Banker's Blanket Bond General Conditions

Whereas the Assured named in the Schedule hereto has made to the Company (hereinafter called the Company) a written proposal by completing a Questionnaires which together with any other statements made in writing by the Assured for the purpose of this Policy is deemed to be incorporated herein. Now this Policy of Insurance witnesses that subject to the Assured having paid to the Company the premium mentioned in the Schedule and subject to the terms, exclusions, provisions and conditions contained herein or endorsed hereon the Company will indemnify the Assured in the manner and to the extent hereinafter provided.

INSURING CLAUSE 1 :Infidelity of Employees
By reason of and solely and directly caused by one or more dishonest or fraudulent acts of any of the Employees of the Assured, which are committed with the manifest intent of making ,and which result in, improper personal financial gain of themselves wherever committed and whether committed alone or in collusion with others, including loss of Property through any such acts of any of such Employees, Salary, fees, commissions and other emoluments, including salary increases and promotions, shall not constitute improper personal financial gain.

INSURING CLAUSE 2 : On Premises

1. A. Property being lost through theft, larceny, burglary ,robbery, false pretenses, hold-up or mysterious unexplainable disappearance or being damaged, destroyed or misplaced, howsoever of by whomsoever caused, whilst such Property is (or is supposed to be) in or upon any Premises of the Assured or of any other Bank, wherever situated.
2. B. Property being lost through any of the perils specified in A above, while in the possession of a customer or any representative of such customer, when on the Premises of the Assured, whether or not the Assured is legally liable for such loss, subject always to General Condition 8, and excluding in any event loss caused by such customer or representative.

Special Exclusion:
This Insuring Clause of the Policy DOES NOT cover loss of or damage to Property while the same is in the mail, nor while in the custody of any Security or Armored Motor Vehicle Company.

INSURING CLAUSE 3
In Transit
By reason of Property being lost or damaged from any cause while in transit anywhere in the custody of any Employee or while in the custody of any Security or Armored Motor Vehicle Company for the purpose of transportation on behalf of the Assured.

Special Exclusion:
This Insuring Clause of the Policy DOES NOT cover loss of or damage to Property while the same is in the mail, nor while in the custody of any Security or Armored Motor Vehicle Company unless the amount of such loss or damage shall be in excess of the amount recoverable, recovered or received by the Assured under:

1. The Assured’s contract with said Security or Armored Motor Vehicle Company.
2. Insurance carried by said Security or Armored Motor Vehicle Company for the benefit of users of its service,
3. All other insurance and indemnity in force in whatsoever form carried by or for the benefit of users of the said Security or Armored Motor Vehicle Company’s service and then this Policy shall cover only such excess amount up to the limit hereon.

Special Conditions:
Transit shall be deemed to commence from the time the Employee or Security or Armored Motor Vehicle Company receives the Property form or on behalf of the Assured and shall be deemed to end immediately on handing over by the Employee or Security or Armored Motor Vehicle Company at the destination.
Where the Assured undertakes payroll or similar operations on behalf of a customer the transit shall be deemed to terminate immediately on arrival at the customer’s premises.

INSURING CLAUSE 4 : Forged Cheques
By reason of:

1. The forgery or fraudulent alteration of, or in any cheques, bills of exchange, acceptances, drafts, certificates of deposit, letters of credit, withdrawal receipts for the withdrawal of funds, money orders, orders upon public treasuries.
2. The Payment by the Assured of forged or altered promissory notes or of promissory notes bearing forged endorsements.The foregoing instruments may be in any script with which the Employee, acting upon such instrument, is conversant. Mechanically reproduced facsimile signatures shall be treated the same as handwritten signatures.

Special Exclusions:
This Insuring Clause DOES NOT cover any loss sustained by reason of forgery of any of the above mentioned instruments if they are genuinely signed or endorsed but are false as to contents. The words “forgery” or “forged” DO NOT mean nor include such genuinely signed or endorsed instruments which are false as to contents. The word “Payment” of a promissory note means the discharge by the Assured of said promissory note and DOES NOT include the purchase, discount, sale, loan or advance of or on said promissory note.

INSURING CLAUSE 5:
Counterfeited Currency
By reason of the receipt by the Assured in good faith of any counterfeited or altered paper currency or coin issued or purporting to have been issued by or to be legal tender in Syrian Arab Republic.

INSURING CLAUSE 6:
Damage to Offices and Contents By reason of:

1. Loss of or damage to furnishings, fixtures, equipment (excepting computers and peripheral equipment), stationery, supplies or safes and vaults within any office of the Assured, caused by burglary, robbery, hold-up, theft or larceny, or any attempt thereat, or by vandalism or malicious mischief
2. . Loss through damage to any such office caused by burglary, robbery, hold-up, theft or larceny, or any attempt thereat, or to the interior of any such office by vandalism or malicious mischief,
Provided that the Assured is the owner of such furnishings, fixtures, equipment, stationery, supplies or safes and vaults or offices or is liable for such loss or damage.

Special Exclusion:
This Insuring Clause of the Policy DOES NOT cover loss or damage through fire.

INSURING CLAUSE 7
Securities Et al
By reason of the Assured having, in good faith and in the ordinary course of business, acted upon securities or written instruments as defined herein which prove to have been

1. fraudulently altered, or
2. lost or stolen

Special Definitions:
“Securities or written instruments” means only the following:

1. Share certificates, bearer stock, certificates of stock, warrants or rights to subscribe, allotment letter, bonds, debentures or coupons issued by limited companies or corporations.
2. bonds similar in form to corporate bonds issued by partnerships which are secured by mortgages, deeds of trust or collateral trust agreements.
3. Syrian Government and Syrian Government Guaranteed stocks, certificates of indebtedness, bonds, coupons or warrants.
4. promissory notes except
   • those issued or purporting to have been issued for use as currency,
   • those secured or purporting to be secured directly or indirectly by assigned accounts or what purport to be assigned accounts and
   • those excluded by Special Exclusion (b) infra.
5. Deeds of trust, mortgages upon real property and upon interests in real property and assignments of such mortgages
6. Certificates of deposit and letters of credit subject always to General Definitions No. 9 and No. 10 of the Policy.
Mechanically reproduced facsimile signatures shall be treated the same as handwritten signatures.

Exclusions:
This Insuring Clause DOES NOT cover:

1. Any loss by reason of any travelers cheques, travelers letters of credit, accounts receivable or assignments thereof, bill of lading, warehouse receipts or trust receipts, or bills or receipts serving a similar purpose which prove to have been:
   • Forged as to any signature, or
   • Fraudulently altered or
   Lost or stolen and
2. Any loss :
   • Resulting directly or indirectly from any one or more dishonest or fraudulent acts of any of the Employees of the Assured or
   • any loss covered by or specified in Insuring clause No. 4 as set forth in the Policy whether or not any amount of insurance is applicable under the Policy to Insuring Clause No. 4 and
3. Any loss by reason of the Assured having acted upon such securities or written instruments :
   • By reason of or in connection with any merger, consolidation or similar acquisition with, into or by the Assured or
   • By reason of or in connection with any purchase or sale of assets or shares occasioning any change in ownership or control, whether financial or otherwise ,of another business by the Assured and
4. Any loss not discovered during the period of the Policy and any loss sustained prior to the above stated effective date of this Policy, which is and is to be deemed to be the Retroactive Date applicable to this Policy.

Special Conditions:
Actual physical possession of such securities or written instruments by an Employee of the Assured is a condition precedent to the Assured’s having acted upon such securities or written instruments.

INSURING CLAUSE 8 :
Automated Teller Machines Loss by reason of:

1. Property being lost through theft, larceny, burglary robbery or withdrawal by a customer acting under duress, or being damaged or destroyed, howsoever or by whomsoever caused, while such Property is contained in any Automated Teller Machine (as defined herein) situated on the premises of the Assured or
2. Through the Assured having effected the payment of funds by the debit of a 24 Hour Banking Cardholder's current or deposit account(s), the Assured having relied upon electronic instructions directed through an Automated Teller Machine and purporting to have been entered by the Cardholder, but which have been entered by a person other than the said Cardholder and who is:
   • gaining access to such Automated Teller Machine by means of a lost or stolen 24 Hour Banking Card.
   • Acting with manifest fraudulent intent.

Special Definitions: For the purpose of this Insuring Clause

1. Automated Teller Machine means an unmanned Electronic Terminal installed at the Premises of the Assured, and bearing the Assured's designated logo or insignia, which can read the magnetic encoding of a 24 Hour Banking Card and permits a 24 Hour Banking Cardholder of the Assured to perform certain basic financial transactions including the ability to deposit or receive money or Property and to send electronic instructions to a data center authorizing the processing of debit and credit entries to the cardholders accounts.
2. 24 Hour Banking Card means a card issued by or on behalf of the Assured for the purpose of permitting the 24 Hour Banking Cardholder the access and use Automated Teller Machines, which card bears an embossed account number identifying the person to whom the card is issued and which bears a separate magnetic encoding corresponding to a confidential personal identification number, the knowledge of which is additionally required for the operation of the Automated Teller Machine by the person using such machine.

Special Exclusions:
This Insuring Clause DOES NOT cover any loss :

1. Arising from or contributed to by mechanical breakdown or failure of such Automated Teller Machines to function properly.
2. Arising from or contributed to by a 24 Hour Banking Cardholder himself and/or any loss for which the Cardholder is responsible.
3. Not discovered during the period of this Policy and any loss sustained prior to the above stated effective date of this Policy, which is and is to be deemed to be the Retroactive Date applicable to this Policy.

INSURING CLAUSE (9) : computer crime
According to the proposed model, Lloyd's (WORLDWIDE 1998 FORM)

CONDITIONS PRECEDENT TO LIABILITY
It is a condition precedent to any liability under this Policy that the Assured shall comply in all material respect with the following:

1. A Rule Book. or Books, or written instructions covering all aspects of the Assured’s business shall be maintained and operated which clearly defines the duties of each Employee each of whom must have had their attention drawn to the same and to their duty of compliance therewith.
2. The duties of each Employee are arranged so that no one Employee is permitted to control any transaction from commencement to completion.
3. Joint Custody shall be established and maintained for the safeguarding of:
   • Property while in safes or vaults.
   • All keys to safes and vaults.
   • Codes, ciphers and test keys.
   “Joint Custody” means the handling of the above in the presence of, and under the observation of, at least one other person, said person being equally accountable for the physical protection and safeguarding of the various items or records involved. Locks and combinations on vaults and safes must be so arranged that no one person can open them alone.
4. Dual Control shall be established and maintained for the handling of:
   • All types of securities, negotiable and non negotiable instruments and unissued and bland forms of said items.
   • The reserve supply of official cheques, drafts and unissued travelers cheques.
   • Dormant accounts of depositors.
   • Codes, ciphers and test keys.
   “Dual Control” means the work of one person in processing transactions being verified by a second person and both sharing the accountability.
5. Each Employee shall be required to take an uninterrupted holiday of at least two weeks in each calendar year during which the Employee shall perform no duties and shall stay away from the Assured’s premises.
6. In addition to the normal audit of the books and accounts of the business by the Assured’s independent outside Auditors, the Assured shall conduct a thorough internal audit, examination and review of internal controls at least once in each calendar year at all Premises, including Assured’s computer centers and facilities, at which the business is carried on and shall retain the records and working papers relating to such audit.

GENERAL DEFINITIONS

1. Assured: means the Assured named and stated in the Schedule of this Policy and any Banking Subsidiary Companies in which the Assured have a controlling interest and which are listed in the Proposal Form.
2. Premises: means the Head Office and any Branches &/or Agencies from which the Assured carry on business and shall extend to include any premises, caravans, mobile or otherwise, used temporarily by the Assured for this purpose.
3. Employee: means respectively one or more of the Assured’s officers, clerks, servants and other employees while employed by the Assured.
4. Property: means cash (i.e. currency, coins and Bank Notes), bullion, precious metals of all kinds and in whatsoever form and articles made therefrom, gems (including uncut gem stones), precious and semi- precious stones, certificates of stock, bonds, coupons and all other types of securities, bills of lading, warehouse receipts, cheques, bills of exchange, acceptances, drafts, certificates of deposit, letters of credit, promissory notes, money orders, orders upon public treasuries, stamps, insurance policies, title deeds, certificates of title and all other negotiable and non-negotiable instruments or contracts representing money or other property (real or personal) or interest therein, and other valuable papers, including books of accounts and other records used by the Assured in the conduct of their business, in which the Assured has an interest, or which are held by the Assured for any purpose or in any capacity and whether so held gratuitously or otherwise and whether legally liable thereof or not.
5. Cheque: means a bill of exchange, drawn on a bank, payable on demand.
6. Bill of Exchange: means an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.
7. Acceptance: means a bill of exchange upon which is signified by the drawer his assent to the order of the drawer.
8. Draft: means a draft payable on demand drawn by or on behalf of a bank upon itself whether payable at the Head Office or other office of the Assured.
9. Certificate of Deposit: means a written acknowledgment by a bank of a deposit with promise to pay to depositor, to his order, or to some other person or to his order.
10. Letter of Credit: means an engagement by a bank made at the request of a customer that the issuer will honor drafts or other demands for payment upon compliance with the conditions specified in the credit.
11. Withdrawal Receipt: means a written instrument acknowledging receipt of funds from a savings account maintained with the Assured by a depositor.
12. Promissory Note: means an unconditional promise in writing made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money to or to the order of, a specified person or to bearer. WHENEVER ANY OF THE ABOVE TERMS (1 TO 12 INCLUSIVE) APPEAR IN THISPOLICY,
    THE WORDS “AS DEFINED” SHALL BE DEEMED TO BE INCORPORATED INTHE TEST IMMEDIATELY FOLLOWING EACH OF THE SAID TERMS. The “Conditions Precedent to Liability”, the “General Exclusions” and the “General Conditions” are applicable to the entire Policy; any “Special Exclusions” and “Special Conditions” appearing in the Policy are in addition thereto.

GENERAL EXCLUSIONS :
This Policy DOES NOT cover:

1. Any loss not discovered during the period of the Policy and any loss sustained prior to the Retroactive Date stated in the Schedule.
2. Any loss resulting wholly or partially from any act or default of any Director or Directors of the Assured whether or not an Employee.
3. Any loss resulting directly or indirectly from any one or more dishonest or fraudulent acts of any of the Employees of the Assured unless such loss is covered by Insuring Clause No. 1.
4. Any loss resulting from the complete or partial non-payment of or default upon
   1. Any loan or transaction in the nature of, or amounting to, a loan made by or obtained from the Assured, or
   2. Any note, account, agreement or other evidence of debt assigned or sold to, or discounted or otherwise acquired by the Assured whether procured in good faith or through trick, artifice, fraud or false pretenses unless such loss is covered by Insuring Clause No. 1 or No. 4, in which event the amount of such loss shall be determined to be the amount of monies paid out, advanced or withdrawn less all monies received from any source whatsoever, including payments and receipt of interest, commissions and the like.
5. Any loss resulting from payments made or withdrawals from any depositor’s account by reason of uncollected items of deposit having been credited by the Assured to such account, including without limiting the generality of the foregoing, cheque kiting and cross firing, whether such payments or withdrawals were procured in good faith or through forgery, trick, artifice, fraud of false pretenses or through any other means, including one or more dishonest or fraudulent acts of any of the Employees of the Assured.
6. Any loss resulting from payments made or withdrawals from any depositor’s account by reason of funds having been credited erroneously by the Assured to such account, unless such loss is covered by Insuring Clause No. 1.
7. Any loss resulting from any shortage in any teller’s cash due to error, regardless of the amount of such shortage; and any shortage in teller’s cash which is not in excess of the normal shortage in the teller’s cash in the office where such shortage shall occur shall be assumed to be due to error.
8. Any loss of or damage to any property whatsoever (including Property) contained in customer’s safe deposit boxes unless such loss or damage is covered by Insuring Clause No.1
9. Any loss through the surrender of Property away from Premises of the Assured's a result of a threat
   1. To do bodily harm to a Director or Employee of the Assured or to any other person, except loss of Property in transit in the custody of any Employee PROVIDED THAT, when such transit was initiated, there was no knowledge by the Assured of any such threat, or
   2. To do damage to the premises or to any property whatsoever (including Property of the Assured or of any other person).
10. Any loss resulting directly or indirectly from remote or off-Premises manipulation of any computer system owned, operated or time shared by the Assured, unless such loss is covered by Insuring Clause No. 1.
11. Any loss resulting directly or indirectly by reason of forgery or fraudulent alteration unless such loss is covered by Insuring Clause No. 1, No. 4, No. 5 or No. 7.
12. Any loss resulting directly or indirectly by reason of the forgery or fraudulent alteration of, on or in, any traveler’s cheques, travelers’ letters of credit, accounts receivable or assignments thereof, bills of lading, warehouse or trust receipts, or bills or receipts serving a similar purpose unless such loss is covered by Insuring Clause No. 1.
13. Any loss of unsold travelers cheques placed in the custody of the Assured with authority to sell unless the Assured is legally liable for such loss and such cheques are later paid or honored by the Issuer thereof.
14. Any loss resulting from credit or charge cards, whether such cards were issued, or purported to have been issued, by the Assured or by anyone other than the Assured.
15. Any and all damages of any type (whether punitive, exemplary or other) for which the Assured is legally liable, except damages representing reimbursement for direct financial loss covered by this Policy.
16. Any loss or deprivation of potential income including but not limited to interest and dividends because of a loss covered under this Policy.
17. Any loss of or damage to any property whatsoever (including Property) by reason of wear, tear, gradual deterioration, moth or vermin.
18. Any loss of or damage to any property whatsoever (including Property) resulting directly or indirectly from typhoon, hurricane, cyclone, volcanic eruption, earthquake, subterranean fire or other convulsion of nature and contemporaneous or ensuing loss or damage by fire or looting.
19. Any loss or damage which arises directly or indirectly by reason of or in connection with war, invasion, act of foreign enemy, hostilities, terrorism or warlike operations (whether war has been declared or not), civil war, rebellion, revolution, insurrection, civil commotion assuming the proportion of or amounting to a popular uprising, military or usurped power, martial law, riot or the act of any lawfully constituted Authority. IN ANY CLAIM, and in any action, suit or other proceeding to enforce a claim under this Insurance for loss or damage, the BURDEN OF PROVING that such loss or damage does not fall within this Exclusion shall be upon the Assured.
20. (a) Any loss or destruction of or damage to any property whatsoever(including Property) or any loss or expense whatsoever resulting or arising therefrom or any consequential loss
    (b) Any legal liability of whatsoever nature directly or indirectly caused by or contributed to by or arising from
    (i) ionizing radiations or contamination by radioactivity from any nuclear fuel or from any
    nuclear waste from the combustion of nuclear fuel the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof.

GENERAL CONDITIONS

1. Merger or change in Ownership of Control of the Business
   1. This Policy shall immediately cease to afford any cover of any kind in the event of the liquidation (voluntary or compulsory) of the Assured, or the appointment of a Receiver or Manager, or the entering into of any Scheme of Arrangement or composition with creditors.
   2. The Assured shall immediately advise the Underwriters of:
      • Any consolidation or merger with another business or any purchase or sale of assets or shares occasioning any change in ownership or control, whether financial or otherwise, of the business or
      • Control of the Assured being taken over by any Government or by officials appointed by any Government or Local Authority.
      As a condition of continuation of the Policy the Assured shall promptly provide the Underwriters with such further information as the Underwriters shall require and then the Assured shall pay such additional premium as the Underwriters may require consequent upon such change. However, failure to report such transactions within THIRTY DAYS of the date of such transaction shall be an election by the Assured to terminate this Policy as of the commencement of the thirty-day period. Reporting of the transaction shall not have been accomplished by the Assured unless acknowledged in writing by the Underwriters.
2. Cancellation
   This Policy (and the Policy period stated in the Schedule) shall terminate with or without the tender of unearned premium
   1. Immediately in the event of the:
      • Underwriters refusing to continue cover following change in ownership or control of the business as set forth in General Condition 1aboveor
      • Assured failing to report any consolidation, merger or change in ownership or control of the business or of the Assured as set forth in General Condition 1 above within the time required under General Condition 1 above
   2. Immediately as to any Employee of the Assured, as soon as the Assured shall learn of any dishonest or fraudulent act on the part of such Employee, but without prejudice to any claim or loss of Property then in transit in the custody of such Employee
   3. Upon receipt by the Underwriters of a written request form the Assured to terminate this Policy.
   4. Thirty days after receipt by the Assured of notice in writing from the Underwriters of their decision to terminate this Policy. Such notice shall be deemed to be duly received in the course of post if sent by prepaid registered post property addressed to the Head Office of the Assured. The Underwriters shall refund any unearned premium computed at short rate of the Annual premium if terminated by the Assured or pro-rata of the Annual premium if terminated by the Underwriters or cancelled as provided in subparagraphs (i) and (iv) aforesaid.
3. Other Insurance
   This Insurance does not cover any loss which at the time when such loss is discovered is insured by or would but for the existence of this Policy, be insured by any other existing policy or policies except in respect of any excess (not exceeding the Limits of this Policy) beyond the amount which would have been payable under such other policy or policies including any deductible applicable thereunder had this Insurance not been effected.
4. Limit of Liability
   1. Payment of loss under this Policy shall not reduce the liability of the Underwriters for other losses covered by this Policy (except in respect of those Insuring Clauses which limit the Underwriters total liability for all losses during the Policy Period to the annual aggregate) PROVIDEDALWAYS (irrespective of the total amount of loss or losses or series of losses and subject always to the Policy Limits) as follows:
      • That the total liability of the Underwriters on account of any loss or losses or series of losses caused by acts or omissions of any person whether one of the Employees of the Assured or not, or acts or omissions in which such person is concerned or implicated (and treating all such loses up to discovery as one event), shall not exceed the Limit of Indemnity of the applicable “Insuring Clause stated in the Schedule and
      • That if, and only if, there be directly or indirectly no such acts or omissions, the total liability of the Underwriters on account of any loss or losses or series of losses arising out of the same event shall not exceed the Limit of Indemnity of the applicable Insuring Clause stated in the Schedule and
      • That, should more than one Insuring clause apply, the total liability of the Underwriters shall not exceed the Limit of Indemnity under one of the applicable Insuring Clauses sated in the Schedule and in no event shall each Limit of Indemnity under separate Insuring Clauses be aggregated.
   2. Non-Cumulative Liability: Regardless of the number of years this Insurance has been in force or may continue to be in force and of the premiums paid or payable in respect thereof the liability of the Underwriters shall not be cumulative in amount from year to year or from period to period and in no case shall exceed the Limits stated in the Schedule.
   3. Deductible: The Underwriters shall be liable only in excess of the deductible of the applicable Insuring Clause stated of the Schedule of the policy. In the event that more than one Insuring Clause shall be applicable then the largest deductible relating to the applicable Insuring Clauses shall apply. The deductible shall apply to the Ultimate Net Loss sustained by the Assured subsequent to the Retroactive Date.
   4. “Ultimate Net Loss” shall mean the actual net loss to the Assured after making proper deduction for all recoveries and salvages (but deduction shall not be made for the amount of the deductibles which may be recoverable on specific insurance) and shall exclude all expenses for salaried Employees of the Assured incurred in the investigation or adjustment of claims, actions or proceedings, unless specially agreed by the Underwriters but nothing in this Policy shall be construed to mean the a claim is not recoverable hereunder until the Ultimate Net Loss has been ascertained.
5. Notification of Loss: Proof of Loss; Legal Proceedings
   As a condition precedent to their right to be indemnified under this Policy, the Assured shall, as soon as possible and in any event within 15 days after discovery by the Assured of any loss hereunder, give written notice thereof to the Underwriters. The Assured shall also, within 6 months after such discovery, furnish to the Underwriters affirmative proof of loss together with full particulars. Legal proceedings for recovery of any loss hereunder shall not be brought after the expiration of 3 years from the discovery of such loss, except that any action or proceeding to recover hereunder on account of any judgment against the Assured in any suit shall be commenced within 3 years from the date upon which the judgment in such suit shall become final.
6. Legal Fees and Conduct of Legal Action
   the Underwriters shall indemnify the Assured for all such reasonable fees, costs and expenses incurred and paid by the Assured in the defense of any demand, claim, suit, or legal proceeding with respect to which the Assured establishes that the act or acts which were committed would entitle the Assured to recovery under this Policy if any loss resulted therefrom. Such indemnity shall be in addition to the Limits specified of the Schedule of the Policy. The Underwriters shall be entitled at any time to take over and conduct in the name of the Assured the defense of any such demand, claim, suit or legal proceeding made against the Assured, it being understood, however, that the Assured shall not be required to contest any legal proceedings unless a Counsel (to be mutually agreed upon by the Assured and the Underwriters) shall advise that such proceedings should be contested. It is understood, however, that if such loss, claim or damage does not exceed any applicable deductible the Underwriters are not liable for such legal fees, costs, and expenses. However, if such loss, claim or damage should exceed the deductible, then the Underwriters are liable for proportion of such legal fees, costs and expenses that the amount of such loss, claim or damage recoverable under his Policy bears to the sum of such amount and the amount of the deductible. It is further understood that the Underwriters shall not indemnify the Assured for fees, costs or other expenses (whether such fees, costs and expenses be for legal, accounting or other services) incurred by the Assured in establishing the existence of or amount of loss covered by the Policy.
7. .Interpretation; Service of Process
   This Policy was issued in two languages (Arabic and English). The construction, interpretation and meaning of the terms, exclusions, limitations and conditions of this Policy shall be determined in accordance with the law(s) of the Syrian Arab Republic in accordance with the Arabic test as it appears in this Policy. In the event that the Underwriters hereon do not pay the amount claimed by the Assured to be due hereunder, the Underwriters hereon, at the request of the Assured and subject always to General Condition 8, shall submit to the jurisdiction of any court of competent jurisdiction of the City in which the Assured’s Head Office is located. Service of Process in any such legal proceedings shall be made upon the Person(s) named in the Schedule who are duly authorized to accept Service of Process on behalf of the Underwriters hereon.
8. Exclusive Policy Benefit
   It is agreed that the Insurance granted herein shall be for the exclusive benefit only of the Assured named herein, and that in no event shall anyone other than the said Assured have any right of action under this Policy.
9. Basis of Valuation
   1. The value of any securities or foreign funds or currencies for the loss of which a claim shall be made, shall be determined by the value of the Foreign Exchange Quotations - Quoted in Syrian Pound – issued by Central Bank of Syria with effect at the date of the beginning of the Policy.
   2. Books of Accounts and Records In the case of loss of or damage to Property consisting of books of accounts or other records used by the Assured in the conduct of their business, the Underwriters shall be liable under this Policy only if such books, blank pages or other materials plus the cost of labor and computer time for the actual transcription or copying of data which shall have been furnished by the Assured in order to reproduce such books and other records.
10. Subrogation
    It is agreed that the Underwriters upon payment of any loss hereunder shall become subrogated to all rights and remedies of the Assured in respect of such loss.
11. .Salvage and Recovery
    In the case of recovery on account of any loss covered under this Policy the amount recovered, after deducting the actual cost of obtaining or making such recovery but excluding the Assured’s own labor &/or establishment costs, shall be applied in the following order:
    1. To reimburse the Assured in full for the part, if any, of such loss, which exceeds the amount of coverage, provided by this Policy (disregarding the amount of any excess or deductible applicable).
    2. To reimburse the Assured in full for the part, if any, of such loss, which exceeds the amount of coverage, provided by this Policy (disregarding the amount of any excess or deductible applicable).
    3. Finally, to that part of such loss sustained by the Assured by reason of any excess or deductible clause as specified in the Schedule &/or to that part of such loss covered by any policy (ies) of Insurance of which this Policy is excess.
12. Fraud
    If the Assured shall make any claim knowing the same to be false or fraudulent, as regards amount or otherwise, this Policy shall be void and all claim share under shall be forfeited.