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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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Date: |
2007 |
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Preview shows 16KB of 93KB total |
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$55 |
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#2898695 |
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CHUBB GROUP OF INSURANCE COMPANIES DECLARATIONS
FINANCIAL INSTITUTION INVESTMENT
COMPANY ASSET PROTECTION BOND
15 Mountain View Road, Warren, New Jersey 07059
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NAME OF ASSURED (including its SUBSIDIARIES): Bond Number: 81905977
OAK VALUE TRUST (FORMERLY TUSCARORA
INVESTMENT TRUST)
FEDERAL INSURANCE COMPANY
C/O ULTIMAS FUND SOLUTIONS, LLC Incorporated under the laws of Indiana
CINCINNATI, OHIO 45246 a stock insurance company herein called the
COMPANY
Capital Center, 251 North Illinois, Suite 1100
Indianapolis, IN 46204-1927
--------------------------------------------------------------------------------
ITEM 1. BOND PERIOD: from 12:01 a.m. on May 31, 2007
to 12:01 a.m. on May 31, 2008
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.
DEDUCTIBLE
INSURING CLAUSE LIMIT OF LIABILITY AMOUNT
--------------- ------------------ ----------
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 $ 250,000 $ 5,000
11.Audit Expense $ 250,000 $ 5,000
ITEM 3. THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE
FOLLOWING ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:
1) Deleting Valuation - Other Property
2) Termination Non-Renewal Notice
3) Compliance with Applicable Trade Sanctions
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 /s/ Thomas F. Motamed
Secretary President
Countersigned by /s/ L. Laborde /s/ Robert Hamburger
------------------------------- ---------------------------
Authorized Representative
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ICAP Bond (5-98) - Federal
Form 17-02-1421 (Ed. 5-98) Page 1 of 1
{PAGE}
[GRAPHIC OMITTED]
CHUBB
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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.
================================================================================
--------------------------------------------------------------------------------
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 1 of 19
{PAGE}
[GRAPHIC OMITTED]
CHUBB
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INSURING CLAUSES
(CONTINUED)
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
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 5. Loss resulting directly from the ASSURED having, in good
FORGERY 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.
--------------------------------------------------------------------------------
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 2 of 19
{PAGE}
[GRAPHIC OMITTED]
CHUBB
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INSURING CLAUSES
EXTENDED FORGERY For the purpose of this INSURING CLAUSE, a mechanically
(CONTINUED) reproduced facsimile signature is treated the same as a
handwritten signature.
================================================================================
COUNTERFEIT 6. Loss resulting directly from the receipt by the ASSURED in
MONEY good faith of any COUNTERFEIT money.
================================================================================
THREATS TO 7. Loss resulting directly from surrender of PROPERTY away from
PERSONS 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
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 8. Loss resulting directly from fraudulent:
SYSTEM
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.
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