We recommend to the policyholder, in order to receive benefits of all the guarantees of the policy, to consider some relevant aspects before and after contracting the policy:
As soon as you become aware of an incident that may lead to a claim, and also upon the receipt by you of notice of any claim, you or your legal representatives must tell us immediately, and provide us at your own cost with all the information and help we need.
- The policyholder cannot admit liability or make or promise any payment in respect of any claim which may be the subject of indemnity, or incur any costs or expenses in connection without the written consent of us. We are entitled to take over and conduct in the name of the insured the investigation, defence or settlement of any claim for which purpose the insured shall give all such information and assistance required.
- If any claim under this policy is in any respect fraudulent, or if any fraudulent means or devices are used by you, or anyone acting on your behalf, to obtain any benefit under this policy, all benefits shall be forfeited.
- The indemnity provided by us shall apply only to judgements or orders that are delivered by or obtained from a court within the Maltese Islands.
- Accountants or auditors shall considerate that no indemnity will be provided to any person committing or condoning dishonest or fraudulent acts or omissions, and the sums payable under this policy shall only be for the balance of liability in excess of the amounts recoverable from the dishonest or fraudulent person or persons or their estates or legal representatives.
- Accountants or auditors shall considerate that where the assured’s breach of, or non-compliance with any condition of this policy has resulted in prejudice to the handling or settlement of any claim, the indemnity afforded by this policy in respect of such claim (including costs and expenses) will be reduced.
- In the event of any dispute or disagreement between the accountants or auditors insured and us, regarding the application of special conditions, such dispute or disagreement shall be referred for arbitration to the President of the Institute of Chartered Accountants, or his/her nominee, whose decision shall be final and binding upon both parties.
- Any claim for costs and expenses incurred by the insured lawyers in replacing or restoring documents must be supported by bills or accounts which must be subject to approval by a competent person to be nominated by us with the approval of the policyholder.