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EQUIPMENT ALL RISK POLICY (SCOPE OF COVERS (BURGLARY, THEFT, ACCIDENTAL…
EQUIPMENT ALL RISK POLICY
DEFINITION
IT IS A POLICY WHICH COVERS VALUABLE ARTICLE AND PORTABLE ITEM (MOVABLE) BELONG TO THE INSURED
ALL RISK - COVERS ALL
COMMON RISK
WHERE THOSE ARE NAMED PERIL
NOT SPECIFICALLY EXCLUDED
UNDER THE POLICY
SCOPE OF COVERS
BURGLARY, THEFT
ACCIDENTAL DAMAGE OR ANY MISFORTUNE
FIRE, LIGHTNING,EXPLOSION
DURATION OF COVER
1 YEAR &NEED TO RENEW THE POLICY ANNUALLY
SECTION 1 : MATERIAL DAMAGE
COVER : Against any loss of or damage to your insured property that happening during the period of insurance within the specified location or territorial limit , provided always that such loss or damage is not caused by perils which are specifically excluded by this policy
INSURED PERIL :
fire external explosion self-ignition/ lightning
burglary housebreaking or theft
Accident / misfortune
SECTION 2 : THIRD PARTY
A THIRD PARTY /ORGANIZATION LESS DIRECTLY INVOLVED IN A MATTER THAN THE MAIN PEOPLE /ORGANIZATION THAT ARE INVOLVED
BODILY INJURY
ACCIDENT LOSS OF THE PROPERTY DAMAGE BELONG TO THIRD PARTY
THIRD LIABILITY CLAIMS
COMPENSATION PAYMENT CAN TAKE INTO ACCOUNT MEDICAL COST, LOST EARNINGS AND THE REPLACEMENT OR REPAIR OF DAMAGED PROPERTY
EXCLUDED PERIL
insurance company does not bear responsibility of providing financial relief for the stated perils
policyholders may request to cover extra perils by paying an additional premium to the company
the policy exclude highly costly or uncommon perils
SUM INSURED
The sum insured should represent the full value of your property by following MARKET VALUE
IF NOT FOLLOW THE MARKET VALUE, UNDERINSURANCE WILL OCCUR
UNDERINSURANCE - must ensure that sum insured is adequate otherwise, average condition will apply for under insurance at the time of loss
CLAIMS STAGES
DUTY OF DISCLOSURE
SUBMISSION
NOTIFICATION
INFORM TO THE INSURER AS SOON AS POSSIBLE