Professional Indemnity - Terms, Conditions & General Exclusions

Introduction                                                                                                                                                                     
A person who specializes in particular skills and professes to exercise those skills in the affairs of others is bound to exercise the care and skill of ordinary competent practitioners in that profession. Failure to do so may result in liability claim or lawsuit alleging breach of professional duty. Professional Indemnity policy (PI) provides indemnity against such potential professional liability exposure. Our Principal Insurer offers PI to a wide range of professions such as lawyers, accountants, architects, engineers, surveyors, general medical practitioners, opticians, estate agents and etc.

As liability is intangible in nature, a professional proposer would have to choose the limit of indemnity (sum insured) as he deems appropriate and necessary.
EXTENSIONS/CLAUSES/ WARRANTIES APPLICABLE
 1st
Principal Insurer
1.3.5-19-9-2
Alternative Principal Insurer
1-7-9-3-13-2
  3rd Principal Insurer
11-9-13-2
4th Principal Insurer
17.2.5-9-
13-2
 5th Principal Insurer
13.19.9.7-
9-13-2
 6th Principal Insurer
1.9.7-3-12
  7th Principal Insurer
13.3.9.19-26-
13-2
  8th Principal Insurer
20-13-9-2
 2nd Principal Insurer
12-16-9-2
Vicarious  Liability-
•Consultants,Contractors,
  Subcontractors and Agents
       
•Insurer agrees to extend cover to any Claim against the Insured for civil liability arising from any consultant, contractor, subcontractor or agent of the Insured for whose acts, errors or omissions the Insured is legally liable.
This Extension neither affords coverage to any consultant, contractor, subcontractor or agent of the Insured nor makes any such person or entity an Insured.

  Yes.
Policy Limit
 Yes
10% Sum Insured		 x
x
x
x
x
x
Yes
Policy
Limit.
•Defamation
 •Insurer agrees to extend cover to civil liability for defamation by the Insured in the conduct of the Business, provided that the Insured did not intend to publish the defamation with express malice.
 Yes.
Policy Limit
 Cover. Sublimit to 10% of policy limit. x
x
x
x
x
x Cover. Sublimit to 10% of policy limit.
•Intellectual Property Infringement

•Insurer agrees to extend cover to civil liability for unintentional infringement of any intellectual property right except patent right by the Insured in connection with the Business.
Yes,
Policy
Limit.
 Yes,
Policy
Limit.
 x
x
x
x
x
x
Yes,
Policy
Limit.
•Joint Venture Liability
•Insurer agrees to extend cover to any Claim against the Insured for civil liability arising from the Insured’s participation in a Joint Venture.

This Extension neither affords coverage to any person or entity with whom the Insured is in Joint Venture nor makes any such person or entity an

Insured.

 Yes,
Policy
Limit.		 Yes,
Policy
Limit.
 x
x
x
x
x
x
Yes,
Policy
Limit
•Loss of Documents

Yes,
Policy
Limit.
Yes,
10%  of Policy Limit





Yes,
10%  of Policy Limit
•Run Off Cover for Insured Entity
•In the event that a Firm is merged into or acquired by another entity or otherwise ceases to exist or operate during the Period of Insurance, the coverage provided under the Policy for such Firm shall continue until the end of the Period of Insurance, provided that such coverage shall only apply in respect of a Claim that arises from an act, error or omission by the Firm occurring between:

(a) the Retroactive Date; and

(b) the date the Firm ceased to exist or operate or was merged into or acquired by another entity.

 Yes,
Policy
Limit.

 Yes,
Policy
Limit.
 x
x
x
x
x
x
Yes,
Policy
Limit.

Continuous Cover

If the Insured was continuously covered by Insurer under successive primary policies from the date when the Insured first became aware of any Claim or Circumstance referred to 		Yes.
Policy Limits.
Subject to terms and conditions.
 Not
Covered
 x
x
x
x
x
x
Not Covered
Legal Representation at Inquiries
 Yes.Subject to terms and conditions.  Not Covered
x

x

x

x

x

x
Not Covered


 X
x
x
x
x
x
x
x
x

X
x
x
x
x
x
x
x
x

 x x
x
x
x
x
x
x
x

 x x
x
x
x
x
x
x
x

 x x
x
x
x
x
x
x
x

x
x
x
x
x
x
x
x
x

 
x		  
x
x

x

x

x

x

x

x

x
x
x
x
x
x
x
x
x


x
x
x
x
x
x
x
x
x

x
x
x
x
x
x
x
x
x

x
x
x
x
x
x
x
x
x

x
x
x
x
x
x
x
x
x

x
x
x
x
x
x
x
x
x

x
x
x
x
x
x
x
x
x

x
x
x
x
x
x
x
x
x

x
x
x
x
x
x
x
x
x

x
x
x
x
x
x
x
x
x


x
x
x
x
x
x
x
x
x

x
x
x
x
x
x
x
x
x

x x
x
x
x
x
x
x
x


x
x
x
x
x
x
x
x
x

x
x
x
x
x
x
x
x
x
   
                
 Total Automatic Extensions 8
 6
            6
GENERAL EXCLUSIONS
  1st Principal Insurer  2nd Principal Insurer   3rd Principal Insurer  4th Principal Insurer  5th Principal Insurer  6th Principal Insurer  7th Principal Insurer
  8th Principal Insurer  9th Principal Insurer
Assumed Liabilities & Duties
 Yes
             Yes
Contractual Liability Yes
       
Warranty, Guarantee or estimates with respect to fees, costs, quantities or durations, or date of completions. Yes
       
Bodily Injury & Property Damage
  Yes  
              
Claim by or against organization in which the Insured has a financial interest, or owns or controls or manages the Insured Yes
       
Financial Failure & Trading Debts
  Yes
             
Insolvency or bankruptcy of any Insured  Yes      Yes
Fraud, Dishonesty & Intentional Conduct
  Yes  Yes              Yes
Managerial & Prospectus Liability
  Yes                Yes
Obligations to Employees
  Yes                Yes
Occupiers Liability
  Yes                
Pollution, Radioactivity & Asbestos
 Yes

             Yes
Pollution liability  Yes       Yes
Abestos Liability Exclusion Clause  Yes       Yes
Radiation or nuclear  Yes       Yes
Prior Matters  Yes
                
Known Circumstances & Incidents Yes

       
Products Liability  Yes
  Yes              
Related Persons & Entities  Yes
                
Claim by or against parent company, subsidiary or associated company Yes
       
Professional Service for Insured's family members Yes       
War & Terrorism
Yes
Yes
       Yes
Loss of or damage to property (including document) in the Insured's Care, Custody or Control*
 Yes
  Yes              Yes
Fines, Penalties, Exemplary or Punitive Damages  Yes  Yes              Yes
Infringement of Intellectual property rights Yes
 Yes             Yes
Directors' & Officers' liability  Yes  Yes              Yes
Asbestos liability, Urea Formaldehyde, AIDS
 Yes              Yes
Libel or Slander
Yes  Yes              Yes
Joint Venture Liability
 Yes  Yes              Yes
Consultants, Contractors, Subcontractors and Agents
 Yes  Yes              Yes
Newly Acquired or Created Subsidiaries
Yes  Yes              Yes
Run Off Cover for Insured Entity
Yes  Yes              Yes
Public Official Liability

 Yes
       
Terrorism Exclusion Clause
 Yes
       Yes
Internet liability Exclusion Clause
    Yes              
UN Embargo Exclusion

Yes.
Including (Syria & Myanmar)		       
Known Circumstances & Incidents

 Yes       Yes
Expected & Intended Loss
Yes Yes       Yes
Professional Service for Insured's family members Yes
       
Warranty, Guarantee or estimates with respect to fees, costs, quantities or durations, or date of completions.
 Yes

     

Any Incident arising out of any projects with respect to which any construction, erection, fabrication, installation, assembly, manufacture, or supplying of equipment or materials which are incorporated therein, is performed in whole or part by any Insured, by any subsidiary of any Insured, by any legal entity under common management, ownership or control with any Insured, or by any individual or firm acting in the capacity of a subcontractor of any Insured, or by an individual or firm that owns any Insured.

 Yes
       Yes
Failure to effect or maintain insurance Yes
      Yes
losses

  1. for which the insured has or could have purchased insurance cover under an erection, construction or guarantee policy, even if this contains a subsidiary clause;

  2. arising from the advising of requirements for, or failure to advise of requirements for, or failure to maintain any form of insurance, suretyship or bond, either with respect to the insured or any other person;

         Yes
Insured versus Insured Yes
       
2.or losses

  1. for which the insured has or could have purchased insurance cover under an erection, construction or guarantee policy, even if this contains a subsidiary clause;

  2. arising from the advising of requirements for, or failure to advise of requirements for, or failure to maintain any form of insurance, suretyship or bond, either with respect to the insured or any other person;

         Yes

3. for losses

  1. the occurrence of which has to be expected with a high degree of probability or the risk of which was accepted by choosing a special method of work or special material for the purpose of lowering the cost or expediting the work;

  2. caused by application (use or selection) of planning or calculation methods, the application of which has not been adequately tested with a view to the intended use according to the recognised rules of science and technology (design or experiment risk);

        Yes

4.a.notified to or made against the Insured prior to the inception of this policy

b. directly or indirectly based upon, attributable to, or in consequence of any fact or circumstance of which the Insured first became aware prior to the inception of this policy and which the Insured knew or ought reasonably to have known had the potential to give rise to a claim under this policy.


         Yes
5. for losses caused by, or arising from the failure to observe or comply with any applicable statutory building regulations;

        Yes

6. arising from the liability of others assumed by the insured by agreement under any contract, whether oral or in writing, unless such liability would have attached to the insured even in the absence of such agreement;

        Yes
7.arising out of

  1. the conduct of an individual, corporation, partnership or joint venture of which the insured is a partner, officer, member or employee, which is not designated in the schedule as a named insured, unless specifically endorsed here on;

  2. any contract where the Insured acts as a contractor, whether in conjunction with his profession as stated in the schedule or not.

        Yes

8.arising from the planning, execution, manufacture or supply of products or installations or from damages to or defects therein which the insured, fully or partially executes or has executed by

  1. a company managed or to a large extent controlled by him (e.g. subsidiary company); or

  2. a company which is financially involved in the insured's operation (e.g. parent company, joint office, etc.); or

  3. a company whose employees are involved in the insured's operation;

         Yes

10. or losses

  1. arising from the ownership, rental, leasing, operation, maintenance, use or repair of any real or personal property, including property damage to property owned by, occupied by, rented or leased to the insured;

  2. to property in the care, custody or control of the insured or any employee of the insured.

  3. arising from the ownership, maintenance, operation or use, including loading and unloading, by or on behalf of the insured, or at the direction of the insured, of watercraft, automobiles, motor vehicles, aircraft or mobile vehicles of any kind;

  4. due to force majeure (e.g. but not limited to earthquake).

  5. arising out of the manufacture, sale or supply of products and/or performance of work (e.g. erection, construction, installation, alteration, repair, service, treatment) even though such activity may be carried on by the insured in conjunction with their professional services;

  6. of bodily injury, personal injury, sickness, disease or death to any employee of the insured arising out of and in the course of his employment by the insured; or any obligation for which the insured or any carrier as his insurer may be liable, under any workers compensation, unemployment compensation, employers liability, disability benefits law or under any similar laws;

         Yes

11. arising from

  1. the failure to complete drawings, specifications or schedules of specifications on time, or the failure to act upon shop drawings on time, or the failure to comply with time limits set for the completion of part or all of the works;

  2. the costs of revising or redesigning drawings, plans, specifications or schedules of specifications

  3. the giving of express warranties or guarantees; estimates of probable construction cost or cost estimates being exceeded; estimates of profit or return on capital not being achieved; arising from liquidated damages and fines

  4. inadequate accounting or imperfect control of accounts, or from financial operations or advice’s;

         Yes

12.for losses directly or indirectly based upon, attributable to, or in consequence of:

  1. any actual or alleged dishonest, fraudulent, criminal, or malicious act or omission of any Insured or their consultants, sub-contractors or agents; or

  2. any act or omission of any Insured or their consultants, sub-contractors or agents committed or alleged to have been committed with a reckless disregard for the consequences thereof; or

  3. willful breach of any statute, contract or duty by any Insured or their consultants, sub-contractors or agents.

         Yes

14. for injury, sickness, disease, death, damage or destruction directly or indirectly caused by, or contributed to, or arising from:

  1. ionising radiations, or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel; or

  2. the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof;

         Yes

15. for loss arising from

  1. the actual, alleged or threatened discharge, seepage, migration, dispersal, release or escape of Pollutants into or upon the land, atmosphere or any watercourse or body of water.

  2. the cost of monitoring, removing, containing, treating, detoxifying, neutralizing, nullifying or cleaning up of Pollutants.

         Yes
16. for loss arising from any actual or alleged liability whatsoever for any claim or claims in respect of loss or losses directly or indirectly arising out of, resulting from, in consequence of, contributed to or aggravated by asbestos in whatever form or quantity

         Yes
17. for loss arising from any actual or alleged liability whatsoever for any claim or claims in respect of loss or losses directly or indirectly arising out of, resulting from, in consequence of, contributed to or aggravated by asbestos in whatever form or quantity

         Yes
18. resulting from all civil liabilities known as ‘Decennial-Liability’ or any similar law.         Yes

19. directly or indirectly based upon, attributable to, or in consequence of any loss, suit, injury, disease, illness, death, damage, cost or expense, including, but not limited to, losses, cost or expenses related to, arising from, associated with clean-up, remediation, containment, removal or abatement, caused directly or indirectly, in whole or in part, by:

  1. any “fungus(i)”, “mold(s)”, mildew or yeast, or

  2. any “spore(s)“ or toxins created or produced by or emanating from such “fungus (i)”, “mold(s)”, mildew or yeast, or

  3. any substance, vapor, gas, or other emission or organic or inorganic body or substance produced by or arising out of any “fungus(i)”, “mold(s)”, mildew or yeast, or

  4. any material, product, building component, building or structure, or any concentration of moisture, water or other liquid within such material, product, building component, building or structure, that contains, harbors, nurtures or acts as a medium of any “fungus(i)”, “mold(s)”, mildew, yeast, or “spore(s)” or toxins emanating there from,

    regardless of any other cause, event, material, product and/or building component that contributed     concurrently or in any sequence to that loss, injury, disease, illness, death, damage, cost or expense.

For the purpose of this Exclusion, the following Definitions apply:

  1. “Fungus(i)” includes, but is not limited to, any plants or organisms belonging to the major group of Fungi, lacking chlorophyll, and including molds, rusts, mildews, smuts and mushrooms.

  2. “Mold(s)” includes, but is not limited to, any superficial growth produced on damp or decaying organic matter or on living organisms, and fungi that produced molds.
  3. “Spore(s)” means any dormant or reproductive body produced by or arising or emanating out of any “fungus(i)”, “mold(s)”, mildew, plants, organisms or microorganisms.
         Yes

20.directly or indirectly alleging, arising out of, based upon or attributable to:

  1. payments, commissions, gratuities, benefits or any other favors to or for the benefit of any full or part-time domestic or foreign governmental or armed forces officials, agents, representatives, employees or any members of their family or any entity with which they are affiliated; or

  2. payments, commissions, gratuities, benefits or any other favors to or for the benefit of any full or part time officials, directors, agents, partners, representatives, principal shareholders or owners or employees or affiliates of any customers of the Corporation or any members of their family or any entity which they are affiliated; or

  3. Political contributions, whether domestic or foreign.

         
22. arising out of the performance of professional services in respect of off-shore or sub-aqueous projects/works.        Yes

20.directly or indirectly alleging, arising out of, based upon or attributable to:

  1. payments, commissions, gratuities, benefits or any other favors to or for the benefit of any full or part-time domestic or foreign governmental or armed forces officials, agents, representatives, employees or any members of their family or any entity with which they are affiliated; or

  2. payments, commissions, gratuities, benefits or any other favors to or for the benefit of any full or part time officials, directors, agents, partners, representatives, principal shareholders or owners or employees or affiliates of any customers of the Corporation or any members of their family or any entity which they are affiliated; or

  3. Political contributions, whether domestic or foreign.

        Yes
          
(The above are the common principal exclusions of a PI policy. Please refer to PI Policy for the profession concerned for a complete list of and details of all exclusions.)
Extensions
(optional and with additional premium)
_____________________________

Dishonesty of Employees*



_____________________________

Libel & Slander*

_____________________________

Loss of Documents*

_____________________________

Principals Previous Business
  






___________

Cover. Sublimit to 10% of policy limit.
___________

Cover.  Policy limit.
___________

Cover.  Policy limit.
___________

Cover.  Policy limit.
 






___________

Cover. Sublimit to 10% of policy limit.
___________



___________



___________
  






___________





___________



___________



___________
  






____________





____________



____________



____________
  






___________





___________



___________



___________
  






____________





____________



____________



____________
  






____________





____________



____________



____________
  






___________





___________



___________



___________
  






___________

Cover. Sublimit to 10% of policy limit.
___________



___________



___________
Automatic Extension
                 
Joint Venture Liability
 Yes                
Newly Acquired or Created Subsidiaries
  Yes                
Consultants, Contractors, Subcontractors and Agents
  Yes                
Run Off Cover for Insured Entity
 Yes                
Continuous Cover
 Yes
                
Legal Representation at Inquiries
 Yes
                
Incoming & Outgoing principals   Yes
              
Estates and legal representatives extension
Yes
      Yes

Professional Indemnity - Terms, Conditions & General Exclusions



Showing 16 items
Coverage WordingsOptional ExtensionAutomatic ExtensionWarrantyCompany OfferProduct
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Dishonesty of Employees* 3.1 Fraud & Dishonesty Notwithstanding Exclusion 4.4 (Fraud & Dishonesty) of the Policy, ACE agrees to extend cover to any Claim against the Insured for civil liability arising from a dishonest, fraudulent, malicious or criminal act or omission of any Principal (other than a sole practitioner) or Employee of the Firm in the conduct of the Business, provided that coverage under the Extension shall not be provided to any Insured committing, participating in or condoning such dishonest, fraudulent, malicious or criminal act or omission where such conduct is established by admission or court judgement or other adjudication.   ASIB Elite P.I. 
Continuous Cover  2.8 Continuous Cover If the Insured was continuously covered by ACE under successive primary policies from the date when the Insured first became aware of any Claim or Circumstance referred to in Exclusion 4.9 (Prior Matters), ACE will not rely on that Exclusion, provided that: (a) the failure of the Insured to disclose the Claim or Circumstance before the commencement of the Period of Insurance was not fraudulent; and (b) the Insured's entitlement to indemnity will be determined in accordance with the terms of, and subject to the excess of, the policy held by the Insured with ACE on the date when the Insured first became aware of the Claim or Circumstance; but ACE’s limit of liability will be the lower of: (i) the policy held by the Insured with ACE on the date when the Insured first became aware of the Claim or Circumstance; or (ii) this Policy; and (c) the Insured's entitlement to indemnity will be reduced by the amount that, in the reasonable opinion of ACE, fairly represents the extent to which ACE's interests were prejudiced by the failure to notify the Claim or Circumstance when the Insured first became aware of it; and (d) if the policy referred to in paragraph (b) above was co-insured, then ACE will not be liable for more than its proportion of the indemnity provided by that policy. The cover provided by this Extension will not apply if any Insured is entitled to indemnity under any preceding policy in respect of the Claim.  ASIB Elite P.I. 
Principals Previous Business 3.2 Principals Previous Business ACE agrees to extend cover to any Claim for civil liability against any person who is currently practising as a Principal during the Period of Insurance arising from that current Principal’s conduct of any previous business in the same profession as the Business, but only to the extent that the current Principal is not covered by the professional indemnity insurance of the previous business. Where the previous business’ professional indemnity insurance applies, the cover provided by this Extension is specifically in excess of the limit of liability of the previous business’ insurance policy, and shall not cover any liability unless and until the insurers of the previous business’ policy have paid or have admitted liability or have been held liable to pay, the full amount of their limit of liability. The cover provided by this Extension applies regardless of the Retroactive Date.   ASIB Elite P.I. 
Run Off Cover for Insured Entity  2.7 Run Off Cover for Insured Entity In the event that a Firm is merged into or acquired by another entity or otherwise ceases to exist or operate during the Period of Insurance, the coverage provided under the Policy for such Firm shall continue until the end of the Period of Insurance, provided that such coverage shall only apply in respect of a Claim that arises from an act, error or omission by the Firm occurring between: (a) the Retroactive Date; and (b) the date the Firm ceased to exist or operate or was merged into or acquired by another entity.  ASIB Elite P.I. 
Newly Acquired or Created Subsidiaries  2.6 Newly Acquired or Created Subsidiaries ACE agrees to extend cover to any Subsidiary of the Firm which is acquired or created during the Period of Insurance, provided that: (a) such coverage will automatically be revoked 30 days after the effective date of such acquisition or creation or upon the expiry date of the Period of Insurance, whichever is earlier; and (b) this Extension does not provide coverage in respect of any Claim against the Subsidiary arising from an act, error or omission occurring before the Firm acquires or creates the Subsidiary. ACE may, at its discretion, agree to provide further coverage beyond the 30 days period if the Insured has: (i) notified ACE of the acquisition or creation of the Subsidiary; and (ii) provided any additional information requested by ACE; and (iii) agreed to any additional terms imposed by ACE including the charging of any additional premium considered appropriate, additional or different exclusions, or other terms.  ASIB Elite P.I. 
Loss of Documents Notwithstanding Exclusion  2.5 Loss of Documents Notwithstanding Exclusion 4.2 (Bodily Injury & Property Damage), ACE shall pay on behalf of the Insured the reasonable and necessary costs, charges and expenses in replacing or restoring Documents for which the Insured is legally responsible in the conduct of the Business and which have been destroyed, damaged or lost and cannot be found after diligent search, provided that: (a) the loss of, damage to or destruction of such Documents was first discovered by the Insured during the Period of Insurance; and (b) notified to ACE in accordance with Clause 5.1 (Notification of Claims); and (c) the claim for such costs, charges and expenses is supported by satisfactory proof of loss (including bills and accounts) which shall be subject to approval by a competent person nominated by ACE with the Insured’s approval (which shall not be unreasonably withheld); and (d) this Extension shall not provide coverage for any costs, charges or expenses directly or indirectly relating to any Documents which have been destroyed, damaged or lost as a result of wear, tear or other gradually operating causes.  ASIB Elite P.I. 
Consultants, Contractors, Subcontractors and Agents   2.1 Consultants, Contractors, Subcontractors and Agents ACE agrees to extend cover to any Claim against the Insured for civil liability arising from any consultant, contractor, subcontractor or agent of the Insured for whose acts, errors or omissions the Insured is legally liable. This Extension neither affords coverage to any consultant, contractor, subcontractor or agent of the Insured nor makes any such person or entity an Insured.  ASIB Elite P.I. 
Legal Representation at Inquiries  2.9 Legal Representation at Inquiries ACE agrees to pay on behalf of the Insured its reasonable costs and expenses of legal representation at any proceedings before any duly constituted court or tribunal or inquiry or otherwise having the power to compel attendances of witnesses (including any hearing before any disciplinary body of any professional institute or association) at which the Insured in the opinion of ACE should be represented by reason of any professional conduct on its part which might give rise to or has given rise to a Claim under this Policy, provided that: (a) this indemnity will only extend to proceedings first commenced against the Insured during the Period of Insurance and notified to ACE in accordance with Clause 5.1 (Notification of Claims); and (b) this indemnity is subject to the written consent of ACE before the incurring of the legal costs and expenses; and (c) ACE shall not be liable to pay any penalty, fine or award of costs made against the Insured; and (d) ACE’s total liability under this Extension shall not exceed RM100,000 during the Period of Insurance.  ASIB Elite P.I. 
Defamation   2.2 Defamation ACE agrees to extend cover to civil liability for defamation by the Insured in the conduct of the Business, provided that the Insured did not intend to publish the defamation with express malice.  ASIB Elite P.I. 
Intellectual Property Infringement   2.3 Intellectual Property Infringement ACE agrees to extend cover to civil liability for unintentional infringement of any intellectual property right except patent right by the Insured in connection with the Business.  ASIB Elite P.I. 
 Dishonesty of Employees*   QBEMB Elite P.I. 
 Dishonesty of Employees*   LPI(M)B Elite P.I. 
Exclusions    ASIB Elite P.I. 
Fraud & Dishonesty Notwithstanding Exclusion 4.4 (Fraud & Dishonesty) of the Policy, ACE agrees to extend cover to any Claim against the Insured for civil liability arising from a dishonest, fraudulent, malicious or criminal act or omission of any Principal (other than a sole practitioner) or Employee of the Firm in the conduct of the Business, provided that coverage under the Extension shall not be provided to any Insured committing, participating in or condoning such dishonest, fraudulent, malicious or criminal act or omission where such conduct is established by admission or court judgement or other adjudication. Dishonesty of Employees* Fraud & Dishonesty Notwithstanding Exclusion 4.4 (Fraud & Dishonesty) of the Policy  AGIC(M)B Elite P.I. 
Joint Venture Liability ACE agrees to extend cover to any Claim against the Insured for civil liability arising from the Insured’s participation in a Joint Venture. This Extension neither affords coverage to any person or entity with whom the Insured is in Joint Venture nor makes any such person or entity an Insured.  2.4 Joint Venture Liability   ASIB Elite P.I. 
Exclusions - Prior Matter directly or indirectly caused by, arising out of or in any way connected with any: (a) Claim first made before the Period of Insurance; or (b) Claim or Circumstance notified, in whole or part, to ACE or any other insurer before the Period of Insurance; or (c) Circumstance of which the Insured first became aware before the Period of Insurance.    4.9 Prior Matters ASIB Elite P.I. 
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