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Insuring Agreement

Whereas the Insured by a Proposal and Declaration which shall be the basis of

this contract and is deemed to be incorporated herein has applied to Paofoong

Insurance Company (Hong Kong) Limited (hereinafter called the Company) for

the insurance hereinafter contained and has paid or agreed to pay the premium

as consideration for such insurance the Company will provide insurance in the

terms of this Policy.

Now this Policy witnesseth that if during the period of insurance the Insured

shall sustain any loss of monies or goods belonging to them or for which they

are responsible as the result of any act of Fraud or Dishonest (hereinafter called

“the acts insured against") committed by any Employee described in the

Schedule whilst employed in the Capacity set in the Specification during the

said period of insurance the Company will make good to the Insured such loss

after deduction of all salary, commission, monies or assets the property of the

Employee that may be in or come into the hands or under the control of the

Insured up to an amount not exceeding for all the acts insured against committed

by the Employee during the whole period of the subsistence of this Policy the

sum set opposite to the name of such employee in the said Specification.