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EQUIPMENT ALL RISK POLICY : (condition (interpretation, contribution,…
EQUIPMENT ALL RISK POLICY
:
what is all risk
protection covers the most common risk that could directly damage your property
scope of cover
fire, lightning, explosion
burglary and theft
accidental damage or any misfortune
what is equipment all risk policy
cover valuable articles and portable items
condition
interpretation
contribution
precaution
period of insurance
claims
cancelation
section 1 > material damage
cover you against loss or damage to your insured property that happening during the period of insurance within the specified location, that not caused by perils which is specifically excluded by this poliy
insured perils
accident or misfortune
fire external explosion self-ignition or lightning
burglary housebreaking or theft
section 2 > third party
bodily injury
accident loss of the property damage belong to third party
third party liability claims
business could be faced with the compensation claim
payment can take into account medical cost, lost learning and replacement damaged property
excluded perils
highly cost or uncommon perils and policyholder may request to cover extra peril by paying an additional premium to company
general exclusion
loss or damage caused by or arising form
over winding or internal damage of watches
loss to camera, telescope by mechanical derangement
premium warranty
excess clause
duty of disclosure
claims
notification
submission
duty of disclosure