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EQUIPMENT ALL RISK POLICY (GENERAL EXLUSION (war,terrorism and nuclear…
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 ?
covers valuable articles and portable item such as cameras and laptop
SCOPE OF COVER
1.FIRE,LIGHTNING,EXPLOSION
2.BURGLARY ,THEFT
3.ACCIDENTAL DAMAGE
DURATION OF COVER IS 1 YEAR
SECTION I = MATERIAL DAMAGE
covers against loss or damage to your insured property that happening during the period of insurance within the specified location or territorial limit
INSURED PERIL ?
ACCIDENTS OD MISFORTUNE
2.FIRE ,EXTERNAL EXPLOSION, SELF IGNITION OR LIGHTNING
3.BURGLARY,THEFT
SECTION 2 : THIRD PARTY
1.BODY INJURY
ACCIDENT LOSS OF THE PROPERTY DAMAGE BELONGS TO THIRD PARTY
EXCLUDED PERILS
1.highly costly or common perils
2.responsibility of providing financial relief for the listed perils
policyholder may request to cover extra perils by paying an additional premium.
GENERAL EXLUSION
war,terrorism and nuclear risk
confiscation or destruction
wear and tear ,depreciation
scratching or denting
over winding or internal damage of watches or clocks
repairing,restoring or renovation of any property insures
loss because of mechanical derangement
damage to gramophone records caused by cracking,chipping or breakage
SUM INSURED
the sum should represent the full value of your property
BASIS OF COMPENSATION
1.MARKET VALUE
2.REINSTATEMENT VALUE
CLAIMS
1.NOTIFICATION
2.DUTY OF DISCLOSURE
3.SUBMISSION
CONDITION
CLAIM
CANCELLATION
INTERPRETATION
CONTRIBUTION
PRCAUTION
PERIOD OF INSURANCE