# EXCLUSION OF PENSION REFORM ACT OF 1974

It is agreed that this policy shall not apply to any fiduciary loss or claim based upon the Employee Retirement Income Security Act of 1974 (Public Law 93-406, commonly referred to as the Pension Reform Act of 1974) and amendments thereto or similar provisions of any Federal, State or Local Statutory Law or Common Law.

## FIDELITY EXCLUSION

It is agreed that such coverage as is afforded by this policy shall not apply to loss of money, securities and other property which the insured shall sustain through any fraudulent or dishonest act or acts committed by any of the Insured's employees, acting alone or in collusion with others.

Attached to and forming part of Policy No. SR 20845

NY - 5/7/79
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HIGHLAND INSURANCE COMPANY
by:
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This document appears to be an exclusion clause from a fidelity insurance policy, specifically excluding claims related to the Employee Retirement Income Security Act of 1974 and similar provisions under federal, state, or local laws. It also includes a fidelity exclusion for losses due to fraudulent or dishonest acts by the insured's employees.