Equipment All risk Policy (Scope of policy (Burglary, theft , Fire,…
Equipment All risk Policy
“All risk” protection covers the most common risk that could directly damage your property
What is equipment all risk policy
• It is a policy which covers valuable articles and portable item such as cameras, laptops, watches, clocks, paintings, works of art and etc.
Scope of policy
Fire, Lightning, Explosion
Accidental Damage or any misfortune
Duration of cover
1 Year and need to renew the policy annually
Section 1 : Material Damage
Covers you against loss of 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 : Third party
A third person or organization less directly involved in a matter than the main people or organizations that are involved
Third party liability
Accident loss of the property damage belong to third party
contract of insurance that the premium due must be paid and received by the company within sixty (60) days from the inception date of this policy
Duty of disclosure
Insured must disclose relevant information to the insurer before a contract is entered
amount of loss you have to bear for each and every claim.