Liquidator in a Compulsory, Members' Voluntary or Creditors' Voluntary Winding-up;

Transcription

1 Willis Insolvency Scheme AXA Master Schedule Combined Policy version 3.2 This Master Schedule is issued under the terms and conditions of the Binding Authority Agreement granted to Willis Limited ( Willis ) by AXA Insurance UK plc ( AXA ) in respect of AXA insurance policies ( Policy or Policies ) under the Willis Insolvency Scheme ( the Scheme ). Criteria for acceptance of insurance placements under the Scheme shall be provided in the Operating Manual for the Willis Insolvency Open Cover Scheme for Insolvency Practitioners (as issued or amended from time to time) ( the Scheme Manual ) in respect of Insolvency Practitioner Appointments, as defined below Insolvency Practitioner Appointment shall mean the appointment of any partner or authorised employee (an Insolvency Practitioner ) in any of the following capacities; (a) (b) (c) (d) (e) (f) (g) (h) Liquidator in a Compulsory, Members' Voluntary or Creditors' Voluntary Winding-up; Receiver, Receiver and Manager or Special Manager; Trustee in Bankruptcy or Trustee under a Deed of Assignment or Deed of Arrangement; Provisional Liquidator or Trustee under Deed on behalf of Creditors or Trustee in Sequestration; Administrator or Administrative Receiver; Supervisor under a corporate or individual voluntary arrangement; Appointments under the Drug Trafficking Offences Act, Criminal Justice Act or Proceeds of Crime Act; Any similar capacity made by order of any Court, The Department for Business Innovation & Skills or by any other legally constituted Authority and where the Insolvency Practitioner requires insurance cover under the Scheme insurance arrangements. Cover provided under the Combined Policy described below is subject to notification of the risk information in accordance with the timescales shown in the Scheme Manual. Cover is subject to the limits, terms and conditions or endorsements issued on an individual Risk Schedule issued by Willis in respect of a specific Insolvency Practitioner Appointment The individual Risk Schedule shall be read in conjunction with the Master Schedule, the Scheme Manual and Policy Wording as one document and the limits, terms, conditions or endorsements on an individual Risk Schedule amend the limits, terms, conditions or endorsements on the Master Schedule where they differ. Premiums, terms and conditions of the Policies provided under the Scheme for specific Insolvency Practitioner Appointments are based on information provided to Willis including the completed questionnaire, declarations or any additional information provided to Willis. In accordance with the Appointed Insolvency Practitioner(s) instructions we confirm cover is bound subject to the terms, conditions, limitations and exceptions of the Willis Insolvency Scheme AXA Master Schedule Combined Policy (version 3.0) and the policy wording noted below unless specifically amended below by endorsement under the Master Schedule Endorsements or more specifically amended on an individual Risk Schedule in respect of a specific Insolvency Practitioner Appointment 1

2 Master Policy holder: The Insured: Insolvency Practitioner(s) who have been admitted to the Scheme Appointed Insolvency Practitioner(s) who have been admitted to the Scheme Trades/Business Covered: As referred to in the individual Risk Schedule and as declared to and accepted by Willis on behalf of the Insurers Risk Address(es) Covered: As referred to in the individual Risk Schedule and as declared to and accepted by Willis on behalf of the Insurers Period of Master Schedule of Insurance: For: (1) All appointments of the Insured within the terms of the Scheme which are made between 01 st November 2013and 31 st October 2014 both days inclusive (GMT) and in respect of each such appointment for a period of up to but no more than 12 months from the date of appointment; and (2) All appointments of the Insured in respect of which cover has been confirmed by Willis under the Scheme prior to 01 st November 2013 and where such coverage is required by the Insured to be renewed during the period described in (1) above, subject always to a maximum coverage period on such a renewal of 12 months from the date of renewal Willis Insolvency Combined AXA Master Policy Number NL BDX AXA Policy Wording Combined Policy AXA Policy Wording Reference ACLD0391P-B (11/2013) Section 1 - Material Damage Where the Insured requests indemnity under the Material Damage Section, cover is in respect of all location(s) declared by the Insured and stated in the individual Risk Schedule or in any Endorsement(s) used by the Insured for the purposes of the Business or any sites of contracts. Where cover is provided for the specific Insolvency Appointment under the scheme, the Material Damage section will be shown as Insured in the individual Risk Schedule. Cover is in respect of Buildings, Contents, Communal Contents, Stock, Rent and Miscellaneous items as defined within the Policy wording as declared by the Insured and for the Sum Insured declared by the Insured and shown on the individual Risk Schedule for the Basis of Settlement declared by the Insured and shown on the individual Risk Schedule up to a total combined sum insured for the sums insured under the Material Damage, Theft, Selected All Risks and Business Interruption Sections of 15,000,000 at any one location for each and every loss, increased to 30,000,000 where the Premises are occupied as Residential Flats or Retail Shopping Centre unless otherwise accepted and agreed by AXA. The limit of 15,000,000, or 30,000,000 where the Premises are occupied as Residential Flats or Retail Shopping Centre includes any uplift in the declared values included in the wording or in any Endorsements(s) which increases the indemnity provided by AXA.

3 Where the Insured has yet to declare the sums insured under the Material Damage, Theft, Selected All Risks and Business Interruption Sections or the Insured has declared the sums insured under the Material Damage, Selected All Risks and Business Interruption sections and the total combined sum insured by these sections is in excess of 15,000,000 at any one location including any uplifts in value included within the policy wording, increased to 30,000,000 where the Premises are occupied as Residential Flats or Retail Shopping Centre AXA shall only be liability up to 15,000,000 at any one location in respect of each and every loss increased to 30,000,000 where the Premises are occupied as Residential Flats or Retail Shopping Centre Section 2 Theft Where the Insured requests indemnity under the Theft Section, cover is in respect of all location(s) declared by the Insured and stated in the individual Risk Schedule or in any Endorsement(s) used by the Insured for the purposes of the Business or any sites of contracts. Where cover is provided for the specific Insolvency Appointment under the scheme, the Theft section will be shown as Insured in the individual Risk Schedule. Cover is in respect of Contents, Communal Contents, Stock and Miscellaneous items as defined within the Policy wording as declared by the Insured and for the Sum Insured declared by the Insured and shown on the individual Risk Schedule for the Basis of Settlement declared by the Insured and shown on the individual Risk Schedule. The sums insured declared under the Theft section must be less than or equal to the sum insured declared under the Material Damage section. Where the Insured has yet to declare the sums insured under the Material Damage, Theft, Selected All Risks and Business Interruption Sections or the Insured has declared the sums insured under the Material Damage, Theft, Selected All Risks and Business Interruption sections and the total combined sum insured by these sections is in excess of 15,000,000 at any one location including any uplifts in value included within the policy wording, increased to 30,000,000 where the Premises are occupied as Residential Flats or Retail Shopping Centre AXA shall only be liability up to 15,000,000 at any one location in respect of each and every loss increased to 30,000,000 where the Premises are occupied as Residential Flats or Retail Shopping Centre Section 3 - Business Interruption Where the Insured requests indemnity under the Business Interruption Section, cover is in respect of all location(s) declared by the Insured and stated in the individual Risk Schedule or in any Endorsement(s) used by the Insured for the purposes of the Business or any sites of contracts. Where cover is provided for the specific Insolvency Appointment under the scheme, the Business Interruption section will be shown as Insured in the individual Risk Schedule. Cover is in respect of Gross Profit or Estimated Gross Profit or Gross Revenue or Estimated Gross Revenue or Gross Rentals or Estimated Gross Rentals or Increased Cost of Working or Additional Increased Cost of Work as declared by the Insured and shown on the individual Risk Schedule for the Indemnity Period declared by the Insured and shown on the individual Risk Schedule up to a total combined sum insured for the sums insured under the Material Damage, Theft, Selected All Risks and Business Interruption Sections of 15,000,000 at any one location for each and every loss increased to 30,000,000 where the Premises are occupied as Residential Flats or Retail Shopping Centre unless otherwise accepted and agreed by AXA.

4 Where the Insured has yet to declare the sums insured under the Material Damage, Theft, Selected All Risks and Business Interruption Sections or the Insured has declared the sums insured under the Material Damage, Theft, Selected All Risks and Business Interruption sections and the total combined sum insured by these sections is in excess of 15,000,000 at any one location including any uplifts in value included within the policy wording, increased to 30,000,000 where the Premises are occupied as Residential Flats or Retail Shopping Centre AXA shall only be liability up to 15,000,000 at any one location in respect of each and every loss increased to 30,000,000 where the Premises are occupied as Residential Flats or Retail Shopping Centre Section 4 - Money Where the Insured requests indemnity under the scheme under the Money Section, cover is in respect of all location(s) declared by the Insured and stated in the individual Risk Schedule or in any Endorsement(s) used by the Insured for the purposes of the Business or any sites of contracts. Where cover is provided for the specific Insolvency Appointment under the scheme, the Money section will be shown as Insured in the individual Risk Schedule. Where the Insured has yet to declare the sums insured under Part One - Money of the Money section the following standard limits will apply to Part One - Money. Where the Insured has declared the sums insured under Part One - Money section they may at their option increase the standard limits to the maximum sums insured shown unless otherwise accepted and agreed by AXA Where the insured has declared the sums insured under Part Two Personal Accident Assault under the Money Section, the limits within the policy wording will apply unless otherwise accepted and agreed by AXA. Where the Insured has yet to declare the sums insured under Part Two Personal Accident Assault under the Money Section, the limits within the policy wording will apply. Description (full wordings are detailed in the Policy Wording) Standard Sum Insured Any One Loss Maximum Sum Insured Any One Loss Part One - Money a loss of Money appertaining to the Business occurring whilst i) in transit 5,000 30,000 ii) at the premises 5,000 30,000 iii) in night safe at a bank 5,000 30,000 iv) at the residence of any principal or authorised employee of the Insured v) from gaming amusement or vending machines vi) any amount for which you become liable, under the terms of issue, for any bank, debit, credit or cash card used solely in connection with the Business following fraudulent use by anyone unauthorised any one Period of Insurance

5 vii) unexpired units in franking machines 25,000 25,000 viii) ix) x) xi) from the premises out of business hours in SPECIFIED locked safes or strong rooms from the premises out of business hours in any other locked wall or floor safe from the premises out of business hours in any other locked freestanding safe from the premises out of business hours not contained in a locked safe or strong room No automatic cover applies in excess of the safe limits shown in ix) and x) applies unless details of the safe make and model are declared and accepted and the safe reference and safe limit stated under viii) on the individual Risk Schedule. 1,500 each safe 1,500 each safe 2,500 each safe 2,500 each safe Section 5 - Selected All Risks Where the Insured requests indemnity under the Selected All Risks Section,, cover is in respect of territorial limits declared by the Insured and stated in the individual Risk Schedule or in any Endorsement(s) Where cover is provided for the specific Insolvency Appointment under the scheme, the Selected All Risks section will be shown as Insured in the individual Risk Schedule. Cover is in respect of the items specified in the individual Risk Schedule as declared by the Insured and for the Sum Insured declared by the Insured and shown on the individual Risk Schedule for the Basis of Settlement declared by the Insured and shown on the individual Risk Schedule. Where the Insured has yet to declare the sums insured under the Material Damage, Theft, Selected All Risks and Business Interruption Sections or the Insured has declared the sums insured under the Material Damage, Theft, Selected All Risks and Business Interruption sections and the total combined sum insured by these sections is in excess of 15,000,000 at any one location including any uplifts in value included within the policy wording, increased to 30,000,000 where the Premises are occupied as Residential Flats or Retail Shopping Centre AXA shall only be liability up to 15,000,000 at any one location in respect of each and every loss increased to 30,000,000 where the Premises are occupied as Residential Flats or Retail Shopping Centre Section 6 - Loss of Licence Where the Insured requests indemnity under the Loss of Licence Section, cover is in respect of all location(s) declared by the Insured requiring Loss of Licence cover and stated in the individual Risk Schedule or in any Endorsement(s) used by the Insured for the purposes of the Business. Where cover is provided for the specific Insolvency Appointment under the scheme, the Loss of Licence section will be shown as Insured in the individual Risk Schedule. Cover is in respect of Loss of Licence or Registration for the indemnity declared by the Insured and shown on the individual Risk Schedule at any one location for each and every loss unless otherwise accepted and agreed by AXA.

6 Where the Insured has yet to declare the indemnity required under the Loss of Licence section the following standard limits will apply. Where the Insured has declared the indemnity required under the Loss of Licence section the following are the maximum indemnity provided unless otherwise accepted and agreed by AXA Description Indemnity (full wordings are detailed in the Policy) Loss of Alcohol Licence Hotels Up to 1,000,000 Any one loss or during the Period of Insurance on the Risk Schedule Loss of Alcohol Licence Public Houses, Cafes, Restaurants and Retail Premises Up to 500,000 Any one loss or during the Period of Insurance on the Risk Schedule Loss of Alcohol Licence Any other location No automatic cover under the Scheme. Subject to reference to and acceptance by AXA Loss of Registration Nursing Home 250,000 Any one loss or during the Period of Insurance on the Risk Schedule Any other loss of licence/loss of registration No automatic cover under the Scheme. Subject to reference to and acceptance by AXA Section 7 Goods In Transit Own Goods Where the Insured requests indemnity under the Goods In Transit Own Goods Section, cover is in respect declared sendings by the Insured and stated in the individual Risk Schedule or in any Endorsement(s). Where cover is provided for the specific Insolvency Appointment under the scheme, the Goods In Transit Own Sendings section will be shown as Insured in the individual Risk Schedule. Cover is in respect of the limits declared by the Insured up to the Indemnity shown below unless otherwise accepted and agreed by AXA. Where the Insured has yet to declare the sums insured under the Goods in Transit Own Sendings Section the following limits will be the maximum indemnity provided by the Scheme Description (full wordings are detailed in the Policy) Indemnity Any one load or consignment vehicles operated by you Up to 250,000 Any one load or consignment vehicles operated by a third party Up to 250,000 Any one postal package 500 Any one event Up to 250,000

7 Section 8 Goods In Transit for Haulage Contractors Where the Insured requests indemnity under the Goods In Transit for Haulage Contractors Section, cover is in respect declared limit of liability by the Insured and stated in the individual Risk Schedule or in any Endorsement(s) of the basis of cover shown in the individual Risk Schedule. Where cover is provided for the specific Insolvency Appointment under the scheme, the Goods In Transit for Haulage Contractors Section will be shown as Insured in the individual Risk Schedule. Cover is in respect of the limits declared by the Insured up to the indemnity shown below unless otherwise accepted and agreed by AXA. Where the Insured has yet to declare the indemnity required under the Goods in Transit for Haulage Contractors Section the following limits will be the maximum indemnity provided by the Scheme Basis of Cover Indemnity B 1300 per tonne based on the carrying capacity of the vehicle C Up to 250,000 A, D-H No automatic cover under the Scheme. Subject to reference to and acceptance by AXA Section 9 - Theft by Employee Where the Insured requests indemnity under the Theft By Employee Section, cover is in respect of all employees declared by the Insured and stated in the individual Risk Schedule or in any Endorsement(s). Where cover is provided for the specific Insolvency Appointment under the scheme, the Theft By Employee section will be shown as Operative in the individual Risk Schedule. Cover is in respect of indemnity limit declared by the Insured and shown on the individual Risk Schedule for each and every loss unless otherwise accepted and agreed by AXA. Where the Insured has yet to declare the sums insured under the Theft by Employee Section, the Indemnity Limit shown will be the maximum indemnity provided by the Scheme Description (full wordings are detailed in the Policy) Any one employee 150,000 Indemnity Any one loss or during the Period of Insurance on the Risk Schedule Section 10 - Employers Liability

8 Where the Insured requests indemnity under the Employers Liability Section, cover is in respect of statutory legal liability based on the Limit of Indemnity declared by the Insured and stated in the individual Risk Schedule or in any Endorsement(s) Where cover is provided for the specific Insolvency Appointment under the scheme, the Employers Liability section will be shown as Operative in the individual Risk Schedule. Where the Insured has yet to declare the indemnity required under the Employers Liability Section the Indemnity Limit shown will be the maximum indemnity provided by the Scheme Description (full wordings are detailed in the Policy) Employers Liability 10,000,000 Indemnity Any one loss or during the Period of Insurance on the Risk Schedule Section 11 - Public & Products Liability Where the Insured requests indemnity under the Public & Products Liability Section, cover is in respect of legal liability based on the Limit of Indemnity declared by the Insured and stated in the individual Risk Schedule or in any Endorsement(s). Where cover is provided for the specific Insolvency Appointment under the scheme, the Public and Products Liability section will be shown as Operative in the individual Risk Schedule. Cover is in respect of Public Liability or Public and Products Liability as declared by the Insured and shown on the individual Risk Schedule unless otherwise accepted and agreed by AXA. Where the Insured has yet to declare the indemnity required under the Public and Products Liability Section for either Public Liability only or Public and Products Liability, the Indemnity Limit(s) shown below will be the maximum indemnity provided by the Scheme Description (full wordings are detailed in the Policy) Indemnity Public Liability 5,000,000 Any one loss during the Period of Insurance shown on the Schedule (subject to no further limitations under the Scheme acceptance criteria based on Trade or Activities shown in the Scheme Manual) Products Liability 5,000,000 Any one loss and in aggregate during a period of 12 months from the date of the appointment within the terms of the Scheme or any subsequent period thereafter with the agreement of the Company (subject to no further limitations under the Scheme acceptance criteria based on Trade or Activities shown in the Scheme Manual)

9 Section 12 - Public Liability Building and Allied Trades Where the Insured requests indemnity under the Public Liability Building and Allied Trades Section, cover is in respect of the Limit of Indemnity declared by the Insured and stated in the individual Risk Schedule or in any Endorsement(s). Where cover is provided for the specific Insolvency Appointment under the scheme, the Public Liability Building and Allied Trades section will be shown as Operative in the individual Risk Schedule. Where the Insured has yet to declare the indemnity required under the Public Liability Building and Allied Trades Section the Indemnity Limit shown below will be the maximum indemnity provided by the Scheme Description (full wordings are detailed in the Policy) Indemnity Public Liability 5,000,000 Any one loss during the Period of Insurance shown on the Schedule (subject to no further limitations under the Scheme acceptance criteria based on Trade or Activities shown in the Scheme Manual) Section 13 Contractors All Risks Where the Insured requests indemnity under the Contractors All Risks Section, cover is in respect of all Contracts declared by the Insured and stated in the individual Risk Schedule or in any Endorsement(s) used by the Insured for the purposes of the Business or any sites of contracts. Where cover is provided for the specific Insolvency Appointment under the scheme, the Contractors All Risks section will be shown as Insured in the individual Risk Schedule. Cover is in respect of Permanent and Temporary Works, Temporary Buildings and Employees Tools as defined within the Policy wording as declared by the Insured and for the Limit of Indemnity declared by the Insured and shown on the individual Risk Schedule up to a total Limit of Indemnity of 4,000,000 any one non-communicating building or structure other than civil work in or about tidal water, bridges, tunnels, airports or work involving blasting where the limit is up to 500,000 unless otherwise accepted and agreed by AXA. Where the Insured has yet to declare the Limit of Indemnity under the Contractors All Risks Sections the maximum Limit in respect of Permanent and Temporary Works, Temporary Buildings and Employees Tools as defined within the Policy will be 4,000,000 any one non-communicating building or structure other than civil work in or about tidal water, bridges, tunnels, airports or work involving blasting where the maximum limit will be 500,000. If the Insured has declared the Limit of Indemnity under the Contractors All Risks section and the sum Limit of Indemnity in respect of Permanent and Temporary works exceeds the limits noted above, AXA shall only be liability up to 4,000,000 any one non-communicating building or structure other than civil work in or about tidal water, bridges, tunnels, airports or work involving blasting where the limit is 500,000 in respect of each and every loss unless otherwise accepted and agreed by AXA.

10 Section 14 Contractors Plant and Equipment Where the Insured requests indemnity under the Contractors Plant and Equipment Section, cover is in respect of all location(s) declared by the Insured and stated in the individual Risk Schedule or in any Endorsement(s) used by the Insured for the purposes of the Business or any sites of contracts. Where cover is provided for the specific Insolvency Appointment under the scheme, the Contractors Plant and Equipment section will be shown as Insured in the individual Risk Schedule. Cover is in respect of Damage to Owned Plant and Damage to Hired in Plant as defined within the Policy wording as declared by the Insured and for the Limit of Indemnity declared by the Insured and shown on the individual Risk Schedule for a market value at the time of loss of 100,000 any one item of plant and/or any one accident or series of accidents arising from one occurrence for both owned plant and hired in plant unless otherwise accepted and agreed by AXA. Where the Insured has yet to declare the Limit of Indemnity under the Contractors Plant and Equipment Section or the Insured has declared the Limit of Indemnity under the Contractors Plant and Equipment Section and the Limit of Indemnity for either Owned Plant or Hired in Plant is in excess of 100,000, AXA shall only be liability up to 100,000 for owned plant and 100,000 for hired in plant in respect of each and every loss unless otherwise accepted and agreed by AXA. Section 15 - Terrorism Where the Insured requests indemnity under the Terrorism Section, cover is in respect of all sections declared by the Insured stated in the individual Risk Where cover is provided for the specific Insolvency Appointment under the scheme, the Terrorism section will be shown as Insured in the individual Risk Schedule. Cover is in respect of all items declared under the Material Damage Section and/or Selected All Risks Sections and/or Contractors All Risks Sections and/or Contractors Plant and Equipment Section for the basis of settlement declared by the Insured and shown on the individual Risk Schedule and for all items under the Business Interruption Section declared by the Insured and shown on the individual Risk Schedule for the Indemnity Period declared by the Insured and shown on the individual Risk Schedule for Business Interruption up to a total combined sum insured for the sums insured under the Material Damage, Theft, Selected All Risks and Business Interruption Sections of 15,000,000 at any one location for each and every loss increased to 30,000,000 where the Premises are occupied as Residential Flats or Retail Shopping Centre unless otherwise accepted and agreed by AXA. The limit of 15,000,000 includes any uplift in the declared values included in the wording or in any Endorsements(s) which increases the indemnity provided by AXA. increased to 30,000,000 where the Premises are occupied as Residential Flats or Retail Shopping Centre The Contractors All Risks Section is for a limit up to 4,000,000 any one non-communicating building or structure other than civil work in or about tidal water, bridges, tunnels, airports or work involving blasting where the maximum limit will be 500,000 unless otherwise accepted and agreed by AXA. The Contractors Plant and Equipment Section if for a Limit of 100,000 in respect of Owned Plant and 100,000 in respect of Hired In Plant unless otherwise accepted and agreed by AXA. Where the Insured has yet to declare the sums insured under the Material Damage, Theft, Selected All Risks and Business Interruption Section or the Insured has declared the sums insured under the Material Damage, Theft, Selected All Risks and Business Interruption sections and the total combined sum insured by these sections is in excess of 15,000,000 at any one location including any uplifts in value included within the policy wording, increased to 30,000,000 where the Premises are occupied as Residential Flats or Retail Shopping Centre AXA shall only be liability up to 15,000,000 at any one location in respect of each and every loss increased to 30,000,000 where the Premises are occupied as Residential Flats or Retail Shopping Centre Where the Insured has yet to declare the Limit of Indemnity under the Contractors All Risks section, the maximum limit insured by this section is to 4,000,000 any one non-communicating building or structure other than civil work in or about tidal water, bridges, tunnels, airports or work involving blasting where the maximum limit will be 500,000. Where the Insured has yet to declare the Limit of Indemnity under the Contractors Plant and Equipment section, the maximum limit of indemnity by this section is 100,000 in respect of Owned Plant and 100,000 in respect of Hired In Plant.

11 Willis Limited is remunerated through brokerage received from AXA. The brokerage amounts as a percentage of the premium for each section are Material Damage Theft Business Interruption Money 37.5 Selected All Risks Goods in Transit (Sendings) Loss of Licence Employers Liability 15.0 Public and Products Liability Public Liability Building and Allied Trades Contractors All Risks 27.5 Contractors Plant and Equipment Goods in Transit for Haulage Contractors Theft by Employee 30.0 Terrorism 10.0 Subject to AXA s underwriting results, we may also receive a profit commission. The payment of a profit commission is dependent on the insurer making an annual underwriting profit on the entire portfolio of the business placed with them under certain sections of the binding authority and not on individual policies. This profit commission is not guaranteed and the net profit is determined after the insurer takes into account its underwriting costs and expenses. BINDING AUTHORITY Please note that the facility is arranged through a binding authority, which provides Willis with delegated authority to underwrite, prepare, sign and issue policy documentation on behalf of insurers. This enables Willis to improve the service to you in delivering your insurance policy. Further, in performing this function for insurers, we act as their agent and for the other services we provide them. This is a specially agreed insurance arrangement exclusive to Willis. Should you appoint another broker during the currency of the policy they will not have access to this Facility and therefore they will need to contact Willis to discuss the arrangements should you require this cover to continue until its natural expiry. CANCELLATION

12 Willis may cancel this Master Schedule by giving the Master Policy holder thirty (30) calendar days notice in writing at their last known address. Where a specific Insolvency Practitioner appointment has been made under the Scheme prior to cancellation of the Master Schedule, cover will continue in accordance with the limits, terms, conditions or endorsements on an individual Risk Schedule issued by Willis in respect of a specific Insolvency Practitioner appointment until its expiry unless specifically cancelled in accordance with the cancellation terms for the specific Insolvency Practitioner appointment within the Policy wording. PAYMENT TERMS All premiums should be settled as soon as possible upon receipt of an invoice. By Willis Limited for and on behalf of AXA Insurance UK plc Willis Limited AXA Insurance UK plc Registered in England No Lime Street Registered Office:5 Old Broad Street London EC3M 7DQ Willis Limited is a Lloyds Broker, authorised and regulated by the Financial Conduct Authority England and Wales London, EC2N 1AD A member of the AXA Group of Companies. AXA Insurance UK plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority

13 WILLIS INSOLVENCY PRACTICE COMBINED POLICY Your Policy Terms and Conditions November 2013 Edition

14 CONTENTS Contents Your Policy 4 Important Helplines 5 Definitions 6 Section 1 Material Damage Section 7 Section 2 Theft Section 25 Section 3 Business Interruption Section 35 Section 4 Money Section 55 Section 5 Selected All Risks Section 62 Section 6 Loss of Licence Section 65 Section 7 Goods In Transit Own Goods Section 68 Section 8 Goods In Transit Hauliers Section 75 Section 9 Theft By Employee Section 85 Section 10 Employers Liability Section 89 Section 11 Public and Products Liability Section 95 Section 12 Public Liability Building and Allied Trades Section 107 Section 13 Contractors All Risks 116 Section 14 Contractors Plant and Equipment 126 Section 15 Terrorism Section 134 General Conditions of the Policy 137 Making a Complaint 139

15 Your Policy This Policy is issued under the terms and conditions of the authorisation granted to Willis by the Company The Company in consideration of the payment of the premium shall provide insurance against loss destruction damage or liability occurring at any time during the Period of Insurance (or any subsequent period for which the Company accepts a renewal premium) in accordance with the Sections of this Policy as shown as operative in the Schedule subject to the terms exclusions provisions and conditions of this Policy and Master Schedule plus any additional Endorsement or Special Clause shown on the Schedule This Policy and the Master Schedule and the Schedule should be read together as one contract and any completed questionnaire declaration or any additional information provided to Willis by the Insured shall constitute the basis of that contract Important We recommend You read this Policy together with Your Master Schedule and Schedule to ensure that it meets with Your requirements Should You have any queries please contact Us or Willis Your attention is drawn to the Complaints procedure (Making A Complaint) on Page 139 The law applicable to this Policy You and We can choose the law which applies to this Policy. We propose that the Law of England and Wales apply. Unless We and You agree otherwise, the Law of England and Wales will apply to this Policy.

16 Important Helplines Legal and Tax Advice Emergency Helpline Our advice line provides free confidential legal and tax advice. Please quote scheme number PRC when You call Our 24 hour emergency helpline service provides help when You most need it. Please quote scheme number PRC when You call. We will provide details of reputable contractors who will be able to help. Glass Replacement Service A quick and efficient repair/replacement service is available 24 hours a day, 365 days a year. In order to maintain a quality service telephone calls may be monitored or recorded. * The Glass replacement service is provided by Glassolutions, Waterlands, Meadows Road, Brookfields Park, Manvers,Rotherham. S63 5DJ. ** The telephone legal advice is provided by Abbey Legal Services a division of Abbey Protection Group Limited and can advise on general UK law. The advice will primarily be provided by Abbey Legal Services and its teams of solicitors and barristers, who are ultimately managed by the Director of Legal Services (who is a lawyer). ** Tax telephone advice is provided by Abbey Tax Protection, Abbey Legal Protection makes no additional charges for providing these services. Abbey Protection Group Limited is authorised and Regulated by the Solicitors Regulation Authority in respect of legal servicesonly. Abbey Legal Services makes no additional charge for providing these telephone services. ** If you have any emergency, which is not subject to a potential claim under this policy. Our 24 hour emergency helpline service provides help when you most need it. Please quote scheme number PRC when you call. We will provide details of reputable contractor who will be able to help. You agree that in all circumstances Abbey Legal Protection has permission to listen to any calls that may be recorded and you expressly authorise the legal adviser to provide these to Abbey Legal Protection. 16

17 Definitions The following words will have the same meanings wherever they appear in this Policy or Schedule AXA Insurance/We/Company/Our/Us means AXA Insurance UK plc Buildings means the building(s) including landlords fixtures and fittings therein and thereon annexes Outbuildings fixed signs canopies walls gates and fences foundations yards car parks service roads and pavements conveyors trunks lines piping ducting cables wires and associated control gear and accessories on the Premises and extending to the public mains but only to the extent of the Insured s responsibility Street furniture water oil gas and fuel tanks and associated equipment and pipe-work and landscaping If the Buildings is a block of flats or private dwelling this definition also includes swimming pools ornamental ponds and fountains and tennis courts squash courts hedges paved terraces patios paths and drives all on the same premises and in addition any private garage(s) owned and used in connection with the block of flats private dwelling or individual Flat and decorations Business means the business stated in the Schedule and a) the provision and management of canteen sports social or welfare organisations for the benefit of Employees and fire security first aid medical and ambulance services b) private work undertaken with the prior consent of the Insured by Employees for any director or senior official of the Insured c) the ownership maintenance and repair of such premises within the territorial limits Computer Equipment shall mean a) All electronic equipment used for the storage and communication of electronically processed data including peripheral devices interconnecting wiring fixed disks telecommunications equipment computerised telephone systems electronic access equipment and Electronic Point of Sale Systems b) Ancillary equipment solely for use with the Computer Equipment comprising air conditioning equipment generating equipment voltage regulating equipment temperature and humidity recording equipment electronic access equipment heat and smoke detection equipment gas flooding cylinders and pipework and computer room partitioning (c) data carrying materials (d) All current and backup computer software and programs held on hard disks or data carrying materials Computer Equipment shall not include (i) Computer Equipment controlling manufacturing processes (ii) Computer Equipment manufactured for sale or held as stock for sale (iii) Facsimile or photocopying machines not used for the storage and communication of electronically processed data Damage The word DAMAGE in capital letters shall mean accidental loss or destruction of or damage to the Property Insured Flat means a self contained unit of residential accommodation forming part of the block of flats Insured/You/Your(s)/Yourself means the person(s) or company named in the Schedule Outbuildings means any building that is subsidiary to the Buildings which does not incorporate permanent foundations below ground level and which is not capable of being properly secured Period of Insurance means the period as stated in the Schedule Premises means the location(s) as stated in the Schedule or in any endorsement(s) used by the Insured for the purposes of the Business or any sites of contracts and/or the location(s) as stated in the Schedule or in any endorsement(s) or any Unoccupied Buildings 17

18 Proposal means the questionnaire or declaration and any additional information supplied to Us by You or on Your behalf Policy means this Policy and Master Schedule and the Schedule and any endorsement attached thereto or issued Schedule means the Risk Schedule attaching to and forming part of this Policy Sum Insured means the Sum Insured as stated in the Schedule applicable to the particular Premises Item or Section Unoccupied means unoccupied or untenanted for the foreseeable future without any prospect of the Premises being reoccupied or tenanted within 30 consecutive days or temporarily unoccupied for more than 30 consecutive days or where the Business has ceased and will not be recommencing Willis/Your Broker means Willis Limited

19 Material Damage Section Only applicable if this Section is shown as insured in the Schedule Property Memorandum 1. Definitions Wherever the following words and phrases appear in this Section they will always have these meanings Fixed Glass means: 1 fixed glass and mirrors 2 window alarm foil ornamental glass lettering and silvering 3 fixed sanitary ware in or at the Premises being the property of the Insured or for which the Insured is responsible. the Insured in trust for which the Insured is responsible Item 1.5 Rent Rent which continues to be legally payable by the Insured whilst the Premises are rendered unusable as a result of DAMAGE which for the purpose of this Item only shall also include theft or attempt thereat as defined herein where the Theft Section is shown as operative for the Premises but only in respect of the period reasonably necessary for repair or reinstatement and not exceeding the maximum period stated in the Schedule Item 1.6 Miscellaneous property as specified in the Schedule 2. Property Insured Item 1.1 Buildings Item 1.2 Contents Machinery plant and contents belonging to the Insured or held by the Insured in trust for which the Insured is responsible excluding landlords fixtures and fittings but excluding Computer Equipment unless otherwise specified in the Schedule and except as otherwise described and insured under Items 1.3 to 1.6 inclusive Item 1.3 Communal Contents Machinery plant and contents belonging to the Insured or held by the Insured in trust for which the Insured is responsible in or on the stairs halls landings and other communal parts of the Premises Fixed Glass if not otherwise insured elsewhere but for which the Insured is responsible Contents of oil gas and fuel tanks belonging to the Insured or for which they are responsible Item 1.4 Stock Stock and materials in trade therein and thereon the property of the Insured or held by

20 Material Damage Section 3. Changes in Tenancy The Insured must advise the Company of all changes in tenancy or occupation within the Premises in accordance with General Condition 2 of this Policy If the premises is a private dwelling the Company need only be advised if the Premises becomes Unoccupied The Insured shall pay an additional premium if required 4. Architects Surveyors Legal and Consulting Engineers Fees Clause The insurance under Item Numbers and 1.3 includes an amount in respect of architects surveyors legal and consulting engineers fees necessarily incurred in the reinstatement or repair or removal of debris of the Property Insured consequent upon its DAMAGE but not for preparing any claim it being understood that the amount payable under each Item shall not exceed in total its Sum Insured 5. Average Clause The Sum Insured by each Item of this Section (other than those applying solely to fees rent or debris removal costs) is declared to be separately subject to Average i.e. if such sum shall be at the time of DAMAGE less than the value of the property covered within such Sum Insured the amount payable by the Company in respect of such DAMAGE shall be proportionately reduced Except that this memorandum shall not apply to: a) the Buildings of a private dwelling or Contents or Communal Contents contained therein b) a building used mainly for public religious worship or for activities in connection therewith c) agricultural produce on a farm in Great Britain Northern Ireland the Channel Islands and the Isle of Man which will be subject to the Special Condition of Average d) any Item of this Section subject to the Special Basis of Settlement (Market Value) e) any Item of this Section subject to the Day One Basis (Non Adjustable) 6. Capital Additions Clause The insurance by this Section extends to insure a) any newly acquired and/or newly erected Buildings or Buildings in course of erection (excluding any property for which a building contractor is responsible) Contents and Communal Contents in so far as the same is not otherwise insured and b) alterations additions and improvements to Buildings Contents and Communal Contents but not in respect of any appreciation in value anywhere in Great Britain Northern Ireland the Channel Islands and the Isle of Man provided that i) at any one Premises the cover shall not exceed 10% of the Sum Insured by Items and 1.3 ii) the Insured undertake to give particulars of such extension of cover as soon as practicable and to effect specific insurance thereon retrospectively to the date of the commencement of the Company s liability 7. Contents Clause It is agreed that the term Contents is understood to include insofar as they are not otherwise insured a) money and stamps (including National Insurance stamps) for an amount not exceeding 500 b) documents manuscripts and business books but only for the cost of the materials and clerical labour expended in reproducing such records (excluding any expense in connection with the production of information to be recorded therein). c) computer systems records but only for the cost of the materials and clerical labour and computer time expended in reproducing such records (excluding any expenses in connection with the production of information to be recorded therein)

21 Material Damage Section d) patterns models moulds plans and designs for an amount not exceeding the cost of labour and materials expended in reinstatement e) contents of Outbuildings f) contents of open yards g) tenants improvements alterations and decorations h) directors partners customers visitors and employees personal effects of every description other than motor vehicles and for any amount of money exceeding 500 in respect of any one person 8. Contract Price Clause If goods sold but not delivered and for which the Insured is responsible are the subject of a contract of sale which is subsequently cancelled by reason of DAMAGE to those goods the liability of the Company shall be based on the contract price For the purpose of any condition of Average the value of all goods to which this Clause would in the event of DAMAGE be applicable shall be ascertained on the same basis 9. Debris Removal Clause The insurance by each Item of this Section extends to include costs and expenses necessarily incurred by the Insured with the consent of the Company in a) removing debris b) dismantling and/or demolishing c) shoring up or propping of the portion or portions of the Property Insured as a result of DAMAGE hereby insured against The Company shall not pay for any costs or expenses i) incurred in removing debris except from the site of such property destroyed or damaged and the area immediately adjacent to the site The liability of the Company under this Clause in respect of any Item of this Section shall in no case exceed the Sum Insured thereby 10. Designation Clause For the purpose of determining where necessary the heading under which any property is insured the Company agrees to accept the designation under which such property has been entered in the Insured s books 11. Exhibition Clause Stock and Contents are insured whilst at any exhibition in Great Britain Northern Ireland the Channel Islands and the Isle of Man including temporary housing en-route loading on and unloading from any road or rail conveyance and transit to and from the exhibition and the Premises for a period not exceeding 15 days For the purpose of this Clause only the definition of Stock and Contents extends to include any exhibition stand furnishings and equipment belonging to the Insured or for which the Insured is responsible The liability of the Company under this Clause shall not exceed 10,000 any one loss 12. Mortgagees Clause The act or neglect of any mortgagor or occupier of any Building hereby insured whereby the risk of DAMAGE is increased without the authority of knowledge of any mortgagee shall not prejudice the interest of the latter party (or parties) in this insurance provided they shall notify AXA immediately on becoming aware of such increased risk and pay additional premium if required 13. Non Invalidation Clause This insurance shall not be invalidated by any act or omission or by an alteration whereby the risk of DAMAGE is increased unknown to or beyond the control of the Insured provided that the Insured immediately they become aware thereof shall give notice to the Company and pay an additional premium if required ii) arising from pollution or contamination of property not insured by this Section

22 Material Damage Section 14. European Community and Public Authorities (including Undamaged Property) Clause Subject to the following special conditions the insurance for Buildings Contents and Communal Contents extends to include such additional cost of reinstatement as may be incurred solely reason of the necessity to comply with the Stipulations of a) European Community Legislation or b) Building or other Regulations under or framed in pursuance of any Act of Parliament or Bye-laws of any Public Authority (hereafter referred to as the Stipulations) in respect of - the loss destroyed or damaged property thereby insured - undamaged portions thereof Excluding a) the cost incurred in complying with the Stipulations i) in respect of DAMAGE occurring prior to the granting of this Clause ii) in respect of DAMAGE not insured by this Section iii) under which notice has been served upon the Insured prior to the happening of the DAMAGE iv) for which there is an existing requirement which has to be implemented within a given period v) in respect of property entirely undamaged by any peril hereby insured against b) the additional cost that would have been required to make good the property lost destroyed or damaged to a condition equal to its condition when new had the necessity to comply with the Stipulations not arisen c) the amount of any charge or assessment arising out of capital appreciation which may be payable in respect of the property or by the owner thereof by reason of compliance with the Stipulations Special Conditions 1) The work of reinstatement must be commenced and carried out without unreasonable delay and in any case must be completed within twelve months after the DAMAGE or within such further time as the Company may allow during the said twelve months and may be carried out upon another site (if the Stipulations so necessitate) subject to the liability of the Company under this Clause not being thereby increased 2) If the liability of the Company under any part of this Section apart from this Clause shall be reduced by the application of any terms and conditions of the Policy then the liability of the Company under this Clause in respect of any such Insured Property so affected shall be reduced in like proportion. 3) The total amount recoverable under any Item of this Section in respect of this Clause shall not exceed a) in respect of the loss destroyed or damaged property i) 15% of the Sum Insured applicable to that Item ii) where the Sum Insured by the Item applies to property at more than one Premises 15% of the total amount for which the Company would have been liability had the Property Insured by the Item at the Premises where the DAMAGE has occurred been wholly destroyed b) in respect of undamaged portions of property (other than foundations) 15% of the total amount for which the Company would have been liable had the property insured by the Item at the Premises where the DAMAGE has occurred been wholly destroyed 4) The total amount recoverable under any Item of this Section shall not exceed its Sum Insured