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EQUIPMENT ALL RISK POLICY (WHAT IS ALL RISK INSURANCE, WHAT IS EQUIPMENT,…
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[all risk = common risk that occurs that can be main under policy] ex- fire, theft, burglary, accidental risk
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not fixed, whatever equipment we can carry on, movable
ex- equipment in meeting room is USB wire, microphone, chair pc
PREAMBLE-name of policy, insurer& insured name, address of registered office, premium charge
BODY PART-OPERATIVE CLAUSE condition,warranties, exclusion & endorsement
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- fire, lighting, explosion
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- accidental damage or any misfortune
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cover you against loss of damage to your insured property that happening during period of insurance within the specified location or territorial limit, provided always that such loss or damage is not caused by peril, especially excluded by this policy
ex- subject matter ;office equipment, the insured ; business man,
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the machine printer broke down, the person who repairing that machine has been injured during repairing that machine can be covered
- body injury & accidental loss of property belong to third party
- policy exclude highly costly or uncommon perils
- insurance company does not bear responsibility of providing financial relief for the listed perils
- policyholder may request to cover extra perils by paying an additional premium to the company.
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- loss or damage caused by, war, terrorism and nuclear risks
- represent the full value of your property
- requirement of this insurance that sum insured stated in schedule shall not be less than full value of each item
- over winding or internal damage of watches or clocks
- damage to gramophone records by cracking, scratching