This is also similar to a collection or group Policy with the difference that instead of using names, the “positions” is guaranteed for a specified amount, so that a change in the person holding the liability of the Insurers in respect of each position remains limited to the amount guaranteed for the position, irrespective of the number of persons acting in that position. Also, instead of a specified amount for each position, a single amount of guarantee for all positions may be ‘floated.’