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Document Preview Financial Institution Investment Company Asset Protection Bond |
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Title: |
Financial Institution Investment Company Asset Protection Bond |
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Entities: |
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Date: |
2006 |
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Preview shows 12KB of 55KB total |
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$40 |
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ID: |
#2652657 |
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Chubb Group of Insurance Companies
15 Mountain View Road, Warren, New Jersey 07059
FEDERAL INSURANCE COMPANY
Incorporated under the laws of Indiana
a stock insurance company herein called the COMPANY
Capital Center, 251 North Illinois, Suite 1100
Indianapolis, IN 46204-1927
DECLARATIONS
--------------------------------------------------------------------------------
FINANCIAL INSTITUTION INVESTMENT COMPANY ASSET PROTECTION BOND
Bond Number: 81906433
NAME OF ASSURED (including its Subsidiaries):
KAYNE ANDERSON ENERGY DEVELOPMENT COMPANY
1800 AVENUE OF THE STARS
LOS ANGELES, CAL 90067
ITEM 1. BOND PERIOD: from 12:01 a.m. on September 21, 2006
to 12:01 a.m. on September 21, 2007
ITEM 2. LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:
If `Not Covered' is inserted below opposite any specified INSURING CLAUSE, such
INSURING CLAUSE and any other reference shall be deemed to be deleted. There
shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained
by any Investment Company.
{TABLE}
{CAPTION}
DEDUCTIBLE
INSURING CLAUSE LIMIT OF LIABILITY AMOUNT
{S} {C} {C}
1. Employee $ 750,000 $25,000
2. On Premises $ 750,000 $25,000
3. In Transit $ 750,000 $25,000
4. Forgery or Alteration $ 750,000 $25,000
5. Extended Forgery $ 750,000 $25,000
6. Counterfeit Money $ 750,000 $25,000
7. Threats to Person $ 750,000 $25,000
8. Computer System $ 750,000 $25,000
9. Voice Initiated Funds Transfer
Instruction $ 750,000 $25,000
10. Uncollectible Items of Deposit $ 750,000 $25,000
11. Audit Expense $ 750,000 $25,000
{/TABLE}
ITEM 3. THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE
FOLLOWING ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:
1 - 2
IN WITNESS WHEREOF, THE COMPANY has caused this Bond to be signed by its
authorized officers, but it shall not be valid unless also signed by an
authorized representative of the Company.
/s/ W. Andrew Macan
W. Andrew Macan
Secretary
Page 1
{PAGE}
/s/ Thomas F. Motamed
Thomas F. Motamed
President
/s/ Robert Hamburger
Robert Hamburger
Authorized Representative
==============================================================
The COMPANY, in consideration of payment of the required premium, and in
reliance on the APPLICATION and all other statements made and information
furnished to the COMPANY by the ASSURED, and subject to the DECLARATIONS made a
part of this Bond and to all other terms and conditions of this Bond, agrees to
pay the ASSURED for:
Insuring Clauses
Employee
1. Loss resulting directly from Larceny or Embezzlement committed by any
Employee, alone or in collusion with others.
On Premises
2. Loss of Property resulting directly from robbery, burglary, false pretenses,
common law or statutory larceny, misplacement, mysterious unexplainable
disappearance, damage, destruction or removal, from the possession, custody or
control of the ASSURED, while such Property is lodged or deposited at premises
located anywhere.
In Transit
3. Loss of Property resulting directly from common law or statutory larceny,
misplacement, mysterious unexplainable disappearance, damage or destruction,
while the Property is in transit anywhere:
a. in an armored motor vehicle, including loading and unloading thereof,
b. in the custody of a natural person acting as a messenger of the ASSURED,
or
c. in the custody of a Transportation Company and being transported in a
conveyance other than an armored motor vehicle provided, however, that covered
Property transported in such manner is limited to the following:
(1) written records,
(2) securities issued in registered form, which are not endorsed or are
restrictively endorsed, or
(3) negotiable instruments not payable to bearer, which are not endorsed
or are restrictively endorsed.
Coverage under this INSURING CLAUSE begins immediately on the receipt of
such Property by the natural person or Transportation Company and ends
immediately on delivery to the premises of the addressee or to any
representative of the addressee located anywhere.
Forgery Or Alteration
4. Loss resulting directly from:
a. Forgery on, or fraudulent material alteration of, any bills of exchange,
checks, drafts, acceptances, certificates of deposits, promissory notes, due
bills, money orders, orders upon public treasuries, letters of credit, other
written promises, orders or directions to pay sums certain in money, or receipts
for the withdrawal of Property, or
Page 2
{PAGE}
b. transferring, paying or delivering any funds or other Property, or
establishing any credit or giving any value in reliance on any written
instructions, advices or applications directed to the ASSURED authorizing or
acknowledging the transfer, payment, delivery or receipt of funds or other
Property, which instructions, advices or applications fraudulently purport to
bear the handwritten signature of any customer of the ASSURED, or shareholder or
subscriber to shares of an Investment Company, or of any financial institution
or Employee but which instructions, advices or applications either bear a
Forgery or have been fraudulently materially altered without the knowledge and
consent of such customer, shareholder, subscriber, financial institution or
Employee; excluding, however, under this INSURING CLAUSE any loss covered under
INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING CLAUSE 5.
is provided for in the DECLARATIONS of this Bond.
For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
signature is treated the same as a handwritten signature.
Extended Forgery
5. Loss resulting directly from the ASSURED having, in good faith, and in the
ordinary course of business, for its own account or the account of others in any
capacity:
a. acquired, accepted or received, accepted or received, sold or delivered,
or given value, extended credit or assumed liability, in reliance on any
original Securities, documents or other written instruments which prove to:
(1) bear a Forgery or a fraudulently material alteration,
(2) have been lost or stolen, or
(3) be Counterfeit, or
b. guaranteed in writing or witnessed any signatures on any transfer,
assignment, bill of sale, power of attorney, guarantee, endorsement or other
obligation upon or in connection with any Securities, documents or other written
instruments.
Actual physical possession, and continued actual physical possession if
taken as collateral, of such Securities, documents or other written instruments
by an Employee, Custodian, or a Federal or State chartered deposit institution
of the ASSURED is a condition precedent to the ASSURED having relied on such
items. Release or return of such collateral is an acknowledgment by the ASSURED
that it no longer relies on such collateral.
For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
signature is treated the same as a handwritten signature.
Counterfeit Money
6. Loss resulting directly from the receipt by the ASSURED in good faith of any
Counterfeit money.
Threats To Person
7. Loss resulting directly from surrender of Property away from an office of the
ASSURED as a result of a threat communicated to the ASSURED to do bodily harm to
an Employee as defined in Section 1.e. (1), (2) and (5), a Relative or invitee
of such Employee, or a resident of the household of such Employee, who is, or
allegedly is, being held captive provided, however, that prior to the surrender
of such Property:
a. the Employee who receives the threat has made a reasonable effort to
notify an officer of the ASSURED who is not involved in such threat, and
Page 3
{PAGE}
b. the ASSURED has made a reasonable effort to notify the Federal Bureau of
Investigation and local law enforcement authorities concerning such threat.
It is agreed that for purposes of this INSURING CLAUSE, any Employee of the
ASSURED, as set forth in the preceding paragraph, shall be deemed to be an
ASSURED hereunder, but only with respect to the surrender of money, securities
and other tangible personal property in which such Employee has a legal or
equitable interest.
Computer System
8. Loss resulting directly from fraudulent:
a. entries of data into, or
b. changes of data elements or programs within, a Computer System, provided
the fraudulent entry or change causes:
(1) funds or other property to be transferred, paid or delivered,
(2) an account of the ASSURED or of its customer to be added, deleted,
debited or credited, or
(3) an unauthorized account or a fictitious account to be debited or
credited.
Voice Initiated Funds Transfer Instruction
9. Loss resulting directly from Voice Initiated Funds Transfer Instruction
directed to the ASSURED authorizing the transfer of dividends or redemption
proceeds of Investment Company shares from a Customer's account, provided such
Voice Initiated Funds Transfer Instruction was:
a. received at the ASSURED'S offices by those Employees of the ASSURED
specifically authorized to receive the Voice Initiated Funds Transfer
Instruction,
b. made by a person purporting to be a Customer, and
c. made by said person for the purpose of causing the ASSURED or Customer to
sustain a loss or making an improper personal financial gain for such person or
any other person.
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