Subject to the Contractor (as named within the accompanying policy schedule) having received specific instructions to insure while in storage on behalf of the Customer, this Insurance shall indemnify the Contractor for:
Loss, Destruction or Damage to the Property by an Insured Event (as hereinafter defined). Subject to the Exceptions, Clauses and Conditions contained herein.
This section (Section 1 – Customers’ Property) will not be effective should the Contractor operate a Liability based protection model.
CUSTOMERS RIGHTS
Additional conditions applicable only where the policy type stated in the schedule is deregulated, by virtue of the Financial Services and Markets Act 2000 as amended by HM Treasury Statutory Instrument 2009 No. 264, or regulated.
a. The Insured shall be the Customer. Subject to the Contractor having received specific instructions to insure on behalf of the Customer, this Insurance shall provide indemnification to the Customer and not as indicated elsewhere herein.
b. b. It is duly noted and agreed that any act, error or omission on the part of the Contractor(s) or Sub-Contractor(s) shall not prejudice the right of claim by a Customer insured under this insurance, and further that any act, error or omission of a Customer shall not prejudice the right of a claim of any other Customer insured under this insurance.
c. This insurance is placed on an Open Cover arrangement.
INSURED EVENT shall mean:
Actual physical loss destruction or damage caused while in storage by fire, lightning, explosion, earthquake, aircraft or articles dropped therefrom, storm, flood, bursting &/or leaking pipes, ingress of water or other liquid substance, moth, insect or vermin from an external cause, theft accompanied by forcible and violent entry to or exit from the building or Unit, riot, strike, civil commotion, malicious damage, and impact by vehicle or railway rolling stock.
PROPERTY shall mean:
Customers Property of every description, for which the Contractor has received specific instructions to insure.
DURATION OF COVER
This insurance is effective from the time the Insured Property is placed in to storage and ceases upon removal from storage – no cover applies during loading and unloading or during transit
OPERATIVE CLAUSE
This Insurance is only to pay for loss or damage discovered during the period of this insurance
EXCLUSIONS
No cover is provided for the following:
1. Money, Coins, Bullion, Deeds, Bonds, Securities and the like.
2. Livestock, plants, explosives and flammables
3. Loss of data records including but not limited to memory sticks, hard drives, CDs, DVDs and the like other than cost of blank data
a. carrying materials
4. Ensuing or indirect losses resulting from or as a consequence of claims made for loss or damage arising from an Insured Peril.
5. Depreciation following repair or restoration of a damaged item
6. Any property which you are not permitted to store under the terms of the Licence Agreement
CONDITIONS APPLICABLE
1 Time Limits For Claims Notification
All claims must be notified to the Contractor at the time of discovery of the loss or damage or at the time of removal from store whichever is the soonest.
2 Average Clause/Under -Insurance
If the Property covered thereby shall at the time of loss be collectively of greater value than such Sum Insured, then the Insured shall be considered as being his own Insurer for the difference, and shall bear a rateable share of the loss accordingly.
3 Pairs And Sets Clause
Where any items are part of a pair or set, Underwriters will only pay for the actual parts which are lost or damaged. No payment will be made for articles that are not lost or damaged.
4 Basis of Settlement
The settlement of any claim shall be by replacement, repair and/or compensation at Underwriters’ option. Where settlement is by repair the work shall be carried out by a Craftsman or firm of skill and experience appropriate to the quality of the damaged items, having regard to current commercial practice.
a. Where the Basis of Settlement is shown in the Schedule as Indemnity
Where settlement involves compensation, regard shall be given to the age, quality, degree of use and resulting current market value of the item in question or one of reasonable similarity.
b. Where the Basis of Settlement is shown in the Schedule as “New for Old”
In the event of the total loss or destruction of any article insured under this Insurance, the basis of settlement shall be the cost of replacing the article as new provided that the article is substantially the same as but not better than the original when new. This basis of settlement shall not apply to household linen and wearing apparel.
c. Document Storage
Where any claim includes loss of or damage to documents settlement shall be limited to the sum insured requested by the Customer and agreed by the Contractor. The basis of settlement will be the indemnification of the customer for reasonable costs of reprinting and/or reasonable costs of reissue and/or reconstitution including, where applicable, fresh research or exploration to obtain essential information.
5 Definition Of Electronic Items
Electronic items are defined as all items of consumer and commercial electrical appliances and instruments including but not l imited to
radios, televisions, computers, computer software, hard drives, chips, microchips, printed circuit boards and their components, modems,
monitors, cameras, facsimile machines, photocopiers, smart phones, tablets, hi-fi`s, stereos, CD players, Digital Recorders / Players and
the like. (Heavy electrical items such as switchgear, turbines, generators and the like shall be deemed not to be electronics.
EXCLUSIONS APPLICABLE
1. Loss damage liability or expense directly or indirectly caused by or contributed to by, or arising from
1.1. ionising radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel
1.2. the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or other nuclear assembly or nuclear component thereof
1.3. any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter the radioactive, toxic, explosive or other hazardous or contaminating properties of any radioactive matter. The exclusion in this sub-clause does not extend to radioactive isotopes, other than nuclear fuel, when such isotopes are being prepared, carried, stored, or used for commercial, agricultural, medical, scientific or other similar peaceful purposes.
1.4. any chemical, biological, bio-chemical or electromagnetic weapon.
2. Subject only to clause 2.2 below, in no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed to by, or arising from:
2.1. the use or operation, as a means for inflicting harm, of any computer, computer system, computer software programme, computer virus or process or any other electronic system.
2.2. Where this clause is endorsed on policies covering risks of war, civil war, revolution, rebellion, insurrection, or civil strife arising therefrom, or any hostile act or by or against a belligerent power, or terrorism or any person acting from a political motive, Clause a) shall not operate to exclude losses (which would otherwise be covered) arising from the use of any computer, computer system or software programme in the launch and/or guidance system and/or firing mechanism of any weapon or missile.
3. Loss, destruction or damage directly occasioned by pressure waves caused by aircraft and other aerial devices travelling at sonic or supersonic speeds.
4. Liability arising out of War, Invasion, Act of Foreign Enemy Hostilities (whether War be declared or not), Civil War, Rebellion, Revolution, Insurrection or Military or Usurped Power or confiscation or nationalisation or requisition or destruction of or damage to property by or under the order of any government or public or local authority.
5. Notwithstanding any provision to the contrary within this insurance or any endorsement thereto it is agreed that this insurance excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any act of terrorism regardless of any other cause or event contributing concurrently or in any other sequence to the loss.
For the purpose of this insurance an act of terrorism means an act, including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with a ny
organisation(s) or government(s), committed for political, religious, ideological or similar purposes including the intention to influence any government and/or to put the public, or any section of the public, in fear.
This insurance also excludes loss, damage, cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any action taken in controlling, preventing, suppressing or in any way relating to any act of terrorism. If Underwriters allege that by reason of this exclusion, any loss, damage, cost or expense is not covered by this insurance the burden of proving the contrary shall be upon the Insured.
In the event any portion of this insurance is found to be invalid or unenforceable, the remainder shall remain in full force and effect.
This exclusion shall not apply to storage in the ordinary course of transit. As set out in the Termination of Transit Clause (Terrorism) attaching hereto.
POLICY LIMITS
Sub-limited as follows
i) Jewellery, Watches, Precious Stones and Stamps of all kinds
combined total EUR 1,000
ii) Furs, fine arts, mobile phones, perfumery, tobacco, cigars,
cigarettes, all manner of vaping equipment, including but not
limited to, pods, pens, sub-ohm kits, coils, liquids/juices,
disposable vapes, e-cigarettes, wines, beers, spirits and the like,
combined total EUR 15,000
iii) Electronic items as defined herein, in total EUR 15,000
Excesses
An Excess of EUR 200 applies to each & every loss.
An Excess of EUR 300 applies to each & every loss in respect of water damage
Basis of Settlement
New for Old