EX-99 2 p82307667_2021.htm 1ST CHUBB EXCESS p82307667_2021.htm - Generated by SEC Publisher for SEC Filing
MARSH USA INC  
ATTN: Maria Cardona
1166 AVENUE OF THE AMERICAS
NEW YORK, NY 10036  
 
 
 
 
INSURED: BNY MELLON LARGE CAP SECURITIES FUND, INC.
PRODUCT: DFIBond
POLICY NO: 82307667
TRANSACTION: RENL

 


PREMIUM BILL

Insured: BNY MELLON LARGE CAP SECURITIES FUND, INC. Date: February 28, 2021

 

Producer: MARSH USA INC.

 

 

Company: FEDERAL INSURANCE COMPANY

 

THIS BILLING IS TO BE ATTACHED TO AND FORM PART OF THE BOND REFERENCED BELOW. NOTE: PLEASE RETURN THIS BILL WITH REMITTANCE AND NOTE HEREON ANY CHANGES. BILL

WILL BE RECEIPTED AND RETURNED TO YOU PROMPTLY UPON REQUEST.

 

PLEASE REMIT TO PRODUCER INDICATED ABOVE. PLEASE REFER TO:

 

EFFECTIVE DATE BOND NUMBER COVERAGE   PREMIUM
January 31, 2021 82307667 Excess Bond   $ 61,734
To        
January 31, 2022   Renewal    
         
10% Commission        
      TOTAL $ 61,734
 
 

Chubb Group of Insurance Companies DECLARATIONS
202B Hall’s Mill Road       FINANCIAL INSTITUTION
Whitehouse Station, NJ 08889     EXCESS BOND FORM E
 
NAME OF ASSURED:       Bond Number: 82307667
BNY MELLON LARGE CAP SECURITIES FUND, INC. FEDERAL INSURANCE COMPANY
          Incorporated under the laws of Indiana,
200 PARK AVENUE       a stock insurance company, herein called the COMPANY
NEW YORK, NY 10166        
          Capital Center, 251 North Illinois, Suite 1100
          Indianapolis, IN 46204-1927
 
ITEM 1. BOND PERIOD: from   12:01 a.m. on January 31, 2021  
    to   12:01 a.m. on January 31, 2022  
ITEM 2. AGGREGATE LIMIT OF LIABILITY: $0  
ITEM 3. SINGLE LOSS LIMIT OF LIABILITY:$15,000,000 excess of $10,000,000
ITEM 4. DEDUCTIBLE AMOUNT: $ See Endorsement No. 2  
ITEM 5. PRIMARY BOND:      
  Insurer:     National Union Fire Insurance Company of Pittsburgh, Pa
  Form and Bond No.   Investment Company Blanket Bond / Bond No. 04-190-80-19
  Limit   $ 10,000,000  
  Deductible:   $ 50,000  
  Bond Period:     January 31, 2021 - January 31, 2022
 
 
 
ITEM 6. COVERAGE EXCEPTIONS TO PRIMARY BOND:  
  NOTWITHSTANDING ANY COVERAGE PROVIDED BY THE PRIMARY BOND, THIS EXCESS BOND
  DOES NOT DIRECTLY OR INDIRECTLY COVER: None  
ITEM 7. TOTAL OF LIMITS OF LIABILITY OF OTHER UNDERLYING BONDS, EXCESS OF PRIMARY BOND:
 
ITEM 8. THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING
  ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:
  1 - 5        

 


Excess Bond (7-92)  
Form 17-02-0842 (Ed. 7-92) Page 1 of 1

 


 

  The COMPANY, in consideration of the required premium, and in reliance on the
  statements and information furnished to the COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this bond and to all other terms and conditions of this bond, agrees to pay the ASSURED for:
 
 
 
 
Insuring Clause Loss which would have been paid under the Primary Bond but for the fact the loss
  exceeds the Deductible Amount.
 
  Coverage under this bond shall follow the terms and conditions of the Primary Bond,
  except with respect to:
  a. The coverage exceptions in ITEM 6. of the DECLARATIONS; and
  b. The limits of liability as stated in ITEM 2. and ITEM 3. of the DECLARATIONS.
  With respect to the exceptions stated above, the provisions of this bond shall apply.
 
 
General Agreements    
 
 
Change Or Modification A. If after the inception date of this bond the Primary Bond is changed or modified,
Of Primary Bond   written notice of any such change or modification shall be given to the COMPANY as soon
    as soon as practicable, not to exceed thirty (30) days after such change or
    modification, together with such information as the COMPANY may request. There shall be no coverage under this bond for any loss related to such change or modification until such time as the COMPANY is advised of and specifically agrees by written endorsement to provide coverage for such change or modification.
   
   
   
 
 
Representations Made B. The ASSURED represents that all information it has furnished to the COMPANY
By Assured   for this bond or otherwise is complete, true and correct. Such information
    constitutes part of this bond.
    The ASSURED must promptly notify the COMPANY of any change in any fact or
    circumstance which materially affects the risk assumed by the COMPANY under
    this bond.
    Any misrepresentation, omission, concealment or incorrect statement of a material fact by the ASSURED to the COMPANY shall be grounds for recision of this bond.
   
 
 
Notice To Company Of C. The ASSURED shall notify the COMPANY at the earliest practical moment, not to proceeding brought to determine the ASSURED’S liability for any loss, claim or
Legal Proceedings Against exceed thirty (30) days after the ASSURED receives notice, of any legal
Assured - Election To
Defend
 
  damage which, if established, would constitute a collectible loss under this bond or any of the
  Underlying Bonds. Concurrent with such notice, and as requested
    thereafter, the ASSURED shall furnish copies of all pleadings and pertinent papers to the COMPANY.
   

 

Excess Bond (7-92) R  
Form 17-02-0842 (Ed. 7-92) R Page 1 of 5

 


 

General Agreements            
 
 
Notice To Company Of     If the COMPANY elects to defend all or part of any legal proceeding, the court
Legal Proceedings Against     costs and attorneys’ fees incurred by the COMPANY and any settlement or
Assured - Election To     judgment on that part defended by the COMPANY shall be a loss under this bond.
Defend     The COMPANY’S liability for court costs and attorneys’ fees incurred in defending all or part of such legal proceeding is limited to the proportion of such court costs and attorneys’ fees incurred that the amount recoverable under this bond bears to
(continued)     the amount demanded in such legal proceeding.
      If the COMPANY declines to defend the ASSURED, no settlement without the prior written consent of the COMPANY or judgment against the ASSURED shall
      determine the existence, extent or amount of coverage under this bond, and the
      COMPANY shall not be liable for any costs, fees and expenses incurred by the
      ASSURED.
 
 
Conditions And            
Limitations            
 
 
Definitions 1 . As used in this bond:
      a. Deductible Amount means the amount stated in ITEM 4. of the
        DECLARATIONS. In no event shall this Deductible Amount be reduced for any reason, including but not limited to, the non-existence, invalidity,
        insufficiency or uncollectibility of any of the Underlying Bonds, including
        the insolvency or dissolution of any Insurer providing coverage under any of the
        Underlying Bonds.
 
      b. Primary Bond means the bond scheduled in ITEM 5. of the
        DECLARATIONS or any bond that may replace or substitute for such bond.
      c. Single Loss means all covered loss, including court costs and attorneys’
        fees incurred by the COMPANY under General Agreement C., resulting from:
        (1 ) any one act of burglary, robbery or attempt either, in which no
            employee of the ASSURED is implicated, or
        (2 ) any one act or series of related acts on the part of any person resulting
            in damage to or destruction or misplacement of property, or
        (3 ) all acts other than those specified in c.(1) and c.(2), caused by any
            person or in which such person is implicated, or
        (4 ) any one event not specified above, in c.(1), c.(2) or c.(3).
      d. Underlying Bonds means the Primary Bond and all other insurance
        coverage referred to in ITEM 7. of the DECLARATIONS.

 

Excess Bond (7-92)  
Form 17-02-0842 (Ed. 7-92) Page 2 of 5

 


 

Conditions And        
Limitations        
(continued)        
 
 
Limit Of Liability 2 . The COMPANY’S total cumulative liability for all Single Losses of all ASSUREDS
      discovered during the BOND PERIOD shall not exceed the AGGREGATE LIMIT
      OF LIABILITY as stated in ITEM 2. of the DECLARATIONS. Each payment made
Aggregate Limit Of     under the terms of this bond shall reduce the unpaid portion of the AGGREGATE
Liability     LIMIT OF LIABILITY until it is exhausted.
 
      On exhausting the AGGREGATE LIMIT OF LIABILITY by such payments:
 
      a. the COMPANY shall have no further liability for loss or losses regardless of
        when discovered and whether or not previously reported to the COMPANY,
        and
 
      b. the COMPANY shall have no obligation under General Agreement C. to
        continue the defense of the ASSURED, and on notice by the COMPANY
        to the ASSURED that the AGGREGATE LIMIT OF LIABILITY has been
        exhausted, the ASSURED shall assume all responsibility for its defense at its own cost.
 
  The unpaid portion of the AGGREGATE LIMIT OF LIABILITY shall not be increased or
  reinstated by any recovery made and applied in accordance with Section 4. In the event
  that a loss of property is settled by indemnity in lieu of payment, then such loss shall not reduce the unpaid portion of the AGGREGATE LIMIT OF LIABILITY.
 
Single Loss Limit Of The COMPANY’S liability for each Single Loss shall not exceed the SINGLE LOSS
Liability LIMIT OF LIABILITY as stated in ITEM 3. of the DECLARATIONS or the unpaid portion
  of the AGGREGATE LIMIT OF LIABILITY, whichever is less.
 
 
Discovery 3 . This bond applies only to loss first discovered by the ASSURED during the BOND
      PERIOD. Discovery occurs at the earlier of the ASSURED being aware of:
 
      a. facts which may subsequently result in a loss of a type covered by this bond,
        or
 
      b. an actual or potential claim in which it is alleged that the ASSURED is liable to a third party,
       
 
      regardless of when the act or acts causing or contributing to such loss occurred,
      even though the amount of loss does not exceed the applicable Deductible
      Amount, or the exact amount or details of loss may not then be known.
 
 
Subrogation-Assignment- 4 . In the event of a payment under this bond, the COMPANY shall be subrogated
Recovery     to all of the ASSURED’S rights of recovery against any person or entity to the
      extent of such payments. On request, the ASSURED shall deliver to the COMPANY
      an assignment of the ASSURED’S rights, title and interest and causes of action
      against any person or entity to the extent of such payment.

 

Excess Bond (7-92)  
Form 17-02-0842 (Ed. 70-2) Page 3 of 5

 


 

Conditions And        
Limitations        
 
 
Subrogation-Assignment-     Recoveries, whether effected by the COMPANY or by the ASSURED, shall be
Recovery     applied net of the expense of such recovery, first, to the satisfaction of the
(continued)     ASSURED’S loss which would otherwise have been paid but for the fact that it
      is in excess of the AGGREGATE LIMIT OF LIABILITY, second, to the COMPANY in
      satisfaction of amounts paid in settlement of the ASSURED’S claim and third,
      to the ASSURED in satisfaction of the DEDUCTIBLE AMOUNT. Recovery from
      reinsurance and/or indemnity of the COMPANY shall not be deemed a recovery
      under this Section.
 
 
Cooperation Of Assured 5 . At the COMPANY’S request and at reasonable times and places designated by
      the COMPANY the ASSURED shall:
      a. submit to examination by the COMPANY and subscribe to the same under
        oath, and
      b. produce for the COMPANY’S examination all pertinent records, and
      c. cooperate with the COMPANY in all matters pertaining to the loss.
      The ASSURED shall execute all papers and render assistance to secure to the
      COMPANY the rights and causes of action provided for under this bond. The
      ASSURED shall do nothing after loss to prejudice such rights or causes of action.
 
 
Termination 6 . This bond terminates as an entirety on the earliest occurrence of any of the
      following:
      a. sixty (60) days after the receipt by the ASSURED of a written notice from
        the COMPANY of its decision to terminate this bond, or
      b. immediately on the receipt by the COMPANY of a written notice from the
        ASSURED of its decision to terminate this bond, or
      c. immediately on the appointment of a trustee, receiver or liquidator to act on
        behalf of the ASSURED, or the taking over of the ASSURED by State or
        Federal officials, or
      d. immediately on the dissolution of the ASSURED, or
      e. immediately on exhausting the AGGREGATE LIMIT OF LIABILITY, or
      f. immediately on expiration of the BOND PERIOD, or
      g. immediately on cancellation, termination or recision of the Primary Bond.
 
 
Conformity 7 . If any limitation within this bond is prohibited by any law controlling this bond’s
      construction, such limitation shall be deemed to be amended so as to equal the
      minimum period of limitation provided by such law.

 

Excess Bond (7-92)  
Form 17-02-0842 (Ed. 7-92) Page 4 of 5

 


 

Conditions And      
Limitations      
(continued)      
 
 
Change Or Modification 8 . This bond or any instrument amending or affecting this bond may not be
Of This Bond     changed or modified orally. No change in or modification of this bond shall be
      effective except when made by written endorsement to this bond signed by an Authorized
      Representative of the COMPANY.

 

Excess Bond (7-92)  
Form 17-02-0842 (Ed. 70-2) Page 5 of 5

 


 

IMPORTANT NOTICE TO POLICYHOLDERS
 
 
 
All of the members of the Chubb Group of Insurance companies doing business in the United
States (hereinafter “Chubb”) distribute their products through licensed insurance brokers and agents
(“producers”). Detailed information regarding the types of compensation paid by Chubb to producers on
US insurance transactions is available under the Producer Compensation link located at the bottom of the
page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from your
producer.
 
Thank you for choosing Chubb.

 

10-02-1295 (ed. 6/2007)


 

  FEDERAL INSURANCE COMPANY
  Endorsement No. 1
  Bond Number: 82307667
 
NAME OF ASSURED: BNY MELLON LARGE CAP SECURITIES FUND, INC.  
AMENDED DEDUCTIBLE/DROP DOWN ENDORSEMENT
It is agreed that this bond is amended by deleting ITEM 4., DEDUCTIBLE AMOUNT of the
DECLARATIONS, in its entirety and substituting the following:  
"ITEM 4. DEDUCTIBLE AMOUNT  
a. $50,000, plus any unpaid portion of the AGGREGATE LIMIT OF LIABILITY of the
  Underlying Bonds on the date of payment of any Single Loss under this bond.
b. The ASSURED shall notify the COMPANY immediately of any payment made or intended
  to be made under any of the Underlying Bonds.  
c. This bond shall drop down but only by the amount paid under the Underlying Bonds."
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on January 31, 2021.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

 

Date: February 28, 2021



 

          FEDERAL INSURANCE COMPANY
 
          Endorsement No. 2
 
          Bond Number: 82307667
 
 
 
NAME OF ASSURED: BNY MELLON LARGE CAP SECURITIES FUND, INC.  
 
NEW YORK AMENDATORY ENDORSEMENT
 
It is agreed that this bond is amended as follows:  
 
1 . By deleting paragraph a. in its entirety from Section 6., Termination, and substituting the following:
 
    "a. TERMINATION BY THE COMPANY  
 
      BONDS IN EFFECT SIXTY (60) DAYS OR LESS  
 
      If this bond has been in effect for less than sixty (60) days and if it is not a renewal bond, the
      COMPANY may terminate it for any reason by mailing or delivering to the ASSURED and to the
      authorized agent or broker, if any, written notice of termination at least twenty (20) days before
      the effective date of termination.  
 
      The COMPANY may, however, terminate this bond by mailing or delivering to the ASSURED and
      to the authorized agent or broker, if any, written notice of termination at least fifteen (15) days
      before the effective date of termination if the COMPANY cancels for:  
 
      (1 ) Nonpayment of premium;  
 
      (2 ) Conviction of a crime arising out of acts increasing the hazard insured against;
 
      (3 ) Discovery of fraud or material misrepresentation in the obtaining of this bond or in the
          presentation of a claim thereunder;  
 
      (4 ) Violation of any provision of this bond that substantially and materially increases the hazard
          insured against, and which occurred subsequent to inception of the current BOND
          PERIOD;  
 
      (5 ) If applicable, material physical change in the property insured, occurring after issuance or
          last annual renewal anniversary date of this bond, which results in the property becoming
          uninsurable in accordance with the COMPANY's objective, uniformly applied underwriting
          standards in effect at the time this bond was issued or last renewed; or material change in
          the nature or extent of this bond occurring after issuance or last annual renewal anniversary
          date of this bond, which causes the risk of loss to be substantially and materially increased
beyond that contemplated at the time this bond was issued or last renewed;
 
      6 ) A determination by the Superintendent of Insurance that continuation of the present
          premium volume of the COMPANY would jeopardize the COMPANY's policyholders,
          creditors or the public, or continuing the bond itself would place the COMPANY in violation
          of any provision of the New York Insurance Code; or  
 
      (7 ) Where the COMPANY has reason to believe, in good faith and with sufficient cause, that
          there is a probable risk or danger that the Property will be destroyed by the ASSURED for
          the purpose of collecting the insurance proceeds.  

 

Excess Bond  
Form 17-02-1067 (Rev. 9-93) Page 1

 


 

          BONDS IN EFFECT MORE THAN SIXTY (60) DAYS
          If this bond has been in effect for sixty (60) days or more, or if it is a renewal of a bond
          issued by the COMPANY, it may be terminated by the COMPANY by mailing or delivering
          to the ASSURED and to the authorized agent or broker, if any, written notice of termination
          at least fifteen (15) days before the effective date of termination. Furthermore, when the
          bond is a renewal or has been in effect for sixty (60) days or more, the COMPANY may
          terminate only for one or more of the reasons stated in a. (1)-(7) above.
          NOTICE OF TERMINATION
          Notice of termination under this Section a. shall be mailed to the ASSURED and to the
          authorized agent or broker, if any, at the address shown on the DECLARATIONS of this
          bond. The COMPANY, however, may deliver any notice instead of mailing it.
          RETURN PREMIUM CALCULATIONS
          The COMPANY shall refund the unearned premium computed pro rata if this bond is
          terminated by the COMPANY."
2 . It is further understood and agreed that for the purposes of Section 6., Termination, any occurrence
    listed in Parts (d), (e) or (f) of that Section shall be considered to be a request by the ASSURED to
    immediately terminate this bond.
3 . By adding a new Section reading as follows:
    "Section 9. Election To Conditionally Renew / Nonrenew This Bond
    A. CONDITIONAL RENEWAL
      If the COMPANY conditionally renews this bond subject to:
      1 . Change of limits of liability;
      2 . Change in type of coverage;
      3 . Reduction of coverage;
      4 . Increased deductible;
      5 . Addition of exclusion; or
      6 . Increased premiums in excess of 10%, exclusive of any premium increased due to and
          commensurate with insured value added; or as a result of experience rating, retrospective
          rating or audit; the COMPANY shall send notice as provided in B. NOTICES OF
          NONRENEWAL AND CONDITIONAL RENEWAL immediately below.
    B. NOTICES OF NONRENEWAL AND CONDITIONAL RENEWAL
      1 . If the COMPANY elects not to renew this bond, or to conditionally renew this bond as
          provided in Section A. herein, the COMPANY shall mail or deliver written notice to the
          ASSURED at least sixty (60) but not more than one hundred twenty (120) days before:
          (a) The expiration date; or
          (b) The anniversary date if this bond has been written for a term of more than one year.

 

Excess Bond  
Form 17-02-1067 (Rev. 9-93) Page 2

 


 

    2 . Notice shall be mailed or delivered to the ASSURED at the address shown on the
        DECLARATIONS of this bond and the authorized agent or broker, if any. If notice is
        mailed, proof of mailing shall be sufficient proof of notice.
 
    3 . Paragraphs 1. and 2. immediately above shall not apply when the ASSURED, authorized
        agent or broker, or another insurer has mailed or delivered written notice to the COMPANY
        that the bond has been replaced or is no longer desired."
         
    4 . By adding a new Section reading as follows:
         
 
 
    "Section 10. Other Insurance
 
    If there is any other valid and collectible insurance which would apply in whole or in part in the absence
    of this bond, then the COMPANY shall not be liable under this bond for a greater proportion of any loss
    than the proportion that the available limit of liability under this bond bears to the total applicable limit of
    liability of all valid and collectible insurance against such loss."
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on January 31, 2021.
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

 

Date: February 28, 2021



 

  ENDORSEMENT/RIDER
 
Effective date of  
this endorsement/rider: January 31, 2021 FEDERAL INSURANCE COMPANY
  Endorsement/Rider No. 3
  To be attached to and
  form a part of Bond No. 82307667
 
 
Issued to: BNY MELLON LARGE CAP SECURITIES FUND, INC.
 
AMENDING REPRESENTATIONS MADE BY ASSURED ENDORSEMENT
In consideration of the premium charged, it is agreed that this bond is amended by deleting in its entirety General
Agreement B., Representations Made By Assured, and substituting the following:
B. The ASSURED represents that all information it has furnished to the COMPANY for this bond or otherwise is
complete, true and correct. Such information constitutes part of this bond.
Any intentional misrepresentation, omission, concealment or incorrect statement of a material fact by the
ASSURED to the COMPANY shall be grounds for rescission of this bond.
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.  
 
All other terms, conditions and limitations of this Bond shall remain unchanged.

 

Q08-393 (11/2019)

Page 1 of 1

290966


 

        ENDORSEMENT/RIDER
Effective date of    
this endorsement/rider: January 31, 2021 FEDERAL INSURANCE COMPANY
      Endorsement/Rider No. 4
      To be attached to and  
      form a part of Bond No. 82307667
Issued to: BNY MELLON LARGE CAP SECURITIES FUND, INC.  
 
FOLLOW FORM ENDORSEMENT
 
 
In consideration of the premium charged, it is agreed that:  
(1 ) Coverage under this bond shall only apply in conformance with the terms and conditions of the following
    endorsements of the Primary Bond.    
 
 
 
(2 ) Accordingly, no coverage will be available for the Coverage Exceptions to the Primary Bond set forth in
    ITEM 6., of the DECLARATIONS of this bond, and such exceptions shall be inapplicable to this bond.
    The Company shall not be liable to the ASSURED or to any other person or entity claiming through or in
    the name or right of the ASSURED for any loss or other liability based on, arising out of, directly or
    indirectly resulting from, in consequence of, or in any way involving the coverage otherwise afforded in
    such Coverage Exceptions.    
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms
and conditions of coverage.    
All other terms, conditions and limitations of this Bond shall remain unchanged.

 

Q09-688 (04/2009)

Page 1


 

  ENDORSEMENT/RIDER
 
Effective date of  
this endorsement/rider: January 31, 2021 FEDERAL INSURANCE COMPANY
  Endorsement/Rider No. 5
  To be attached to and
  form a part of Policy No. 82307667
 
 
Issued to: BNY MELLON LARGE CAP SECURITIES FUND, INC.
COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS
It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other similar laws
or regulations prohibit the coverage provided by this insurance.
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.  
All other terms, conditions and limitations of this Policy shall remain unchanged.

 

14-02-9228 (2/2010)

Page 1