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MISCELLANEOUS INSURANCE (CROP POLICY (Additional Peril (Flood, Windstorm,…
MISCELLANEOUS INSURANCE
CROP POLICY
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Additional Peril
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Riot, strike, Malicious damage
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Excluded Peril
War, invasion, act of foreign enemy
Earthquake, flood, volcanic eruption
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Definition
Crop policy is purchased by agricultural procedures, including farmers, and others to protect themselves against either the loss of their crops due to natural disasters,such as hail, drought and floods.
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MACHINERY BREAKDOWN
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Definition
Covers against loss or damage due to breakdown of plant and machinery after successful completion of their performance acceptance tests, whether they are at work or at test, or being dismantled for the purpose of cleaning or overhauling or when being shifted within the premises
Scope of cover
Defects in casting and material, faulty at workshop in
erection, bad workmanship
Lack of skill, carelessness
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Physical explosion, tearing apart on account of centrifugal
force
Excluded Perils
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Supplier, contractor or repairer is responsible either by law or under contract
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Faults or defects existing at the time of commencement of the insurance which ought to have been or were known to the insured
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MONEY POLICY
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Scope of cover
Monies in the personal custody of the insured's authorized employees whilst in direct transit between the premises and bank or post office including money drawn as wages and salaries from the time of receipt until paid out.
Money in the Insured’s premises during and outside normal business hours.Money in Insured’s premises contained on locked safes or strongrooms.Money in locked drawers or cabinets or cash registers.
Cost of repair or replacement to the damaged locked safe or strongroom resulting from theft of money or any attempt threat.
Additional Peril
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Riot, strike and civil commotion
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Exclusion
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Any loss occurring when the Premises are closed unless the money are in a locked safe or locked strong-room
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Definition
Designed to cover organization and individuals that handle and transact cash in large volumes against loss of own-money or money for which the insured is responsible
THEFT POLICY
Exclusion
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Theft by any member of insured's family, staff, domestic servants/ any person lawfully in the premises
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Definition
Covers insured against loss/damage to insured property consequent upon actual, forcible/ violent entry into/ exit from premises
Covers damage to insured property/ premises as result of theft/ any attempt threat including armed robbery/ holdup