WHEREAS THE INSURED CARRYING ON THE BUSINESS DESCRIBED IN THE SCHEDULE AND NO OTHER FOR THE PURPOSES OFTHIS INSURANCE BY A PROPOSAL AND DECLARATION WHICH SHALL BE THE BASIS OF THIS CONTRACT AND BE INCORPORATED HEREIN HAS APPLIED TO PT. ASURANSI UMUM ...................(HEREINAFTER CALLED “THE COMPANY”) FOR THE INSURANCE HEREINAFTER CONTAINED AND HAS PAID OR AGREED TO PAY THE PREMIUM AS CONSIDERATION FOR SUCH INSURANCE.
NOW THEREFORE THIS POLICY WITNESSES THAT SUBJECT TO THE TERMS EXCEPTIONS LIMITATION AND CONDITIONS CONTAINED HEREIN OR ENDORSED HEREON, IN THE EVENT OF ANY OF THE CONTINGENCIES HEREINAFTER SPECIFIED HAPPENING DURING THE PERIOD OF INSURANCE THE COMPANY WILL INDEMNIFY THE INSURED AGAINST LOSS OR LIABILITY AS HEREINAFTER PROVIDED.
SECTION A – LOSS OR DAMAGE
LOSS OR DAMAGE TO THE PROPERTY DESCRIBED IN THE SCHEDULE OR ANY PART THEREOF CAUSED OR OCCASIONED BY ANY ACCIDENT OR MISFORTUNE NOT HEREINAFTER EXCEPTED WHILST THE SAID PROPERTY IS FIXED IN THE POSITION DESCRIBED IN THE SCHEDULE. THE LIABILITY SUCH LOSS OR REPAIRING SUCH DAMAGE OR THE ACTUAL VALUE OF THE PROPERTY AT THE TIME OF THE LOSS OR DAMAGE WHICH EVER IS THE LOSS SUCH VALUE FOR THE PURPOSE OF THIS INDEMNITY BEING DEEMED NOT TO EXCEED THE SUM INSURED AS NOT OUT IN THE SCHEDULE.
SECTION B – LIABILITY TO THIRD PARTIES
ALL SUMS WHICH THE INSURED SHALL BECOME LEGALLY LIABLE TO PAY FOR:
NOW THEREFORE THIS POLICY WITNESSES THAT SUBJECT TO THE TERMS EXCEPTIONS LIMITATION AND CONDITIONS CONTAINED HEREIN OR ENDORSED HEREON, IN THE EVENT OF ANY OF THE CONTINGENCIES HEREINAFTER SPECIFIED HAPPENING DURING THE PERIOD OF INSURANCE THE COMPANY WILL INDEMNIFY THE INSURED AGAINST LOSS OR LIABILITY AS HEREINAFTER PROVIDED.
SECTION A – LOSS OR DAMAGE
LOSS OR DAMAGE TO THE PROPERTY DESCRIBED IN THE SCHEDULE OR ANY PART THEREOF CAUSED OR OCCASIONED BY ANY ACCIDENT OR MISFORTUNE NOT HEREINAFTER EXCEPTED WHILST THE SAID PROPERTY IS FIXED IN THE POSITION DESCRIBED IN THE SCHEDULE. THE LIABILITY SUCH LOSS OR REPAIRING SUCH DAMAGE OR THE ACTUAL VALUE OF THE PROPERTY AT THE TIME OF THE LOSS OR DAMAGE WHICH EVER IS THE LOSS SUCH VALUE FOR THE PURPOSE OF THIS INDEMNITY BEING DEEMED NOT TO EXCEED THE SUM INSURED AS NOT OUT IN THE SCHEDULE.
SECTION B – LIABILITY TO THIRD PARTIES
ALL SUMS WHICH THE INSURED SHALL BECOME LEGALLY LIABLE TO PAY FOR:
A. ACCIDENTAL BODILY INJURY TO ANY PERSON OTHER THAN PERSONS IN THE INSURED’S SERVICE OR A MEMBER OF THE INSURED’S FAMILY OR HOUSEHOLD.
B. ACCIDENTAL DAMAGE TO PROPERTY OTHER THAN PROPERTY BELONGING TO OR HELD IN TRUST BY OR IN CUSTODY OR CONTROL OF THE INSURED OR OF A MEMBER OF THIS FAMILY OR HOUSEHOLD OR OF A PERSON IN HIS SERVICE.
PROVIDED ALWAYS THAT THE LIABILITY OF THE COMPANY FOR ALL CLAIMS FOR COMPENSATION PAYABLE TO ANY CLAIMANTS IN RESPECT OF OR ARISING OUT OF ANY ONE ACCIDENT (THE WORD “ACCIDENT” SHALL BE HOLD TO INCLUDE A SERIES OF ACCIDENTS OCCURING IN CONNECTION WITH OR ARISING OUT OF ONE EVENT) SHALL NOT EXCEED THE AMOUNT STATED IN THE SCHEDULE. THE COMPANY WILL IN ACTION IN RESPECT OF A CLAIM FOR COMPENSATION TO WHICH THE INDEMNITY EXPRESSED IN THE POLICY APPLIES, INDEMNITY THE INSURED AGAINST LIABILITY FOR COSTS AND EXPENSES OF LITIGATION:
A. RECOVERED BY ANY CLAIMANT FROM THE INSURED AND
B. INCURRED WITH THE WRITTEN CONSENT OF THE COMPANY.
IN THE EVENT OF THE DEATH OF THE INSURED THE COMPANY WILL IN RESPECT OF THE LIABILITY INCURRED BY HIM INDEMNITY HIS PERSONAL REPRESENTATIVES IN THE TERM OF AND SUBJECT TO THE SUCH PERSONAL REPRESENTATIVES SHALL AS THOUGH THEY WERE THE INSURED OBSERVE FULFILL AND BE SUBJECT TO THE TERMS EXCEPTION LIMITATIONS AND CONDITIONS OF THE POLICY.
EXCEPTIONS
THE COMPANY SHALL HOWEVER, NOT BE LIABLE FOR:
1. ANY LIABILITY WHICH ATTACHES BY VIRTUE OF AN AGREEMENT BUT WHICH WOULD NOT HAVE ATTACHED IN THE ABSENCE OF SUCH AGREEMENT.
2. ANY CONSEQUENCE OF WAR, INVASION, ACT OF FOREIGN ENEMY, HOSTILITIES (WHETHER WAR BE DECLARED OR NOT), CIVIL WAR, REBELLION, REVOLUTION, MILITARY OR USURPED POWER OR LOOT OR PILLAGE IN CONNECTION THERE WITH.
3. LOSS DAMAGE OCCASIONED BY OR HAPPENING THROUGH:
a. WILLFUL ACT OR WILLFUL NEGLECT OF THE INSURED
b. WEAR & TEAR, MECHANICAL BREAKDOWN, DETERIORATION, DEPRECIATION OR WEARING AWAY OR WEARING OUT OF ANY OF THE PROPERTY OR PART THERE OF CAUSED BY OR WORKING, FAULTY DESIGN.
c. STOPPAGE OF WORK OR LOSS OF USE OF THE PROPERTY OR LIABILITY FOR CONSEQUENTIAL LOSS OR DAMAGE.
d. DESTRUCTION OF OR DAMAGE TO DYNAMOS, MOTORS, RESISTANCES, TRANSFORMERS, OR OTHER ELECTRIENT WORKING APPARATUS DIRECTLY DUE TO ABNORMAL CURRENTS OR SELF IGNITION.
e. WEATHER CONDITION (OTHER THAN LIGHTNING HAIL, WONDSTORM OR TYPHOON, EARTHQUAKE), RUST VERMIN OR ANY PROCESS OF CLONING OR REPAIR, REMOVAL, OR ERECTION OR BY THE APPLICATION OF ELECTRICAL ENERGY.
f. DAMAGE TO TUBE UNLESS THE GLASS IS FRACTURED
g. DAMAGE EXISTING AT THE TIME THIS POLICY WAS AFFECTED.
h. THEFT OR ANY ATTEMPTED THEFT.
4. THE DEDUCTIBLE STATED IN THE SCHEDULE TO BE BORNE BY THE INSURED IN ANY ONE OCCURRENCE.
CONDITIONS
1. THIS POLICY AND THE SCHEDULE SHALL BE READ TOGETHER AS ONE CONTRACT AND ANY WORD OR EXPRESSION TO WHICH A SPECIFIC MEANING HAS BEEN ATTACHED IN ANY PART OF THIS POLICY OR OF THE SCHEDULE SHALL BEAR SPECIFIC MEANING WHWNEVER IT MAY APPEAR.
2. THE INSURED OR HIS LEGAL REPRESENTATIVES SHALL:
a. GIVE NOTICE TO THE COMPANY OF ANY OCCURRENCE WITH MAY BE THE SUBJECT OF A CLAIM HERE UNDER IMMEDIATELY AFTER THE OCCURRENCE OR AS SOON AS THE SAME SHAL HAVE COME TO HIS OR THEIR KNOWLEDGE WITH FULL PARTICULARS THEREOF.
b. FORWARD TO THE COMPANY AFTER RECEIPT THEREOF EVERY LETTER CLAIM WRIT SUMMON OR PROCESS IN RESPECT OF ANY CLAIM. THE INSURED SHALL NOT WITHOUT THE WRITTEN CONSENT OF THE COMPANYREPUDIATE LIABILITY NEGOTIATE OR MAKE ANY ADMISSION AFTER PROMISE OR PAYMENT AND THE COMPANY SHALL BE ENTITLED IT SO DESIRES TO TAKE OVER AND CONDUCT IN THE NAME OF THE INSURED THE DEFENSE OR SETTLEMENTOF ANY CLAIMOR TO PROSECUTE IN THE NAME OF THE INSURED AT ITS OWN EXPENSEAND FOR ITS OWN BENEFIT ANY CLAIM FOR INDEMNITY OR DAMAGES OR IN THE CONDUCT OF ANY PROCEEDINGS AND IN THE SETTLEMENT OF ANY CLAIM AND THE INSURED SHALL GIVE ALL SUCH INFORMATION AS THE COMPANY MAY REQUIRE.
3. THE COMPANY SHALL BE ENTITLED:
a. TO REINSTATE REPAIR OR REPLACE THE PROPERTY OR ANY PART OF THEREOF LOST OR DAMAGE AS THE CASE MAY BE INSTEAD OF PAYING THE AMOUNT OF THE LOSS OR DAMAGE. UPON THE PAYMENT OF ANY CLAIM FOR LOSS UNDER THIS POLICY THE PROPERTY IN RESPECT OF WHICH THE PAYMENT IS MADE SHALL BELONG TO THE COMPANY.
b. IN RESPECT OF ANY ACCIDENT TO PAY TO THE INSURED THE LIMIT OF INDEMNITY FOR ANY ONE ACCIDENT (BUT DEDUCTING THERE FROM IN SUCH CASE ANY SOM OR SUMS ALREADY PAID AS COMPENSATION IN RESPECT THERE OF) OR ANY LEASER SUM FOR WHICH THE CLAIM OR CLAIMS ARISING FROM SUCH ACCIDET CAN BE SETTLED AND THE COMPANY SHALL THERE AFTER BE UNDER NO FURTHER LIABILITY IN REPORT OF SUCH ACCIDENT EXCEPT FOR THE PAYMENT OF COSTS AND EXPENSES INSURRED PRIOR TO THE DATE OF THE PAYMENT OF SUCH LIMIT OF INDEMNITY FOR ANY ONE ACCIDENT OR SUCH LEASER SUM FOR WHICH THE COMPANY MAY BE RESPONSIBLE. IN THE EVENT OF THE SUM PAYABLE IN RESPECT OF ANY CLAIM OR CLAIMS OCCURING IN CONNECTION WITH OR ARISING OUT OF ANY ONE ACCIDENT EXCEEDS THE SUM PAYABLE UNDRET THE POLICY THE INSURED SHALL PAY THE EXCESS AND SHALL ALSO PROPORTION OF THE LAW COSTS PAYABLE TO ANY CLAIMANT OR CLAIMANTS AND OR INCURRED IN THE DEFENSE OF ANY CLAIM OR CLAIMS IN RESPECT OF SUCH ACCIDENT.
4. IF AT THE OF ANY LOSS OR DAMAGE OR LIABILITY ARISING UNDER THIS POLICY THERE SHALL SUBSISTING ANY OTHER INSURANCE OF ANY NATURE WHAT SO EVER COVERING THE SAME RISK OR ANY PART THERE OF WHETHER EFFECTED BY THE INSURED OR NOT THE COMPANY SHALL NOT BE LIABLE TO PAY OR CONTRIBUTE MORE THAN IT’S RATE ABLE PROPORTION THEREOF.
5. THE SUM INSURED IS REQUIRED TO REPRESENT NOT LESS THAN THE COST OF REPLACEMENT OF THE INSURED ITEMS BY NEW ITEMS OF THE SAME KIND WHICH SHALL MEAN THEIR REPLACEMENT COSTS INCLUDING E.G FREIGHT, CUSTOMS DUTIES AND DUES, IF ANY, AND IF THE SUM INSURED IS LOSS THAN AMOUNT REQUIRED TO BE INSUREDBEARS TO THE AMOUNT TO BE INSURED. EVERY ITEM IF MORE THAN ONE SHALL BE SUBJECT TO THIS CONDITION SEPARATELY
6. THE INSURED SHALL EXERCISE ALL REASONABLE CARE IN KEEPING THE PROPERTY INSURED IN A GOOD STATS OF REPAIR AND IN PREVENTING LOSS OR DAMAGE THERE TO AND SHALL CAUSE TO BE TAKEN ALL REASONABLE PRECAUTIONS TO PREVENT ACCIDENTS AND SHALL COMPLY WITH ALL STATUTORY OR OTHER OBLIGATIONS AND REGULATIONS IMPOSED BY ANY AUTHORITY. IN THE EVENT OF THE DISCOVERY OF ANY DEFECT TO BE MADE GOOD IN THE MEANTIME SHALL CAUSE ADDITIONAL PRECAUTIONS TO BE TAKEN AS THE CIRCUMSTANCES MAY REQUIRE THE COMPANY SHALL BE ENTITLED:
A. TO INSPECT AND EXAMINE THE PROPERTY INSURED UNDER THIS POLICY AT ALL REASONABLE TIMES AND IN THE EVENT OF ANY DEFECT OR DAMAGE BEING APPARENT TO THE COMPANY A REPRESENTATIVE TO GIVE NOTICE TO THE INSURED AND THERE AFTER ALL LIABILITY OF THE COMPANY SHALL BGE SUSPENDED UNTIL THE SAME BE REMEDIED OR REMOVED TO THE SATISFACTION OF THE COMPANY.
B. ON THE HAPPENING OF ANY LOSS OF OR DAMAGE TO THE SAID PROPERTY TO ENTER ANY BUILDING WHERE THE LOSS OR DAMAGE HAS HAPPENED AND TO TAKE AND KEEP POSSESSION OF THE PROPERTY INSURED AND DEAL WITH THE SALVAGE IN A REASONABLE MANNER. AND THIS POLICY SHALL BE PROOF OF LEAVE AND LICENSE FOR SUCH PURPOSE.
7. IN THE EVENT OF ANY CIRCUMSTANCES ARISING AT ANY TIME RENDERING THE RISK MORE HAZARDOUS THAN AT TIME OF THE INCEPTION OF THIS INSURANCE THE INSURED SHALL FORTWITH GIVE NOTICE IN WRITING TO THE COMPANY THERE OF. UNLESS THE COMPANY SHALL EXPRESSLY ASSENT IN WRITING TO ACCEPT LIABILITY IN RESPECT OF SUCH INCREASED RISK IT SHALL NOT BE LIABLE IN RESPECT OF ANY ACCIDENT LOSS DAMAGE TWO WHOLLY OR IN SUCH INCREASED RISK.
8. IF ANY CLAIM UNDER THIS POLICY SHALL BE IN ANY RESPECT FRAUDULENT OR IF ANY FRAUDULENT MEANS OR DEVICES ARE USED BY THE INSURED OR ANY ONE ACTING ON BEHALF OF THE INSURED TO OBTAIN ANY BENEFIT UNDER THIS POLICY ALL BENEFIT THERE UNDER SHALL BE FORFEITED.
9. THE COMPANY MAY AT ANY TIME GIVEN SEVEN DAYS NOTICE BY REGISTERED LETTER TO THE INSURED TO DETERMINETHIS POLICY HAS THERE USER THE INSURED SHALL BE ARTITLED TO THE RETURN OF A PROPORTIONATE PART OF THE LOST PREMIUM PAID IN RESPECT OF THE UNEXPIRED PERIOD OF INSURANCE SUCH DETERMINATION BEING WITHOUT PREJUDICE TO ANY RIGHT OF CLAIM OF THE INSURED ON THE COMPANY PRIOR TO THE EXPIRATION OF SUCH NOTICE.
10. IF THE PREMIUM FOR THIS POLICY HAS BEEN WHOLLY OR PARTLY ON ANY ESTIMATE FURNISHED BY THE INSURED THE INSURED SHALL KEEP AN ACCURATE RECORD CONTAINING ALL PARTICULARS RELATIVE THERE. THE INSURED SHALL AT ALL TIMES ALLOW THE COMPANY TO INSPECT SUCH RECORD AND SHALL SUPPLY SUCH PARTICULARS AND INFORMATION AS THE COMPANY MAY REQUIRE WITHIN ONE MONTH FROM EXPIRY OF EACH PERIOD OF INSURANCE THE PREMIUM FOR SUCH PERIOD SHALL THERE UPON BE ADJUSTED AND THE DIFFERENCE PAID BY OR ALLOWED TO THE INSURED AS THE CASE MAY BE.
11. ALL DIFFERENCES ARISING OUT OF THIS POLICY SHALL BE REFERRED TO THE DECISSION OF AN ARBITRATOR TO BE APPOINTED IN WRITING BY THE PARTIES IN DECISION OF TWO ARBITRATOR ONE TO BE APPOINTED IN WRITING BY EACH OF THE PARTIES WITHIN ONE CALENDAR MONTH OF AN UMPIRE APPOINTED IN WRITING SO TO DO BY EITHER OF THE PARTIES OR IN CASE THE ARBITRATORS TO NOT AGREE OF AN UMPIRE APPOINTED IN WRITING BY THE ARBITRATORS BEFORE ENTERING UPON THE REGENCY.
THE UMPIRE SHALL SIT WITH THE ARBITRATORS AND PRESIDE AT THEIR MEETINGS AND THE MAKING OF AND AWARD SHALL BE A CONDITION PRECEDENT TO ANY RIGHT OF ACTION AGAINST THE COMPANY. AFTER THE EXPIRATION OF ONE YEAR AFTER ANY LOSS OR DAMAGE THE COMPANY SHALL NOT BE LIABLE IN RESPECT OF ANY CLAIM THERE FOR UNLESS SUCH CLAIM SHALL IN THE MEAN TIME HAVE BEEN REFERRED TO ARBITRATION.