<p><span style="font-family:courier new,courier,monospace">WHEREAS the Insured carrying on the Business described in the Schedule and no other for the purpose of this Insurance by a Proposal and Declaration which shall be the basis of this contract and is deemed to be incorporated herein has applied to the Company for the Insurance hereinafter contained and has paid or agreed to pay the Total Premium as consideration for such Insurance.</span></p>

<p><span style="font-family:courier new,courier,monospace">NOW THIS POLICY WITNESSETH that in respect of loss or damage occurring during the Period of Insurance and subject to the terms provisos exceptions and conditions contained in or endorsed on or otherwise expressed in this Policy.<br />
IT IS HEREBY AGREED as follows:</span></p>

<p><span style="font-family:courier new,courier,monospace">SECTION I - MONEY AND SECURITIES WITHIN PREMISES<br />
The Company will subject to the Limits for this Section as hereinafter provided indemnity the Insured against &nbsp;loss of Money and Securities by any cause whatsoever occurring within the premises.<br />
Provided that&nbsp;<br />
(a) when the Premises are closed for business the Money and Securities shall be kept in a locked safe or strong room the keys of which shall be kept in the custody of the Insured or of a responsible employee or other person authorized by the Insured.</span></p>

<p><span style="font-family:courier new,courier,monospace">and (b) The Liability of the Company under this Section in respect of any one loss at any one Premises shall not exceed the limit for Section I shown against the Premises concerned. &nbsp;</span></p>

<p><span style="font-family:courier new,courier,monospace">SECTION II - MONEY AND SECURITIES OUTSIDE PREMISES</span></p>

<p><span style="font-family:courier new,courier,monospace">The Company will subject to the Limits for this Section as hereinafter provided indemnity the Insured against loss by any cause whatsoever occurring outside the Premises of Money and Securities in the personal charge of a Messenger in transit on Money Route.</span></p>

<p><span style="font-family:courier new,courier,monospace">Provided that (a) each Messenger shall while outside the premises be accompanied by at least the Minimum Number of Guards specified in the Schedule for each Money Route or for each group of Money Routes or for all Money Routes as the case may be</span></p>

<p><span style="font-family:courier new,courier,monospace">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;and (b) at any one time the number of Messenger who while outside the Premises will have custody of Money and Securities shall not exceed the Maximum Number specified in the Schedule for each Money Route or for each group of Money Routes or for all Money Routes as the case may be</span></p>

<p><span style="font-family:courier new,courier,monospace">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;and (c) the liability of the Company under this Section in respect of any one loss from the Messenger concerned shall not exceed the Limit for Section II shown against each specified Maximum Number of Messenger.</span></p>

<p><span style="font-family:courier new,courier,monospace">SECTION III - PAYROLL WITHIN AND OUTSIDE PREMISES</span></p>

<p><span style="font-family:courier new,courier,monospace">The Company will subject to the Limits for this Section as hereinafter provided indemnity the Insured against loss by any cause whatsoever<br />
(1)&nbsp;&nbsp; &nbsp;occurring outside the Premises<br />
(i)&nbsp;&nbsp; &nbsp;of cheques in a Payroll Exposure (which have been drawn by the Insured to provide for the Payroll Money) in the personal charge of a Messenger in transit from a Premise to a Bank both of which are specified for a Payroll Route<br />
(ii)&nbsp;&nbsp; &nbsp;of Payroll Money in a Payroll Exposure from the time of its receipt by a Messenger at a Bank specified for a Payroll Route and while in the personal charge of such Messenger in transit on a Payroll Route from such Bank to a Premise similarly specified ant between that Premise and any other Premise similarly specified if there be more than one</span></p>

<p><span style="font-family:courier new,courier,monospace">(2)&nbsp;&nbsp; &nbsp;occurring within the Premises so specified of the Payroll Money in a Payroll Exposure while it is within such Premises and until the said Payroll Money is paid out to the Insured&rsquo;s employees<br />
Provided that (a) each Messenger shall while outside the Premises be accompanied by at least the Minimum Number of Guards specified in the Schedule for each Payroll Route or for each group of Payroll Routes or for all Payroll Routes as the case may be<br />
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; and (b) at any one time the number of Payroll Exposure shall not exceed the Maximum Number specified in the Schedule for each Payroll Route or for each group of Payroll Routes or for all Payroll Routes as the case may be&nbsp;<br />
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; and (c) when the Premises are closed for business Payroll Money which is there shall be kept in a locked safe or strong room the keys of which shall be kept in the custody of the Insured or of a responsible employee or other person authorized by the Insured<br />
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; and (d) the liability of the Company under this Section for any one loss in respect of the Payroll Exposure concerned shall not exceed the Limits for Section III shown against each such specified Maximum Number of Payroll Exposures.</span></p>

<p><span style="font-family:courier new,courier,monospace">SECTION IV - INCLUSIVE EXTRA COVERAGES</span></p>

<p><span style="font-family:courier new,courier,monospace">The Company will also indemnity the Insured as follows:<br />
(A)&nbsp;&nbsp; &nbsp;Damage to Premises or to Locked Safe, Strong room, Cash Register, Cash Drawer or Cash Box<br />
If cover under Sections I and/or III is operative the Company will also indemnify the Insured against damage (except by fire) to the Premises or to a Locked Safe Strong room, Cash Register, Cash Drawer or Cash Box (provided that the Insured is the owner thereof or is liable for such damage thereto) caused in direct connection with the felonious taking of Money Securities or Payroll Money by robbery brigandage or theft or any attempt thereat<br />
(B)&nbsp;&nbsp; &nbsp;Loss of Container<br />
Provided always that the liability of the Company under this Section (or under Paragraph A thereof alone or Paragraph B thereof alone) in conjunction with the liability of the Company under the other operative Sections of this Policy shall not in the aggregate exceed the relevant Limit for Section I and/or II and/or III as governed by the Proviso in each of those Sections relating to the liability of the Company.</span></p>

<p><span style="font-family:courier new,courier,monospace">GENERAL EXCEPTIONS</span></p>

<p><span style="font-family:courier new,courier,monospace">The Company shall not be liable under this Policy in respect of<br />
(a)&nbsp;&nbsp; &nbsp;any loss or damage directly or indirectly proximately or remotely occasioned by continued to by or traceable to or arising out of or in connection with war, invasion act of foreign enemy, hostilities (whether war be declared or not) civil war, rebellion mutiny, revolution insurrection or military or usurped &nbsp;power, strike riot military or popular rising or loot sack or pillage in connection therewith or flood, typhoon hurricane, windstorm, volcanic eruption, earthquake or other convulsion of nature.<br />
(b)&nbsp;&nbsp; &nbsp;Any shortage of Money or Payroll &nbsp;Money due to error or omission<br />
(c)&nbsp;&nbsp; &nbsp;Any loss caused by<br />
(i)&nbsp;&nbsp; &nbsp;any dishonest, fraudulent or criminal act of the Insured or of Insured or any officer, employee, partner, director, trustee or authorized representative of the Insured whether acting alone or in conjunction with others<br />
(ii)&nbsp;&nbsp; &nbsp;the giving or surrendering of any Money Securities or Payroll Money in any exchange or purchase<br />
(iii)&nbsp;&nbsp; &nbsp;forgery by whomsoever committed<br />
and in the event of any claim hereunder the Insured shall prove that the loss or damage arose independently of and was in no way connected with or occasioned by or contributed to by or traceable to any of the said occurrences or any consequence thereof and in default of such proof the Company shall not be liable to make any payment in respect of such claim.</span></p>

<p><span style="font-family:courier new,courier,monospace">CONDITIONS<br />
1.&nbsp;&nbsp; &nbsp;Construction of Contract and Definitions. This Policy and the Schedule shall be read together as one contract and any word or expression to which a specific meaning has been attached in any part of this Policy or of the Schedule shall bear such meaning wherever it may appear, and in particular the following expression shall have the meanings hereinafter assigned to them:<br />
&quot;Robbery&quot; shall mean robbery as defined in Article 293 of the Revised Penal Code of the Philippines&nbsp;<br />
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;<br />
Act No. &nbsp;3815<br />
&quot;Brigandage&quot; shall mean brigandage as defined in Article 306 of the Revised Penal Code of the Philippines Act No. 3815<br />
&quot;Theft&quot; shall mean theft as defined in Article 308 of the Revised Penal Code of the Philippines Act No. 3815<br />
&quot;Money&quot; shall mean currency, coin, bank notes and bullion not intended for the payroll of the Insured but all being the property of the Insured or for which the Insured is responsible.<br />
&quot;Securities&quot; shall mean all negotiable and non-negotiable instruments or contracts owned by the Insured or for which he is responsible representing either money or other property and includes revenue and other stamps in current use but does not include manuscripts, records, accounts, money itself or Payroll Money.<br />
?Payroll Money? shall mean currency, coin, bank notes and cheques intended solely and exclusively for the payroll of the Insured.</span></p>

<p><span style="font-family:courier new,courier,monospace">&quot;Payroll Exposure&quot; shall mean<br />
(a)&nbsp;&nbsp; &nbsp;one cheque drawn by the Insured to provide for the Payroll Money or one collection of such cheques in the personal charge of one Messenger or<br />
(b)&nbsp;&nbsp; &nbsp;one collection of Payroll Money which is not dispersed or divided either while in transit or within the Premises except and until it is paid out to the Insured&#39;s employees&rsquo;s.</span></p>

<p><span style="font-family:courier new,courier,monospace">&quot;Messenger&quot; shall mean the Insured or a partner or officer of the Insured or any person who is in the regular employ and duly authorized by the Insured to have the care and custody of the Insured property whilst being conveyed outside the Premises.<br />
&quot;Guard&quot; shall mean any male person not less than seventeen not more than sixty five years of age who accompanies a Messenger by direction of the Insured but who is not a driver of a public conveyance.<br />
&quot;Premises&quot; shall mean the interior of that portion of the building at the address specified under the heading of &ldquo;PREMISES&rdquo; in the Schedule which is occupied solely by the Insured in conducting the Business.<br />
2.&nbsp;&nbsp; &nbsp;Notices by Insured. All notices required to be given by the insured to the Company shall be given in writing to the Company at its Manila Agency.<br />
3.&nbsp;&nbsp; &nbsp;Assignment. No assignment of interest under this Policy shall bind the Company without its written consent. If the Insured shall be adjudged bankrupt or insolvent, or die during the Period of Insurance this Policy unless cancelled shall continue in favor of the legal representative of the Insured, provided written notice shall be given to the Company within thirty days after the date of such death or adjudication.<br />
4.&nbsp;&nbsp; &nbsp;Precautions to be taken by Insured. The Insured shall take all due precautions of the safety of the Money Securities and Payroll Money as if the same were not insured especially as regards selection and supervision of employees and shall not do suffer permit anything whereby the risk of the Company shall be increased.<br />
5.&nbsp;&nbsp; &nbsp;Records. The Insured shall keep verifiable records in such manner that the Company can accurately determine there from the amount of a loss.<br />
6.&nbsp;&nbsp; &nbsp;Claims under Policy. Notices and Conduct. Upon the happening of any event giving rise or likely rise or likely to give rise to a claim under this policy.<br />
(a)&nbsp;&nbsp; &nbsp;Notices - the Insured shall as soon as possible give notice thereof to the Company with full particulars and the Company shall not be liable for any loss of which written notice shall not have been received by the Company within one month of the occurrence thereof. In case of robbery brigandage theft or other criminal act which may given rise to a claim under this Policy the Insured shall give immediate notice thereof to the Policy. In regard to loss of property not owned by the Insured every letter claim writ summons and process shall be notified or forwarded to the Company immediately on receipt and notice shall also be given to the Company immediately the Insured shall have knowledge of any impending Prosecution or legal proceedings in connection with such occurrence.<br />
(b)&nbsp;&nbsp; &nbsp;Conduct - the Insured shall furnish to the Company all such particulars and evidence documentary or otherwise and execute and do all such acts and things as the Company may reasonably require to substantiate the claim to facilitate the investigation and<br />
adjustment to trace and recover the property lost to recoup the Company so far as may be in respect of any amount which shall pay under this Policy. The Insured shall also take all reasonable steps to prevent the negotiation sale or retirement of all lost securities. In case of robbery brigandage theft or other criminal act which may give rise to a claim the Insured shall cooperate with the Company in securing the conviction of the offender. In regard to loss of property not owned by the Insured no admission offer promise or payment shall be made by on behalf of the Insured without the written consent of the Company which shall be entitled if it so desires to take over and conduct in his name the defence or settlement of any claim or to prosecute defence or settlement of any claim or to prosecute in his name for its own benefit any claim for indemnity damages or otherwise shall have full discretion in the conduct of any proceedings and if the Company shall make any payment in settlement of any claim and such payment includes any amount not covered by this Policy the Insured shall repay to the Company the amount not so covered. The Company shall bear the expense of all such particulars evidence acts and things as they may require with the above objects or any of them other than those required to substantiate the claim. If any claim be fraudulently or intentionally exaggerated or if any false declaration or statement shall be made in support there of then thins Policy shall be voidable by the Company.<br />
7.&nbsp;&nbsp; &nbsp;Valuation - Payment - Replacement - Subrogation. In no even shall the Company be liable for more than the actual market value of Securities at the close of business of the business day next preceding the day on which the loss thereof was discovered, nor more than the actual cash value of other property at the time of loss thereof or damage thereto, nor for more than the actual cost of replacing or repairing any such Securities or other property. The Company may replace any Securities or other property of like kind or value, or repair any damage property, or pay for the same in money, as the Company may elect. If the Securities have no quoted market value and the value cannot be established, it may be determined by agreement or by arbitration. In the event of any indemnification under this Policy the Company shall be subrogated to all rights of the Insured of recovery therefor, and the Insured shall execute all papers required and do everything that may be necessary to secure such rights. Any property for which the Insured has been indemnified (whether owned by the Insured or others) shall become the property of the Company.<br />
8.&nbsp;&nbsp; &nbsp;Other Insurance - If at the time any claim arises under this Policy there is any other insurance covering the same loss or damage the Company shall not be liable to pay or contribute more than its ratable proportion of such loss or damage.<br />
9.&nbsp;&nbsp; &nbsp;Reduction of Insurance - Restoration. Indemnification by the Company for any loss under Section of this Policy shall reduce relevant Limit for that Section by the amount of such indemnification as of the date and hour at which the Insured notified the Company of such loss. The amount of such reduction shall be restored automatically only as to losses through acts committed or events occurring thereafter. In consideration thereof the Insured shall pay the Company upon demand an additional premium computed pro rata upon the amount of insurance so restored from the said of restoration to the next renewal date this Policy.<br />
10.&nbsp;&nbsp; &nbsp;Cancellation. This Policy shall not be cancelled by or on behalf of the Company except in accordance with and pursuant to the provisions of Section 64 and 65 of the Insurance Code. In the event of such cancellation the Company shall refund the paid premiums less the earned portion thereof the Insured. Likewise, this Policy maybe cancelled on the said rate basis set forth in the short rate cancellation table at the request of the Insured.<br />
Policy has been in force.<br />
11.&nbsp;&nbsp; &nbsp;Arbitration. If any difference or dispute shall arise with respect to the amount of the Company&#39;s liability under this Policy the same shall be referred to the decision of &nbsp;a single arbitrator to be agreed upon by both parties or failing such agreement of a single arbitrator to the decision of two arbitrators one to be appointed in writing by each of the parties within one calendar month after having been required in writing so to do by either of the parties and in case of disagreement between the arbitrators to the decision of an umpire who shall have been appointed in writing by the arbitrators before entering on the reference and the costs of and incidental to the reference shall be dealt with in the award. And it is hereby expressly stipulated and declared that it shall be a condition precedent to any right of action or suit upon this Policy that the award by such arbitrator arbitrators or umpire of the amount of the Company&rsquo;s liability hereunder if disputed shall be first obtained.<br />
&nbsp;&nbsp; &nbsp;If a claim be made and rejected and an action or suit be not commenced either in the Insurance Commission or any court of competent jurisdiction within twelve months after such rejection or (in case of an arbitration taking place as provided herein) within twelve months after due notice of the award by the arbitrators or umpire then the claim shall for all purpose be deemed to have abandoned and shall not thereafter be recoverable hereunder.<br />
12.&nbsp;&nbsp; &nbsp;Conditions precedent to Liability of Company. The due observance and fulfilment of the terms provisos exceptions and conditions of this Policy in so far as they relate to anything to be done not to be done by the Insured and the truth of the statements and answer in the Proposal shall be conditions precedent to any liability of the Company to make any payment under the Policy.<br />
13.&nbsp;&nbsp; &nbsp;Changes in Policy. None of the provisions, conditions and terms of this Policy shall be waived or altered except by endorsement signed or initialed by an authorized official of the Company and issue in accordance with the provisions of Section 50 of the Insurance Code to form part with this Policy.<br />
14.&nbsp;&nbsp; &nbsp;Article 1250 ? Civil Code Waiver. IT IS HEREBY DECLARED AND AGREED that the provision of Article 1250 of the Civil Code of the Philippines (Republic Act No. 86) which reads:<br />
&nbsp;&nbsp; &nbsp;Shall not apply in determining the extent of liability under the provisions of this Policy.<br />
15.&nbsp;&nbsp; &nbsp;Renewal. In accordance with Section 66 of the Presidential Decree No. 612 otherwise known as the Insurance Code, unless the Company at least forty-five (45) days in advance at the end of the Policy period mails or delivers to the Insured at the address shown in the policy notice of its intention not to renew the policy or to condition its renewal upon reduction of limits or elimination of coverages, the Insured shall be entitled to renew the Policy upon payment of the premium due on effective date of the renewal.<br />
16.&nbsp;&nbsp; &nbsp;Settlement of Claim. The amount of loss, damage or liability is received by the Company and ascertainment of the loss, damage or liability is made by agreement between the Insured and the Company or by arbitration.<br />
&nbsp;&nbsp; &nbsp;In the event such ascertainment is not had or made within sixty (60) days after such receipt by the Company of the said formal written claim and proof of loss, then the loss, damage or liability shall be paid within ninety (90) days after such receipt. Failure of the Company to the pay the loss, damage or liability within the time prescribed herein will entitle the Insured to collect interest on the proceeds of this Policy for the duration of the delay at the rate twice the ceiling prescribed by the Monetary Board, unless the Company&rsquo;s failure to pay is based on the ground that the claim is fraudulent.</span></p>

<p><span style="font-family:courier new,courier,monospace">SHORT PERIOD RATE SCALE<br />
&nbsp;&nbsp; &nbsp;It is hereby agreed that, in the event of this Policy being surrendered by the Insured for cancelment, the Company shall retain a premium in accordance with the following scale for the time the Policy has been in force.<br />
For 1 month or less 20 percent. Of the Annual Rate For 7 months &nbsp;75 percent. Of the Annual Rate<br />
For 2 months&nbsp;&nbsp; &nbsp; &nbsp; &nbsp;30 percent. Of the Annual Rate For 8 months&nbsp;&nbsp; &nbsp;80 percent. Of the Annual Rate<br />
For 3 months&nbsp;&nbsp; &nbsp; &nbsp; &nbsp;40 percent. Of the Annual Rate For 9 months&nbsp;&nbsp; &nbsp;85 percent. Of the Annual Rate<br />
For 4 months &nbsp;&nbsp; &nbsp; &nbsp; &nbsp;50 percent. Of the Annual Rate For 10 months 90 percent. Of the Annual Rate<br />
For 5 months&nbsp;&nbsp; &nbsp; &nbsp; &nbsp;60 percent. Of the Annual Rate For 11 months 95 percent. Of the Annual Rate<br />
For 6 months&nbsp;&nbsp; &nbsp; &nbsp; &nbsp;70 percent. Of the Annual Rate&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;</span></p>

<p><span style="font-family:courier new,courier,monospace">NUCLEAR EXCLUSION CLAUSE<br />
1.&nbsp;&nbsp; &nbsp;This Policy does not cover -<br />
(a)&nbsp;&nbsp; &nbsp;loss or destruction of or damage to any property whatsoever or any loss or expense whatsoever resulting or arising there from or any consequential loss;<br />
2.&nbsp;&nbsp; &nbsp;any legal liability of whatsoever nature directly or indirectly caused by or contributed to by or arising from lionizing radiations or contamination by radio-activity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel. For the purpose of this The indemnity provided by this Policy shall not apply to nor include any loss destruction damage or legal liability directly or indirectly caused by or contributed to by or arising from nuclear &nbsp;weapons material.</span></p>

<p><span style="font-family:courier new,courier,monospace">RECEIPT OF PAYMENT CLAUSE</span></p>

<p><span style="font-family:courier new,courier,monospace">&nbsp;IT IS HEREBY DECLARED AND AGREED that notwithstanding anything to the contrary contained in the within policy, this insurance will be deemed valid binding upon the Company only when the Premium therefore have actually been paid in full and duly acknowledged in an official &nbsp;receipt signed by an authorized official representative of the Company.</span></p>
