What is superseded insurance?

Updated: 9/18/2023
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12y ago

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policy will apply to defined events insured herein, which occurred during the currency

of any insurance superseded by this policy and specified intake schedule provided that:

a) this extension is restricted to losses which would have been payable by the

superseded insurance but which are not claimable because of the expiry of the period of time allowed by the superseded insurance for the discovery of the defined events.

b) the defined events are discovered within the sooner of 12 months of the

termination of the employment of the employee concerned or within 12

months of the expiry of this policy.

c) the amount payable under this extension shall not exceed the amount insured

by this policy or the amount insured by the superseded insurance whichever

is the lesser

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Q: What is superseded insurance?
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Describe what Superseded cover is under the fidelity guarantee section of an insurance policy?

Superseded Insurance is taken to provide cover when a new fidelity guarantee policy is being taken for losses that were going to fall under the old (superseded) policy but would not be because the period allowed by that old policy for losses to be discovered and be claimable under that policy has expired. The incident covered should occur during the currency of the superseded policy. The cover under the new policy will not be broader than that provided by the superseded policy as the limits, conditions & extensions that applied on that policy will still be applicable.

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