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CNA CNA PARAMOUNT First Party Terms and Conditions B. Named Insured Sponsored Employee Benefit Plans Any employee benefit plan shown under the Business Property Coverage Part Declarations or the Business Crime Coverage Part Declarations as included as an additional Named Insured are so included only with respect to Employee Theft Coverage. In compliance with certain provisions of the Employee Retirement Income Security Act of 1974 (ERISA): 1. If the First Named Insured is an entity other than an employee benefit plan, any payment made by the Insurer will be made jointly to the First Named Insured and to the employee benefit plan that sustained loss. 2. If two or more employee benefit plans are insured under this coverage part, any payment the Insurer makes for covered loss: a. sustained by two or more employee benefit plans; or b. of commingled funds or other property of two or more employee benefit plans, is to be shared by each employee benefit plan sustaining loss in the proportion that the amount of insurance required for each such employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA) bears to the total of such payments. 3. The First Named Insured must purchase a Limit of Insurance applicable to Employee Theft Coverage that is at least equal to the minimum amount required by ERISA for any employee benefit plans. If employee benefit plans are insured jointly with any other entity under this coverage part the limit must be at least equal to the minimum amount required by ERISA as if each employee benefit plan were insured independently. If, during this policy period, it is determined that the applicable Limit of Insurance as shown in the Business Property Schedule of Coverages and Limits or Business Crime Schedule of Coverages, Limits and Deductibles was less than the amounts required by ERISA on the effective date of this Policy, then, at the request of the First Named Insured during this policy period, and subject to the payment of any additional premium, the applicable Limit of Insurance may be amended to equal the minimum amount required by ERISA. 4. The deductible otherwise applicable to Employee Theft Coverage does not apply to loss sustained by any employee benefit plan. C. New Employees/New Employee Benefit Plans 1. New Employees or Premises If, during this policy period the Named Insured establishes any additional premises or hires additional employees, any insurance afforded for employees and premises shall also apply to those additional employees and premises. 2. New Employee Benefit Plans If any employee benefit plan is acquired by the Named Insured during the policy period that is: a. sponsored and approved by the Named Insured; and b. required to be bonded under the provisions of ERISA, that employee benefit plan shall be included as a Named Insured under this coverage part. D. Loss Covered Under This Insurance and Prior Insurance Issued by the Insurer or Any Affiliate of the Insurer If the Named Insured discovers covered loss during the policy period resulting di acts that took place partly during the policy period and partly during a policy pe CNA62647XX 10-15 Copyright CNA All Rights Reserved. No,=a RiskMmRgzmerdDivisian �� REVIEWED & APPROVED BY. - Risk Management Analyst