EQUIPMENT ALL RISK POLICY (GENERAL EXCLUSIONS (Loss/damage arising from:…
EQUIPMENT ALL RISK POLICY
WHAT IS ALL RISK INSURANCE?
All risk protection covers the most common risk that could directly damage your property
WHAT IS EQUIPMENT ALL RISK POLICY?
It is a policy which covers valuable articles and portable items.
SCOPE OF COVER
Burglary , Theft
Accidental Damage/any misfortune
DURATION OF COVER: 1 year and need to renew annualy
SECTION 1: MATERIAL DAMAGE
Cover you against loss/damage to your insured property that happening during the period of insurance within the specified location/ territorial limit, provided always that such loss/damage is not caused by perils which are specifically excluded by this policy.
Fire external explosion self-ignition/lightening
SECTION 2: THIRD PARTY
Third Party Liability
Accident loss of the property damage belong to third party
In either case your business could be faced with a compensation claim
This compensation can take into account medical costs , lost earnings and the replacement/repair of damaged property
Highly costly/uncommon perils
Not bear responsibility of providing financial relief for the listed perils
policy holder may request to cover extra perils by paying an additional premium to the company.
Loss/damage arising from:
War, terrorism and nuclear risks
Confiscation/destruction/order by any government/authority
Wear and tear, depreciation, gradual deterioration,mildew,moth etc
Scratching/denting of any article /breakage of lenses/glass etc
Over winding/internal damage of watches/clocks
loss by repairing,restoring/renovation of any property issues
Loss to camera, telescope etc by mechanical derangement
Damage to gramophone records by cracking, scratching, chipping/breakage
Not be less than full value of each item
BASIS OF COMPENSATION