, action or legal proceeding may be brought hereunder by any one other than the named Insured.
(E)      Notices and proofs of loss given to the Underwriter under this Excess Bond must be sent by certified mail or the equivalent to the following address:
  XL Insurance Claims – 100 Constitution Plaza, 13 Floor, Hartford, CT 06103

XLprofessionalclaims@xlgroup.com

Section 5. SUBROGATION – ASSIGNMENT – RECOVERY – COOPERATION

(A)      In the event of payment under this Excess Bond, the Underwriter will be subrogated to the extent of such payment to all of the Insured’s rights of recovery in connection therewith against any person or entity, and the Insured will deliver, if so requested by the Underwriter, an assignment of such of the Insured’s rights, titles and interests and causes of action as it has against any person or entity to the extent of such payment. The Insured must execute all papers and render assistance to secure to the Underwriter the rights and causes of action provided for herein. The Insured may do nothing after discovery of loss to prejudice such rights or causes of action.
(B)      Recoveries, whether effected by the Underwriter or by the Insured, will be applied net of the expense of such recovery, first, to the satisfaction of the Insured’s loss which would otherwise have been paid under this Excess Bond but for the fact that such loss was in excess of any applicable limit of liability hereunder, second, to the Underwriter as reimbursement of amounts paid under this Excess Bond in settlement of the Insured’s claim, and third, to the Insured and/or to the issuer or issuers of the Underlying Coverage, in accordance with their respective interests.
(C)      Upon the Underwriter’s request and at reasonable times and places designed by the Underwriter, the Insured must submit to examination by the Underwriter and subscribe to the same under oath,

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  • 2010 X.L. America, Inc. All Rights Reserved. May not be copied without permission.

 

produce for the Underwriter’s examination all pertinent records, and cooperate with the Underwriter in all matters pertaining to any loss.

Section 6. TERMINATION OR CANCELLATION

(A)      This Excess Bond terminates as an entirety upon the Insured’s receipt of a written notice from the Underwriter of its desire to cancel this Excess Bond in accordance with the conditions and limitations of any Underlying Coverage, or immediately upon the Underwriter’s receipt of a written notice from the Insured of its desire to cancel this Excess Bond, or immediately upon the cancellation, termination or nonrenewal of the bond identified in ITEM 5(A) of the Declarations of this Excess Bond.
(B)      This Excess Bond terminates as to any employee of the Insured immediately upon the termination of any Underlying Coverage as to such employee or, if any loss shall have become covered under this Excess Bond or this Excess Bond shall have become primary insurance as to any loss, at such time that the bond identified in ITEM 5(A) of the Declarations of this Excess Bond would have terminated as to such employee had it still been in effect.

Section 7. REPRESENTATION OF INSURED

The Insured represents that the information furnished in the application for this Excess Bond, as well as all information furnished in the Insured’s application or applications for the Underlying Coverage, is complete, true and correct. All such applications constitute part of this Excess Bond. Any intentional misrepresentation, omission, concealment or incorrect statement of a material fact in any of the applications for this Excess Bond or for the Underlying Coverage or otherwise will be grounds for the rescission of this Excess Bond.

In witness whereof, the Underwriter has caused this Excess Bond to be executed on the Declarations page.

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  • 2010 X.L. America, Inc. All Rights Reserved. May not be copied without permission.

 

IRONSHORE INDEMNITY INC.
(A Stock Company)
175 Berkeley Street
Boston, MA 02116
Toll Free: (877) IRON411

This Policy is issued by the stock insurance company listed above (herein "Insurer").

EXCESS LIABILITY INSURANCE POLICY DECLARATIONS

UNLESS OTHERWISE PROVIDED IN THE FOLLOWED POLICY, THIS POLICY IS A CLAIMS MADE POLICY WHICH COVERS ONLY

CLAIMS FIRST MADE AGAINST THE INSUREDS DURING THE POLICY PERIOD. PLEASE READ THIS POLICY CAREFULLY.

Policy No. 003199002

ITEM 1. INSURED COMPANY PRINCIPAL ADDRESS:

  Fidelity Fixed Income and Asset Allocation Funds
  C/O FMR LLC 200 Seaport Blvd. Mail Zone ZW9C
  Boston, MA 02210
ITEM 2. COVERAGE PROVIDED: Excess Commercial Crime & Fidelity Insurance
ITEM 3. FOLLOWED POLICY: FMR Funds Concentric Custom Bond
  INSURER: National Union Fire Insurance Co of Pittsburgh PA
  POLICY NUMBER: 01346-65-10
ITEM 4. POLICY PERIOD
  From July 01, 2019 12:01 A.M. To July 01, 2020 12:01 A.M.
  (Local time at the address shown in ITEM 1.)
 
ITEM 5. PREMIUM $12,860.00
ITEM 6. LIMIT OF LIABILITY/AGGREGATE LIMIT: $5,000,000 for all Loss under all Coverages combined.
 
ITEM 7. UNDERLYING POLICY LIMITS/ATTACHMENT POINT: $100,000,000
ITEM 8. PENDING & PRIOR LITIGATION DATE: N/A

 

Form: EXC.003; Edited (03.14.08)

Page 1 of 2


 

ITEM 9. NOTICE TO INSURER

A.      Notice of Claim, Wrongful Act or Loss:
  Send to Company Indicated Above c/o Ironshore Insurance Services, LLC 28 Liberty Street 5th Floor New York, NY 10005
B.      All other notices:
  Send to Company Indicated Above c/o Ironshore Insurance Services, LLC 28 Liberty Street 5th Floor New York, NY 10005
ITEM 10. BROKER:
  ADDRESS:
 
  Mary Coughlin
  Willis of Massachusetts, Inc.
  Three Copley Place 100 Huntington Avenue
  800 Boylston Street SUITE NO 300
  Boston, MA 02116
  LICENSE #: N/A
 
ITEM 11. FORMS AND ENDORSEMENTS:
 
  1. IRON.PN.001 (0513) OFAC Compliance Notice
  2. EDO.008 (708) Quota Share Amendment of Declarations (Excess)
  3. EXC.END.049 (0913) Tie-In Limits

 

THESE DECLARATIONS, TOGETHER WITH THE COMPLETED AND SIGNED APPLICATION, FOR THIS POLICY AND THE FOLLOWED POLICY, INCLUDING INFORMATION FURNISHED IN CONNECTION THEREWITH WHETHER DIRECTLY OR THROUGH PUBLIC FILING, AND THE POLICY FORM ATTACHED HERETO, CONSTITUTE THE INSURANCE POLICY.

Date: March 10, 2020  
  MO/DAY/YR Authorized Representative

 

Form: EXC.003; Edited (03.14.08)

Page 2 of 2


 

POLICYHOLDER DISCLOSURE STATEMENT UNDER THE TERRORISM RISK INSURANCE ACT OF 2002 AS AMENDED BY THE TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT OF 2007 AND AS FURTHER AMENDED BY THE TERRORISM RISK

INSURANCE PROGRAM REAUTHORIZATION ACT OF 2015

Coverage for acts of terrorism is included in your policy. You are hereby notified that under the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization act of 2007, and as further amended by the Terrorism Risk Insurance Program Reauthorization Act of 2015, you have coverage for losses resulting from acts of terrorism, as defined in section 102(1) of the Terrorism Risk Insurance Act of 2002, as amended by the Terrorism Risk Insurance Program Reauthorization Act of 2015. The term “act of terrorism” means any act that is certified by the Secretary of the Treasury—in consultation with the Secretary of Homeland Security, and the Attorney General of the United States—to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property, or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of certain air carriers or vessels or the premises of a United States mission; and to have been committed by an individual or individuals as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion.

YOU SHOULD KNOW THAT WHERE COVERAGE IS PROVIDED BY THIS POLICY FOR LOSSES RESULTING FROM CERTIFIED ACTS OF TERRORISM, SUCH LOSSES MAY BE PARTIALLY REIMBURSED BY THE UNITED STATES GOVERNMENT UNDER A FORMULA ESTABLISHED BY FEDERAL LAW. HOWEVER, YOUR POLICY MAY CONTAIN OTHER EXCLUSIONS WHICH MIGHT AFFECT YOUR COVERAGE, SUCH AS AN EXCLUSION FOR NUCLEAR EVENTS. UNDER THE FORMULA, THE UNITED STATES GOVERNMENT GENERALLY REIMBURSES A SPECIFIC PERCENTAGE OF COVERED TERRORISM LOSSES EXCEEDING THE STATUTORILY ESTABLISHED DEDUCTIBLE PAID BY THE INSURANCE COMPANY PROVIDING THE COVERAGE. THE PREMIUM CHARGED FOR THIS COVERAGE IS PROVIDED BELOW AND DOES NOT INCLUDE ANY CHARGES FOR THE PORTION OF LOSS THAT MAY BE COVERED BY THE FEDERAL GOVERNMENT UNDER THE ACT.

The portion of your annual premium that is attributable to coverage for acts of terrorism is $ 0.00 , and does not include any charges for the portion of losses covered by the United States Government under the Act.

I ACKNOWLEDGE THAT I HAVE BEEN NOTIFIED THAT THE TERRORISM RISK INSURANCE ACT, AS AMENDED, CONTAINS A SPECIFIC CAP THAT LIMITS U.S. GOVERNMENT REIMBURSEMENT AS WELL AS INSURER’S LIABILITY FOR LOSSES RESULTING FROM CERTIFIED ACTS OF TERRORISM WHEN THE AMOUNT OF SUCH LOSSES IN ANY ONE CALENDAR YEAR EXCEEDS THE CAP. IF THE AGGREGATE INSURED LOSSES FOR ALL INSURERS EXCEED THE CAP, YOUR COVERAGE MAY BE REDUCED. I HAVE ALSO BEEN NOTIFIED OF THE PORTION OF MY PREMIUM ATTRIBUTABLE TO SUCH COVERAGE.

Policyholder/Applicant’s Signature

Print Name

Date

Name of Insurer:

Policy Number:


 

IRONSHORE INDEMNITY INC.
(A Stock Company)
175 Berkeley Street
Boston, MA 02116
Toll Free: (877) IRON411

Policy Number: 003199002

EXCESS LIABILITY INSURANCE POLICY

I.      INSURING AGREEMENT
  In      consideration of the payment of the premium and in reliance upon all statements made in the application for this
  Policy      and the Followed Policy, including the information furnished in connection therewith, whether directly or
  through      public filing, and subject to all terms, definitions, conditions, exclusions and limitations of this policy, the
  Insurer      agrees to provide insurance coverage to the Insureds in accordance with the terms, definitions, conditions,
  exclusions      and limitations of the Followed Policy, except as may be otherwise provided in this Policy.
II.      LOSS PAYABLE PROVISION
  It      is agreed the Insurer shall pay the Insured as defined in the Followed Policy for Loss by reason of exhaustion by
  payments      of all Underlying Policy Limits of all underlying policies by the underlying insurers issuing such underlying
  policies      and/or the Insureds, subject to i) the terms and conditions of the Followed Policy as that form is submitted to
  the      Insurer; ii) the Limit of Liability as stated in Item 6 of the Declarations; and iii) the terms and conditions of, and the
  endorsements      attached to, this Policy. In no event shall this policy grant broader coverage than would be provided by
  the      Followed Policy.
III.      DEFINITIONS
  A.      The Terms “Insurer” and “Followed Policy” shall have the meanings attributed to them in the Declarations.
  B.      The term "Insureds” means those individuals and entities insured by the Followed Policy.
  C.      The term "Policy Period" means the period set forth in Item 4 of the Declarations.
  D.      The term "Underlying Policy Limits/Attachment Point" means an amount equal to the aggregate of all limits of liability as set forth in Item 7 of the Declarations for all Underlying Policies, plus the uninsured retention, if any, applicable to the Underlying Policies.
IV.      POLICY TERMS
  A.      This policy is subject to the same representations contained in the Application for the Followed Policy and has the same terms, definitions, conditions, exclusions and limitations (except as regards the premium, the limits of liability, the policy period and as may be otherwise in this Policy) as are contained in the Followed Policy.
  B.      If during the Policy Period or any Discovery Period the terms, conditions, exclusions or limitations of the Followed Policy are changed in any manner, the Insureds shall as a condition precedent to their rights to coverage under this policy give to the Insurer written notice of the full particulars thereof and secure the Insurers affirmative consent to such modification before coverage will be effective.

Form: EXC.004; Edited (07.12.07)

Page 1 of 2


 

C.      As a condition precedent to their rights under this policy, the Insureds shall give to the Insurer as soon as practicable written notice in accordance with the terms, conditions, definitions, exclusions and limitations of the Followed Policy.
D.      Notwithstanding any of the terms of this policy which might be construed otherwise, this policy shall drop down only in the event of reduction or exhaustion of the Underlying Limit and shall not drop down for any other reason including, but not limited to, uncollectibility (in whole or in part) of any Underlying Limits. The risk of uncollectibility of such Underlying Limits (in whole or in part) whether because of financial impairment or insolvency of an underlying insurer or for any other reason, is expressly retained by the Insureds and is not in any way or under any circumstances insured or assumed by the carrier.

Ironshore Indemnity Inc. by:


Form: EXC.004; Edited (07.12.07)

Page 2 of 2


 

IRONSHORE INDEMNITY INC.
(A Stock Company)
175 Berkeley Street
Boston, MA 02116
Toll Free: (877) IRON411

Endorsement # 1  
 
Policy Number: 003199002 Effective Date of Endorsement: July 01, 2019
Insured Name: Fidelity Fixed Income and Asset Allocation Funds  

 

OFAC COMPLIANCE NOTICE

Payment of Loss under this Policy shall only be made in full compliance with all United States of America economic or trade sanction laws or regulations, including, but not limited to, sanctions, laws and regulations administered and enforced by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC").

IRON.PN.001 (0513)

Page 1 of 1


 

IRONSHORE INDEMNITY INC.
(A Stock Company)
175 Berkeley Street
Boston, MA 02116
Toll Free: (877) IRON411

Endorsement # 2  
 
Policy Number: 003199002 Effective Date of Endorsement: July 01, 2019
Insured Name: Fidelity Fixed Income and Asset Allocation Funds  

 

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

QUOTA SHARE AMENDMENT OF DECLARATIONS (EXCESS)

In consideration of the premium charged, it is hereby understood and agreed that:

1.      Item 6. of the Declarations is deleted and replaced by the following:

Item 6. Aggregate Quota Share Layer Limit of Liability: $50,000,000

Maximum aggregate Limit of Liability for all Claims made during the Policy Period.

Subject to all of its terms and conditions, this Policy shall provide coverage for Claims in excess of the Underlying Insurance, up to the Insurer’s quota share participation of the aggregate maximum limit stated above. Any Loss within the Aggregate Quota Share Layer Limit of Liability stated above shall be paid pro rata by each of the insurers subscribing to this Aggregate Quota Share Layer Limit of Liability in accordance with the proportion set forth in the Participation Agreement entered into by each such insurer. The participation of such insurers is set forth below in Item 7. of the Declarations. The obligations of such insurers who subscribe to the quota share arrangement are several and not joint, and are limited to the extent of their individual subscriptions. No subscribing insurers is responsible for the obligation of any co-subscribing insurer.

The Insurer's participation is set forth at Item 12. of the Declarations. The Insurer has full claims and underwriting control of its portion of the quota share arrangement and no action or omission by any of the co-subscribing insurers shall bind the Insurer or be deemed a waiver of any coverage defense the Insurer has under this Policy or available at law. The Insurer shall act on its own behalf with respect to all other matters concerning this Policy, and no other insurer subscribing to the Policy may act on behalf of or bind the Insurer with respect to the Policy terms or any matter concerning the Policy. All notices by an Insured to the Insurer under this Policy shall be provided to the Insurer at the address specified in the Declarations.

2. The Declarations are amended by the addition of the following:

Item 12.

Insurer's Quota-Share Participation:   10 %
Insurer's Limit of Liability: $ 5,000,000  

 

The Insurer agrees to pay on behalf of the Insured under the Policy that proportion of covered Loss set forth above in

EDO.008 (7/08)

Page 1 of 2


 

the manner provided under Item 3. of the Declarations and in full conformance with all the terms and conditions of the Policy.

3. Ite m 7. of the Declarations is amended by adding the following:    
 
Quota Share Layer Attachment Point: $ 100,000,000      
 
Quota Share Participant   Policy Number     Limit of Liability
 
London/Lloyds Syndicates   B080113012 P19 $ 6,000,000 p/o $50,000,000 x $100,000,000
Freedom Specialty   XJO1908786   $ 10,000,000 p/o $50,000,000 x $100,000,000
Twin City Fire Insurance Co (The Hartford)   08 FI 0252157 - 19   $ 10,000,000 p/o $50,000,000 x $100,000,000
U.S. Specialty Insurance Company   24-MGU-19-A47037   $ 8,000,000 p/o $50,000,000 x $100,000,000
American Intl Reinsurance Company   33089946   $ 6,000,000 p/o $50,000,000 x $100,000,000
Ironshore Indemnity Inc.   003199002   $ 5,000,000 p/o $50,000,000 x $100,000,000
XL Specialty Insurance Company   ELU162154-19   $ 5,000,000 p/o $50,000,000 x $100,000,000

 

4.      Item 5. of the Declarations is deleted and replaced by the following:
Item 5. Total Quota Share Layer Premium: $ 147,735
  Insurer's Quota-Share Participation Premium: $ 12,860

 

The Total Quota Share Layer Premium is payable pro rata to each of the insurers subscribing to this Quota Share Layer in accordance with the proportion set forth in its Participation Agreement.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.


EDO.008 (7/08)

Page 2 of 2


 

IRONSHORE INDEMNITY INC.

(A Stock Company) 175 Berkeley Street Boston, MA 02116 Toll Free: (877) IRON411

 
  Endorsement # 3
 
Policy Number: 003199002 Effective Date of Endorsement: July 01, 2019

 

Insured Name: Fidelity Fixed Income and Asset Allocation Funds

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

TIE-IN LIMITS

It is hereby understood and agreed as follows:

Any payment of Loss under this Policy shall serve to reduce the Limit of Liability under Policy Number 003198902. Any payment of Loss under Policy Number 003198902 shall serve to reduce the Limit of Liability of this Policy. It is understood and agreed that only one Limit of Liability shall apply to any Loss that may be insured by this Policy and Policy Number 003198902 and in no event will the Limit of Liability of this Policy and the Limit of Liability of Policy Number 003198902 apply in the aggregate to any Loss arising from a Wrongful Act or Related Wrongful Acts.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS OF THIS POLICY REMAIN UNCHANGED.


  March 10, 2020
Authorized Representative Date

 

EXC.END.049 (0913)

Page 1 of 1


 

Liberty Mutual Group California Privacy Notice

Commercial Lines (excluding Workers’ Compensation)
(Effective January 1, 2020)

Liberty Mutual Group and its affiliates, subsidiaries, and partners (collectively “Liberty Mutual” or “we”, “us” and “our”) provide insurance to companies and other insurers. This Privacy Notice explains how we gather use, and share your data. This Privacy Notice applies to you if you are a Liberty Mutual commercial line insured or are a commercial line claimant residing in California. It does not apply to covered employees or claimants under Workers’ Compensation policies. If this notice does not apply to you, go to libertymutual.com/privacy to review the applicable Liberty Mutual privacy notice.

What Data Does Liberty Mutual Gather?

We may collect the following categories of data:

  • Identifiers, including a real name, alias, postal address, unique personal identifier, online identifier, Internet Protocol address, email address, account name, Social Security Number, driver’s license number, or other similar identifiers;
  • Personal information described in California Civil Code § 1798.80(e), such as your name, signature, Social Security Number, physical characteristics or description, address, telephone number, driver’s license or state identification card number, insurance policy number, education, employment, employment history, bank account number, financial information, medical information, or health insurance information;
  • Protected classification characteristics, including age, race, color, national origin, citizenship, religion or creed, marital status, medical condition, physical or mental disability, sex (including gender, gender identity, gender expression, pregnancy or childbirth and related medical conditions), sexual orientation, or veteran or military status;
  • Commercial information, including records of personal property, products or services purchased, obtained, or considered, or other purchasing or consuming histories and tendencies;
  • Internet or other similar network activity, including browsing history, search history, information on a consumer’s interaction with a website, application, or advertisement;
  • Professional or employment related information, including current or past job history or performance evaluations;
  • Inferences drawn from other personal information, such as a profile reflecting a person’s preferences, characteristics, psychological trends, predispositions, behavior, attitudes, intelligence, abilities, and aptitudes;
  • Risk data, including data about your driving and/or accident history; this may include data from consumer reporting agencies, such as your motor vehicle records and loss history information, health data, or criminal convictions; and
  • Claims data, including data about your previous and current claims, which may include data regarding your health, criminal convictions, third party reports, or other personal data.

For information about the types of personal data we have collected about California consumers in the past twelve (12) months, please go to libertymutual.com/privacy and click on the link for the California Supplemental Privacy Policy.

How We Get the Personal Data:

We gather your personal data directly from you. We also gather your personal data from other people. For
For example, you provide us with data when you: example:
 
  1
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§ ask about, buy insurance or file a claim

§ pay your policy

§ your insurance agent or broker

§ your employer, association or business (if you are insured through them)

 

§ visit our websites, call us, or visit our office

§ our affiliates or other insurance companies about your transactions with them

§ consumer reporting agencies, Motor Vehicle Departments, and inspection services, to gather your credit history, driving record, claims history, or value and condition of your property

§ other public directories and sources

§ third parties, including other insurers, brokers and insurance support organizations who you have communicated with about your policy or claim, anti-fraud databases, sanctions lists, court judgments and other databases, government agencies, open electoral register or in the event of a claim, third parties including other parties to the claim witnesses, experts loss adjustors and claim handlers

§ other third parties who take out a policy with us and are required to provide your data such as when you are named as a beneficiary or where a family member has taken out a policy which requires your personal data

 

For information about how we have collected personal data in the past twelve (12) months, please go to libertymutual.com/privacy and click on the link for the California Supplemental Privacy Policy.

How Does Liberty Mutual Use My Data?

Liberty Mutual uses your data to provide you with our products and services, and as otherwise provided in this Privacy Notice. Your data may be used to:

Business Purpose Data Categories
Market, sell and provide insurance. This includes · Identifiers
for example: · Personal Information
    · Protected Classification Characteristics
· calculating your premium; · Commercial Information
· determining your eligibility for a quote; · Internet or other similar network activity
· confirming your identity and service your · Professional or employment related information
  policy;    
    · Inferences drawn from other personal information
    · Risk data
    · Claims data
Manage your claim. This includes, for example: · Identifiers
    · Personal Information
· managing your claim, if any; · Protected Classification Characteristics
· conducting claims investigations; · Commercial Information
· conducting medical examinations; · Internet or other similar network activity
· conducting inspections, appraisals; · Professional or employment related information
· providing roadside assistance; · Inferences drawn from other personal information

 

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· providing rental car replacement, or repairs; · Risk data
    · Claims data
Day to Day Business and Insurance Operations. · Identifiers
This includes, for example: · Personal Information
· creating, maintaining, customizing and securing · Protected Classification Characteristics
  accounts; · Commercial Information
· supporting day-to-day business and insurance · Internet or other similar network activity
  related functions; · Professional or employment related information
· doing internal research for technology · Inferences drawn from other personal information
  development;    
· marketing and creating products and services; · Risk data
· conducting audits related to a current contact · Claims data
  with a consumer and other transactions;    
· as described at or before the point of gathering    
  personal data or with your authorization;    
Security and Fraud Detection. This includes for · Identifiers
example: · Personal Information
    · Protected Classification Characteristics
· detecting security issues; · Commercial Information
· protecting against fraud or illegal activity, and · Internet or other similar network activity
  to comply with regulatory and law enforcement    
  authorities; · Professional or employment related information
· managing risk and securing our systems, assets, · Inferences drawn from other personal information
  infrastructure and premises; roadside · Risk data
  assistance, rental car replacement, or repairs · Claims data
· help to ensure the safety and security of Liberty    
  staff, assets and resources, which may include    
  physical and virtual access controls and access    
  rights management;    
· supervisory controls and other monitoring and    
  reviews, as permitted by law; and emergency    
  and business continuity management;    
Regulatory and Legal Requirements. This includes · Identifiers
for example: · Personal Information
· controls and access rights management; · Protected Classification Characteristics
· to evaluate or conduct a merger, divestiture, · Commercial Information
  restructuring, reorganization, dissolution, or · Internet or other similar network activity
  other sale or transfer of some or all of Liberty’s · Professional or employment related information
  assets, whether as a going concern or as part of · Inferences drawn from other personal information
  bankruptcy, liquidation, or similar proceeding, · Risk data
  in which personal data held by Liberty is · Claims data
  among the assets transferred;    
· exercising and defending our legal rights and    
  positions;    
· to meet Liberty contract obligations;    
· to respond to law enforcement requests and as    
  required by applicable law, court order, or    
  governmental regulations;    
· as otherwise permitted by law.    

 

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Improve Your Customer Experience and Our · Identifiers
Products. This includes for example: · Personal Information
    · Commercial Information
· improve your customer experience, our · Internet or other similar network activity
  products and service;    
    · Professional or employment related information
· to provide, support, personalize and develop    
  our website, products and services; · Inferences drawn from other personal information
· create and offer new products and services; · Risk data
    · Claims data
Analytics to identify, understand and manage our · Identifiers
risks and products. This includes for example: · Personal Information
    · Protected Classification Characteristics
· conducting analytics to better identify, · Commercial Information
  understand and manage risk and our products;    
    · Internet or other similar network activity
    · Professional or employment related information
    · Inferences drawn from other personal information
    · Risk data
    · Claims data
Customer service and technical support. This · Identifiers
includes for example: · Personal Information
    · Commercial Information
· answer questions and provide notifications; · Internet or other similar network activity
· provide customer and technical support; · Professional or employment related information
    · Inferences drawn from other personal information
    · Risk data
    · Claims data

 

How Does Liberty Mutual Share My Data?

Liberty Mutual does not sell your personal data as defined by the California Consumer Privacy Act.

Liberty Mutual shares personal data of California consumers with the following categories of third parties:

  • Liberty Mutual affiliates;
  • Service Providers;
  • Public entities and institutions (e.g. regulatory, quasi-regulatory, tax or other authorities, law enforcement agencies, courts, arbitrational bodies, and fraud prevention agencies);
  • Professional advisors including law firms, accountants, auditors, and tax advisors;
  • Insurers, re-insurers, policy holders, and claimants; and
  • As permitted by law.

Liberty Mutual shares the following categories of personal data regarding California consumers to service providers for business purposes:

Identifiers

Protected Classification Characteristics; Internet or other similar network activity;

Inferences drawn from other personal information; Professional, employment, and education information;

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Personal Data;

Commercial Information; Claims Data;

Risk Data;

 


 

For information about how we have shared personal information in the past twelve (12) months, please go to libertymutual.com/privacy and click on the link for the California Supplemental Privacy Policy.

What Privacy Rights Do I Have?

The California Consumer Privacy Act provides California residents with specific rights regarding personal information. These rights are subject to certain exceptions. Our response may be limited as permitted under law.

Access or Deletion

You may have the right to request that Liberty Mutual disclose certain information to you about our collection and use of your personal data in the twelve (12) months preceding such request, including a copy of the personal data we have collected. You also may have the right to request that Liberty Mutual delete personal data that Liberty Mutual collected from you, subject to certain exceptions.

Specifically, you have the right to request that we disclose the following to you, in each case for the twelve (12) month period preceding your request:

  • the categories of personal data we have collected about you;
  • the categories of sources from which the personal data was/is collected;
  • our business or commercial purpose for collecting personal data;
  • the categories of third parties with whom we share personal data;
  • the specific pieces of data we have collected about you;
  • the categories of personal data about you, if any, that we have disclosed for monetary or other valuable consideration, including the categories of third parties to which we have disclosed the data, by category or categories of personal data for each third party to which we disclosed the personal data; and
  • the categories of personal data about you that we disclosed for a business purpose.

You can make a request by either:

Calling: 800-344-0197

Online: Mail:

libertymutualgroup.com/privacy-policy/data-request Liberty Mutual Insurance Company 175 Berkeley St., 6th Floor Boston, MA 02116 Attn: Privacy Office

 

You may also make a verifiable consumer request on behalf of your minor child.

You or your authorized agent may only make a verifiable consumer request for access or data deletion twice within a twelve (12) month period. The verifiable consumer request must provide sufficient information that allows Liberty Mutual to reasonably verify that you are the person about whom Liberty Mutual collected personal data or an authorized representative of such person; and describe your request with sufficient detail that allows Liberty Mutual to properly understand, evaluate, and respond to it. For more information about how Liberty Mutual will verify your identity and how an authorized agent may make a request on your behalf, go to libertymutual.com/privacy and click on the California Supplemental Privacy Policy.

Response Timing

Liberty Mutual will respond to a verifiable consumer request within forty-five (45) days of its receipt. If more time is needed, Liberty Mutual will inform you of the reason and extension period in writing.

Any disclosures that will be provided will only cover the twelve (12) month period preceding our receipt of the verifiable

5

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consumer request. If Liberty Mutual is unable to fulfill your request, you will be provided with the reason that the request cannot be completed. For more information about how we will respond to requests, go to libertymutual.com/privacy and click on the California Supplemental Privacy Policy.

Rights to opt in and out of data selling

California consumers have the right to direct businesses not to sell your personal data (opt-out rights), and personal data of minors under 16 years of age will not be sold, as is their right, without theirs or their parents' opt-in consent. Liberty Mutual does not sell the personal data of consumers. For more information, go to libertymutual.com/privacy and click on the California Supplemental Privacy Policy.

No account needed

You do not need to create an account with Liberty Mutual to exercise your rights. Liberty Mutual will only use personal data provided in a request to review and comply with the request.

No discrimination

You have the right not to be discriminated against for exercising any of your CCPA rights. Unless permitted by the CCPA, exercising your rights will not cause Liberty Mutual to:

  • Deny you goods or services;
  • Charge you different prices or rates for goods or services, including through granting discounts or other benefits, or imposing penalties;
  • Provide you a different level or quality of goods or services; or
  • Suggest that you may receive a different price or rate for goods or services, or a different level or quality of goods or services.

Will Liberty Mutual Update This Privacy Notice?

We reserve the right to makes changes to this notice at any time and for any reason. The updated version of this policy will be effective once it is accessible. You are responsible for reviewing this policy to stay informed of any changes or updates.

Who Do I Contact Regarding Privacy?

If you have any questions or comments about this Notice or the Supplemental CCPA Notice, your rights, or are requesting the Notice in an alternative format, please do not hesitate to contact Liberty Mutual at:

Phone: Email:

Postal Address:

800-344-0197 privacy@libertymutual.com

Liberty Mutual Insurance Company 175 Berkeley St., 6th Floor Boston, MA 02116 Attn: Privacy Office

 

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7 World Trade Center
250 Greenwich Street
37th Floor
New York, NY 10007

October 16, 2019

Mary Coughlin
Willis
Willis of Massachusetts
800 Boylston Street, Suite 600
Boston, MA 02199

RE: Fidelity Fixed Income & Asset Allocation
  Policy Number: XJO1908786
  Liability Limit: $10,000,000 Part of $50,000,000 Excess of $100,000,000 Single Loss Limit of Liability
    $10,000,000 Part of $50,000,000 Excess of $100,000,000 Aggregate Limit of Liability

 

Dear Mary,

Nationwide is pleased to provide you with the enclosed Fidelity Fixed Income & Asset Allocation Policy, with effective dates 07/01/2019 to 07/01/2020, issued by National Casualty Company (the “Company”) to the above captioned insured.

As requested, the Policy has been issued despite the fact that Nationwide has not received all of the Underlying Excess policy(ies)/endorsements.

As you are aware, the binder for this Policy may contain a subjectivity(ies) regarding receipt, review and acceptance of complete copies of the binders for all of the Underlying Excess policies, as well as complete copies of all of the policies themselves. Please forward complete copies of all of the policies to my attention as soon as possible.

The Company fully reserves its rights to amend the Policy in the event that any inconsistencies exist between the binders related to the policies and the policies when issued. In addition, by issuing the Policy, the Company does not waive any rights or defenses it may have in connection with the Policy, nor is it stopped from asserting all or any defenses that may be available to it with regard to the Policy.

If you have any questions or concerns, please do not hesitate to contact me.


Enclosures


 



 

     Underwritten by: National Casualty Company Home Office: One Nationwide Plaza · Columbus, Ohio 43215 Administrative Office: 8877 North Gainey Center Drive · Scottsdale, Arizona 85258 1-800-423-7675 · A Stock Company

EXCESS INSURANCE POLICY
Crime and Fidelity

DEPENDING UPON THE TERMS OF THE FOLLOWED POLICY, THIS POLICY MAY APPLY ONLY TO LOSSES FIRST DISCOVERED DURING THE POLICY PERIOD OR EXTENDED REPORTING PERIOD, IF APPLICABLE, AND THE LIMIT OF LIABILITY MAY BE REDUCED BY PAYMENT OF DEFENSE COSTS. PLEASE READ AND REVIEW THE POLICY CAREFULLY.

        DECLARATIONS      
Item 1. Named Fidelity Fixed Income & Asset   Policy No.: XJO1908786
  Insured & Allocation     Agent No.: 20408
  Mailing c/o FMR LLC   Renewal No.: XMF1800062
  Address: 200 Seaport Blvd. Mailzone ZW9C      
      Boston, MA 02210      
Item 2. Limit of Liability (maximum amount payable by the Insurer under this Policy)*  
  A. Single Loss Limit (Commercial Crime or Financial Institution Bond): $ 10,000,000
  B. Aggregate Limit (Financial Institution Bond only): $ 10,000,000
*Aggregate Limit is applicable to FI Bond only   Part of $ 50,000,000

 

Item 3. Policy Period:

07/01/2019 to 07/01/2020 12:01 A.M. local time at Named Insured’s Mailing Address

Item 4. Schedule of Underlying Policies:

“Followed Policy” means the policy or coverage section identified below in the Schedule of Underlying Policies, as constituted at its inception (unless the Insurer consents to any change thereto by written endorsement to this Policy).


x   National Union Fire 01-346-65-10 $ 15,000,000 07/01/2019 -
    Insurance Company of   $ 15,000,000 07/01/2020
    Pittsburgh, PA        
    DEDUCTIBLE:        
  $ 400,000        
      SEE FORM UT-358 12-07 FOR COMPLETE
      SCHEDULE OF UNDERLYING POLICIES  
“Underlying Limits” means the following amount: $ 100,000,000      
Single Loss Limit (Financial Institution Bond or Commercial Crime): $ 100,000,000
Aggregate Limit (Financial Institution Bond only):   $ 100,000,000

 

“Underlying Policies” means all policies or coverage sections of policies identified in the above Schedule of Underlying Policies, as constituted at their inception (unless the Insurer consents to any change thereto by written endorsement to this Policy). “Underlying Insurer” means any insurer identified in the above Schedule of Underlying Policies as issuing an Underlying Policy.

Item 5. Premium: $ 29,686 Terrorism Premium: $ Included Total Premium: $ 29,686
Item 6. Notice of Claims to:   Other Notices to:
  Nationwide Management Liability & Specialty Nationwide Management Liability & Specialty
  Attn: Claims Manager   Attn: Claims Manager
  7 World Trade Center, 37th Floor 7 World Trade Center, 37th Floor
  250 Greenwich Street   250 Greenwich Street
  New York, NY 10007-0033 New York, NY 10007-0033
 
  mlsreportaclaim@nationwide.com mlsreportaclaim@nationwide.com

 

XJ-D-1 (08-17)



 

These Declarations, together with the application (as defined in the Followed Policy) and any information submitted therewith, the Policy, and any written endorsement(s) attached thereto, shall constitute the contract between the

Insureds and the Insurer.

XJ-D-1 (08-17)


 

     Underwritten by: National Casualty Company Home Office: One Nationwide Plaza • Columbus, Ohio 43215 Administrative Office: 8877 North Gainey Center Drive • Scottsdale, Arizona 85258 1-800-423-7675 • A Stock Company

EXCESS INSURANCE POLICY
Crime and Fidelity

UNLESS OTHERWISE PROVIDED IN THE FOLLOWED POLICY, THIS POLICY APPLIES ONLY TO LOSSES FIRST DISCOVERED BY THE INSURED DURING THE POLICY PERIOD OR EXTENDED REPORTING PERIOD.

In consideration of the payment of the premium and in reliance upon the application (as defined in the Followed Policy) and any information submitted therewith, and subject to the Declarations and terms and conditions of this Policy, the persons and entities entitled to coverage under the Followed Policy (the “Insureds”) and the Insurer agree as follows:

I.      INSURING AGREEMENT
  The      Insurer shall provide insurance coverage excess of the Underlying Limits in accordance with the
  same      terms, definitions, conditions, exclusions and limitations as are contained in the Followed Policy,
  except      with respect to the premium, the limit of liability and as otherwise provided herein.
II.      DEFINITIONS
  “Financial      Insolvency” means the status of any Underlying Insurer being subject to the appoint-
  ment,      by any state, federal or foreign official, agency or court, of any receiver, conservator, liquidator,
  trustee,      rehabilitator or similar official to take control of, supervise, manage or liquidate such Underly-
  ing      Insurer.
III.      REDUCTION OR EXHAUSTION OF UNDERLYING LIMITS
  A.      The Insurer shall not provide any coverage under this Policy until the full amount of the Underlying
   Limits      has been exhausted through payments by, on behalf of or in the place of the Underlying
   Insurers      of amounts covered under the terms of the Underlying Policies by any or all of the
   following:     
   (1)      the Underlying Insurers under the Underlying Policies;
   (2)      the Insured; or
   (3)      any other source.
  B.      In the event that Underlying Limits are partially reduced by reason of actual payments as
   described      in Section III.A. above, then subject to the Limit of Liability this Policy shall continue to
   apply      as excess over the reduced Underlying Limits.
  C.      1. In the event that a Single Loss Limit of Liability is selected in Item 2.A. of the Declarations, and

the Underlying Polices have paid the full amount of their Single Loss Underlying Limits for each and every Underlying Policy as applicable, as described in Section III.A. above (and the full amount of any applicable deductible or uninsured retention has been paid under the Followed Policy by the Insured or others), then subject to the Single Loss Limit of Liability set forth on the Declarations of this Policy, this Policy shall continue to apply as primary insurance in accordance with the terms, definitions, conditions, exclusions and limitations of the Followed Policy and the terms, definitions, conditions, exclusions and limitations of this Policy; provided always that this Policy shall only pay excess of such deductible or retention, which shall be applied in the same manner as specified in the Followed Policy.

XJ-P-1 (8-17)

Page 1 of 2



 

  2. In the event that an Annual Aggregate Limit of Liability is selected in Item 2.B. of the
   Declarations, and the Underlying Limits are wholly exhausted by reason of actual payments as described in Section III.A. above (and the full amount of any applicable deductible or uninsured retention has been paid under the Followed Policy by the Insured or others), then subject to the Limit of Liability this Policy shall continue to apply as primary insurance in accordance with the terms, definitions, conditions, exclusions and limitations of the Followed Policy and the terms, definitions, conditions, exclusions and limitations of this Policy; provided always that this Policy shall only pay excess of such deductible or retention, which shall be applied in the same manner as specified in the Followed Policy.
  D.      This Policy shall only pay in the event of the reduction or exhaustion of the Underlying Limits by
   reason      of actual payments as described in Section III.A. above and shall not drop down for any
   other      reason, including but not limited to the existence of any sub-limit in any Underlying Policy;
   provided,      however, this Policy will recognize erosion of any of the Underlying Policies due to the
   existence      of a sub-limit.
  E.      The Insureds expressly retain the risk of any gap in coverage or uncollectibility and the Insurer
   does      not in any way insure or assume such risk.
IV.      CONDITIONS OF COVERAGE
  A.      As a condition precedent to this Policy’s coverage, in the event of the Financial Insolvency of any
   of      the Underlying Policies or the reduction or exhaustion of any of the Underlying Policies, the
   Insureds      shall notify the Insurer in writing as soon as practicable thereafter, with full particulars.
  B.      If during the Policy Period or any discovery or extended reporting period, any terms, definitions,
   conditions,      exclusions and limitations of the Followed Policy are changed, this Policy shall not be
   subject      to such change unless the Insurer consents by written endorsement to this Policy.

XJ-P-1 (8-17)

Page 2 of 2



 

SCHEDULE OF FORMS AND ENDORSEMENTS
 
Policy No. XJO1908786 Effective Date 07/01/2019
    12:01 A.M. Standard Time
  Fidelity Fixed Income & Asset
Named Insured Allocation Agent No. 20408
 
 
UT-COVPG 01-17 COVER PAGE
XJ-D-1 08-17 EXCESS INSURANCE POLICY CRIME AND FIDELITY DECLARATIONS
XJ-P-1 08-17 EXCESS INSURANCE POLICY CRIME AND FIDELITY
UT-SP-2 12-95 SCHEDULE OF FORMS AND ENDORSEMENTS
UT-358 12-07 SCHEDULE OF UNDERLYING POLICIES
XM-207 08-17 AMEND REDUCTION OR EXHAUSTION OF UNDERLYING LIMITS-LOSS
XM-202 08-17 AMEND CONDITIONS OF COVERAGE
XM-232 08-17 QUOTA SHARE ENDORSEMENT
UT-3g 03-92 EXCESS POLICY - AMEND CONDITIONS OF COVERAGE - PER
    EXPIRING
UT-3g 03-92 EXCESS POLICY - TIE IN OF LIMITS - AS EXPIRING

 

UT-SP-2 (12-95)


 

  SCHEDULE OF UNDERLYING POLICIES    
 
Policy No. XJO1908786       Effective Date 07/01/2019
            12:01 A.M. Standard Time
 
Fidelity Fixed Income & Asset          
Named Insured Allocation     Agent No. 20408    
 
 
Issuing Insurer Policy Number     Limits of Liability   Attachment
 
Primary:            
National Union Fire 01-346-65-10   $ 15,000,000   See Followed Policy
Insurance Company of           Deductible
Pittsburgh, PA            
 
1st Excess:            
Federal Insurance 82484869   $ 10,000,000 $ 15,000,000
Company            
 
2nd Excess:            
Everest Reinsurance FL5FD00012-191   $ 10,000,000 $ 25,000,000
Company            
 
3rd Excess:            
ICI Mutual Insurance 87153319 B $ 15,000,000 $ 35,000,000
Company, RRG            
 
4th Excess:            
Allied World C014840/009   $ 15,000,000 $ 50,000,000
Assurance Company, AG            
 
5th Excess:            
Travelers Casualty 106547262   $ 10,000,000 $ 65,000,000
and Surety Company of            
America            
 
6th Excess:            
Continental Casualty 287042220   $ 10,000,000 $ 75,000,000
Company            
 
7th Excess:            
AXIS Insurance MNN727586/01/2019   $ 5,000,000 $ 85,000,000
Company       PART OF $15,000,000    
 
Starr Indemnity & 1000059071191   $ 10,000,000 $ 85,000,000
Liability Company       PART OF $15,000,000    

 

UT-358 (12-07)


 

Underwritten by National Casualty Company EENDORSEMENT
    NO. 1
 
ATTACHED TO AND ENDORSEMENTT EFFECTIVEE DATEE    
FORMING A PART OF   NAMED INSURED AGENT NO..
POLICYPOLICY NUMBERNUMBER (12:01 A.M. STANDARD TIME)    
 
 
XJO1908786 07/01/2019 Fidelity Fixed Income & Asset Allocation 20408
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

 

AMEND REDUCTION OR EXHAUSTION OF UNDERLYING LIMITS—LOSS

In consideration of the premium charged, it is hereby understood and agreed that Section III. REDUCTION OR EXHAUSTION OF UNDERLYING INSURANCE, subsection A. is deleted in its entirety and replaced with the following:

A.      The Insurer shall not provide any coverage under this Policy until the full amount of the Underlying
  Limits      has been exhausted through payments by, on behalf of or in the place of the Underlying In-
  surers      of Loss under the terms of the Underlying Policies by any or all of the following:
  (1)      The Underlying Insurers under the Underlying Policies;
  (2)      The Insured, including payments made on behalf of the Insured;
  (3)      A DIC Insurer, in the event the difference-in-conditions policy written by such DIC Insurer drops down to pay any amount due under the Underlying Policies; or
  (4)      Any third-party.

All other terms and conditions of this Policy remain unchanged.

AUTHORIZED REPRESENTATIVE

DATE

XM-207 (8-17)

Page 1 of 1



 

Underwritten by National Casualty Company EENDORSEMENT
    NO. 2
 
ATTACHED TO AND ENDORSEMENTT EFFECTIVEE DATEE    
FORMING A PART OF   NAMED INSURED AGENT NO..
POLICYPOLICY NUMBERNUMBER (12:01 A.M. STANDARD TIME)    
 
 
XJO1908786 07/01/2019 Fidelity Fixed Income & Asset Allocation 20408
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
 
AMEND CONDITIONS OF COVERAGE

 

In consideration of the premium charged, it is hereby understood and agreed that Section IV.A. CONDITIONS OF COVERAGE is deleted in its entirety and replaced by the following:

A.      In the event of the Financial Insolvency of any of the Underlying Policies or the reduction or exhaus- tion of any of the Underlying Policies, the Insureds shall notify the Insurer in writing as soon as practicable thereafter, with full particulars.

All other terms and conditions of this Policy remain unchanged.

AUTHORIZED REPRESENTATIVE

DATE

XM-202 (8-17)

Page 1 of 1



 

3

XJO1908786

07/01/2019

Fidelity Fixed Income & Asset Allocation 20408

1.      _This Policy is part of a quota share participation arrangement between the Participating Insurers and the Insured (the “Program”) which provides a $50,000,000 Limit of Liability excess of the
  Underlying Limits as follows:
  Participating   Participating Participating
Participating Insurer Insurer’s Policy   Insurer’s Insurer’s
  Number   Limit of Liability Percentage
Freedom Specialty XJO1908786   10,000,000 20.00
Insurance Company        
Ironshore 003199002   5,000,000 10.00
Indemnity Inc.        
XL Specialty ELU162154-19   5,000,000 10.00
Insurance Company        
American 33089946   6,000,000 12.00
International        
Reinsurance        
Company, Ltd.        
Lloyd's of London B080113012 P19 6,000,000 12.00
U.S. Specialty 24-MGU-19-A47037   8,000,000 16.00
Insurance Company        
Twin City Fire 08 FI 0252157 -   10,000,000 20.00
Insurance Company 19      

 

2.      Each Participating Insurer shall be liable only for its own percentage of each covered Loss, subject
  to      its own Limit of Liability.
3.      Each Participating Insurer shall:
  A.      receive notice of any Claim submitted for coverage under the Program;
  B.      make its own determination of whether loss is covered under the Program; and
  C.      elect whether to participate in the investigation, settlement or defense of any Claim.
4.      The liability of each Participating Insurer shall be several and not joint. The failure, refusal or inability
  of      any Participating Insurer to pay covered Loss, including, without limitation, an inability based upon
  insolvency,      shall not increase or otherwise affect the liability of any other Participating Insurer. The
  Insured      expressly retains the risk of any gap in coverage or uncollectibility and the Insurer does not
  in      any way insure or assume such risk.

Page 1 of 2


 

5.      Item 2. of the Declarations is deleted in its entirety and replaced by the following: Item 2. See Excess Policy--Quota Share Endorsement

All other terms and conditions of this Policy remain unchanged.



 

    ENDORSEMENT 4
    NO.  
ATTACHED TO AND      
  ENDORSEMENT EFFECTIVE DATE    
FORMING A PART OF   NAMED INSURED AGENT NO.
POLICY NUMBER (12:01 A.M. STANDARD TIME)    
 
XJO1908786 07/01/2019 Fidelity Fixed Income & Asset Allocation 20408

 

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

AMEND CONDITIONS OF COVERAGE

This endorsement modifies insurance provided under the following:

EXCESS INSURANCE POLICY

In consideration of the premium paid, it is hereby understood and agreed that Section IV. CONDITIONS

OF COVERAGE, of this Policy is amended by adding the following:

C.      In the event a coverage dispute arises between the Insured and the Insurer of this Policy in relation to matters that are also the subject of a dispute with an Underlying Insurer, then at the Insured’s election, those disputes shall be heard together in the same court or arbitration proceedings

All other terms and conditions of this Policy remain unchanged.


AUTHORIZED REPRESENTATIVE

DATE

Page 1 of 1


 

    ENDORSEMENT 5
    NO.  
ATTACHED TO AND      
  ENDORSEMENT EFFECTIVE DATE    
FORMING A PART OF   NAMED INSURED AGENT NO.
POLICY NUMBER (12:01 A.M. STANDARD TIME)    
 
XJO1908786 07/01/2019 Fidelity Fixed Income & Asset Allocation 20408

 

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

TIE-IN OF LIMITS ENDORSEMENT

This endorsement modifies insurance provided under the following:

EXCESS INSURANCE POLICY

In consideration of the premium paid, it is hereby understood and agreed that there shall be a combined limit of liability of $10,000,000 for all Claims under this policy and all Claims under policy number XMF1900061 issued by the Company to all fidelity funds bonds, including any policy that renews or replaces or succeeds in time either policy, which combined limit of liability shall be the maximum amount payable by the Company under all such policies.

All other terms and conditions of this Policy remain unchanged.


AUTHORIZED REPRESENTATIVE

DATE

Page 1 of 1


 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 



 

U.S. SPECIALTY INSURANCE COMPANY

THIS IS A CLAIMS MADE EXCESS POLICY WHICH APPLIES ONLY TO CLAIMS FIRST MADE AGAINST THE INSUREDS DURING THE POLICY PERIOD. THE LIMITS OF LIABILITY AVAILABLE TO PAY DAMAGES OR SETTLEMENTS WILL BE REDUCED, AND MAY BE EXHAUSTED, BY THE PAYMENT OF DEFENSE EXPENSES.

DECLARATIONS
EXCESS INDEMNITY POLICY
POLICY NUMBER: 24-MGU-19-A47037 RENEWAL OF: 24-MGU-18-A44160
ITEM 1. INSURED: Fidelity Fixed Income and Asset Allocation Funds
    c/o FMR LLC 200 Seaport Blvd, Mail Zone ZW9C
    Boston, MA 02210  
ITEM 2. POLICY PERIOD:  

 

(a)      Inception Date: 7/1/2019
(b)      Expiration Date: 7/1/2020

at 12:01 a.m. at the Principal Address stated in ITEM 1.

ITEM 3. LIMIT OF LIABILITY (INCLUSIVE OF DEFENSE EXPENSES): $8,000,000 Limit of Liability part of $50,000,000 excess of $100,000,000 Underlying Limits

ITEM 4. SCHEDULE OF UNDERLYING INSURANCE:  
  See Attached Schedule of Underlying Insurance.  
 
ITEM 5. PREMIUM: $23,753.00      
 
ITEM 6. NOTICES REQUIRED TO BE GIVEN TO INSURER MUST BE ADDRESSED TO:
 
  Street Address:   Facsimile Number: E-mail Address:
  Tokio Marine HCC – D&O Group (860) 676-1737 usclaims@tmhcc.com
  8 Forest Park Drive      
  Farmington, CT 06032      
  Attn: Claims Manager      
 
ITEM 7. ENDORSEMENTS ATTACHED AT ISSUANCE  
3116E-MA 994-911 994-917 994-980 994-9022 994-9036 994-9094 80016

 

IN WITNESS WHEREOF, the Insurer has caused this Policy to be signed on the Declarations Page by its President, a Secretary and a duly authorized representative of the Insurer.

Date: January 23, 2020

USSIC 993 (04/2002)


 

U.S. SPECIALTY INSURANCE COMPANY

ENDORSEMENT NUMBER: 1

MASSACHUSETTS AMENDATORY ENDORSEMENT

     This Endorsement, effective at 12:01 a.m. on 7/1/2019, forms part of Policy No. 24-MGU-19-A47037, issued to Fidelity Fixed Income and Asset Allocation Funds by U.S. Specialty Insurance Company:

In consideration of the premium charged, it is agreed that:

(1)      The paragraph at the end of the Policy (beginning “In witness whereof”) is amended to read in its entirety as follows:

In witness whereof the Insurer has caused this Policy to be executed by its authorized officers.

(2)      The sentence at the end of the Declarations Page (beginning “IN WITNESS WHEREOF”) is amended to read in its entirety as follows:

IN WITNESS WHEREOF, the Insurer has caused this Policy to be signed on the Declarations Page by its President and a Secretary.

Accordingly, the countersignature line for an Authorized Representative is deleted in its entirety from the Declarations Page.

All other terms, conditions and limitations of this Policy shall remain unchanged.

______________________________________
Authorized Representative

USSIC 3116E-MA Ed. 10/05

Page 1 of 1

 


 

ENDORSEMENT NUMBER: 2

TIE-IN OF LIMITS ENDORSEMENT (AGGREGATE)

To be attached to and made a part of Policy No. 24-MGU-19-A47037, issued to

Fidelity Fixed Income and Asset Allocation Funds by U.S. Specialty Insurance Company.

In consideration of the premium charged, it is agreed that:

(1)      For purposes of this endorsement, the term “Other Policy” means Policy Number 24-MGU-19- A47038 issued by the Insurer (or an affiliate of the Insurer).
(2)      Notwithstanding anything to the contrary in this Policy or the Other Policy, the Insurer’s combined maximum aggregate limit of liability under this Policy and the Other Policy shall be $8,000,000 part of $50,000,000. Accordingly, the Insurer’s limit of liability under this Policy shall be reduced, and may be exhausted, by actual payments made by the Insurer under the Other Policy, and the Insurer’s limit of liability under the Other Policy shall be reduced, and may be exhausted, by actual payments made by the Insurer under this Policy.
(3)      Nothing in this endorsement is intended, nor shall it be construed, to increase the limit of liability under this Policy (which shall remain the amount set forth in ITEM 3 of the Declarations) or the limit of liability under the Other Policy.

All other terms, conditions and limitations of this Policy will remain unchanged.

Complete the following only when this endorsement is not prepared with the Policy or is not to be effective with the Policy.

Effective date of this endorsement:

By:________________________________
Attorney-in-Fact

994-911 Page 1 of 1
Ed. 06/05  

 


 

ENDORSEMENT NUMBER: 3

SCHEDULE OF UNDERLYING INSURANCE

To be attached to and made a part of Policy No. 24-MGU-19-A47037, issued to

Fidelity Fixed Income and Asset Allocation Funds by U.S. Specialty Insurance Company.

In consideration of the premium charged it is hereby agreed and understood that the Schedule of Underlying Insurance on the Declarations page is amended to read as follows:

  Insurer Policy Number     Limits
Primary National Union Fire Insurance Company 01-346-65-10   $ 15,000,000
  of Pittsburgh, Pa.        
1st Excess Federal Insurance Company 82484869   $ 10,000,000
2nd Excess Everest Reinsurance Company FL5FD00012-191   $ 10,000,000
3rd Excess ICI Mutual Insurance Company 87153319 B $ 15,000,000
4th Excess Allied World Assurance Company, AG C014840/009   $ 15,000,000
5th Excess Travelers Casualty and Surety Company 106547262   $ 10,000,000
  of America        
6th Excess Continental Insurance Company 287042220   $ 10,000,000
7th Excess AXIS Insurance Company MNN727586/01/2019   $ 5,000,000
7th Excess Starr Indemnity & Liability Company 1000059071191   $ 10,000,000

 

Schedule of Quota Share Participants        
Aggregate Limit for all quota share participants: $50,000,000.00    
 
  Insurer   Policy Limits Policy Number  
Participant American International Reinsurance Company $ 6,000,000 33089946  
Participant XL Specialty Insurance Company $ 5,000,000 ELU162154-19  
Participant National Casualty Company $ 10,000,000 XJO1908786  
Participant Lloyd's of London $ 6,000,000 B080113012 P19
Participant Twin City Fire Insurance Company $ 10,000,000 FI 0252157 - 19  
Participant Ironshore Indemnity Inc. $ 5,000,000 003199002  

 

All other terms, conditions and limitations of this Policy will remain unchanged, including but not limited to the maximum aggregate Limit of Liability set forth in ITEM 3. of the Declarations.

Complete the following only when this endorsement is not prepared with the Policy or is not to be effective with the Policy.

Effective date of this endorsement:

By:  
  Attorney-in-Fact

 

994-917 Page 1 of 1
Ed. 04/00  

 


 

ENDORSEMENT NUMBER: 4

AMEND SETTLEMENT PROVISION

To be attached to and made a part of Policy No. 24-MGU-19-A47037, issued to

Fidelity Fixed Income and Asset Allocation Funds by U.S. Specialty Insurance Company.

In consideration of the premium charged, it is agreed that Section V. is amended to read in its entirety as follows:

V.      SETTLEMENT
  The Insureds shall not admit liability for or settle any claim for any amount that would involve the coverage afforded by this Policy without the Insurer’s prior written consent, which will not be unreasonably withheld.

All other terms, conditions and limitations of this Policy will remain unchanged.

Complete the following only when this endorsement is not prepared with the Policy or is not to be effective with the Policy.

Effective date of this endorsement:

By:  
  Attorney-in-Fact

 

994-980 Page 1 of 1
Ed. 03/05  

 


 

ENDORSEMENT NUMBER: 5

AMEND INSURING AGREEMENT

To be attached to and made a part of Policy No. 24-MGU-19-A47037, issued to

Fidelity Fixed Income and Asset Allocation Funds by U.S. Specialty Insurance Company.

In consideration of the premium charged, it is agreed that Section I of this Policy is deleted and replaced with the following:

I.      INSURING AGREEMENT
  The Insurer shall provide the Insureds with insurance excess of the Underlying Insurance scheduled in ITEM 4 of the Declarations. Except as specifically set forth in the terms, conditions or endorsements of this Policy, coverage hereunder shall apply in conformance with the terms, conditions, limitations and endorsements of the Primary Policy, subject to any more restrictive provisions of the other Underlying Insurance, except that coverage hereunder shall attach only after all Underlying Insurance has been exhausted by actual payment of claims or losses thereunder.

All other terms, conditions and limitations of this Policy will remain unchanged.

Complete the following only when this endorsement is not prepared with the Policy or is not to be effective with the Policy.

Effective date of this endorsement:

By:________________________________
Attorney-in-Fact

994-9022 Page 1 of 1
Ed. 03/08  

 


 

ENDORSEMENT NUMBER: 6

DELETE SECTION II.B (CANCELLATION OF UNDERLYING INSURANCE) AND AMEND SECTION IX (POLICY TERMINATION)

To be attached to and made a part of Policy No. 24-MGU-19-A47037, issued to

Fidelity Fixed Income and Asset Allocation Funds by U.S. Specialty Insurance Company.

In consideration of the premium charged, it is agreed that:

(1)      Section II.B of the Policy is deleted in its entirety. However, nothing in this endorsement is intended, nor shall it be construed, to relieve the Insured of its obligation under Section VIII.B to give the Insurer written notice as soon as practicable of any cancellation of Underlying Insurance. Moreover, in the event a policy of Underlying Insurance is cancelled, the Insurer shall not be liable under this Policy earlier or to any greater extent than it would have been had the policy of Underlying Insurance not been cancelled.
(2)      The second sentence of Section II.A (Maintenance of Underlying Insurance) is deleted and replaced with the following:

The Insurer shall not be liable under this Policy earlier or to any greater extent than it would have been if the Insureds had complied with this condition.

(3) The following paragraph is added to Section IX:

This Policy is non-cancelable by the Insurer except for non-payment of premium. The Insurer may cancel this Policy for non-payment of premium by sending not less than 10 days notice of such cancellation to the entity named in ITEM 1 of the Declarations at such entity’s last known address.

All other terms, conditions and limitations of this Policy will remain unchanged.

Complete the following only when this endorsement is not prepared with the Policy or is not to be effective with the Policy.

Effective date of this endorsement:

By:________________________________
Attorney-in-Fact

994-9036 Page 1 of 1
Ed. 01/09  

 


 

ENDORSEMENT NUMBER: 7

TREATMENT OF PAYMENTS AS

REDUCING OR EXHAUSTING UNDERLYING LIMIT

     To be attached to and made a part of Policy No. 24-MGU-19-A47037, issued to Fidelity Fixed Income and Asset Allocation Funds by U.S. Specialty Insurance Company.

In consideration of the premium charged, it is agreed that:

(1)      For purposes of this endorsement:
  (a)      A-Side Carrier means the issuer of any excess “Side A”/“Difference in Conditions”
   policy      written specifically excess of this Policy.
  (b)      Loss shall have the meaning ascribed to such term in the Primary Policy.
(2)      Notwithstanding anything in the Policy to the contrary:
  (a)      If an issuer of a policy of Underlying Insurance becomes financially insolvent or
   bankrupt      and, solely as a result of such financial insolvency or bankruptcy, fails to pay
   Loss      under such policy of Underlying Insurance, and if the Insureds, an A-Side
   Carrier      or any other entity actually makes payment for part or all of such Loss, then the
   Insurer      will treat such payment as if it had been made by such issuer for purposes of
   determining      reduction or exhaustion (as the case may be) of the limit of liability of such
   policy      of Underlying Insurance.
  (b)      If an issuer of a policy of Underlying Insurance fails to pay Loss under such policy of
   Underlying      Insurance for any reason other than such issuer’s financial insolvency or
   bankruptcy,      and if the Insureds, an A-Side Carrier or any other entity actually makes
   payment      for part or all of such Loss, then the Insurer will treat such payment as if it had
   been      made by such issuer for purposes of determining reduction or exhaustion (as the
   case      may be) of the limit of liability of such policy of Underlying Insurance, but only if
   the      Insureds:
   (i)      promptly notify the Insurer that the Insureds, an A-Side Carrier or any other entity intends to make such payment; and
   (ii)      advise the Insurer of the total amount of Loss that such issuer has paid or has agreed to pay (if any) under such policy of Underlying Insurance.
(3)      In no event shall any failure to pay on the part of an issuer of Underlying Insurance cause the
  Insurer      to be liable under this Policy earlier or to any greater extent than the Insurer would have
  been      if such issuer had paid its policy’s full limit of liability. Except as expressly provided in
  paragraph      (2) above, nothing in this endorsement shall be deemed to waive any term, condition or
  limitation      of this Policy or any policy of Underlying Insurance.
994-9094 Page 1 of 2
Ed. 11/13  

 


 

All other terms, conditions and limitations of this Policy will remain unchanged.

Complete the following only when this endorsement is not prepared with the Policy or is not to be effective with the Policy.

Effective Date of this endorsement:

By:________________________________
Attorney-in-Fact

994-9094 Page 2 of 2
Ed. 11/13  

 


 

ENDORSEMENT NUMBER: 8

POLICYHOLDER DISCLOSURE – TERRORISM PREMIUM NOTICE

To be attached to and made a part of Policy No. 24-MGU-19-A47037, issued to

Fidelity Fixed Income and Asset Allocation Funds by U.S. Specialty Insurance Company.

Your Policy contains coverage for certain losses caused by terrorism. We are required to notify you of the portion of the premium, if any, attributable to the coverage for terrorist acts certified under the Terrorism Risk Insurance Act, as amended in 2015 (hereinafter “TRIA”). TRIA also requires us to provide disclosure of federal participation in payment of terrorism losses resulting from an “act of terrorism” as defined by Section 102(1) of TRIA.

Section 102(1) of TRIA defines the term “act of terrorism” as any act that is certified by the Secretary of the Treasury of the United States – in concurrence with the Secretary of Homeland Security and the Attorney General of the United States – to be an act of terrorism; to be a violent act or an act that is dangerous to human life, property, or infrastructure; to have resulted in damage within the United States, or outside the United States in the case of an air carrier or vessel or the premises of a United States mission; and to have been committed by an individual or individuals acting on behalf of any foreign person or foreign interest, as part of an effort to coerce the civilian population of the United States or to influence the policy or affect the conduct of the United States Government by coercion.

Please be advised that the actual coverage provided by your Policy for acts of terrorism, as is true for all coverages, is limited by the terms, conditions, exclusions, limits and other provisions of your Policy, any endorsements to the Policy and generally applicable rules of law.

YOU SHOULD KNOW THAT, WHERE COVERAGE IS PROVIDED BY THIS POLICY FOR LOSSES RESULTING FROM CERTIFIED ACTS OF TERRORISM, SUCH LOSSES MAY BE PARTIALLY REIMBURSED BY THE UNITED STATES GOVERNMENT UNDER A FORMULA ESTABLISHED BY FEDERAL LAW. UNDER THIS FORMULA, THE UNITED STATES GOVERNMENT generally reimburses 85% through 2015; 84% beginning on January 1, 2016; 83% beginning on January 1, 2017; 82% beginning on January 1, 2018; 81% beginning on January 1, 2019 and 80% beginning on January 1, 2020 of covered terrorism losses exceeding the statutorily established deductible paid by the insurance company providing the coverage. The Terrorism Risk Insurance Act, as amended, contains a $100 billion cap that limits U.S. Government reimbursement as well as insurers’ liability for losses resulting from certified acts of terrorism when the amount of such losses exceeds $100 billion in any one calendar year. If the aggregate insured losses for all insurers exceed $100 billion, your coverage may be reduced.

The amount of your premium that is attributable to coverage for terrorist acts certified under TRIA is $0.

All other terms, conditions and limitations of this Policy will remain unchanged.

Complete the following only when this endorsement is not prepared with the Policy or is not to be effective with the Policy.

Effective date of this endorsement:

By:________________________________
Attorney-in-Fact

80016 Page 1 of 1
Ed. 01/15  

 


 

U.S. TREASURY DEPARTMENT'S OFFICE OFFOREIGN ASSETS CONTROL ("OFAC") ADVISORY NOTICE TO POLICYHOLDERS

No coverage is provided by this Policyholder Notice nor can it be construed to replace any provisions of your policy. You should read your policy and review your Declarations page for complete information on the coverages you are provided.

This Notice provides information concerning possible impact on your insurance coverage due to directives issued by OFAC. Please read this Notice carefully.

The Office of Foreign Assets Control (OFAC) administers and enforces sanctions policy, based on Presidential declarations of "national emergency". OFAC has identified and listed numerous:

  • Foreign agents;
  • Front organizations;
  • Terrorists;
  • Terrorist organizations; and
  • Narcotics traffickers;

as "Specially Designated Nationals and Blocked Persons". This list can be located on the United States Treasury's web site - http//www.treas.gov/ofac.

In accordance with OFAC regulations, if it is determined that you or any other insured, or any person or entity claiming the benefits of this insurance has violated U.S. sanctions law or is a Specially Designated National and Blocked Person, as identified by OFAC, this insurance will be considered a blocked or frozen contract and all provisions of this insurance are immediately subject to OFAC. When an insurance policy is considered to be such a blocked or frozen contract, no payments nor premium refunds may be made without authorization from OFAC. Other limitations on the premiums and payments also apply.

IL P 001 01 04 Reprinted, in part, with permission of Page 1 of 1
ISO Properties, Inc.

 


 

U.S. SPECIALTY INSURANCE COMPANY

Excess Indemnity Policy


D&O Group
8 Forest Park Drive, Farmington, Connecticut 06032
main 860 674 1900 facsimile 860 676 1737

 

USSIC 994 (04/2002)

page 1 of 4


 

U.S. SPECIALTY INSURANCE COMPANY

EXCESS INDEMNITY POLICY

This is a claims made policy. Please read it carefully.

In consideration of the payment of the premium, and in reliance upon all statements made and information furnished to the Insurer and to the issuers of the Underlying Insurance and subject to the Declarations and the limitations, conditions, provisions, any endorsements to and all other terms of this Policy, the Insurer and the Insureds agree as follows:

I.      INSURING AGREEMENT
  The      Insurer shall provide the Insureds with insurance excess of the Underlying Insurance
  scheduled      in ITEM 4 of the Declarations. Except as specifically set forth in the terms, conditions
  or      endorsements of this Policy, coverage hereunder shall apply in conformance with the terms,
  conditions,      limitations and endorsements of the policy immediately underlying this Policy, except
  that      coverage hereunder shall attach only after all Underlying Insurance has been exhausted by
  actual      payment of claims or losses thereunder.
II.      PRIMARY AND UNDERLYING INSURANCE
  A.      Maintenance of Underlying Insurance
   All of the Underlying Insurance scheduled in ITEM 4 of the Declarations shall be maintained during the Policy Period in full effect except for any reduction of the limits of liability available under the Underlying Insurance solely by reason of actual payment of claims or losses thereunder. Subject at all times to Section II.B of this Policy, the Insurer shall not be liable under this policy earlier or to any greater extent than it would have been if the Insureds had complied with this condition.
  B.      Cancellation of Underlying Insurance
   This Policy shall terminate immediately upon the cancellation of any one or more of the policies scheduled in ITEM 4 of the Declarations, whether cancelled by the Insureds or the applicable insurer. Notice of cancellation or non-renewal of any such policies duly given by any of the applicable insurers shall serve as notice of the cancellation or non- renewal of this Policy by the Insurer.
  C.      Amendment of Underlying Insurance
   No amendment to any Underlying Insurance during the Policy Period shall be effective in extending the coverage or limits of liability afforded by this Policy unless the Insurer so agrees in writing.
III.      DEFINITIONS
  A.      Insured means any person or organization insured under the policy immediately underlying this Policy.
  B.      Policy Period means the period from the inception date to the expiration date set forth in ITEM 2 of the Declarations, or to any earlier cancellation date.
  C.      Primary Policy means the policy scheduled as such in ITEM 4 of the Declarations.

USSIC 994 (04/2002)

page 2 of 4


 

U.      S. SPECIALTY INSURANCE COMPANY
  D.      Underlying Insurance means all policies scheduled in ITEM 4 of the Declarations and any policies replacing them.
IV.      LIMITS OF LIABILITY
  A.      The amount or amounts stated in ITEM 3 of the Declarations are the limits of the Insurer’s liability and shall be the maximum amount(s) payable by the Insurer under this Policy. The limits of liability available under this Policy to pay damages or settlements shall be reduced, and may be exhausted, by the payment of defense expenses.
  B.      In the event of the reduction of the limits of liability of the Underlying Insurance solely as the result of actual payment of claims or losses thereunder by the applicable insurers, this Policy shall, subject to the Insurer’s limits of liability and to the other terms, conditions and endorsements of this Policy, continue to apply to claims or losses as excess insurance over the amount of insurance remaining under such Underlying Insurance.
  C.      In the event of the exhaustion of all of the limits of liability of such Underlying Insurance solely as the result of actual payment of claims or losses thereunder, the remaining limits available under this Policy shall, subject to the Insurer’s limits of liability and to the other terms, conditions and endorsements of this Policy, continue for subsequent claims or losses as primary insurance. Under such circumstances, any retention or deductible specified in the Primary Policy shall also apply to this Policy.
V.      SETTLEMENT
  The      Insureds shall not admit liability for or settle any claim for any amount that would involve
  the      coverage afforded by this Policy without the Insurer’s prior written consent.
VI.      CLAIM PARTICIPATION
  The      Insurer may, at its sole discretion, elect to participate in the investigation, settlement and/or
  defense      of any claim against the Insureds even if the Underlying Insurance has not been
  exhausted.     
VII.      SUBROGATION AND RECOVERIES
  A.      In the event of any payment under this Policy, the Insurer shall be subrogated to all the Insureds’ rights of recovery against any person or organization, and the Insureds shall execute and deliver all instruments and papers and do whatever else is necessary to secure such rights.
  B.      Any amount recovered after payment under this Policy shall be apportioned in the inverse order of payment to the extent of actual payment. The expenses of all such recovery proceedings shall be apportioned in the same ratio as the recoveries.
VIII.      NOTICES
  A.      If the Insureds give any notice of any matter under the Underlying Insurance, the Insureds must also give the Insurer written notice of such matter in the same manner as required by the terms and conditions of the Primary Policy, except that such written notice must be sent to the Insurer at the address set forth in ITEM 6 of the Declarations.
  B.      The Insureds shall give the Insurer notice in writing as soon as practicable of:

USSIC 994 (04/2002)

page 3 of 4


 

U.      S. SPECIALTY INSURANCE COMPANY
  1.      the cancellation of any Underlying Insurance, or
  2.      any additional or return premiums charged or allowed in connection with any
   Underlying Insurance.
IX.      POLICY TERMINATION
A.      This Policy may be canceled by the Insureds at any time either by surrender of this Policy or by written notice stating when thereafter such cancellation is to be effective.
  The mailing of such notice as aforesaid shall be sufficient proof of notice and this policy shall terminate at the date and hour specified in such notice.
B.      The Insurer shall refund the unearned premium computed at the customary short rate if the Policy is canceled by the Insureds.
X.      CONFORMITY TO STATUTE
  Any terms of this Policy which are in conflict with the terms of any applicable laws construing this Policy are hereby amended to conform to such laws.
XI.      AUTHORIZATION AND NOTICES
  The person or entity named in ITEM 1 of the Declarations shall be the sole agent, and shall act on behalf, of the Insureds with respect to all matters under this Policy, including but not limited to giving and receiving notices and other communication, effecting or accepting any endorsements to or notice of cancellation of this Policy, paying premium and receiving any return premiums.
XII.      NO ALTERATIONS WITHOUT ENDORSEMENT
  No change in or modification of this Policy shall be effective unless made by endorsement signed by an authorized employee of the Insurer or any of its agents relating to this Policy.

In witness whereof the Insurer has caused this Policy to be executed by its authorized officers, but this Policy will not be valid unless countersigned on the Declarations Page by a duly authorized representative of the Insurer.


USSIC 994 (04/2002)

page 4 of 4


 

Willis Limited    
51 Lime Street London    
Telephone: +44 (0)2031246000 Fax: +44 (0)2031248223 Website: www.willistowerswatson.com

 


CONTRACT

OF

INSURANCE

Unique Market Reference (UMR): B080113012P19
 
Insured: Fidelity Fixed Income and Asset Allocation Funds
 
 

Principal Address:

FMR LLC

155 Seaport Blvd., ZW9C.

Boston,

Massachusetts 02210, United States of America

Mailing Address:

C/O FMR LLC 200 Seaport Blvd., ZW9C.

Boston,

Massachusetts 02210, United States of America

 

Type:

Insurance of:

Excess Financial Institutions Bond Insurance as further defined in the underlying primary contract issued by the National Union Fire Insurance Company of Pittsburgh and as more fully defined in the contract wording.

 

Period:

From: 1 July 2019 To: 1 July 2020

Both Days at 00:01/local standard time at the above address of the Insured

 

Willis Limited, Lloyd's brokers. A Willis Towers Watson Company. Willis Limited is authorised and regulated by the Financial Conduct Authority. Registered office 51 Lime Street, London EC3M 7DQ. Registered number 181116 England and Wales. Registered VAT number GB 334 1289 70


 

      1. RISK DETAILS  
 
 
UNIQUE MARKET        
REFERENCE: B080113012 P19
 
 
TYPE: Insurance of:  
  Excess Financial Institutions Bond Insurance as further defined in the  
  underlying primary contract issued by the National Union Fire  
  Insurance Company of Pittsburgh and as more fully defined in the  
  contract wording.  
 
 
INSURED: Fidelity Fixed Income and Asset Allocation Funds and as or more  
fully defined in the Contract Wording.
 
 
PRINCIPAL ADDRESS: FMR LLC  
  155 Seaport Blvd.,  
  ZW9 C.    
  Boston,      
  Massachusetts 02210,  
  United States of America  
 
  Mailing Address:  
 
  C/O FMR LLC  
  200 Seaport Blvd.,  
  ZW9 C.    
  Boston,      
  Massachusetts 02210,  
  United States of America  
 
 
PERIOD OF        
INSURANCE: From   01 July 2019  
  To   01 July 2020  
 
  Both Days at 00:01 local standard time at the above address of the  
  Insured.      
 
 
INTEREST: Excess Financial Institutions Bond Insurance as further defined in the  
  underlying primary contract issued by National Union Fire Insurance  
  Company of Pittsburgh, PA.  
 
 
LIMIT OF LIABILITY: USD 6,000,000 any one loss/claim and in the aggregate for the  
  period part of USD 50,000,000 any one loss/claim and in the  
  aggregate for the period in excess of underlying contracts for USD  
  100,000,000 any one loss/claim and in the aggregate for the period  
  the details of which are held on file in the offices of Willis Limited  
 
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RETENTION:

TERRITORIAL LIMITS:

CONDITIONS:

CHOICE OF LAW AND

JURISDICTION:

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Primary Contract Retentions detailed as per National Union Fire Insurance Company of Pittsburgh, PA.

Worldwide

All terms and conditions as set forth in the wording, such wording being:- Willis Excess Financial Lines Policy Wording as attached amended by and incorporating the following:

1.      NMA 2975 (amended) Special Cancellation Clause 30/5/03, as attached.
2.      LMA 5218 U.S. Terrorism Risk Insurance Act of 2002 As Amended New And Renewal Business Endorsement 12/1/2015 amended, as attached.
3.      NMA 2918 (amended) War and Terrorism Exclusion Endorsement 8/10/2001, as attached.
4.      Premium Payment Clause LSW 3001, as attached
5.      NMA 1256 Nuclear Incident Exclusion Clause - Liability - Direct (Broad) 17/3/60, as attached.
6.      NMA 1477 Radioactive Contamination Exclusion Clause - Liability - Direct (13/02/64), as attached.
7.      Service of Suit Claus NMA 1998, as attached.
8.      This contract contains a Tie-in of limits between this Fidelity Fixed Income and Asset Allocation Funds Bond Policy and Fidelity Fixed Income and Asset Allocation Professional Policy
9.      Sanctions Clause, as attached
10.      NMA Lines Clause NMA 2419
11.      IUA 09-054 Foreign Account Tax Compliance Act
  (“FATCA”), as attached.
12.      INSTITUTE RADIOACTIVE CONTAMINATION, CHEMICAL, BIOLOGICAL, BIO.CHEMICAL AND
  ELECTROMAGNETIC WEAPONS EXCLUSION CLAUSE, as attached.
13.      Losses to be notified to Insurers via:- Willis Limited Finex Global - Claims Department 51 Lime Street London EC3M 7DQ
  United Kingdom

Nothing in this contract shall be a condition precedent or warranty unless it is expressly stated to be one in this contract

This contract shall be governed by, and construed in accordance with, the laws of the State of Massachusetts of the United States of America as more fully set out in the contract wording.

Any dispute between the parties over the terms of this contract shall

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be submitted to the exclusive jurisdiction of the Courts of United States of America as more fully set out in the NMA 1998 (24/4/86) Service of Suit Clause (United States of America.) as attached.

The language used for contract interpretation shall be English as set out in the contract wording.

Service of Suit Nominee:

Service of Suit Clause (as attached) Mendes and Mount LLP

750 Seventh Avenue New York NY 10019-6829 United States of America.

 
 

PREMIUM:

USD 19,089 for USD 6,000,000 order hereon, of which USD 190.89 in respect of TRIA

Any return premium will be calculated, stated and payable by (re)insurers as net of all Broker Remuneration and Deductions as allowed and declared herein.

 
PREMIUM PAYMENT  
TERMS: Premium Payment Condition as follows:
 

LSW 3001 (amended) Premium Payment Clause 60 days, as attached due to Insurers on or before 30 August 2019.

Where any date on which the Premium is due to be paid falls on a weekend or Public Holiday, presentation to Reinsurers or their agents on the next working will be deemed to comply with the relevant premium payment requirement. For the purposes of this clause, Public Holiday shall mean any public or statutory holiday in any territory through which the Premium must pass between the Insured and Insurers or their agents.

 

TAXES PAYABLE BY
INSURED AND
ADMINISTERED BY
INSURERS:

None

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TAXES PAYABLE BY INSURERS AND

ADMINISTERED BY INSURED OR THEIR

AGENT:

RECORDING, TRANSMITTING AND STORING

INFORMATION:

INSURER CONTRACT

DOCUMENTATION:

NOTICE OF CANCELLATION

PROVISIONS:

B0801Q13012P19 Willis Limited FINEXSlip1939185773.doc

None

30% FATCA Withholding Tax only to apply in accordance with the provisions of IUA 09-054.

Where Willis Limited maintains risk and claims data/information/ documents Willis Limited may hold data/information/documents electronically.

This contract document details the current terms entered into by the insurer(s) and constitutes the contract document.

Any further documentation changing this contract agreed in accordance with the contract change provisions set out in this contract, shall form the evidence of such change.

Where (re)insurers have the right to give notice of cancellation, in accordance with the provisions of the contract, then:

To the extent provided by the contract, the Slip Leader is authorised to issue such notice on behalf of all participating (re)insurers; and

Any (re)insurer may issue such notice in respect of its own participation.

The content and format of any such notice should be in accordance with the ‘Notice of Cancellation’ standard, as published by the

London Market Group (LMG), or their successor body, on behalf of London Market Associations and participants. However failure to comply with this standard will not affect the validity of the notice given.

The notice shall be provided to the broker by the following means:

By an email to FINEXNOC@willis.com

Failure to comply with this delivery requirement will make the notice null and void. Satisfactory delivery of the notice will cause it to be effective irrespective of whether the broker has acknowledged receipt.

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WILLIS EXCESS FINANCIAL LINES POLICY
 
Please read this Policy carefully.
 
SCHEDULE
 
Policy Number: B080113012P19  
 
Item 1: Insured: Fidelity Fixed Income and Asset Allocation Funds
 
  Principal Address: FMR LLC
    155 Seaport Blvd.
    ZW9C
    Boston
    Massachusetts 02210
United States of America
 
  Mailing Address: C/O FMR LLC
    200 Seaport Blvd.
    ZW9C
    Boston
    Massachusetts 02210
United States of America
 
Item 2: Insurer(s): Lloyd’s Syndicates:
    Antares AUL 1274 and Pioneer Consortium PFI 9375
 
 
Item 3: Period of Insurance: 01 July 2019 to 01 July 2020
    Both Days at 00:01 local standard time at the above address of
    the Insured
 
Item 4: Limit of Liability: USD 6,000,000 any one loss/claim and in the aggregate for the
    period part of USD 50,000,000 any one loss/claim and in the
aggregate for the period
 
Item 5: Underlying  
  Policy(ies): in excess of underlying contracts for
    USD 100,000,000 any one loss/claim and in the aggregate for
    the period
    the details of which are held on file in the offices of Willis
    Limited
 
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Retention: Primary Contract Retentions detailed as per National Union
  Fire Insurance Company of Pittsburgh, PA. Policy No. 01-565-
  05-84

 

Item 6: Premium:   USD 19,089 for USD 6,000,000  
      order hereon, including  
      USD 190.89 in respect of TRIA  
 
  Taxes:   None      
 
Item 7: Notification(s) in accordance with clause 5 required to be  
  addressed to: Willis Limited,  
      FINEX Global - Claims Department,  
      51 Lime Street,  
      London EC3M 7DQ  
      United Kingdom.  
 
Item 8: Endorsements are as attached at issue of this Contract.  
 
Item 9: Additional premium required: Nil    
 
Item 10: Addressees for complaints:      
 
  (a) For Insurers who are Lloyd's insurers:  
 
      Policyholder and Market Assistance  
      Lloyd’s Market Services  
      One Lime Street  
      London    
      EC3M 7HA    
      United Kingdom.  
 
      Telephone: +44 (0)207 327 5693
      Facsimile: +44 (0)207 327 5225
      Email:   Complaints@Lloyds.com  
 
  (b) For all other Insurers:    
 
    Willis Limited will provide details on request.  

 

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WILLIS EXCESS FINANCIAL LINES POLICY

In consideration of the Insured having paid or agreed to pay the Premium and subject to all of the definitions, terms, conditions and limitations of this Policy, Insurers and the Insured agree as follows:

1.      Insuring Agreement
1.1      Except insofar as the express terms of this Policy:
  (a)      make specific provision in respect of any matter for which specific provision is also made in the Primary Policy, in which case the express terms of this Policy shall prevail; or
  (b)      make specific provision in respect of any matter for which no specific provision is made in the Primary Policy, in which case the express terms of this Policy shall apply;
  this      Policy shall take effect and operate in accordance with the terms of the Primary Policy.
1.2      Subject to the Limit of Liability, the Insurers shall pay to or on behalf of the Insured that
  proportion      of Loss which exceeds the Underlying Limit.
1.3      Except as provided specifically to the contrary in this Policy, the Insurers shall have no
  liability      to make payment for any Loss under this Policy until the Underlying Limit has been
  completely      eroded by amounts which the Insured or insurers of any Side A/Difference in
  Conditions      Policy or insurers of the Underlying Policy(ies) shall have paid the Underlying
  Limit.     
2.      Definitions

Wherever the following words and phrases appear in bold and italics in this Policy they shall have the meanings given to them below:

"Claim" or "Circumstance" shall mean “claim”, “circumstance” or any other term by which the

Primary Policy identifies matters potentially giving rise to payments thereunder in respect of Loss.

"Insured" shall mean those persons and organisations identified at Item 1 of the Schedule and all other persons and organisations as are insured or otherwise entitled to indemnity under the Primary Policy.

"Insurers" shall mean the insurers of this Policy identified at Item 2 of the Schedule.

"Limit of Liability" shall mean the sum(s) shown at Item 4 of the Schedule being the maximum sum(s) the Insurers are liable to pay under this Policy for all Loss, subject to any reinstatement of limit expressly provided for at Item 4 of the Schedule. For the avoidance of doubt, there shall be no reinstatement of the Limit of Liability unless expressly provided for at Item 4, notwithstanding that the Primary Policy may provide for one or more reinstatements.

"Loss" shall mean all and any amounts for which Insurers are liable to the Insured pursuant to the terms and conditions of this Policy and, for the avoidance of doubt and subject only to the operation of any express terms hereof in accordance with clause 1.1 above, this Policy shall be liable to pay as

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Loss all losses, costs, liabilities or damages and other expenses of the Insured as are covered by the Primary Policy of whatever nature and howsoever described by the Primary Policy. However, and notwithstanding any provision to the contrary in the Primary Policy, the liability of the Insurers of this Policy to the Insured for costs and expenses of any kind whatsoever shall be part of, and not in addition to, the Limit of Liability.

"Period of Insurance" shall mean the period set out at Item 3 of the Schedule.

"Policy" shall mean this insurance contract which includes any endorsements and schedules hereto.

"Premium" shall mean the sum shown at Item 6 of the Schedule.

Primary Limitsshall mean the limits of liability of the Primary Policy applicable to any loss or liability (as applicable) as set out in Item 5(a) of the Schedule.

"Primary Policy" shall mean the policy identified at Item 5(a) of the Schedule or any policy(ies) issued in substitution thereof.

"Relevant Provision" shall mean any provision of an Underlying Policy which reduces the limit of liability of the Underlying Policy automatically by reference to the amount paid or payable under another policy of insurance, or by reference to the limit of liability under another policy of insurance. For the avoidance of doubt, a provision which provides that an Underlying Policy shall pay only the amount by which any loss or liability (as applicable) exceeds the amount paid or payable under any other policy or policies, or which allows the insurer credit for the value of other insurance or indemnification, or which requires the Insured to pursue such insurance or indemnification prior to claiming under the Underlying Policy (such as an “other insurance” or “non-contribution” or other similar provision), shall not be a Relevant Provision.

"Schedule" shall mean the schedule to this Policy.

"Sublimit(s)" shall mean any limit or limits of insurers' liability in the Primary Policy imposed in respect of a particular category of loss or liability (as applicable) and which specifies that the maximum liability of the insurer shall be less than the otherwise generally applicable limit of liability of the Primary Policy.

"Underlying Limit" shall mean the cumulative total of the limits of liability of the insurer(s) of the Underlying Policy(ies) applicable to any loss or liability (as applicable) as set out in Item 5 of the

Schedule.

"Underlying Policy(ies)" shall mean the policies listed at Item 5 of the Schedule.

3. Maintenance of the Underlying Policy(ies)

The Primary Policy, or any policies issued in substitution thereof, shall be maintained in full force and effect during the Period of Insurance save to the extent that it is eroded. This obligation shall cease to apply in the event that the Primary Policy is completely eroded. Clause 1.3 hereof shall apply for the purposes of determining whether and to what extent erosion has occurred. Where an Underlying Policy other than the Primary Policy does not continue in full force and effect (other than by reason of erosion) such policy shall be deemed for all purposes of this Policy to have been maintained. The Primary Policy shall be deemed maintained if it is replaced by the operation of clause 4 hereof.

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4. Step-Down of Cover

Subject always to the Limit of Liability:

4.1      In the event of the reduction of the amount of indemnity available under any Underlying Policy by reason of partial erosion of the Underlying Limit (and in determining the existence and extent of such erosion the provisions of clause 1.3 shall apply) this Policy shall, subject to the Limit of Liability and to the other terms, conditions and limitations of this Policy, continue to be available to pay that proportion of Loss which exceeds the amount of indemnity remaining under the Underlying Policy(ies).
4.2      In the event of there being no indemnity available under the Underlying Policy(ies) by reason of the complete erosion of the Underlying Limit (and in determining the existence and extent of such erosion the provisions of clause 1.3 shall apply), the remaining limits available under this Policy shall, subject to the Limit of Liability and to the other terms, conditions and limitations of this Policy, continue for subsequent Loss as primary insurance and, in that event, any retention, excess or deductible and the remainder of any Sublimit specified in the Primary Policy shall apply under this Policy in respect of Loss.
5.      Notification

Any notification to the Primary Policy of a Claim or Circumstance which is required to be given in accordance with the terms and conditions of the Primary Policy shall also be given to the Insurers in writing.

6.      Claims Participation
6.1      The Insurers shall have no liability to pay costs and expenses incurred by or on behalf of the Insured unless their consent to the incurring of such costs and expenses has first been obtained, such consent not to be unreasonably delayed or withheld.
6.2      No settlement of a claim brought by a third party shall be effected by or on behalf of the Insured for such a sum as will require payment by Insurers under this Policy unless the consent of the Insurers has first been obtained, such consent not to be unreasonably delayed or withheld.
7.      Cancellation and Termination

This Policy may be terminated or cancelled or shall become automatically terminated or cancelled in the same manner and on the same basis or bases as the Primary Policy. However, breach by the Insured of any obligation to pay premium in respect of the Primary Policy or in respect of any other of the Underlying Policy(ies) shall not entitle the Insurers to terminate or cancel this Policy.

8. Recoveries

Where, following payment of Loss by Insurers, recovery is effected, then such recovery, net of the expenses of its being effected, shall be distributed in the following order to the following parties:

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(i)      to the Insured or, to such extent, if any, as appropriate, to any insurer of a policy applying excess of this Policy, but only to the extent (if any) by which such loss or liability (as
  applicable) exceeded the sum of the excess, deductible or retention of the Primary Policy, the Underlying Limit and the amount paid hereunder; and,
(ii)      if any balance remains following the application of (i) above, to the Insurers to the extent of the amount(s) paid by them hereunder in respect of Loss; and,
(iii)      if any balance remains following the application of (i) and (ii) above, to those, if any, entitled pursuant to the operation of the Underlying Policies to such extent, if any, of the entitlements conferred thereunder; and

For the avoidance of doubt, nothing in this Policy shall be construed as limiting or delaying the Insured's right to payment of any Loss hereunder until such time as it has effected any recovery.

9. Alteration

No material amendment to the terms of the Primary Policy shall apply in respect of this Policy unless and until agreed in writing by the Insurers.

10. Reporting Period

Where the terms of the Primary Policy provide:

(i)      the Insured with a period of time immediately following the policy period of the Primary Policy during which notice may be given to the insurers of the Primary Policy of any Claims or Circumstances; and/or,
(ii)      the right to purchase such a period,

then the Insured shall have the same period and/or right under this Policy in the same manner and on the same terms as those provided for in the Primary Policy except in relation to the premium payable (if any). The premium (if any) payable in respect of any such period available hereunder is set out in Item 9 of the Schedule.

11. Governing Law and Jurisdiction

This insurance shall be governed by and construed in accordance with the laws of the State of Massachusetts and any dispute arising hereunder shall be subject to the exclusive jurisdiction of the courts of United States of America as per NMA 1998 Service of Suit Clause United States of America. as attached.

12. Complaints

The Insurers aim to provide a high standard at all times but if the Insured is not satisfied with the service provided it should contact the following:

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In respect of Lloyd's underwriters: the person(s) identified in Item 10(a) of the Schedule.

In respect of Insurers other than Lloyd's underwriters, Willis Limited will provide on request details of the relevant persons.

In the event that the Insured remains dissatisfied it may be possible for the Insured's complaint to be referred to the Financial Ombudsman Service who may review the matter. The Financial Ombudsman Service address is:

Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR
Telephone: 0845 0801800
Email: enquiries@financial-ombudsman.org.uk
Website: www.financial-ombudsman.org.uk

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ENDORSEMENT No 1

SPECIAL CANCELLATION CLAUSE

In the event that an Underwriter:

a)      ceases underwriting; or
b)      is the subject of an order or resolution for winding up or formally proposes a scheme of arrangement; or
c)      has its authority to carry on insurance business withdrawn,
d)      has its financial strength rating reduced by A.M.Best's, Standard & Poor's or equivalent rating agency to less than A-.

the Insured may terminate that Underwriter's participation on this risk forthwith by giving notice and the premium payable to that Underwriter shall be pro rata to the time on risk. In the event there are any notified, reserved or paid losses or circumstances, premium shall be deemed fully earned. Any return of premium shall also be subject to a written full release of liability from the Insured.

NMA2975 (amended)
30/05/03

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ENDORSEMENT No 2

U.S. TERRORISM RISK INSURANCE ACT OF 2002 AS AMENDED NEW & RENEWAL BUSINESS ENDORSEMENT

This Endorsement is issued in accordance with the terms and conditions of the "U.S. Terrorism Risk Insurance Act of 2002" as amended, as summarized in the disclosure notice.

In consideration of an additional premium of USD 190.89 paid, it is hereby noted and agreed with effect from inception that the Terrorism exclusion to which this Insurance is subject, shall not apply to any “insured loss” directly resulting from any "act of terrorism" as defined in the "U.S. Terrorism Risk Insurance Act of 2002", as amended ("TRIA").

The coverage afforded by this Endorsement is only in respect of any “insured loss” of the type insured by this Insurance directly resulting from an "act of terrorism" as defined in TRIA. The coverage provided by this Endorsement shall expire at 12:00 midnight December 31, 2020, the date on which the TRIA Program is scheduled to terminate, or the expiry date of the policy whichever occurs first, and shall not cover any losses or events which arise after the earlier of these dates. The Terrorism exclusion, to which this Insurance is subject, applies in full force and effect to any other losses and any act or events that are not included in said definition of "act of terrorism".

This Endorsement only affects the Terrorism exclusion to which this Insurance is subject. All other terms, conditions, insured coverage and exclusions of this Insurance including applicable limits and deductibles remain unchanged and apply in full force and effect to the coverage provided by this Insurance.

Furthermore the Underwriter(s) will not be liable for any amounts for which they are not responsible under the terms of TRIA (including subsequent action of Congress pursuant to the Act) due to the application of any clause which results in a cap on the Underwriter’s liability for payment for terrorism losses.

LMA5218
12 January 2015

Form approved by Lloyd's Market Association

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ENDORSEMENT No 3

WAR AND TERRORISM EXCLUSION ENDORSEMENT

Notwithstanding any provision to the contrary within this insurance or any endorsement thereto it is agreed that this insurance excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any of the following regardless of any other cause or event contributing concurrently or in any other sequence to the loss;

(1)      war, invasion, acts of foreign enemies, hostilities or warlike operations (whether war be declared or not), civil war, rebellion, revolution, insurrection, civil commotion assuming the proportions of or amounting to an uprising, military or usurped power; or
(2)      any act of terrorism.
  For the purpose of this endorsement an act of terrorism means an act, including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organisation(s) or government(s), committed for political, religious, ideological or similar purposes including the intention to influence any government and/or to put the public, or any section of the public, in fear.

This endorsement also excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any action taken in controlling, preventing, suppressing or in any way relating to (1) and/or (2) above.

In the event any portion of this endorsement is found to be invalid or unenforceable, the remainder shall remain in full force and effect.

NMA2918 (amended)
08/10/2001

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ENDORSEMENT No 4

PREMIUM PAYMENT CLAUSE

Notwithstanding any provision to the contrary within this contract or any endorsement hereto, in respect of non payment of premium only the following clause will apply.

The (Re)Insured undertakes that premium will be paid in full to (Re)Insurers by 30 August 2019.

If the premium due under this contract has not been so paid to (Re)Insurers by 30 August 2019 (Re)Insurers shall have the right to cancel this contract by notifying the (Re)Insured via the broker in writing. In the event of cancellation, premium is due to (Re)Insurers on a pro rata basis for the period that (Re)Insurers are on risk but the full contract premium shall be payable to (Re)Insurers in the event of a loss or occurrence prior to the date of termination which gives rise to a valid claim under this contract.

It is agreed that (Re)Insurers shall give not less than 15 days prior notice of cancellation to the (Re)Insured via the broker. If premium due is paid in full to (Re)Insurers before the notice period expires, notice of cancellation shall automatically be revoked. If not, the contract shall automatically terminate at the end of the notice period.

If any provision of this clause is found by any court or administrative body of competent jurisdiction to be invalid or unenforceable, such invalidity or unenforceability will not affect the other provisions of this clause which will remain in full force and effect.

30/09/08
LSW3001

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ENDORSEMENT No 5

U.S.A.

NUCLEAR INCIDENT EXCLUSION CLAUSE-LIABILITY-DIRECT (BROAD)

For attachment to insurances of the following classifications in the U.S.A., its Territories and Possessions, Puerto Rico and the Canal Zone:-Owners, Landlords and Tenants Liability, Contractual Liability, Elevator Liability, Owners or Contractors (including railroad) Protective Liability, Manufacturers and Contractors Liability, Product Liability, Professional and Malpractice Liability, Storekeepers Liability, Garage Liability, Automobile Liability (including Massachusetts Motor Vehicle or Garage Liability), not being insurances of the classifications to which the Nuclear Incident Exclusion Clause-Liability-Direct (Limited) applies.

This policy* does not apply:-

I.      Under any Liability Coverage, to injury, sickness, disease, death or destruction
  (a)      with respect to which an insured under the policy is also an insured under a nuclear energy liability policy issued by Nuclear Energy Liability Insurance Association, Mutual Atomic Energy Liability Underwriters or Nuclear Insurance Association of Canada, or would be an insured under any such policy but for its termination upon exhaustion of its limit of liability; or
  (b)      resulting from the hazardous properties of nuclear material and with respect to which (1) any person or organization is required to maintain financial protection pursuant to the Atomic Energy Act of 1954, or any law amendatory thereof, or (2) the insured is, or had this policy not been issued would be, entitled to indemnity from the United States of America, or any agency thereof, under any agreement entered into by the United States of America, or any agency thereof, with any person or organization.
II.      Under any Medical Payments Coverage, or under any Supplementary Payments Provision
  relating      to immediate medical or surgical relief, to expenses incurred with respect of bodily
  injury,      sickness, disease or death resulting from the hazardous properties of nuclear material
  and      arising out of the operation of a nuclear facility by any person or organization.
III.      Under any Liability Coverage, to injury, sickness, disease, death or destruction resulting from
  the      hazardous properties of nuclear material, if
  (a)      the nuclear material (1) is at any nuclear facility owned by, or operated by or on behalf of, an insured or (2) has been discharged or dispersed therefrom;
  (b)      the nuclear material is contained in spent fuel or waste at any time possessed, handled, used, processed, stored, transported or disposed of by or on behalf of an insured; or

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  (c)      the injury, sickness, disease, death or destruction arises out of the furnishing by an insured of services, materials, parts or equipment in connection with the planning, construction, maintenance, operation or use of any nuclear facility, but if such facility is located within the United States of America, its territories or possessions or Canada, this exclusion (c) applies only to injury to or destruction of property at such nuclear facility.
IV.      As used in this endorsement:
  “hazardous      properties” include radioactive, toxic or explosive properties; “nuclear
  material”      means source material, special nuclear material or byproduct material; “source
  material”,      “special nuclear material”, and "byproduct material" have the meanings given
  them      in the Atomic Energy Act 1954 or in any law amendatory thereof; “spent fuel” means
  any      fuel element or fuel component, solid or liquid, which has been used or exposed to
  radiation      in a nuclear reactor; “waste” means any waste material (1) containing byproduct
  material      and (2) resulting from the operation by any person or organization of any nuclear
  facility      included within the definition of nuclear facility under paragraph (a) or (b) thereof;
  “nuclear      facility” means
  (a)      any nuclear reactor,
  (b)      any equipment or device designed or used for (1) separating the isotopes of uranium or plutonium, (2) processing or utilizing spent fuel, or (3) handling, processing or packaging waste,
  (c)      any equipment or device used for the processing, fabricating or alloying of special nuclear material if at any time the total amount of such material in the custody of the insured at the premises where such equipment or device is located consists of or contains more than 25 grams of plutonium or uranium 233 or any combination thereof, or more than 250 grams of uranium 235,
  (d)      any structure, basin, excavation, premises or place prepared or used for the storage or disposal of waste, and includes the site on which any of the foregoing is located, all operations conducted on such site and all premises used for such operations; “nuclear reactor” means any apparatus designed or used to sustain nuclear fission in a self- supporting chain reaction or to contain a critical mass of fissionable material. With respect to injury to or destruction of property, the word “injury” or “destruction” includes all forms of radioactive contamination of property.

It is understood and agreed that, except as specifically provided in the foregoing to the contrary, this clause is subject to the terms, exclusions, conditions and limitations of the Policy to which it is attached.

NOTE: - As respects policies which afford liability coverages and other forms of coverage in addition, the words underlined should be amended to designate the liability coverage to which this clause is to apply.

17/3/60
N.M.A. 1256

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ENDORSEMENT No 6

U.S.A.

RADIOACTIVE CONTAMINATION EXCLUSION CLAUSE

-LIABILITY-DIRECT

(Approved by Lloyd's Underwriters' Non-Marine Association)

For attachment (in addition to the appropriate Nuclear Incident Exclusion Clause - Liability -Direct) to liability insurances affording worldwide coverage.

In relation to liability arising outside the United States of America., its Territories or Possessions, Puerto Rico or the Canal Zone, this Policy does not cover any liability of whatsoever nature directly or indirectly caused by or contributed to by or arising from ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel.

13/2/64
N.M.A. 1477

All other terms, conditions and limitations of this Policy shall remain unchanged.

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ENDORSEMENT No 7

SERVICE OF SUIT CLAUSE (U.S.A.)

It is agreed that in the event of the failure of the Underwriters hereon to pay any amount claimed to be due hereunder, the Underwriters hereon, at the request of the Assured (or Reinsured), will submit to the jurisdiction of a Court of competent jurisdiction within the United States. Nothing in this Clause constitutes or should be understood to constitute a waiver of Underwriters’ rights to commence an action in any Court of competent jurisdiction in the United States, to remove an action to a United States District Court, or to seek a transfer of a case to another Court as permitted by the laws of the United States or of any State in the United States. It is further agreed that service of process in such suit may be made upon Mendes & Mount LLP, 750 Seventh Avenue, New York New York 10019-6829, United States of America and that in any suit instituted against any one of them upon this contract, Underwriters will abide by the final decision of such Court or of any Appellate Court in the event of an appeal.

The above-named are authorized and directed to accept service of process on behalf of Underwriters in any such suit and/or upon the request of the Assured (or Reinsured) to give a written undertaking to the Assured (or Reinsured) that they will enter a general appearance upon Underwriters’ behalf in the event such a suit shall be instituted.

Further, pursuant to any statute of any state, territory or district of the United States which makes provision therefor, Underwriters hereon hereby designate the Superintendent, Commissioner or Director of Insurance or other officer specified for that purpose in the statute, or his successor or successors in office, as their true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the Assured (or Reinsured) or any beneficiary hereunder arising out of this contract of insurance (or reinsurance), and hereby designate the above-named as the person to whom the said officer is authorized to mail such process or a true copy thereof.

N.M.A. 1998 (24/4/86)

All other terms, conditions and limitations of this Policy shall remain unchanged.

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ENDORSEMENT No 8

This policy contains a Tie-in of limits between this Fidelity Fixed Income and Asset Allocation Funds Bond Policy and Fidelity Fixed Income and Asset Allocation Funds Professional Policy.

ENDORSEMENT No 9

SANCTIONS CLAUSE

No (re)insurer shall be deemed to provide cover and no (re)insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose the (re)insurer or its' parent, to any sanction, prohibition or restriction implemented pursuant to resolutions of the United Nations or the trade and economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America.

ENDORSEMENT No 10

NMA LINES CLAUSE

This Insurance, being signed for USD 6,000,000 of 50,000,000 insures only that proportion of any loss, whether total or partial, including but not limited to that proportion of associated expenses, if any, to the extent and in the manner provided in this Insurance.

The percentages signed in the Table are percentages of 100 % of the amount(s) of Insurance stated herein.

NMA 2419

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ENDORSEMENT No 11

Foreign Account Tax Compliance Act (“FATCA”)

Each (Re)Insurer hereby acknowledges the requirements of Sections 1471-1474 US Internal Revenue Code of 1986, as amended, and the Treasury regulations and other guidance issued from time to time thereunder (“FATCA”) and the obligation of each of them to provide to the Broker Willis Limited a valid Internal Revenue Service (“IRS”) Form W8-BEN-E, W-9 or other documentation meeting the requirements of the FATCA regulations to establish they are not subject to any withholding requirement pursuant to FATCA (the “Required Documentation”).

Furthermore:

a)      If a (Re)Insurer becomes non-compliant with FATCA during the contract period or has not provided the Broker with the Required Documentation 14 days prior to any premium due date, the Withholding Agent (as defined in U.S. Treasury Regulation Section 1.1471-1(b)(147)) shall withhold 30% of the premium (to the extent all or a portion of that premium is subject to withholding pursuant to FATCA) due to that (Re)Insurer under this contract on that premium due date and shall promptly notify that (Re)Insurer via the Broker.
b)      The withholding of premium by virtue of (a) above shall not be, and shall not be treated by the (Re)Insurer as a breach of any premium payment condition, warranty or other clause whether or not entitling the (Re)Insurer to cancel, terminate or restrict this contract, refuse, restrict or delay payment of any claim or invoke any interest, penalty or other late payment provision. The (Re)Insurer shall be liable under this contract as if no such withholding had been made.
c)      The (Re)Insurer shall not recoup sums withheld under (a) above by deducting equivalent sums from any payments due to the (Re)Insured or by set off against any other sums owed by the (Re)Insurer and any general or contractual right of set-off enjoyed by the (Re)Insurer is hereby varied and qualified to that extent.
d)      Where premium is withheld in error, has not yet been paid to the IRS and the underwriter has been paid only the net premium following such withholding, the broker will cooperate with the (re)insurer to process the requisite refund.

IUA 09-054

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ENDORSEMENT No 12

The following endorsement applies solely in respect of Pioneer only:

INSTITUTE RADIOACTIVE CONTAMINATION, CHEMICAL, BIOLOGICAL, BIO.CHEMICAL AND ELECTROMAGNETIC WEAPONS EXCLUSION CLAUSE

This clause shall be paramount and shall override anything contained in this insurance inconsistent therewith: 1. ln no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed to by or arising from: 1.1 ionizing radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel; 1.2 the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or other nuclear assembly or nuclear component thereof; 1.3 any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter; 1.4 the radioactive, toxic, explosive or other hazardous or contaminating properties of any radioactive matter. The exclusion in this sub-clause does not extend to radioactive isotopes, other than nuclear fuel, when such isotopes are being prepared, carried, stored, or used for commercial, agricultural, medical, scientific or other similar peaceful purposes 1.5 any chemical, biological, bio-chemical, or electromagnetic weapon.

10/11/03 c1370

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2. INFORMATION

INFORMATION:

This section details the information that was provided to Insurers to support the assessment of the risk at the time of underwriting.

Where it is required to provide exposure information it is recommended that this should follow the ACORD exposure schedule standard which can be found at www.acord.org

Insured:

Type of Insurance Policy Period:

Fidelity Fixed Income and Asset Allocation.

Excess Financial Institutions Bond 01 July 2019 to 01 July 2020

 

INFORMATION

(made available to and seen and agreed by Underwriters)

  • 2019 Q1 17g-1 All Fidelity Funds
  • Asset Allocation Division
  • Claim Status Conference Call
  • Fidelity By the Numbers As Of 31/03/19
  • Fidelity Corporate Description
  • FMR 2018 Shareholder Update
  • FMR 2019 London Taxes Headcount by Country
  • FMR 2019 Renewal Strategy Meeting
  • FMR US Headcount 2019
  • Funds TNAV 2017 vs. 2019
  • Open Claim Status Call 1/12/2016

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3. SECURITY DETAILS
 
 
(RE)INSURER’S  
LIABILITY: (RE)INSURERS LIABILITY CLAUSE
 

(Re)insurer’s liability several not joint

The liability of a (re)insurer under this contract is several and not joint with other (re)insurers party to this contract. A (re)insurer is liable only for the proportion of liability it has underwritten. A (re)insurer is not jointly liable for the proportion of liability underwritten by any other (re)insurer. Nor is a (re)insurer otherwise responsible for any liability of any other (re)insurer that may underwrite this contract.

The proportion of liability under this contract underwritten by a

(re)insurer (or, in the case of a Lloyd’s syndicate, the total of the proportions underwritten by all the members of the syndicate taken together) is shown next to its stamp. This is subject always to the provision concerning “signing” below.

In the case of a Lloyd’s syndicate, each member of the syndicate

(rather than the syndicate itself) is a (re)insurer. Each member has underwritten a proportion of the total shown for the syndicate (that total itself being the total of the proportions underwritten by all the members of the syndicate taken together). The liability of each member of the syndicate is several and not joint with other members. A member is liable only for that member’s proportion. A member is not jointly liable for any other member’s proportion. Nor is any member otherwise responsible for any liability of any other (re)insurer that may underwrite this contract. The business address of each member is Lloyd’s, One Lime Street, London EC3M 7HA. The identity of each member of a Lloyd’s syndicate and their respective proportion may be obtained by writing to

Market Services, Lloyd’s, at the above address.

Proportion of liability

Unless there is “signing” (see below), the proportion of liability under this contract underwritten by each (re)insurer (or, in the case of a Lloyd’s syndicate, the total of the proportions underwritten by all the members of the syndicate taken together) is shown next to its stamp and is referred to as its “written line”. Where this contract permits, written lines, or certain written lines, may be adjusted

(“signed”).

In that case a schedule is to be appended to this contract to show the definitive proportion of liability under this contract underwritten by each (re)insurer (or, in the case of a Lloyd’s syndicate, the total of the proportions underwritten by all the members of the syndicate taken together).

 

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ORDER HEREON:

BASIS OF WRITTEN

LINES:

BASIS OF SIGNED

LINES:

SIGNING

PROVISIONS:

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A definitive proportion (or, in the case of a Lloyd’s syndicate, the total of the proportions underwritten by all the members of a

Lloyd’s syndicate taken together) is referred to as a “signed line”.

The signed lines shown in the schedule will prevail over the written lines unless a proven error in calculation has occurred.

Although reference is made at various points in this clause to “this contract” in the singular, where the circumstances so require this should be read as a reference to contracts in the plural.

21/6/07
LMA3333

USD 6,000,000 of 50,000,000

Percentage of order

NMA 2419 Lines Clause, as attached.

Percentage of order

In the event that the written lines hereon exceed 100% of the order, any lines written “to stand” will be allocated in full and all other lines will be signed down in equal proportions so that the aggregate signed lines are equal to 100% of the order without further agreement of any of the (re)insurers.

However:

a)      in the event that the placement of the order is not completed by the commencement date of the period of (re)insurance then all lines written by that date will be signed in full;
b)      the signed lines resulting from the application of the above provisions can be varied, before or after the commencement date of the period of (re)insurance, by the documented agreement of the (re)insured and all (re)insurers whose lines are to be varied. The variation to the contracts will take effect only when all such (re)insurers have agreed, with the resulting variation in signed lines commencing from the date set out in that agreement.

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WRITTEN LINES

MODE OF EXECUTION CLAUSE

This contract and any changes to it may be executed by:

(a)      electronic signature technology employing computer software and a digital signature or digitiser pen pad to capture a person’s handwritten signature in such a manner that the signature is unique to the person signing, is under the sole control of the person signing, is capable of verification to authenticate the signature and is linked to the document signed in such a manner that if the data is changed, such signature is invalidated;
(b)      a unique authorisation provided via a secure electronic trading platform
(c)      a timed and dated authorisation provided via an electronic message/system;
(d)      an exchange of facsimile/scanned copies showing the original written ink signature of paper documents;
(e)      an original written ink signature of paper documents (or a true representation of a signature, such as a rubber stamp).;

The use of any one or a combination of these methods of execution shall constitute a legally binding and valid signing of this contract. This contract may be executed in one or more of the above counterparts, each of which, when duly executed, shall be deemed an original.

In a co-insurance placement following (re)insurers may, but are not obliged to, follow the premium charged by the lead (re)insurer.

(Re)insurers may not seek to guarantee for themselves terms as favourable as those which others subsequently achieve during the placement.

It is the responsibility of each (Re)insurer subscribing to this contract to ensure that they are appropriately licenced to underwrite this contract in the territories described herein and can also discharge their relevant Insurance Premium Tax obligations.

UMR: B080113012P19

Insured: Fidelity Fixed Income and Asset Allocation Funds

Written % Signed and Dated Stamp
  Incorporating Underwriting Reference

 

Details of variation(s) to the contract applying to the above Insurer only:

Premium: for 100% for the policy period
Brokerage: %
SMB: %

 

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CONTRACT ADMINISTRATION AND ADVISORY SECTIONS

(Applying to the contract but not forming part of the client’s contract documentation)

4. SUBSCRIPTION AGREEMENT

SLIP LEADER:

BUREAU LEADER:

BASIS OF AGREEMENT TO CONTRACT

CHANGES:

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For the purposes of SCAP the Slip Leader must be (a) an authorised person (as defined in Section 31 of the Financial Services and Markets Act 2000) with the permission to effect and carry out the contracts of insurance; or (b) a member of Lloyd’s.

Not applicable unless completed here.

Lloyd's Leader LIRMA Leader ILU Leader

(Where both company and Lloyd’s participate, both Bureau

Leaders should be included. For the purposes of SCAP, the Bureau Leader(s) must be identified).

(For claims falling within the scope of the Single Claims Agreement Party (SCAP) Arrangements, claims at or below the Threshold Amount to be agreed by the SLIP LEADER only according to the terms of the SCAP Arrangements and the Bureau Leaders are to adhere to the applicable claims agreement practices and act in accordance with CLAIMS AGREEMENT PARTIES (as defined in A or B below).

GUA (Version 2.0 February 2014) with Non-Marine Schedule -October 2001

A.      In respect of each (re)insurer which at any time has the ability
  to      send and receive ACORD messages via the Exchange:
  i.      Any contract change will be submitted by Willis Limited for agreement via an 'ACORD message';
  ii.      any contract change which requires notification will be notified by Willis Limited via an 'ACORD message';
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  iii.      It is understood and agreed that whilst any contract change may be negotiated and agreed in any legally effective manner (and will be binding at that stage), such agreement of any contract change will be confirmed by each such (re)insurer via an appropriate 'ACORD message'. For the avoidance of any doubt, no further duty of disclosure arises in relation to any such confirmation.
B.      In respect of each (re)insurer who does not have the ability to
  send      and receive ACORD messages via the Exchange:
  i.      It is understood and agreed that whilst any contract change may be negotiated and agreed in any legally effective manner (and will be binding at that stage), any such contract change will be submitted/notified by Willis Limited electronically via email or other electronic means;
  ii.      Such binding agreement of any contract change will be confirmed by each such (re)insurer via email or other electronic means. For the avoidance of any doubt, no further duty of disclosure arises in relation to any such confirmation.

Where there is a requirement for any wording to be agreed this is to be agreed by the Slip Leader only.

The Slip Leader is to determine whether amendments to the wording fall into part one, part two or part three of the GUA schedule.

The period of this contract may be extended for up to one calendar month at expiry, at terms to be agreed by the Slip Leader only.

The following clause is applicable to insurance risks which are eligible for TRIA.

TRIA NOTICE CLAUSE

Authority is hereby given to the Slip Leader to issue notice to Insured(s) as required by the U.S. Terrorism Risk Insurance Act of 2002 on behalf of all insurers hereon.

Where differing premium and/or broker remuneration and deductions terms apply to subscribing (re)insurers to this contract and the contract is subsequently subject to any form of additional/return premium, it is hereby agreed that the original premium and/or broker remuneration and deductions proportions shall be applied to such additional/return premium unless specifically stipulated to be otherwise in the endorsement.

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OTHER AGREEMENT PARTIES FOR

CONTRACT CHANGES, FOR

PART 2 GUA

CHANGES ONLY:

OTHER AGREEMENT

PARTIES FOR CONTRACT CHANGES, FOR

THEIR PROPORTION

ONLY:

BASIS OF CLAIMS

AGREEMENT:

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Where no other agreement parties for contract changes are stated herein, the agreement party will be the Slip Leader only.

Where no other agreement parties for contract changes are stated herein, the agreement party will be the Slip Leader only.

As specified under the CLAIMS AGREEMENT PARTIES section of this Contract and to be managed in accordance with:

i)      The SINGLE CLAIMS AGREEMENT PARTY ARRANGEMENT LMA9150 [as below] for claims or circumstances assigned as Single Claims Agreement Party Claims (SCAP Claims) or, where it is not applicable, then the following shall apply as appropriate:-
ii)      The Lloyd’s Claims Scheme (combined) or as amended or any successor thereto.

(N.B. The applicable Lloyd’s Claims Scheme/part will be determined by the rules and scope of the Schemes(s))

iii)      IUA claims agreement practices.
iv)      The practices of any company(ies) electing to agree claims in respect of their own participation.

The applicable arrangements (scheme, agreement or practices) will be determined by the rules and scope of said arrangements and should be referred to as appropriate.

Single Claims Agreement Party Arrangements

1 Single Claims Agreement Party

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1.1 Scope

All claims having, or circumstances assessed by the SLIP LEADER as having, a Claim Amount at or below GBP250,000 or currency equivalent (the Threshold Amount) will be designated a Single Claims Agreement Party Claim (SCAP Claim) and will be managed within the terms of these Single Claims Agreement Party Arrangements (these Arrangements). For the purposes of these Arrangements the SLIP LEADER must be: (a) an authorised person (as defined in Section 31 of the Financial Services and Markets Act 2000) with permission to effect and/or carry out contracts of insurance; or (b) a Member of Lloyd’s.

1.2 Exceptions

Where:

1.2.1      the Claim Amount is more than, or, in the assessment of the SLIP LEADER, is likely to be more than, the Threshold Amount; and/or
1.2.2      after making further enquiries, there remains insufficient information to form a view on the likely quantum of any circumstance or claim and in the
  SLIP LEADER’S assessment, there is a material risk that the quantum will ultimately exceed the
  Threshold Amount; and/or
1.2.3      issues arise of fraud or avoidance (either under the Insurance Act 2015 or otherwise) or there are allegations against (re)insurers of regulatory breach which may result in regulatory action being taken against (re)insurers, or actionable allegations of improper claims handling have been made in respect of the claim at issue, or, in the assessment of the SLIP
  LEADER, such issues are likely to arise in connection with a claim; and/or
1.2.4      in the assessment of the SLIP LEADER a claim is, or is likely to become, controversial or complex, or is likely to become subject to Dispute Resolution Proceedings,

such claims or circumstances shall be managed in accordance with the provisions of the applicable BASIS OF CLAIMS AGREEMENT.

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2      Slip Leader Responsibilities
2.1      Receipt of a Claim

Upon receiving a notification of a claim or circumstance, the SLIP LEADER shall, as soon as practicable, reasonably assess and decide, based on all the relevant circumstances (including but not limited to the Claims Information), whether such claim or circumstance is a SCAP Claim and notify the Broker accordingly with instructions for it to advise this decision to all claims agreement parties defined in B of the CLAIMS AGREEMENT PARTIES section.

2.2      Role of the Slip Leader
A      SCAP Claim shall be Determined by the SLIP LEADER on behalf

of itself and all (re)insurers which subscribe: (1) to this Contract on the same contractual terms (other than premium and brokerage); and (2) to these Arrangements (Subscribing (Re)Insurers).

When Determining a SCAP Claim, including where the SLIP

LEADER may have delegated the Determination of a SCAP Claim, the SLIP LEADER must always:

2.2.1      act in good faith and exercise the reasonable care of a competent (re)insurer; and
2.2.2      act in the best interest of all Subscribing (Re)Insurers on whose behalf it acts; and
2.2.3      comply with all laws, sanctions regimes, regulations and related guidance (including, but not limited to, those issued by Lloyd’s, the Financial Conduct
  Authority and/or the Prudential Regulation Authority) as may be applicable to the Determination of a SCAP Claim and to which the SLIP LEADER is subject, including, but not limited to conduct of business rules requiring (re)insurers to treat customers fairly (if applicable in that jurisdiction); and
2.2.4      notify either directly or via the Broker, all
  Subscribing (Re)Insurers of any Dispute Resolution Proceedings commenced against them.

For the avoidance of doubt, the SLIP LEADER shall have no obligations or liability to any (re)insurer, other than a Subscribing (Re)Insurer, arising out of or in any way connected with the

Determination of a SCAP Claim.

2.3 Reassigning Claims

Where during the life of a SCAP Claim any of the provisions of clause 1.2 apply, the SLIP LEADER shall:

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2.3.1      reassign the SCAP Claim to the claims agreement parties defined in B of the CLAIMS AGREEMENT
  PARTIES section; and
2.3.2      notify the Broker accordingly with instructions for it to advise all applicable claims agreement parties defined in B of the CLAIMS AGREEMENT
  PARTIES section, following which the provisions of the applicable BASIS OF CLAIMS AGREEMENT shall apply to the claim.

The SLIP LEADER may, at any time, reassign a SCAP Claim outside of these Arrangements if having due regard to the available Claims Information, all relevant circumstances and its ability to act in accordance with clauses 2.2.1 to 2.2.3 inclusive, it considers that this assignment would be appropriate, following which the provisions of the applicable BASIS OF CLAIMS AGREEMENT shall apply to the claim.

The Broker may also, at any time, reassign a SCAP Claim outside of these Arrangements and to the provisions of the applicable BASIS

OF CLAIMS AGREEMENT by advising all claims agreement parties defined in B of the CLAIMS AGREEMENT PARTIES section.

Where a SCAP Claim has been reassigned outside of these Arrangements, it may not, without the consent of all claims agreement parties defined in B of the CLAIMS AGREEMENT PARTIES section, be reassigned as a SCAP Claim.

Notwithstanding clauses 1.2.1 and 1.2.2 but without prejudice to any other right or requirement to (re)assign a SCAP Claim outside of these Arrangements, where the exchange rate between Sterling and the currency in which the SCAP Claim has been made fluctuates after the conversion date stated in A of the CLAIMS AGREEMENT

PARTIES section such that the Sterling value of the claim exceeds the Threshold Amount, the claim shall not cease to be a SCAP Claim by reason of the currency fluctuation alone.

2.4 Delegation of Determination

The SLIP LEADER may delegate its Determination of a SCAP Claim to another entity.

Despite its right to delegate the Determination of a SCAP Claim pursuant to these Arrangements the SLIP LEADER shall remain responsible for all acts and omissions of the delegate and the acts and omissions of those employed or engaged by the delegate as if they were its own.

2.5 Processing Claims

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The SLIP LEADER shall ensure that all supporting information has been properly documented prior to payment of the claim and that such records are kept for a period of no less than seven years after closure, subject always to the requirements of applicable laws (including but not limited to those applicable to the processing of personal data and privacy).

3 Broker Responsibilities

Notwithstanding the application of these Arrangements, the Broker shall advise all claims agreement parties defined in B of the CLAIMS AGREEMENT PARTIES section of any or all of the following matters or events, where known, as soon as practicable:

3.1      any new claim or circumstance assigned as a SCAP Claim;
3.2      any recommended reserve or reserves for a SCAP Claim;
3.3      any revision to the recommended reserve or reserves for a
  SCAP Claim;
3.4      any change in the assignment of a SCAP Claim;
3.5      the receipt of notice of the commencement of any Dispute Resolution Proceedings relating to a SCAP Claim;
3.6      the final Determination of a SCAP Claim, including where a SCAP Claim is denied;
3.7      any receipt of a complaint against (re)insurers;
3.8      any termination of the SLIP LEADER’s authority to
  Determine claims under clauses 4.1 to 4.3 inclusive; and/or
3.9      where so requested by the SLIP LEADER, the identity and participation of all Subscribing (Re)Insurers.
A      Subscribing (Re)Insurer may request the SLIP LEADER and/or

Broker to provide such further information as it may reasonably require and the SLIP LEADER and Broker shall co-operate fully with any such request.

4 Termination of the SLIP LEADER’s Authority

In the event that the SLIP LEADER:

4.1      becomes the subject of voluntary or involuntary rehabilitation or liquidation, action in bankruptcy or similar or in any way otherwise acknowledges its insolvency or is unable to pay its debts or losses; or
4.2      has its right to transact the main class of business covered by the slip withdrawn, suspended, removed or made conditional or impaired in any way by any regulatory authority; or
4.3      ceases to be either: (a) an authorised person (as defined in Section 31 of the Financial Services and Markets Act 2000) with permission to effect and/or carry out contracts of insurance; or (b) a member of Lloyd’s,

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the authority of that SLIP LEADER to Determine all SCAP Claims shall automatically terminate from the date of that event, following which the provisions of the applicable BASIS OF CLAIMS AGREEMENT shall apply to the claim.

5      Professional Advisers
5.1      The SLIP LEADER has the sole authority to appoint and instruct an independent, external, professional adviser (which may include, but is not limited to, a lawyer, loss adjuster, surveyor, actuary or accountant) on behalf of Subscribing (Re)Insurers where, in its sole discretion, it considers the professional adviser necessary for the Determination of a claim. The SLIP LEADER shall supervise the professional adviser throughout the period of their appointment.
5.2      A professional adviser appointed in connection with a SCAP Claim pursuant to clause 5.1 above may, at the SLIP
  LEADER’s discretion, be instructed to send all reports and correspondence directly to the SLIP LEADER. The professional adviser’s fees shall be agreed by the SLIP
  LEADER. The fees of the professional adviser shall be shared between the Subscribing (Re)Insurers in accordance with their respective shares of the SCAP Claim.
6      Claims Concerns

If a Subscribing (Re)Insurer has a concern regarding the handling of a SCAP Claim by the SLIP LEADER it shall notify the SLIP

LEADER of its concern. The SLIP LEADER and the Subscribing (Re)Insurer which has raised the concern shall promptly confer and use their best endeavours to resolve the concern. If any disagreement remains after a period of 28 days from the date on which the concern was notified to the SLIP LEADER, the authority of the SLIP

LEADER to Determine the SCAP Claim to which the concern relates shall terminate, following which the provisions of the applicable BASIS OF CLAIMS AGREEMENT shall apply to the claim.

7 Intra-(Re)Insurer Dispute Resolution Protocols

Before a Subscribing (Re)Insurer (Claimant) can bring a legal claim against the SLIP LEADER in relation to the Determination of a SCAP Claim or for an alleged breach of its obligations under these Arrangements, it must first attempt to resolve the dispute (Dispute) as follows:

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7.1      The Claimant shall notify the SLIP LEADER that it is commencing the Dispute Resolution Protocols prescribed in this clause 7.
7.2      The Dispute shall first be referred to representatives of the SLIP LEADER and of the Claimant who shall meet in a good faith effort to resolve the Dispute. If a resolution is not achieved within 21 days from the date the Dispute was referred to these individuals, the matter shall be escalated to a member of senior management responsible for claims, for each of the Claimant and SLIP LEADER, who shall attempt to resolve the Dispute.
7.3      If the Dispute has not been resolved within 28 days from the date upon which it is referred to senior management, then the Claimant and SLIP LEADER shall enter into a mediation agreement in the form prescribed by the LMA and IUA. If the resulting mediation fails to resolve the Dispute, then the Dispute shall be settled by arbitration in accordance with clause 7.4, provided always that the decision to commence an arbitration must be taken by the senior management of the Claimant in question.
7.4      All arbitrations arising out of or in connection with a Dispute shall be referred to arbitration under ARIAS Fast Track Arbitration Rules. The seat of arbitration shall be London.
8      Limitation of Liability
8.1      The total liability, whether in contract, in tort (including but not limited to negligence), breach of fiduciary duty, breach of statutory duty or otherwise, of a SLIP LEADER to all
Subscribing      (Re)Insurers on whose behalf it has acted, or is
acting,      under these Arrangements shall not exceed GBP
500,000      in respect of any one SCAP Claim (Liability Cap).
8.2      If the aggregate liability of a SLIP LEADER in respect of any
one      SCAP Claim would exceed the Liability Cap, the
Subscribing      (Re)Insurers shall each be entitled to be paid
only      a share of the Liability Cap calculated in proportion to
the      share of the (re)insurance underwritten by each
Subscribing      (Re)Insurer (excluding for the purposes of this
clause      any share underwritten by the SLIP LEADER).
8.3      A SLIP LEADER shall not be liable for loss of profits, loss of
business,      loss of use (in each case whether direct or indirect)
or      any other indirect, special, or consequential damages
alleged      to have been suffered by a Subscribing (Re)Insurer
arising      out of its breach of the terms of these Arrangements.
8.4      Notwithstanding clause 8.3 but subject always to clauses 8.1,
8.2      and 8.5, nothing in this clause 8 is intended to exclude the

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  SLIP LEADER’S liability to the Subscribing (Re)Insurers in respect of damages payable by the Subscribing (Re)Insurers to the (re)insured, in addition to the Claim Amount, arising from the mishandling of a SCAP Claim by the SLIP LEADER, its agents or employees, where such mishandling gives rise to an actionable claim for damages against Subscribing (Re)Insurers.
8.5      Nothing in these Arrangements shall exclude, restrict or limit with respect to the handling of a SCAP Claim a SLIP
  LEADER’s liability for: (1) fraud or fraudulent misrepresentation; (2) death or personal injury caused by its negligence or the negligence of its employees or agents; or (3) any matter in respect of which it would be unlawful to exclude or restrict liability.
9      Choice of Law and Jurisdiction

Notwithstanding any other choice of law, express or implied in the contract of (re)insurance, the provisions of these Arrangements shall be construed and governed in accordance with the Laws of England and Wales and the Subscribing (Re)Insurers submit to the exclusive jurisdiction of the Courts of England and Wales.

10      Exclusions
10.1      The following types of business (and applicable risk codes for
  Lloyd’s)      are excluded from these Arrangements:
  10.1.1      Binding Authorities;
  10.1.2      Proportional & Quota Share Treaties.
10.2      The following forms of settlement are excluded from these
  Arrangements:     
  10.2.1      ex gratia payments of any kind;
  10.2.2      commutation agreements.

Definitions

In these Arrangements, unless the context otherwise requires, the following words shall have the following meanings:

Claim Amount means:

  • in relation to each SCAP Claim, the total amount claimed (after the application of any applicable deductible(s));or

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CLAIMS AGREEMENT

PARTIES:

B0801Q13012P19 Willis Limited FINEXSlip1939185773.doc

  • in relation to a circumstance, the total amount which, in the judgement of the SLIP LEADER, may be claimed (after the application of any applicable deductible(s)),
  • by the (re)insured from all (re)insurers under the Contract including, but not limited to, any of their expenses or other sums that are recoverable from the (re)insurers under the Contract pursuant to the terms of the (re)insurance. The Claim Amount shall exclude any costs incurred by the (re)insurers arising out of, or in connection with the handling of a SCAP Claim.

Claims Information means the information contained within a notification or provided by the (re)insured or its agent in relation to a SCAP Claim. It also includes all information obtained by the SLIP LEADER or provided by any Professional Adviser employed by (re)insurers.

Contract means, for the purposes of these Arrangements, (re)insurance evidenced by (re)insurers subscribing to a single Market Reform Contract and where all (re)insurers participate on the same contractual terms and conditions (other than premium and brokerage).

Determination/Determine means all claims handling activities necessary (including the appointment and instruction of any

Professional Advisers) in order to: (i) accept or deny a SCAP Claim, in whole or in part; (ii) agree any amount payable and (iii) resolve finally any open matter in respect of the SCAP Claim by agreement or, negotiation.

Dispute Resolution Proceedings means any litigation, arbitration, mediation, regulatory hearing (other than before an ombudsman) or other contested proceeding commenced by or against Subscribing (Re)Insurers in any jurisdiction.

LMA9150
01 February 2018

A.      Claims falling within the scope of the (LMA9150) to be agreed by Slip Leader only on behalf of all (re)insurers subscribing (1) to this Contract on the same contractual terms (other than premium and brokerage) and (2) to these Arrangements.

For the purposes of calculating the Threshold Amount, the sterling rate on the date that a financial value of the claim is first established by the Slip Leader shall be used and the rate of exchange shall be the Bank of England spot rate for the purchase of sterling at the time of the deemed conversion.

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B.      For all other claims:
i)      For Lloyd's syndicates:
  The leading Lloyd's syndicate and, where required by the applicable Lloyd's Claims Scheme, the second Lloyd's syndicate.
  The second Lloyd's Syndicate is ………………………….
ii)      Those companies acting in accordance with the IUA claims agreement practices, excepting those that may have opted out via iv) below.
iii)      Those companies that have specifically elected to agree claims in respect of their own participation.
iv)      All other subscribing insurers that are not party to the
  Lloyd’s/IUA claims agreement practices, each in respect of their own participation.
v)      Notwithstanding anything contained in the above to the contrary, any ex gratia payments to be agreed by each (re)insurer for their own participation.

CLAIMS

ADMINISTRATION:

Willis Limited and (re)insurers agree that any claims hereunder (including any claims related costs/fees) will be notified and administered via the Electronic Claims File (ECF) with any payment(s) processed via CLASS, unless both parties agree to do otherwise.

Where claims or circumstances are not administered via ECF, notification, administration and payment(s) will be electronic.

Where a Lloyd’s syndicate or IUA company is not an agreement party to the claim or circumstance (per CLAIMS AGREEMENT PARTIES A. above) they agree to accept correct ECF sequences for administrative purposes to ensure information is circulated to all subscribing parties.

Willis Limited are authorised to obtain translations of claims documents on behalf of insurers, with Insurers’ associated costs being payable by Insurers as provided for under Expert(s) Fees Collection heading.

For Non Bureaux Insurers only

Claims settlement to be remitted to Willis Limited (unless otherwise specified within the contract) within 7 working days after agreement of claim by Slip Leader and submission of collection to market(s).

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RULES AND EXTENT

OF ANY OTHER DELEGATED CLAIMS AUTHORITY:

EXPERT(S) FEES

COLLECTION:

SETTLEMENT

DUE DATE:

INSTALMENT PREMIUM

PERIOD OF CREDIT:

ADJUSTMENT PREMIUM

PERIOD OF CREDIT:

BUREAUX

ARRANGEMENTS:

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None

Where the Claims Agreement Parties hereunder have delegated authority to a third party, then all insurers will follow the settlements of the appointed third party.

In respect of Expert(s) Fees payable by (re)insurers for services performed on their behalf, an appointed Service Provider to provide all collection and disbursement services on behalf of (re)insurers in conjunction with, whenever appropriate, Xchanging in respect of any bureau markets. In respect of Expert(s) Fees payable by (re)insurers for services performed on behalf of the (re)insured Willis Limited to collect fees.

30 August 2019

In the absence of a Settlement Due Date, a Premium Payment Warranty or a Premium Payment Clause which automatically cancels the contract if premium payment is not paid by a specified date, the Settlement Due Date will be calculated by granting 60 days (or 90 days in respect of reinsurance) from whichever is the later of either:

1)      the inception date of the risk or
2)      the date on which the final Insurer agreement is obtained

Not applicable unless detailed here.

Not applicable unless detailed here.

Premium Processing Clause

Where the premium is to be paid through Xchanging Ins-sure Services (XIS), payment to Insurers will be deemed to occur on the day that a delinked premium is released for settlement by the Appointed Broker or in the case of non-delinked premiums, on the day that the error-free Premium Advice Note (PAN) is submitted to XIS.

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Where premiums are to be paid by instalments under the Deferred Account Scheme, and the Appointed Broker does not receive the premium in time to comply with the agreed settlement date for the second or subsequent instalment, the Appointed Broker, if electing to suspend the automatic debiting of the relevant deferred instalment, shall advise the Slip Leader in writing and instruct XIS accordingly. XIS shall then notify Insurers. Payment to any entity within the same group of companies as the Appointed Broker will be deemed to be payment to the Appointed Broker.

Nothing in this clause shall be construed to override the terms of any Premium Payment Warranty or Clause or any Termination or Cancellation provision contained in this contract. Furthermore, any amendment to the Settlement Due Date of a premium instalment as a result of the operation of this Premium Processing Clause shall not amend the date that such instalment is deemed to be due for the purposes of such Premium Payment Warranty or Clause or Termination or Cancellation provision unless Insurers expressly agree otherwise.

Appointed Broker : Willis Limited

LSW3003
14/12/09

Xchanging Ins-sure Services (XIS) are authorised to sign premium, de-linked or otherwise, from individual insureds, cedants, territories, insurers or class of business sections separately as and when received from Willis Limited.

In the event that any applicable premium payment warranty, clause or condition has a different due date to the settlement due date, XIS are hereby authorised to amend the settlement due date to match the premium payment warranty, clause or condition due date. This agreement shall be binding on all bureau insurers.

Insurers hereby agree that any premium payable in instalments under this contract will be processed as delinked additional premium entries other than when submitted under the Deferred Account Scheme.

Where any Settlement Due Date (SDD), Premium Payment Warranty (PPW) or Premium Payment Condition (PPC) due date falls on a weekend or public holiday, presentation to XIS or insurers hereon or release for settlement of a delinked premium as applicable on the next working day will be deemed to be in compliance with such SDD, PPW or PPC.

Where Premium Transfers have been completed any additional/return premiums due thereafter will be paid/deducted from the last Year of Account unless advised differently by (re)insurers.

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Agreed to accept currency rate of exchange adjustments as presented to XIS bearing evidence of Insured payment / settlement.

For signing purposes XIS agree to accept netted down premiums (being both gross and net) as presented by Willis Limited.

All premium related transactions shall be settled in the same currency as indicated in this contract and all claims related transactions, including fees and expenses shall be paid in any appropriate currency as requested by the Insured, expert or adjuster, providing:

Where the currency(ies) is not a currency nominated by Lloyd’s, IUA or XIS as a settlement currency, or where one or more XIS

Underwriter does not transact business in a nominated XIS settlement currency or where all or part of the Lloyd's premium is to be settled in US Dollars (USD) for US or Canadian Trust Fund purposes, then all transactions will be converted into Pounds Sterling (GBP), US Dollars (USD) or Euro (EUR), as specified by Willis Limited, at the applicable rate of exchange which shall be determined by:

a)      the date of receipt by Willis Limited for premiums
b)      the date of payment to the client for claims and return premiums or as agreed by the Slip Leader.

XIS are authorised to:

  • issue For Declaration Only (FDO) signings (to allow prompt policy signing and notification of claims via ECF, where necessary).

Insurers agree to allow delinked signings to be removed on Broker instruction only, subject to evidence that insurers have been advised by the Broker that it has been unable to collect the premium.

Tax Schedules and other documentation supporting premium calculation included within submissions to XIS are deemed informational documents only and do not form part of the contract nor require underwriter agreement.

For the purpose of policy production only references to “Slip Leader” and “Slip Leader only” herein are deemed to read “Insurers”.

 
 

NON-BUREAUX

ARRANGEMENTS:

Insurers agree to accept premium from individual insureds, cedants, territories or class of business sections separately as and when received from Willis Limited.

In the event that any applicable premium payment warranty, clause or condition has a different due date to the settlement due date, insurers hereby agree the settlement due date is amended to match the premium payment warranty, clause or condition due date. This agreement shall be binding on all non-bureau insurers.

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Premium included in either the next Statement of Account or the next e-Accounting Financial Account (FA) ACORD message batch, dispatched electronically after SDD shall be deemed to meet Premium Payment Terms. This does not supersede priority payments nor special payment terms nor specifically agreed payment and currency terms stated in this contract.

Agreed to accept currency rate of exchange adjustments as presented to insurers bearing evidence of Insured payment / settlement.

All premium related transactions shall be settled in the same currency as indicated in this contract and all claims related transactions, including fees and expenses shall be paid in any appropriate currency as requested by the Insured, expert or adjuster, providing:

Where the currency(ies) is not a currency nominated by insurers or Willis Limited as a settlement currency, then all transactions will be converted into Pounds Sterling (GBP), US Dollars (USD) or Euro (EUR), as specified by Willis Limited, at the applicable rate of exchange which shall be determined by:

a)      the date of receipt by Willis Limited for premiums
b)      the date of payment to the client for claims and return premiums or as agreed by the Slip Leader.

Settlements in respect of any Canadian interest will be converted, where necessary, into US Dollars (USD) or Canadian Dollars (CAD) for payment to insurers at the applicable rate of exchange determined by the date of premium receipt by Willis Limited.

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TAX PAYABLE BY

INSURER(S):

COUNTRY OF ORIGIN:

REGULATORY RISK

LOCATION:

OVERSEAS BROKER:

US CLASSIFICATION:

ALLOCATION OF PREMIUM TO CODING:

REGULATORY CLIENT

CLASSIFICATION:

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5. FISCAL AND REGULATORY

None.

30% FATCA Withholding Tax only to apply in accordance with the provisions of IUA 09-054.

United States of America.

United States of America

Direct Insured

Non-Regulated, Independent Procurement

BB      (Crime) 99%

7T

1%

Large Risk

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6. BROKER REMUNERATION AND DEDUCTIONS

FEE PAYABLE BY  
CLIENT? Yes
 
TOTAL BROKERAGE: Nil
 
OTHER DEDUCTIONS  
FROM PREMIUM: None.

 

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Policy Number: (UMR) B08013012P19

SECURITY DETAILS

  REFERENCES

    UMR (Unique Market Reference): B08013012P19

    Date contract printed to PDF: 16:52 28 June 2019

SIGNED UNDERWRITERS

Antares Syndicate 1274            
Steve Willett            
Written Line 83.34 % Signed Line   83.34 %
Agreed on 16:23  28 June 2019        
For and on behalf of:     Written Line   Signed Line  
Lloyd's Underwriter Syndicate No. 1274 AUL,     83.34 % 83.34 %
London, England            
Bound as Slip Leader, Lloyd’s Leader            
Lloyd's Stamp: 1274          
LORS Code: L1274          
Reference: 300563800019          
Description:            
Risk Code(s): 7T, BB          
 
Pioneer Underwriting Limited            
Joshua Jamieson            
Written Line 16.66 % Signed Line   16.66 %
Agreed on 16:52  28 June 2019        
For and on behalf of:     Written Line   Signed Line  
Pioneer FI - PFI 9375.     8.33 % 8.33 %
Bound            
Lloyd's Stamp: 9375          
Reference: AWA104D19AA          
Description:            
Pioneer Financial Institutions Written by Pioneer     8.33 % 8.33 %
Underwriting Limited on binding authority UMR:            
B1332P19PFI004 on behalf of: 10% - Lloyd's            
Syndicate 457 - Munich Re Syndicate 90% -            
Great Lakes Insurance SE            
Bound            
Reference: AWA104D19AB          
Description:            
Line Conditions            

 

Premiums and Claims to be settled directly with Pioneer Underwriters Limited with notifications to accounts@pioneeruw.com
and UKFIclaims@pioneeruw.com

 

Market Submission - Security Details

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Policy Number: (UMR) B08013012P19  
   
SETTLEMENT INFORMATION  
   
    Allocation of Premium to Coding  

    7T at 1.00%     BB at 99.00%

    Allocation of Premium to Year of Account  
    2019  

    Terms of Settlement

    Settlement Due Date:

    Instalment Premium Period of Credit:     Adjustment Premium Period of Credit:

30 August 2019

0 day(s) 0 day(s)

 

Lloyd's Underwriter Syndicate No. 1274 AUL, London, England

Bureau Leader and Lloyd’s Leader

Steve Willett

Market Submission - Security Details

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