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CHAPTER 9 : EQUIPMENT ALL RISK (WHAT? (DEFINITION (covers valuable…
CHAPTER 9 :
EQUIPMENT ALL RISK
WHAT?
DEFINITION
covers valuable articles and portable items
SUBJECT MATTER
office equipment
WHICH?
SCOPE OF COVER
burglary, theft
accidental damage or misfortune
SECTION 1 : MATERIAL DAMAGE
covers insured against loss or damage to insured property that happening during the period of insurance within the specified location or territorial limit
SECTION 2 : THIRD LIABILITY
bodily injured
accidental loss of property belonging them
anybody that under the supervision of insured
fire, lightning, domestic explosion
PERIL
EXCLUDED PERIL
highly cost or common peril
insurer does not bear providing fianancial relief
insured request to cover extra peril by paying additional premium
ADDITIONAL PERIL
travelling trunks, bag, boxes
deeds, bonds, bill of exchange and other document
outbuildings , furniture depositors, or store
importance thing that listed in schedule that have considered by insurer
GENERAL EXCLUSION
war, any terrorism or etc
WHO?
INSURED
employer, businessman
HOW?
SUM INSURED
full value of property
market value
reinstatement value
CONDITION
CANCELLATION
notice 14 days in writing
WHEN?
PERIOD COVER
1 year and need to renew annually