TERMS

(herein called the company)
In consideration of the payment of the premium, in reliance upon the statements in the declarations made a part hereof and subject to all the terms of this policy, agrees with the named insured as follows;

COVERAGE

The company will pay on behalf of the insured all sums which the insured shall become legally obligated to pay as damages because of:

Coverage A-bodily injury or property damage to which this policy applies, caused by an occurrence arising out of the travel agency operations by the named insured, or

Coverage B-bodily injury or property damage to which this policy applies, caused by an occurrence arising out of the operation, maintenance or use, including loading and unloading, of a non-owned or hired automobile in the travel agency operations of the named insured, or

Coverage C-any negligent act, error or omission of the insured or any other person for whose acts the named insured is legally liable in the conduct of travel agency operations by the named insured, or

Coverage D-personal injury arising out of the travel agency operations by the named insured

and the company shall have the right and duty to defend any suit against the insured seeking damage on account of the such bodily injury, property damage, negligent act, error or omission or personal injury, even if any of the allegations of the suit are groundless, false or fraudulent, and may make such investigation and settlement of any claim or suit, as it deems expedient, but the company shall not be obligated to pay any claim or judgment or to defend any suit after the applicable limit of the companys liability has been exhausted by payment of judgments or settlements.

EXCLUSION

This policy does not apply:

(a) to liability assumed by the insured under any contract or agreement except an incidental contract: but this exclusion does not apply to a warranty that work performed by or on behalf of the named insured will be done in a workmanlike manner; next

(b) to bodily injury or property damage arising out of the ownership, maintenance, operation, use, loading or unloading of any owned automobile;

(c) to bodily injury or property damage arising out of the ownership of any watercraft; nor arising out of the maintenance, operation, use, loading or unloading of any watercraft except if the maintenance, operation, use, loading or unloading is performed for the named insured by independent contracts;

(d) to bodily injury or property damage arising out of the ownership of any aircraft; nor arising out of the maintenance, operation, use, loading or unloading of any aircraft except if the maintenance, operation, use, loading or unloading is performed for the named insured by independent contractors who are;
1) scheduled airlines
2) supplemental airlines
3) air taxis;

(e) to bodily injury or property damage due to war, whether or not declared, civil war, insurrection, rebellion or revolution or to any act condition incident to any of the foregoing, with respect to:
1) liability assumed by the insured under an incidental contract, or
2) expenses for first aid under the supplementary payments provision:

(f) to bodily injury or property damage for which the insured or his indemnitee may be held liable, as a person or organization engaged in the business of manufacturing, distributing, selling or serving alcoholic beverage or as an owner or lessor of premises used for such purposes, by reason of the selling, serving or giving of any alcoholic beverage
1) in violation of any statute, ordinance or regulation,
2) to a minor
3) to a person under the influence of alcohol, or
4) which causes or contributes to the intoxication of any person;

(g) to any obligation for which the insured or any carrier as his insurer may be held liable under the any workmens compensation, unemployment compensation as disability benefits law, or under any similar law;

(h) to bodily injury to any employee of the named insured arising out of and in the course of his employment by the named insured; but this exclusion does not apply to liability assumed by the named insured under an incidental contract;

(i) to property damage to
1) property owned or occupied by or rented to the insured,
2) property used by the insured, or
3) property in the care, custody or control of the insured or as to which the insured is for any purpose exercising physical control; but, while left in the care of the insured during the course of a tour conducted by such insured, part (3) of this exclusion does not apply with respect to (i) tickets for transportation to be provided during the course of such tour or (h) baggage or other personal property other than accounts, bills, currency, deeds, evidences of debt, letters of credit, passport, documents, money, notes, securities or tickets of any sort except as described in (i) above; prevnext

(j) to bodily injury or property damage arising out of the ownership, maintenance, operation, use, loading or unloading of any elevator at premises owned, rented or controlled by the named insured; but this exclusion does not apply to an elevator at premises which the named insured owns, rents or controls only in part unless the named insured operates, maintains or controls the elevators;

(k) to bodily injury or property damage
1) with respect to which as an insured under the policy is also an insured under a nuclear energy liability policy issued by Nuclear Energy Liability Insurance Association, Mutual Atomic Energy Liability Underwriter or Nuclear Insurance Association Canada, or would be an insured under any such policy but for its termination upon exhaustion of its limit of liability: or
2) resulting from the hazardous properties of nuclear material and with respect to (a) any person or organization is required to maintain financial protection pursuant to the Atomic Energy Act of 1954, or any law amendatory thereof , or (b) the insured is, or had this policy not been issued would be, entitled to indemnity from the United States of America, or any agency thereof, under any agreement entered into by the United States of America, or any agency thereof, with any person or organization:

(l) Under the Supplementary Payments provision relating to first aid, to expenses incurred with respect to bodily injury resulting from the hazardous properties of nuclear material and arising out of the operation of a nuclear facility by any person or organization

(m) to bodily injury or property damage resulting from the hazardous properties of nuclear material if

1) the nuclear material(a) is at any nuclear facility owned by, or operated by or on behalf of, an insured or(b)has been dispersed therefrom; 2) the nuclear material is contained in spent fuel or waste at any time possessed, handled, used, processed, stored, transported or disposed of by or on behalf of an insured; or 3) the bodily injury or property damage arises out of the furnishing by an insured of services, materials, parts or equipment in connection with the planning, construction, maintenance, operation or use of any nuclear facility, but if such facility is located within the United States of America, its territories or possessions or Canada, this exclusion (3) applies only to property damage to such nuclear facility and any property thereof: (n) With respect to an insured described under the part (d) of the Persons insured provisions, to bodily injury to (a) another employee of the named insured arising out of or in the course of his employment or (b) named insured or, if the named insured is a partnership or joint venture, any partner or member thereof:

(o) with respect to an insured described under the part (d) of the Persons insured provisions, to property damage to property owned, occupied or used by, rented to, in the care, custody or control of or over which physical control is being exercised for any purpose by (a) another employee of the named insured or (b) the named insured or, if the named insured is a partnership or joint venture, any partner or member thereof, but this exclusion does not apply to such property as is described in clauses (i) and (ⅱ) of part (3) of exclusion (ⅰ);

(p) under Coverage C and D, to liability arising out of any act error or omission which is willfully dishonest , fraudulent or malicious, or in willful violation of any penal or criminal statute or ordinance, and is committed (or omitted) by or with the knowledge or consent of the insured

(q) under Coverage C, to any liability arising out of or contribute to by the co-mingling of money or the inability or failure to pay or collect any money whether such co-mingling or inability or failure be on the part of the insured of otherwise; but this exclusion shall not apply to errors in transmission of funds by the insured to others, provided evidence of the erroneous transmission in the form of a cancelled check or similar instrument used to transmit said funds is presented; prevnext

(r) Under Coverage C to bodily injury, property damage or personal injury;

(s) to personal injury arising out of any publication or utterance described in Group B of the definition of personal injury, if the first injurious publication or utterance of the same or similar material by or on behalf of the named insured was made prior to the effective date of this insurance;

(t) to personal injury arising out of a publication or utterance described in Group B of the definition of personal injury concerning any organization or business enterprise, or its products or service, made by or at the direction of any insured with knowledge of falsity thereof,

SUPPLEMENTARY PAYMENTS

The company will pay, in addition to the applicable limit of liability;

(a) all expenses incurred by the company, all costs taxed against the insured in any suit defended by the company and all interest on the entire amount of any judgment therein which accrues after entry of the judgment and before the company has said or rendered or deposited in courtthat part of the judgment which does not exceed the limit of the companys liability thereon:

(b) premium on appeal bonds required in any such suit, premiums on bonds to release attachments in any such suit for an amount not in excess of the applicable limit of liability of this policy, and the cost of bail bonds required of the insured because of accident or traffic law violation arising out of the use of any automobile to which this policy applies, not to exceed $250 per bail bond, but the company shall have no obligation to apply for or furnish any such bonds;

(c) reasonable expenses incurred by the insured for first aid to others at the time of an incident for bodily injury to which this policy applies;

(d) reasonable expenses incurred by the insured at the companys request, including actual loss of waste or salary (but not loss of other income) not to exceed $25 per day because of his attendance at hearings or trials at such request.

DEFINITIONS

When used in this policy (including endorsements forming a part hereof);

Automobile means a land motor vehicle, trailer or semi-trailer designed for travel on public roads (including any machinery or apparatus attached thereto);

owned automobile means an automobile owned by;
1) the named insured;
2) any member of a joint venture of which the named insured is a member, or which constitutes the named insured;
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3) a partner of or in any of the foregoing;
4) a member of the same household as any person described herein;

non-owned automobile means an automobile not owned by:
1) the named insured;
2) any member of a joint venture of which the named insured is a member, or which constitutes the named insured;
3) a partner of or in any of the foregoing;
4) a member of the same household as any person described herein;

hired automobile means a non-owned automobile rented or chartered by the named insured: a) without a driver for a period of not more than thirty (30) consecutive days, or b) with a driver or chauffeur, provided that the owner of a hired automobile maintains a policy insuring against liability for bodily injury and property damage with limits not less than those specified under the applicable Financial Responsibility or similar law:bodily injury means bodily injury, sickness or disease sustained by any person;

damages with respect to Coverage A and B includes damages for death and for care and loss of services resulting from bodily injury and damages for loss of use of property resulting from property damage, and with respect to Coverage D, means only those damages which are payable because of personal injury arising out of an offense to which Coverage D applies;

incidental contract means any written (1) lease of premises, (2) easement agreement, except in connection with construction or demolition operations on or adjacent to a railroad, (3) undertaking to indemnify a municipality required by municipal ordinance ,except in connection with work for the municipality, (4) sidetrack agreement, or (5) elevator maintenance agreement;

insured means any person or organization qualifying as an insured in the Persons Insured provisions. The insurance afforded applies separately to each insured against whom claim is made or suit is brought, except with respect to the limits of the company’s liability;

named insured means the person or organization named in Item I of the declaration of this policy; occurrence means an accident, including injurious exposure to conditions, which results, during the policy period, in bodily injury or property damage neither expected nor intended from the standpoint of the insured;
personal injury means injury or damage sustained by any person or organization caused by or arising out of one or more of the following offenses;
Group A - false arrest, detention of imprisonment or malicious prosecution;
Group B - the publication or utterance of a libel or slander or of other defamatory or disparaging material, or a publication or utterance in violation of an individuals right of privacy; except publications or utterances in the course of or related to advertising, broadcasting activities conducted by or on behalf of the named insured;
Group C - wrongful entry or eviction , or other invasion of the right of private occupancy;

policy territory means anywhere in the world.

property damage means injury to or loss or destruction of tangible property; and as used in exclusion (k), (l) and (m), includes all forms of radioactive contamination of property; prevnext

travel agency operations means all operations necessary or incidental to the conduct of a travel agency business;

hazardous properties include radioactive, toxic or explosive properties;
Nuclear facility means
a) any nuclear reactor
b) any equipment or device designed or used for (1) separating the isotopes of uranium or plutonium, (2) processing or utilizing spent fuel, or (3) handling, processing or packing waste,
c) any equipment or device used for processing, fabricating or alloying of special nuclear material if at any time the total amount of such material in the custody of the insured or the premises where such equipment or device is located consists of or contain more than 25 grams of plutonium or uranium 233 or any combination thereof, more than 250 grams of uranium 235
d) any structure, basin, excavation premises or place prepared or used for the storage or disposal of waste, and includes the site on which any of the foregoing is located, all operations conducted on such site and all premises used for such operation;

nuclear material means source material, special nuclear material, or byproduct material:

nuclear reactor means any apparatus designed or used to sustain nuclear fission in a self-supporting chain reaction or to contain critical mass of fissionable material;

source material, special nuclear material, and byproduct material have the meanings given them in the Atomic Energy Act of 1954 or in any law amendatory thereof;

spent fuel means any fuel element or fuel component, solid or liquid, which has been used or exposed to radiation in a nuclear reactor;

waste means any waste material (1) containing byproduct material and (2) resulting from the operation by any person or organization of any nuclear facility included within the definition of nuclear facility under paragraph (a) or (b) thereof.

PERSONS INSURED

Each of the following is an insured under this policy to the extent set forth below:

a) if the named insured is designated in the declarations as an individual, the person so designated but only with respect to the conduct of a travel agency business of which he is the sole proprietor

b) if the named insured is designated in the declarations as a partnership or joint venture, the partnership or joint venture so designated and any partner or member thereof but only with respect to his liability as such;

c) if the named insured is designated in the declaration as other than an individual, partnership or joint venture, the organization so designated and any executive officer, director or stockholder thereof while acting within the scope of his duties as such; prevnext

d) any employee of the named insured while acting within the scope of his duties as such, and any tour conductor under contract to the named insured but only with respect to liability arising out of a tour being conducted for the named insured.

This policy does not apply to liability arising out of the conduct of any partnership or joint venture of which the insured is a partner or member and which is not designated in this policy as a named insured.

LIMITS OF LIABILITY

Regardless of the number of (1) insureds under this policy, (2) persons or organizations who sustain damages payable under this policy, or (3) claims made or suits brought on account of liability insured under the policy, the companys liability is limited as follows:

The limit of liability stated in the declarations as applicable to each occurrence or each act, error or omission is the total limit of the companys liability for all damages arising out of loss insured under Coverage A, B or C as the result of any one occurrence or act, error or omission.

For the purpose of determining the liability of the company with respect to property damage to baggage or other personal property left in the care of an insured, $100.00 shall be deducted from each loss, subject to maximum of $500.00 to be deducted from the total of all losses resulting from any one occurrence, and the limit of the companys liability for property damage to any article consisting in whole or in part of silver, gold or platinum, or watches, or articles trimmed with, or consisting principally or entirely of furs shall be $100.00 for each article.

For the purpose of determining the limit of the companys liability under Coverages A and B, all bodily injury and property damage arising out of continuous or repeated exposure to substantially the same general conditions shall be considered as arising out of one occurrence.

Subject to the above provision repeating each act, error or omission, the total liability of the company for all damages under Coverage C shall not exceed the limit of liability stated as aggregate in the declarations. For the purpose of determining the liability of the company under Coverage C $250.00 shall be deducted from the total of all losses resulting from any one act, error or omission.

The total liability of the company for all damages because of all personal injury to which Coverage D applies, shall not exceed the limit of personal injury liability stated in the declarations as aggregate

POLICY PERIOD: TERRITORY

This policy applies only: prevnext

(a) to bodily injury, property damage of personal injury which occurs during the policy period within the policy territory; and

(b) to acts, errors or omission occurring within the policy territory and covered under coverage C, (1) occurring during the policy period or (2) prior to the policy period if the claim is made or suit is brought against the insured during the policy period and such insured at the effective date of the insurance did not know or could not have reasonably foreseen that such acts, errors or omissions might be expected to be the basis of a claim or suit. With respect to an insured who becomes an insured under this policy subsequent to its effective date, the policy period under (1) and (2) shall begin as of the subsequent date.

CONDITIONS

1. Premium

All premiums for this policy shall be computed in accordance with the companys rules, rates, rating plans, premiums and minimum premiums applicable to the insurance afforded herein.

Premium designated in the policy as advance premiumis a deposit premium only which shall be credited to the amount of the earned premium due at the end of the policy period. At the close of each such period, the earned premium shall be computed for such period and, upon notice thereof to the named insured, shall become due and payable. If the total earned premium for the policy period is less than the premium previously paid , the company shall return to the named insured the unearned portion paid by the named insured.

2. Inspection and Audit

The company shall be permitted but not obligated to inspect the named insureds property and operations at any time. Neither the companys right to make inspections nor the making thereof nor any report thereon shall constitute an undertaking, on behalf of or for the benefit of the named insured or others, to determine or warrant that such property or operation are safe.

The company may examine and audit the named insureds books and records at any time during the policy period and extensions thereof and within three years after the final termination of this policy, as far as they relate to the subject matter of this insurance.

3. Insureds Duties in the Event of Occurrence, Claims or Suit

a) In the event of an occurrence or other happening which may give rise to a claim under this policy, written notice containing particulars sufficient to identify the insured and also reasonably obtainable information with respect to the time, place and circumstances thereof, and the names and addresses of the insured and of available witnesses, shall be given by or for the insured to the company or any of its authorized agents as soon as practicable. prevnext

(b) The named insured shall promptly take at his expense all reasonable steps to prevent other damages from arising out of the same or similar conditions, but such expense shall not be recoverable under this policy,

(c) If claim is made or suit is brought against the insured, the insured shall immediately forward to the company every demand, notice, summons or other process received by him, or his representative,

(d) The insured shall cooperate with the company and, upon the companys request, assist in making settlements, in the conduct of suits and in enforcing any right of contribution or indemnity against any person or organization who may be liable to the insured because of bodily injury, property damage, personal injury or any loss arising out of a negligent act, error or omission, with respect to which insurance is afforded under this policy; and the insured shall attend hearings and trials and assist in securing and giving evidence and obtaining the attendance of witnesses.

The insured shall not, except at his own cost, voluntarily make any payment, assume any obligation or incur any expense other than for first aid to others at the time of accident.

4. Action Against Company

No action shall lie against the company unless, as a condition precedent thereto, there shall have been full compliance with all of the terms of this policy, nor until the amount of the insureds obligation to pay shall have been finally determined either by judgment against the insured after actual trial or by written agreement of the insured, the claimant and the company. Any person or organization or the legal representative thereof who has secured such judgment or written agreement shall thereafter be entitled to recover under this policy to extent of the insurance afforded by this policy. No person or organization shall have any right under this policy to join the company as a party to any action against the insured to determine the insureds liability, nor shall the company be impleaded by the insured or his legal representative, Bankruptcy or insolvency of the insured or of the insureds estate shall not relieve the company of any of its obligation hereunder.

5. Other insurance

The insurance afforded by this policy is primary insurance, except when stated to apply in excess of or contingent upon the absence of other insurance. With respect to liability arising out of the maintenance, operation, use, loading or unloading of an automobile, Coverage B shall apply only an excess insurance over any other valid and collectible insurance. With respect to negligent act, errors or omission which occur prior to the effective date of this policy, Coverage C shall apply only as excess insurance over any other valid and collectible insurance and shall then apply only in the amount by which the applicable limit of liability of this policy exceeds the sum of the applicable limits of liability of all such other insurance.

When this insurance is primary and the insured has other insurance which is stated to be applicable to the loss or an excess or contingent basis, the amount if the companys liability under this policy shall not be reduced by the existence of such other insurance.

When both this insurance and other insurance apply to the loss on the same basis, whether primary, excess or contingent, the company shall not be liable under this policy for a greater proportion of the loss than that stated in the applicable contribution provision below: prevnext

a) Contribution by Equal Shares
If all of such other valid and collectible insurance provides for contribution by equal shares, the company shall not be liable for a greater proportion of such loss than would be payable if each insurer contributes an equal share until the share of each insurer equals the lowest applicable limit of liability under any one policy or the full amount of the loss is paid, and with respect to any amount of loss not so paid the remaining insurers than continue to contribute equal shares of the remaining amount of the loss until each such insurer has paid its limit in full or the full amount of the loss is paid.

b) Contribution by Limits
If any of such other insurance does not provide for contribution by equal shares, the company shall not be liable for a greater proportion of such loss than the applicable limit of liability under this policy for such loss bears to the total applicable limit of liability of all valid and collectible insurance against such loss.

6. Subrogation

In the event of any payment under this policy, the company shall be subrogated to all the insureds rights of recovery therefor against any person or organization and the insured shall execute and deliver instruments and papers and do whatever also is necessary to secure such rights. The insured shall do nothing after loss to prejudice such rights.

7. Changes

Notice to any agent or knowledge possessed by any agent or by any other person shall not effect a waiver or a change in any part of this policy or estop the company from asserting any right under the terms of this policy; nor shall the terms of this policy be waived or changed, except by endorsement issued to form a part of this policy.

8. Assignment

Assignment of interest under this policy shall not blind the company until its consent is endorsed hereon; If, however, the named insured shall die, such insurance as is afforded by the policy shall apply (1) to the named insureds legal representative, as the named insured, but only while acting within the scope of his duties as such, and (2) with respect to the property of the named insured, to the person having proper temporary custody thereof, as insured but only until the appointment and qualification of the legal representative.

9. Cancellation

This policy may be cancelled by the named insured by mailing to the company written notice stating when thereafter the cancellation shall be effective. This policy may be cancelled by the company by mailing to the insured at the address shown in this policy, written notice stating when not less than ten days thereafter such cancellation shall be effective. The mailing of notice as aforesaid shall be sufficient proof of notice. The effective date of cancellation stated in the notice shall become the end of policy period. Delivery of such written notice either by the named insured or by the company shall be equivalent to mailing. prevnext

If the named insured cancels, earned premium shall be computed in accordance with the customary short rate table and procedure. If the company cancels, earned premium shall be computed pro rata. Premium adjustment may be made either at the time cancellation is effected or as soon as practicable after cancellation becomes effective, but payment or tender of unearned premium is nor a condition of cancellation.

10. Declarations

By acceptance of this policy, the named insured agrees that the statements in the declarations are his agreements and representations, that this policy is issued in reliance upon the truth of such representations and that this policy embodies all agreements existing between himself and the company or any of its agents relating to this insurance

In witness whereof, Meritz Fire & Marine Insurance Company has caused this policy to be signed by its president and a secretary at Seoul, Korea, and countersigned on the declarations page by a duly authorized agent of the company.

Nuclear Energy Liability Exclusion Clause

It is hereby understood and agreed that this policy shall not apply to any accident or occurrence resulting from the hazardous properties of nuclear material if such accident or occurrence arises out of the ownership, use of operations by the insured of any nuclear facility other than the use of radioactive isotopes. For the purpose of this endorsement :

"Nuclear material", means source material, special nuclear material or by-product material,

"Source material", "special nuclear material", "By-product material" have the meanings given them in the Republic of Korea atomic energy act or in any law amendatory thereof ; "Spent fuel" means any fuel element or fuel component, solid or liquid, which has been used or exposed to radiation in a nuclear reactor ;

"Waste" means any waste material (1) Containing by-product material and (2) resulting from the operation by any person or organization of any nuclear facility included within the definition of nuclear facility under paragraph (A) or (B) thereof :

"Radioactive isotope" means any by-product material except such material (1) contained in spend fuel or waste, or (2) discharged or dispersed from any nuclear facility ;

"Nuclear Facility" means :

(A) Any Nuclear Reactor :

(B) Any equipment or device designed or used for (1) separating, the isotopes or uranium or plutonium, (2) processing or utilizing spent fuel, of (3) handling, processing or packaging waste. prevnext

(C) Any equipment or device used for the processing, fabricating or alloying or special nuclear material if at any time the total amount of such material in the custody of the insured at the premises where such equipment or device is located consists of or contains more than 25 grams of plutonium or uranium 233 or any combination thereof, or more than 250grams of uranium 235 :

(D) Any structure, basin, excavation, premises or place prepared or used for the storage or disposal of waste.

And includes the site on which any of the foregoing is located, all operations conducted on such site and all premises used for such operations : "Nuclear Reactor" means any apparatus designed or used to sustain nuclear fission in a self-supporting chain reaction or to contain a critical mass fissionable material :

"Hazardous Properties : includes radioactive, toxic or explosive properties ; with respect to injury to or destruction of property, the word "Injury" or "Destruction" includes all forms of radioactive contamination of property.

Contractual Liability Exclusion Clause

This insurance does not apply to claims for which the insured is obligated to pay loss by reason of the assumption of liability in a contract or agreement. This exclusion does not apply to liability for loss(es)

(1)Assumed in a contact or agreement that is an “insured contract” or (2)That the insured would have in the absence of the contract or agreement

HIV virus, SARS and Bird Flu Exclusion Clause

This policy shall not provide coverage for losses caused by HIV virus, SARS, Bird Flu and similar pandemic.

Insolvency/Bankruptcy Exclusion Clause

The Insurer shall not be liable for: Any Claim arising out of or relating directly or indirectly from the insolvency or bankruptcy of the Insured.

Jewelry and fur exclusion clause

This policy shall not provide coverage for loss resulting from damages to Jewelry and Fur. prevnext

Theft or Lost Property Exclusion Clause

This policy does not apply to property damage caused by theft or lost property during any tour through the insured

Leisure, Sports Tour Exclusion Clause

This policy shall not provide coverage for losses caused by leisure activities and sports tourism(excluding golf tour) such as Scuba, Jet Ski, Banana boat, Fly fish, Rafting, Skin diving, Snorkeling, Bungee jumping, Ski, Snow boarding, Rock-climbing, Rappel, Mountain Bike, Sky diving, Balloons, Parasailing, ATV, BMX, Skateboard, Aggressive inline, Motor cross.

Millennium Exclusion Clause

It is agreed and understood that otherwise subject to the terms, exclusions, provisions and conditions contained in the Policy or endorsed thereon, the following shall apply to this insurance :

A. Insurer(s) will not pay for Damage or Consequential Loss directly or indirectly caused by, consisting of, or arising from, the failure of any computer, data processing equipment or media, microchip, operating systems, microprocessors(computer chip), integrated circuit or similar device, any computer software, or any other products, and any services, data or functions that directly or indirectly use or rely upon, in any manner, any of the items listed above, whether the property of the insured or not, that results from any actual or alleged failure, malfunction or inadequacy due to inability to correctly recognize, process, distinguish, interpret or accept any date as its true calendar date.
B. It is further understood that we will not pay for the repair of modification of any part of an electronic data processing system or its related equipment, to correct deficiencies or features of logic or operation.
C. It is further understood that we will not pay for Damage or Consequential Loss arising from the failure, inadequacy or malfunction of any advice, consultation, design evaluation, inspection installation, maintenance, repair or supervision provided or done by Insured or for Insured to determine, rectify or test, any potential or actual failure, malfunction or inadequacy described in
A. above.

Such damage or Consequential Loss described in A, B, or C above, is excluded regardless or any other cause that contributed concurrently or in any other sequence.

Personal and Advertising Injury Exclusion Clause

COVERAGE D does not apply and none of the references to it in the Coverage Part apply. prevnext

Consequential Loss Exclusion Clause

his policy shall not provide coverage for losses such as loss of profits, loss of revenue, loss of production, loss of business opportunity, loss of data, and loss of anticipated savings of benefits.

Asbestos Exclusion Clause

This policy does not apply to:-
Liability arising from the manufacture, distribution, sale, installation, removal, use, ingestion, inhalation and/or exposure to asbestos or products containing asbestos including liability resulting from asbestosis or any related disease (Asbestos/Asbestosis)

War and Terrorism Exclusion Clause

Notwithstanding any provision to the contrary within this insurance or any endorsement thereto it is agreed that this insurance excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any of the following regardless of any other cause or event contributing concurrently or in any other sequence to the loss;

(1) war, invasion, acts of foreign enemies, hostilities or warlike operations (whether war be declared or not), civil war, rebellion, revolution, insurrection, civil commotion assuming the proportions of or amounting to an uprising, military or usurped power; or

(2) any act of terrorism. For the purpose of this endorsement an act of terrorism means an act, including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organization(s) or government(s), committed for political, religious, ideological or similar purposes including the intention to influence any government and/or to put the public, or any section the public, in fear.

This endorsement also excludes loss, damage, cost or expense of whatsoever mature directly or indirectly caused by, resulting from or in connection with any action taken in controlling, preventing, suppressing or in any way relating to (1) and/or (2) above.

If the Underwriters allege that by reason of this exclusion, any loss, damage, cost or expense is not covered by this insurance the burden of proving the contrary shall be upon the Assured

In the event any portion of this endorsement is found to be invalid or unenforceable, the remainder shall remain in full force and effect.

Sanction Limitation and Exclusion Clause

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No insurer shall be deemed to provide cover and no insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose that insurer to any sanction, prohibition or restriction under United Nations' resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America.

Free Schedule Trip Exclusion Clause

This policy does not apply to ;

- bodily injury during the free schedule of tour program.

Within Premises Liability Exclusion Clause

This policy does not apply to ;

- bodily injury occurred within a premises of resort facility, swimming pool or accommodations of each tourist.

CLAIMS CONTROL CLAUSE

Notwithstanding anything contained in the Reinsurance agreement and/or Policy wording to the contrary, it is a condition precedent to liability under the Policy that:

(a) the Reinsured shall upon knowledge of any circumstances which may give rise to a claim against them, advise the Reinsurers immediately and in any event not later than 14 days AND

(b) the Reinsured shall furnish the Reinsurers with all information available respecting such loss or losses and the Reinsurers shall have the right to appoint adjusters, assessors and/or surveyors and to control all negotiations, adjustments and settlements in connection with such loss or losses AND

(c) no settlement and/or compromise shall be made and/or liability admitted without the prior approval of the Reinsurers.

CO - INSURANCE CLAUSE

It is further understood and agreed that :

1. The words “the Company” wherever used in this policy means the subscribing companies listed below. prevnext

2. This policy shall be liable only for its below designated proportion of any obligation assumed or expenses incurred under this policy.

   Portion of 100%          Subscribing Companies

All other terms and conditions remain unchanged.

Consequential Loss Exclusion

This policy shall not provide coverage for losses such as loss of profits, loss of revenue, loss of production, loss of business opportunity, loss of data, and loss of anticipated savings of benefits.

Cross Liability Clause

It is hereby declared and agreed that in event of an occurrence to one or more Insured for which another Insured is or may be held liable, then this Policy shall cover such Insured against whom claim is made or may be made in the same manner as if separate Policies had been issued to each Insured. The inclusion of more than one Insured hereunder shall not serve to increase the limit(s) of liability under the Policy.

Exclusion of Terrorism Endorsement

This endorsement modifies insurance provided under all Coverage Parts : TERRORISM EXCLUSION

We will not pay for loss or damage caused directly or indirectly by terrorism, including action in hindering or defending against an actual or expected incident of terrorism. Such loss or damage is excluded regardless of any other cause or event that contributes concurrently or in any sequence to the loss.

Terrorism means activities against persons, organizations or property of any nature :

1. That involves the following or preparation for the following :

a. Use or threat of force or violence; or
b. Commission or threat of a dangerous act; or
c. Commission or threat of an act that interferes with or disrupts an electronic, communication, information, or mechanical system; and

2. When one or both of the following applies : prevnext

a. The effect is to intimidate or coerce a government or the civilian population or any segment thereof, or to disrupt any segment of the economy; or

b. It appears that the intent is to intimidate or coerce a government, or to further political, ideological, religious, social or economic objectives or to express (or express opposition to) a philosophy or ideology.

Regardless of the amount of damage and losses, in addition to items 1. and 2. above, this Terrorism Exclusion also applies to any incident of terrorism :

1. That involves the use, release or escape of nuclear materials, or that directly or indirectly results in nuclear reaction or radioactive contamination; or

2. That is carried out by means of the dispersal or application of pathogenic or poisonous biological or chemical materials; or

In which pathogenic or poisonous biological or chemical materials are released, and it appears that one purpose of the terrorism was to release such materials.

※ Notwithstanding the above, this exclusion not be applied to any bodily injury caused by person accident risk.

Extended Reporting Period Clause

If the policy is cancelled or not renewed by the company for reasons other than the Named Insured's non-payment of premium or deductible amount, or non-compliance with the terms and conditions of this policy, a claim first made during the Extended Reporting Period stated in the Schedule will be deemed to have been made on the last day of the policy period, provided that the claim has been arising from any negligent act or error or omission in professional services rendered subsequent to the Retroactive Date and prior to the expiration or cancellation date.
The Claims Extended Reporting Period does not extend the policy or change the scope of coverage provided. The claims extension period does not reinstate or increase the Limit of Liability Provided by this policy.

Premium/claim Payment Clause

It is understood and agreed that : Premiums shall be payable in Won Currency converted into by T. T. Selling Rate at the time of the payment of the premium.
Claims shall be payable either In Won Currency converted into by T. T. Buying Rate at the time of the payment of the claims or in Foreign Exchange Certificate equivalent to( ) Currency. prevnext

TOTAL POLLUTION LIABILITY EXCLUSION CLAUSE

This Insurance does not cover any liability for ;

1. Personal Injury or Bodily Injury or loss of, damage to or loss of use of property directly or indirectly caused by seepage, pollution and contamination.

2. The cost of removing, nullifying or cleaning-up seeping, polluting or contaminating substances.

3. Fines, penalties, punitive or exemplary damages.

Waiver of Subrogation Clause

It is agreed and understood that otherwise subject to the terms exclusion, provisions and conditions contained in the policy or endorsed thereon, the company waives its right of subrogation against any assured and any person, firm or corporation having an association or affiliation, at the time of loss, with the assured through ownership, management or other interest, subject to having been insured under this policy.

WAR AND CIVIL WAR EXCLUSION CLAUSE

Notwithstanding anything to the contrary contained herein this Policy does not cover Loss or Damage directly or indirectly occasioned by, happening through or in consequence of war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation or nationalisation or requisition or destruction of or damage to property by or under the order of any government or public or local authority. prev