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EQUIPMENT ALL RISK POLICY (EXCLUDED PERILS (Highly costly or uncommon…
EQUIPMENT ALL RISK POLICY
DEFINITION
ALL RISK INSURANCE
Protection covers the most common risk that could directly damage you property
EQUIPMENT ALL RISK POLICY
Covers valuable articles and portable item such as
house owner all risk
thing in UniSZA meeting room
PART IN POLICY
Preamble part
policy name
insured name
insurer name
address of registered office
premium charge
Body part
condition
warranties
exclusions
endorsement
Closing part
set the legal requirement the document must satisfy
agreement have been tied up by two parties and agreed to bind the agreement
SCOPE OF COVER
Fire, lightning, explosion
Burglary,theft
Accidental damage or any misfortune
DURATION OF COVER
1 years and need to renew the policy annually
SECTION 1: MATERIAL DAMAGE
Cover against loss or damage to your insured property that happen during the period of insurance within the specified location or territorial limit
INSURED PERIL
Accident or misfortune
burglary housebreaking or theft
fire external explosion self-ignition or lightning
SECTION 2: THIRD PARTY
anybody excluded the people under supervision of the insured
THIRD PARTY LIABILITY
bodily injury
accident loss of the property damage belong to third party
THIRD PARTY LIABILITY CLAIM
Compensation claim
can take into account medical costs, lost earnings and the replacement or repair of damage property
EXCLUDED PERILS
Highly costly or uncommon perils
insurance company does 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 or damage to property contained in outbuilding,furniture depositors or store unless specifically insured in the policy
GENERAL EXCLUSION
war,terrorism and nuclear risk
confiscation or destruction
wear and tear,depreciation
over winding or internal damage of watches or clocks
SUM INSURED
should represent the market values of property
to avoid the under insurance
PREMIUM WARRANTY
the premium due must be paid and received by the company within 60 days from the inception date of the policy
EXCESS CLAUSE
amount of loss you have bear for each and every claim
DUTY OF DISCLOSURE
insured must disclose relevant information to the insurer before a contract is entered
POLICY CONDITION
a condition of what the insured ought to do that had been stated by insurer
claim
cancellation
interpretation
contribution
precaution
period of insurance