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CONTEXT:
Waiver of Subrogation Against Employees:

It is hereby agreed that if any payment is made under this insurance in respect of a claim, the Underwriters and thereupon subrogated to all the Insured’s rights of recovery in relation thereto. However, the Underwriters shall not exercise any such rights against the employee of the Insured unless the claim has been brought about or contributed to by the dishonest, fraudulent, criminal or malicious act or omission of the employee.