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EQUIPMENT ALL RISK POLICY (CONDITION POLICY (Interpretation, Contribution,…
EQUIPMENT ALL RISK POLICY
WHAT IS ALL RISK INSURANCE?
Protection covers the most common risk that could directly damage your property.
WHAT IS EQUIPMENT ALL RISK POLICY?
Covers valuable articles and portable item
Equipment all risk policy for Science Lab
(Cylinder, Tube and others related)
Equipment all risk policy for meeting room
(Chair, desk, board, LCD, Microphone, table and other related)
E
XAMPLE OF EQUIPMENT ALL RISK POLICY
Tune Protect
Berjaya Sompo Insurance Bhd
Tokio Marine
Allianz
Preamble Part (The Heading)
Body Part (Operative Clause)
Closing Part (Attestation Clause)
SCOPE OF COVER
Fire, lightning, explosion
Burglary, theft
Accidental damage or any misfortune
DURATION OF COVER
1 year and need to renew the policy anually
CONDITION POLICY
Interpretation
Contribution
Precaution
Period of Insurance
Claims
Cancellation
SECTION 1
Material Damage
Office Equipment
Electronic Equipment
Renovation place
SECTION 2
THIRD PARTY
A third person on organization less directly involved in a matter than the main people or organization that are involved.
3rd Party Liability
Bodily Injury
Accident loss of the property damage belong to 3rd party.
3rd Liability Claims
Either case your business could be faced with a compensation claim.
Compensation payment can take into acc medical costs, lost earnings and the replacement or repair of damaged property
EXCLUDED PERILS
Policy exclude highly costly or uncommon perils
Insurance company does not bear responsibility of providing financial relief for the listed perils
GENERAL EXCLUSION
.
Loss or damage caused by or arising from:
War, terrorism, restoring, renovation, burglary, fire and many more
Claims
Notification
Submission
Duty of disclosure