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EQUIPMENT ALL RISK POLICY (excluded perils (the policy exclude highly…
EQUIPMENT ALL RISK POLICY
ALL RISK insurance is 'all risk' protection covers the most common risk that could directly damage your property
excluded perils
the policy exclude highly costly or uncommon perils
insurance company does not bear responsibility of providing financial relief for the listed peril
policyholders may request to cover extra perils by paying an additional premium to the company
equipment all risk policy: it is a policy which covers valuable articles and portable item such as microfon, chair
scope of cover:
fire, lightning, explosion
burglary, theft
accidental damage or any misfortune
duration of cover: 1 year and need to renew the policy annually
section 1: material damage , section 2: third party liability
section 1: covers you against loss or damage to your insured property that happening during the period of insurance within the specified location or territorial limit, provided always that such loss or damage is not caused by perils which are specifically excluded by this policy
section 2: a third person or organization less directly involved in a matter than the main people or organizations that are involved.
insured peril: an event that can cause damage or loss to a property but is covered by an insurance policy that pays for the loss or damage if it occurs.
third party:
liability: bodily injury, accident loss of the property damage belong to third party
liability claim: in either case your business could be faced with a compensation claim, this compensation payment can take into account medical costs, lost earnings and the replacement or repair of damaged property
premium warranty: contract of insurance that the premium due must be paid and received by the company within sixty days from the inception date of this policy
excess clause: amount of loss you have to bear for each and every claim
claims
notification, duty of disclosure, submission
duty of disclosure: insured must disclose relevant information to the insurer before a contract is entered
condition: a condition of what the insured ought to do that had been stated by insurer
interpretation. contribution, precaution, period of insurance. claim, cancellation