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EQUIPMENT ALL RISK POLICY (CONDITION (Precaution, Period of insurance,…
EQUIPMENT ALL RISK POLICY
SCOPE OF COVER
Burglary, theft
Accidental Damage or any misfortune
Fire, Lightning, Explosion
ALL RISK POLICY CAN BE IN CATEGORIZED
ERECTION ALL RISK
COMMERCIAL ALL RISK
CONTRACTOR ALL RISK
EQUIPMENT ALL RISK
HOMEOWNER ALL RISK
ALL RISK CAN BE DEFINE AS
“All risk” protection covers the most common risk that could directly damage your property
Duration Of Cover
1 Year and need to renew the policy annually
EQUIPMENT ALL RISK POLICY CAN BE DEFINE AS
Anything that being used, held it, wear it, and carried in the portable. which means the thing than can bring anywhere.Mostly, it in small thing
SECTION 2
THIRD PARTY LIABILITY
A third person or organization less directly involved in a matter than the main people or organizations that are involved
SECTION 1
MATERIAL DAMAGE
Covers against loss of or damage insured property that occur during the period of insurance within the specified location or territorial limit such as office equipment
THIRD PARTY LIABILITY
Bodily injury
Accident loss of the property damage belong to third party
THIRD PARTY LIABILITY CLAIMS
compensation payment can take into account medical costs, lost earnings and the replacement or repair of damaged property
EXCLUDED PERILS
Insurance company does not bear responsibility of providing financial relief for the listed perils
Policyholders may request to cover extra perils by paying an additional premium to the company
The policy exclude highly costly or uncommon perils
GENERAL EXCLUSION
Over winding or internal damage of watches or clocks
Loss caused by or arising from repairing, restoring or renovation of any property insures
Loss or damage caused by or arising from
Confiscation or destruction or order by any government or authority
Wear and tear, depreciation, gradual deterioration, mildew, moth, vermin or any process of cleaning, dyeing, repairing, restoring or renovating
War, terrorism and nuclear risks
Scratching or denting of any article or breakage of lenses or glass, china, earthenware or other articles of a brittle nature unless caused by burglary, thieves or fire
Loss to camera, telescope etc by mechanical derangement, breakage of lens etc.
Damage to gramophone records by cracking, scratching, chipping or breakage
CLAIMS
Duty of disclosure
Submission
Notification
CONDITION
Precaution
Period of insurance
Contribution
Claims
Interpretation
Cancellation