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English to Russian translations [PRO] Bus/Financial - Insurance / reinsurance agreement
English term or phrase:physical damage loss
However, the liability of the Reinsured under any bond covering losses due to dishonesty or negligence of any person or failure of any person to faithfully perform his duty or failure to account for and pay over money or other property in his custody, shall not be considered Financial Guarantee or Insolvency. Notwithstanding the foregoing, no claim shall attach hereto in respect of any loss arising as a result of :-
(i) the insolvency of any Financial Institution at which trust monies are deposited or insolvency of any other person, firm, or company,
(ii) the fall in the market value of investments, unless such loss is,
(a) the direct result of a dishonest, fraudulent, criminal or negligent act of the part of the bonded person, or
(b) the direct result of a dishonest, fraudulent, criminal act on the part of any person or persons, or
(c) solely created by a physical damage loss to property other than where such physical damage loss could have been recovered from a third party but for the insolvency of such third party.