Royal & Sun Alliance Insurance plc (We) and the Assured agree that:

Transcription

1 This Policy (and the schedule, the Institute Clauses and the Certificate of Insurance which forms an integral part of the Policy) is a legal contract. Please examine it thoroughly to ensure it meets your requirements. If it does not, please advise Your insurance adviser as soon as reasonably possible. Royal & Sun Alliance Insurance plc (We) and the Assured agree that: 1. this Policy, the schedule, the Certificate of Insurance, the Institute Clauses (including any Certificate of Insurance and/or Institute Clause issued in substitution) and any endorsements shall be considered one document and 2. all statements made and information supplied by the Assured or on the Assured s behalf for the Company s consideration are true to the best of the Assured s knowledge and belief and shall be incorporated into and form the basis of this contract of insurance and 3. failure to disclose all material information, whether or not the subject of a specific question by the Company, may invalidate the contract of insurance or result in a claim being rejected. However if the Assured are in any doubt as to whether information is material or not, please contact Your insurance adviser and 4. the Company will provide the insurance described in this Policy, subject to the terms and conditions, for the insurance shown in the Certificate of Insurance for which the Assured shall pay and the Company shall agree to accept the premium, provided that this Policy shall not be in force unless it is accompanied by a Certificate of Insurance which has been initialled by a party authorised by the Company. A. P. Brown UK Chief Executive Royal & Sun Alliance Insurance plc Royal & Sun Alliance Insurance plc (No ). Registered in England and Wales at St Mark s Court, Chart Way, Horsham, West Sussex, RH12 1XL. Authorised and regulated by the Financial Services Authority FF002d/Feb PM

2 Assured Peters and May Limited and/or subsidiary companies, as agents for whom they have instructions to arrange insurance Policy Number T Issue Number 1 Date 21 October 2013 Initialled SM 2

3 Marine Cargo Insurance Page Contents [4] Section 1: Definitions [4] Section 2: Explanatory Notes [6] Section 3: Scope of Cover [8] Section 4: Rates/Premium [11] Section 5: Excluded Goods [12] Section 6: Standard Cover - Institute Clauses [13] Section 7: General Terms [26] Section 8: Claims Procedures [27] Section 9: Complaints Procedure [28] Section 10: Fair Processing Notice 3

4 Section 1: Definitions Excess The amount which the claimant shall bear each and every loss, as stated on the Certificate of Insurance. Subject-matter insured Goods and/or merchandise as described in the Certificate of Insurance for which the freight forwarder has arranged transport, but excluding goods shown under Section 3 of the Policy. You/Your/Assured The freight forwarder and the customer for whom the insurance has been arranged as shown on the Certificate of Insurance. Section 2: Explanatory Notes Assignment The Policy and/or any Certificate of Insurance issued hereunder covers the Assured s interest in the Subject-matter insured and also extends to cover the interest of any third party to whom the customer for whom the insurance has been arranged assigns interest upon transfer of ownership of the Subject-matter insured as determined by the terms of sale. To assign the Certificate of Insurance, the Assured simply signs the reverse of the Certificate of Insurance over their company name. Basis of Valuation This will be the agreed method of establishing the value of the Subject-matter insured for declarations and claims adjustment purposes. Certificates of Insurance Certificates of Insurance are issued by or on behalf of the Company as evidence of the existence of the Policy, including the applicable conditions. They are customarily used when dealing with overseas buyers/consignees and are freely assignable as insurable interest transfers from one party to another. Company (Underwriters) Royal & Sun Alliance insurance plc Endorsement An endorsement will be issued by the Company where there is any alteration to the terms and conditions of the Policy. Europe Andorra, Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Monaco, Netherlands, Norway, Poland, Portugal, Republic of Ireland, San Marino, Slovakia, Spain, Sweden, Switzerland Institute Clauses The Institute Clauses referred to in Section 4 of the Policy are clauses issued by The Institute of London Underwriters (now International Underwriting Association of London). They provide the core elements of cover provided by this Policy and are widely used in international trade. 4

5 Insurable Interest The Policy provides cover if the Assured, or any third party to whom the insurance has been assigned, has an insurable interest in the Subject-matter insured at the time of the loss. Insurable interest and/or responsibility for insurance will normally be determined by the terms of sale. Insured Value The Certificate of Insurance which evidences cover under this Policy includes an Insured Value. The Insured Value is the total value of the Subject-matter insured calculated in accordance with the Basis of Valuation (see within). Issue of Certificates The Assured is authorised to issue and countersign Certificates of insurance subject to the terms and conditions of the Policy, it being understood and agreed that all Certificates shall be countersigned by a duly authorised representative of the Assured. Maximum Sum Insured The Policy includes maximum sums insured as detailed in Policy. The maximum sums insured are the maximum values acceptable to the Company on any one conveyance or at any one location at any one time. Should the maximum sums insured be inadequate then consideration can be given to an increase upon application to the Company. Own Vehicle(s) Commercial road vehicles owned and/or operated by the Assured principally used for the transportation of goods. This definition does not include Engineer's or Representatives road vehicles Rights of Recovery The Company is to receive the benefit of any amount(s) recoverable from carriers, suppliers or any other third parties upon payment of a claim under this insurance. Subsidiaries Peters and May Management Limited Peters and May Dangerous Goods Limited Peters and May Global Logistics Limited Corporate Express Couriers Limited Peters and May France SARL Peters and May Spain S.L. Peters and May Germany gmbh Peters and May USA Inc United Kingdom Great Britain, Northern Ireland and the Channel Isles. 5

6 Section 3: Scope of Cover Period of Insurance To cover all sendings made between 14 September 2013 and 13 September Subject-matter Insured Approved Goods and/or Merchandise for which the Assured have instructions to arrange insurance and for which they are also arranging the freight movement. Non-approved goods are as per list within Section 5 and are excluded unless specifically agreed by the Company prior to the commencement of the transit. Goods are split in 4 categories as follows: Category 1 Approved general merchandise Category 2 Household goods & personal effects Category 3 Motor vehicles Category 4 Yachts &/or boats of all description Packing Suitably packed, stowed and/or secured for transit Voyage/Transit From ports and/or places in the World to ports and/or places in the World as per rating schedule and list of excluded and restricted countries as below: Excluded countries Afghanistan, Belarus, Democratic Republic of Congo (formerly Zaire), Egypt, Eritrea, Guinea (Republic of), Guinea-Bissau (Republic of), Iran, Iraq, Ivory Coast, Lebanon, Liberia, Libya, Mali, Myanmar (Burma), North Korea, Serbia, Somalia, South Sudan, Sudan, Syria, Tunisia, Republic of Yemen, Zimbabwe, and any country where local legislation precludes insurance being effected outside that country. Basis of Valuation 1. Approved general merchandise Intercompany movements and/or goods not intended for sale Inland transits including FOB sendings Imports/exports 2. Household goods and personal effects 3. Motor vehicles Replacement cost, excluding consequential loss absolutely Invoice cost to customer Cost insurance and freight plus 10%, plus duty if incurred Replacement value at destination Market values. 4. Yachts &/or boats New yachts &/or boats: Sales price plus insurance and freight plus 10% as declared by customer Used yachts &/or boats: Market value plus insurance and freight plus 10% as declared by customer. 6

7 Conveyances: Powered vessels and/or airfreight and/or land conveyances (including Assured s own vehicles) and/or parcel post Maximum Sum Insured: GBP 12,000,000 any one occurrence or (if more than one occurrence) all occurrences of a series consequent upon or attributable to one originating cause GBP 1,000,000 GBP 12,000,000 GBP 4,000,000 GBP 25,000 GBP 1,000,000 GBP 5,000 Any one location in the ordinary course of transit for Categories 1, 2 and 3 of Subject Matter Insured Any one location in the ordinary course of transit for Category 4 of Subject Matter Insured any one yacht and/or boat any one vehicle owned or operated by the Insured (inland transits only) any one hauliers vehicle (inland transits only) any one postal sending but on any one conveyance GBP 1,000,000 GBP 12,000,000 for Categories 1, 2 and 3 of Subject Matter Insured for Category 4 of Subject Matter Insured or equivalent in any other currency 7

8 Section 4: Rates/Premium 1. Approved general merchandise To or from:- Zone A: Inland transits only Zone B: Europe Zone C: North America, South Africa, Australasia, Middle East & Caribbean Zone D: Far East Zone E: Rest of World (no risk after discharge from vessel or aircraft unless agreed by Insurers prior to shipment) 2. Household goods and personal effects To or from:- Zone A: Inland transits only Zone B: Europe Zone C: North America, South Africa, Australasia, Middle East & Caribbean Zone D: Far East Zone E: Rest of World (no risk after discharge from vessel or aircraft unless agreed by Insurers prior to shipment) 3. Motor vehicles To or from:- Zone A: Inland transits only Zone B: Europe Zone C: North America, South Africa, Australasia, Middle East & Caribbean Zone D: Far East Zone E: Rest of World (no risk after discharge from vessel or Aircraft unless agreed by Insurers prior to shipment) 8

9 4. Yachts and/or boats To or from:- Zone A: Inland transits only Zone B: Europe Zone C: North America, South Africa, Australasia, Middle East & Caribbean Zone D: Far East Zone E: Rest of World (no risk after discharge from vessel or aircraft unless agreed by Insurers prior to shipment) To be agreed with insurers prior to shipment. Declarations Declarations should be submitted monthly. Premiums will be invoiced as follows: Peters and May USA quarterly Other - monthly Special Conditions/Exclusions 1. Excluding third party liability howsoever arising. 2. Excluding cover whilst the yacht and/or boat is in the water except during loading or unloading on to or from the carrying vessel and whilst awaiting loading (if any other insurance has ceased to operate) Depreciation clause for shipments of yachts etc. Underwriters liability is restricted to the reasonable cost of repair and no claim is to attach hereto for depreciation consequent thereon. Notwithstanding the above Underwriters are willing to include depreciation on new yachts insured under this Policy subject to the following: 1. The Assured to be a co-insurer for 10% of such depreciation claims. 2. Warranted that cover only applies if the Insured gives the Insurers a load and stow survey or a pre-shipment valuation or pictures taken immediately prior to loading in the event of the Assured submitting a claim for depreciation. 9

10 Aid Shipments Aid shipments subject to Institute Cargo Clauses (C) only (World to Afghanistan, Iraq or other places in the World). No risk after discharge from vessel or aircraft in respect of shipments to continent of Africa unless otherwise agreed by Insurers prior to shipment. Warranties In respect of shipments of Category 4 items (Yachts and/or boats), unless specifically agreed by Underwriters prior to attachment of risk, the following warranties apply:- 1. warranted all yachts and/or boats: A. must be shipped on a: 1. Peters and May cradle, or Peters and May supplied cradle or manufacturer built cradle or 2. MAFI trailers and/or specialist trailer for RORO or 3. specialist trailers for road transport and B. shipped from or within the USA, may be shipped on a Peters and May supplied wooden cradle where the yacht and/or boat is less that 50ft in length 2. warranted all yachts and/or boats in excess of GBP 250,000 value (or equivalent in other currencies) must have a Peters and May Loadmaster or approved surveyor or an approved person with superior technical knowledge equivalent to a Loadmaster supervising loading. RORO supervision of loading refers to loading of the yacht and/or boat to the MAFI trailer only and not loading of the MAFI trailer to the carrying vessel Liner services except where loading of the yacht and/or boat is to a deck of flats on the carrying vessel, supervision of loading refers to loading of the yacht and/or boat to the flat or flatrack [TEU] only and not loading of the flat or flatrack [TEU] to the carrying vessel 3. warranted all yachts and/or boats valued in excess of GBP 1,250,000 (or equivalent in other currencies) must have: a. a load and stow survey by approved surveyor and b. a Peters and May Loadmaster or an approved person with superior technical knowledge equivalent to a Loadmaster supervising loading and discharge. Supervision of discharge is not required for the unloading of MAFI trailers and/or flatracks, unless Peters and May have agreed to discharge the yacht and/or boat from the MAFI trailer and/or flatrack prior to custody and control passing to the customer and/or consignee (and/or their representatives) Excess (unless otherwise declared to and agreed by Insurers prior to shipment) 1. Approved general merchandise GBP NIL each and every claim 2. Household goods and personal effects 1% of sum insured (subject to a maximum of GBP 500 and a minimum of GBP 100) 3. Motor vehicles Motor vehicles not over 5 years old 1% of sum insured (subject to a minimum of GBP 200) Motor vehicles over 5 years old 2% of sum insured (subject to a minimum of GBP 200) 4. Yachts and/or boats Yachts and/or boats with a value in excess of GBP 250,000 GBP 2,500) Yachts and/or boats with a value less than GBP 250,000 GBP 1,250) Claims In the event of loss or damage which may involve a claim under this contract please refer to the Claims Procedures contained in Section 8. Declaration Conditions - open policies It is a condition of this Policy that the Assured is bound to declare, as specified above, all sendings without exception, the Company being bound to accept up to but not exceeding the limits expressed herein. 10

11 Section 5: Excluded Goods The goods below are excluded from this Policy 1. Goods commonly categorised as specie and highly susceptible to theft Documents and/or business records Money, securities for money, negotiable instruments, cash, credit debit and/or charge cards Unused postage stamps and/or savings stamps Consumer redemption vouchers, stamps and/or cards Lottery tickets and/or scratch cards Bullion, precious metals and/or stones and/or articles made of or containing precious metals and/or stones Paintings, statues and/or works of art and property of a similar nature to any of the above 2. Other goods presenting a high risk of theft Lap-top and/or palm-top computers; mobile telephones; electronic organisers; digital cameras and/or other hand held devices designed for the recording, transmission and/or playing of sound and/or images and/or for the storage, management, use or communication of electronic data (including but not limited to audio equipment, video equipment, Hi-fi equipment, MP3 players, camcorders, and/or associated pre-recorded media) Hand held and/or other portable satellite navigation equipment Electronic games consoles Microchips; microprocessors; central processing units; system boards; memory boards; memory, sound and/or video cards and/or hi-tech components of a similar nature designed to be used in, or in connection with computers and/or other electronic devices Processed tobacco and/or tobacco products Spirits and wines Bottled perfumery Skins, furs and the like Metal scrap or similar Watches and/or jewellery, other than costume jewellery 3. Goods requiring specialist methods of carriage Drugs, pharmaceuticals and/or medicines Perishable goods and/or merchandise Live animals and plants 4. Other excluded goods Aircraft Arms and/or ammunition, fireworks, explosives Unprotected goods (other than yachts and/or boats and motor vehicles) Bulk shipments (any commodity) Caravans Dangerous goods as per IMDG code (other than yachts and/or boats and motor vehicles) Newsprint Steel bars, plates, sheets, angles, reinforcing bars and/or similar items including hot and cold rolled steels Plywood Wool in bales Personal export schemes China, glassware, earthenware, enamelware and similar fragile articles Antiques 11

12 Section 6: Standard Cover - Institute Clauses The standard cover provided is detailed in the various Institute Clauses which are listed below: For sendings by water and/or land conveyances: Institute Cargo Clauses (A) (CL.382) Institute Cargo Clauses (B) (CL.383) Institute Cargo Clauses (C) (CL.384) Institute War Clauses (Cargo) (CL.385) Institute Strikes Clauses (Cargo) (CL.386) Institute Classification Clause (CL.354) For sendings by aircraft: Institute Cargo Clauses (Air) (excluding sendings by Post) (CL.387) Institute War Clauses (Air Cargo) (excluding sendings by Post) (CL.388) Institute Strikes Clauses (Air Cargo) (CL.389) For sendings by post: Institute Cargo Clauses (A) (CL.382) Institute War Clauses (sendings by Post) (CL.390) Institute Strikes Clauses (Cargo) or Institute Strikes Clauses (Air Cargo) as appropriate (CL.386, CL.389) For sendings of timber: Institute Timber Trade Federation Clause (CL.335) Institute Strikes Clauses (Timber Trade Federation) (CL,336) Applicable to the whole Policy: Institute Replacement Clause (CL.161) Institute Malicious Damage Clause (CL.266) Institute English Jurisdiction Clause (CL.358) Institute Radioactive Contamination, Chemical, Biological, Bio-chemical and Electromagnetic weapons Exclusion Clause (CL.370) Institute Cyber Attack Exclusion Clause (CL.380) The Institute Clauses referred to above are those current at the inception of the Policy and should the clauses be subsequently revised, subject to notice in accordance with the cancellation provision (Section 6 of the Policy), then the revised Institute Clauses shall apply to all risks which attach on or after the date of the expiry of the notice. IT IS IMPORTANT THAT YOU ACQUAINT YOURSELF WITH THE COVERAGE, EXCLUSIONS AND CONDITIONS OF THE APPLICABLE INSTITUTE CLAUSES. FULL WORDINGS CAN BE FOUND ON 12

13 Section 7: General Terms Accumulation Clause (200%) The limits of liability expressed herein shall not apply in the event of accumulation of shipments in one port or place during transit due to circumstances outside the Assured's control. The Company agree to cover the excess amount up to the full value at risk, provided notice be given in all such cases as soon as known to the Assured, but in no event shall liability exceed double the limits of liability expressed herein. Application of the Marine Insurance Act 1906 Although not every section of this Policy may relate to a marine adventure, all the terms, conditions and warranties of the Marine Insurance Act 1906 shall apply to the Insurance. Attachment and Termination of Cover Notwithstanding the provisions of the Institute Cargo Clauses the Institute War Clauses and the Institute Strikes Clauses it is agreed that the Duration of Cover Clause herein is deemed paramount with regard attachment and termination of cover. Bending, twisting and distortion Clause Excluding bending twisting and distortion unless caused by an insured peril. Bruising, scratching, chipping, denting and cost of repainting Clause Excluding bruising scratching chipping denting and cost of repainting unless caused by an insured peril. Cancellation This Policy may be cancelled at any time by either the Company or the Assured subject to written notice as follows: MARINE AND/OR STORAGE RISKS WAR AND STRIKES but STRIKES RISKS in respect of shipments and/or sendings to and/or from the United States of America (if any). 30 DAYS) 7 DAYS) from midnight of the day ) notice of cancellation is 48 HOURS) issued Cargo ISM Endorsement (JC98/019) Applicable to shipments on board all cargo ships, including oil tankers, chemical tankers, gas carriers, bulk carriers and cargo high speed craft of 500gt or more, to all passenger vessels transporting more than 12 passengers and to mobile offshore drilling units of 500gt or more. In no case shall this insurance cover loss, damage or expense where the Subject-matter insured is carried by a vessel that is not ISM Code certified or whose owners or operators do not hold an ISM Code Document of Compliance when, at the time of loading of the Subject-matter insured on board the vessel, the Assured were aware, or in the ordinary course of business should have been aware either a) that such vessel was not certified in accordance with the ISM Code. or b) that a current Document of Compliance was not held by her owners or operators as required under the SOLAS Convention 1974 as amended. This exclusion shall not apply where this insurance has been assigned to the party claiming hereunder who has bought or agreed to buy the subject matter insured in good faith under a binding contract. 13

14 Cargo ISM Forwarding Charges Clause (For use only with Cargo ISM Endorsement JC98/019) This insurance is extended to reimburse the Assured, up to the limit of the sum insured for the voyage, for any extra charges properly and reasonably incurred in unloading, storing and forwarding the subject-matter to the destination to which it is insured hereunder following release of cargo from a vessel arrested or detained at or diverted to any other port or place (other than the intended port of destination) where the voyage is terminated due either a) to such vessel not being certified in accordance with the ISM Code or b) to a current Document of Compliance not being held by her owners or operators as required under the SOLAS Convention 1974 as amended. This clause, which does not apply to General Average or Salvage or Salvage Charges, is subject to all other terms conditions and exclusions contained in the Policy and to JCC Cargo ISM Endorsement JC98/019. Civil Authority Clause Notwithstanding anything contained in the Policy it is understood and agreed that property which is insured under this Policy is also covered against the risk of damage or destruction by civil authority during a conflagration or for the purpose of retarding the same provided that neither such conflagration nor such damage or destruction is caused or contributed to by War perils elsewhere excluded herein. Concealed Damage Clause In the event of delay in opening cases containers or packages any loss or damage discovered upon opening shall be deemed to have occurred during transit and shall be paid for accordingly unless conclusive proof of the contrary be established. Cases containers or packages showing outward signs of loss and/or damage are to be opened immediately on arrival. This clause shall only apply when the loss is discovered within 60 days of the delivery of the subject-matter insured. Container Clause Notwithstanding anything contained herein to the contrary where Cargo insured hereunder is carried in Containers it is agreed as between the Assured and Company that the seaworthiness and cargo-worthiness of the Container is hereby admitted. Containers/trailers on deck Cover is provided in respect of a) containers shipped on deck subject to these being fully enclosed, all metal containers shipped on purpose built container vessels. b) trailers shipped on deck subject to these being carried on open deck roll-on roll-off cargo ferries on short sea crossings. Contingency Cover Foreign Restriction Clause In respect of shipments to or from a country which has restrictive legislation or regulation that requires all shipments into and/or from that country to be insured locally (i.e. where CIF imports and/or FOB exports from a country are prohibited), this insurance shall extend to cover on Policy conditions the contingent insurable interest of the Assured (in their respective capacity as either a Buyer or a Seller) in such shipments. It is a condition of the Insured s right of recovery hereunder that: 1. The Assured shall give written instructions to the policyholder to insure all shipments under this Policy irrespective of the terms of the contract of sale/purchase and shall pay premium thereon. 2. This insurance and any money payable hereunder is not transferable nor assignable nor shall it inure to the benefit of any other person whatsoever. 14

15 3. Any claim recoverable hereunder shall be payable to the order of the Assured in their country of domicile or in London at the sole discretion of the Insurer. 4. The Assured must undertake all reasonable and usual care skill and forethought and take all practical measures including measurers which may be required by the Insurer to prevent or minimise loss and to enforce the contract of sale/purchase. 5. If required by the Insurer, the Assured shall provide all necessary documentation information and assistance to the Insurer prior to settlement to enable a dual insurance recovery. 6. If required by the Insurer, all rights and benefits against the Seller/Buyer and/or the Seller s/buyer's insurers and/or carrier and/or other persons are to be subrogated to the Insurer. Contracts (Rights of Third Parties) Act 1999 Exclusion Clause (Cargo) The Provisions of the Contracts (Rights of Third Parties) Act 1999 do not apply to this insurance or to any Certificate(s) of Insurance issued hereunder. Neither this insurance nor any Certificates of Insurance issued hereunder confer any benefits on any third parties. No third party may enforce any term of this insurance or of any Certificate of Insurance issued hereunder. This clause shall not affect the rights of the Assured (as assignee or otherwise) nor the rights of any loss payee. Debris Removal Clause (JC1 1991) This insurance is extended to cover in addition to any other amount recoverable under this insurance extra expenses reasonably incurred by the Assured for the removal and disposal of debris of the subject matter insured or part thereof by reason of damage thereto caused by an insured risk but excluding absolutely 1. any expenses incurred in consequence of or to prevent or mitigate pollution or contamination or threat or liability therefore. 2. the cost of removal of cargo from any vessel or craft. In no case shall the insurers be liable under this Clause for more than 10% of the proportionate Insured Value under this policy of the damaged subject matter removed. Deductible (Excess) Clause (Agreement) In the event of a deductible or deductibles being incorporated under this insurance notwithstanding said deductible or deductibles claims recoverable under the Institute Cargo Clauses (C) (Cl ) the Institute Malicious Damage Clause (Cl ) the War and Strikes risks coverage provided for hereunder and General Average Salvage and Sue and Labour Charges shall be payable in full. The Assured is granted the authority to issue Certificates of Insurance without reference to any deductible or deductibles incorporated under this insurance for letter of credit purposes. Underwriters to settle any recoverable claim in full but Underwriters hereon to be reimbursed by the Assured for all claims up to the amount of said deductible or deductibles paid by the Underwriters which fall within the applicable deductible or deductibles. Double Insurance Notwithstanding anything contained herein to the contrary the liability under this Policy in respect of any destruction of or damage to the Subject-matter insured of this Policy shall not exceed its rateable proportion having regard to other insurances whether Marine or Fire and whether or not such other insurances are exempted from contributing either by the existence of this Policy or any other. Duration of Cover Clause The insurance hereunder attaches from the time the subject matter becomes at the Assured s risk or the Assured assumes interest anywhere in the world and continues whilst the subject matter is in transit and/or in store or elsewhere and further including any interest held for the purpose of packing and/or preparation and/or consolidation and/or deconsolidation and until finally delivered to intended final destination and/or the Assureds responsibility ceases anywhere in the world as required irrespective of terms of purchase and/or sale. Including risks in customs as required and transhipment craft and barge risks whether customary or otherwise. Further including the risks of loading prior to dispatch and unloading after arrival at Assured s or consignees s premises including containers and/or contents where covered hereunder. 15

16 Duty Clause On increased value of cargo by reason of payment of duty at the port or place of destination. Subject to the same clauses and conditions as the insurance on cargo and to pay the same percentage of loss (excluding charges and expenses) as may be paid thereon, but excluding claims in respect of:- a) Total loss of whole or part of the cargo prior to the duty becoming payable. b) General Average, Salvage and/or salvage charges arising from any casualty occurring prior to the duty becoming payable. In ascertaining the amount of claim recoverable hereunder, credit shall be given for any rebate or refund of duty which may become allowable. Duty of Disclosure The Policy and/or Certificate of Insurance is issued on the basis of information provided when applying for insurance and any additional details which have since been provided. Any changes which may materially affect the risk must be advised immediately. If there is any doubt as to whether any information is material, it should be disclosed as failure to do so could invalidate this insurance. Electrical, Electronic and Mechanical Derangement Clause Excluding electrical, electronic and/or mechanical derangement unless caused by an insured peril. Errors and Omissions Clause Unintentional errors and omissions in the making of declarations shall not invalidate this insurance provided steps be taken to rectify these as soon as they come to the notice of the Insured. Fraud If any claim under this Policy is in any respect fraudulent, all benefit under this Policy will be lost, the Policy will be invalid and there will be no entitlement to a refund of premium. General Average & Salvage Charges Clause For the purpose of claims for General Average contributions and Salvage Charges recoverable hereunder the Subject-matter insured should be deemed to be insured for its full contributory value. Hi-Tech Equipment and Components Unless specified in the schedule as part of the Subject-matter insured in no case shall this insurance cover loss damage or expense in respect of hi-tech equipment and/or hi-tech components. For the purposes of this Policy 1. Hi -tech equipment shall mean a) lap-top and/or palm-top computers, mobile telephones, electronic organisers, digital cameras and/or other hand held devices designed for the recording, transmission and/or or playing of sound and/or images and/or for the storage, management, use or communication of electronic data (including but not limited to audio equipment, video equipment, Hi-fi equipment, MP3 players, camcorders, and/or associated pre-recorded media) b) hand held or other portable satellite navigation equipment c) electronic games consoles 2. Hi-tech components shall mean microchips; microprocessors; central processing units; system boards; memory boards; memory, sound and/or video cards and/or hi-tech components of a similar nature designed to be used in, or in connection with computers and/or other electronic devices, but not when they are fitted in such a device. Electronic data shall mean information represented or stored in electronic form; facts, concepts and/or information converted to a form useable for communications, display, distribution, interpretation and/or processing by electronic data and/or electromechanical data processing and/or electronically controlled equipment (including programs, software and other coded instructions for such equipment). 16

17 Home Contents in Transit Clauses Risks covered This insurance covers: 1. all risks of loss or damage to the Assured s home contents except as provided in the Exclusions and Claims sections below. 2. general average and salvage charges which are costs in relation to the value of the Assured s home contents that may arise out of extraordinary sacrifice or expense incurred for the preservation of the ship and cargo. These charges are calculated in accordance with the conditions of carriage. 3. The Assured s home contents against risks of War (whilst waterborne or airborne) and Strikes in terms of Institute Clauses as attached. Exclusions In no case shall this insurance cover: 1. the first 1% of Sum Insured (subject to a maximum of GBP 500 and minimum of GBP 100) of any loss unless caused by fire or an accident to the carrying conveyance or arising from general average or salvage. 2. loss, damage or expense attributable to the Assured s lack of proper care. 3. loss, damage or expense to the home contents insured unless they have been professionally packed. 4. loss, damage or expense caused by delay or inherent vice or nature of the home contents insured, ordinary wear and tear, natural depreciation, mould or vermin and electrical or mechanical derangement unless such electrical and mechanical derangement arises from fire or an accident to the carrying conveyance. 5. cash, bank notes, cheques, money orders, postal orders, national saving certificates, premium bonds, stamps of any kind, travel tickets, passports, manuscripts, or documents of any description, medals, coins, bonds, securities, travellers samples, personal ornaments and precious stones. 6. loss, damage or expense occasioned to or by perishable goods, acids, paints, aerosols, medicines, and liquids of all descriptions included in the consignment insured. 7. loss, damage or expense to pianos or other musical instruments caused by climatic and/or atmospheric conditions and/or extremes of temperatures. No claim is allowable for breakage of strings, reeds and/or drumheads. 8. loss, damage or expense to the home contents insured which would have been recoverable under any other insurance but for the existence of this Policy. 9. loss, damage or expense arising from the hostile use of any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter. Duration This insurance attaches from the time the packers or carriers uplift the home contents at the place named in the Policy for the commencement of the transit, continues during the ordinary course of transit and terminates either: a) on delivery to the Assured s residence at the destination named in the Policy, or b) on delivery to place of storage other than in the ordinary course of transit, or c) on the expiry of: (i) 60 days after completion of discharge overside from the overseas vessel at the final port of discharge, or (ii) 30 days after unloading from the aircraft at the final place of discharge, whichever shall first occur. Unless the Assured have the Company s prior agreement this insurance does not cover periods of intentional storage or delay which is within the Assured s control. 17

18 Claims 1. The Company s liability in respect of any one article not separately valued in the proposal form shall be limited to GBP The Company s liability is limited to the reasonable cost of repair and no claim is to attach for depreciation following repair. 3. The Company s liability in respect of loss of or damage to glass and china and/or fragile articles and Antiques is limited to 15% of the total sum insured. 4. In respect of pictures this insurance excludes breakage of glass but covers loss or damage resulting therefrom. Any dispute shall be referred to a competent person to be agreed upon, whose award shall be accepted by the Assured and the Company. 5. Where any item consists of articles in a pair or set the Company shall not be liable for more than the value of any particular part or parts which may be lost or damaged, without reference to any special value which such articles or articles may have as part of such pair or set, and in no case be liable for more than a proportionate part of the Insured Value of such pair or set. 6. Before or after the Company pay the Assured s claim under this Policy the Assured must, if the Company ask, take or allow the Company to take in the Assured s name all the steps needed to enforce the Assured s rights against any other person including the defence or settlement of any claims or the pursuit of a claim in any persons name. We shall pay any reasonable costs and expense incurred. Benefit of Insurance This insurance shall not benefit the carrier or any other third party who assumes responsibility for the Assured s property. Minimizing losses It is the Assured s duty and that of the Assured s representatives in respect of loss recoverable hereunder a) to take all reasonable measures for the purpose of averting or minimising such loss, and b) to ensure that all rights against carriers and other potentially responsible third parties are properly preserved and exercised and the Company will, in addition to any loss recoverable hereunder, reimburse the Assured for any charges properly and reasonably incurred in pursuing these duties. Measures taken by the Assured or the Company with the object of saving, protecting or recovering the home contents insured shall not prejudice the rights of either party. Avoidance of Delay It is a condition of this insurance that the Assured act with reasonable despatch in all circumstances within their control. Fraud If any claim is in any respect fraudulent or if any fraudulent means or devices are used by the Assured or others acting on the Assured s behalf to obtain benefits under this Policy then all benefits will be lost Insolvency Exclusion Clause It is hereby agreed that the exclusion loss damage or expense arising from insolvency or financial default of the owners managers charterers or operators of the vessel is amended to read as follows:- In no case shall this insurance cover loss damage or expense caused by insolvency or financial default of the owners managers charterers or operators of the vessel where at the time of loading of the Subject-matter insured on board the vessel the Assured are aware or in the ordinary course of business should be aware that such insolvency or financial default could prevent the normal prosecution of the voyage. This exclusion shall not apply where this insurance has been assigned to the party claiming hereunder who has bought or agreed to buy the Subject-matter insured in good faith under a binding contract. 18

19 Law Applicable Unless the parties have agreed otherwise in writing any dispute concerning the interpretation of the Policy shall be governed and construed in accordance with English Law and shall be resolved within the exclusive jurisdiction of the courts of England and Wales. Letter of Credit Clause Where the Assured is obliged to arrange insurance in accordance with any instructions contained in a Letter of Credit such cover is granted hereunder, provided it does not exceed the existing provisions of this contract wording or held covered at a premium to be agreed. Loss of Use Expenses (Piracy) It is hereby declared and agreed that where a valid claim for piracy is paid under the Policy Terms and Conditions this Policy is extended to include expenses arising out of loss of use. It is a condition of this extension:- 1. That the yacht and/or boat owner and Assured are the same party and is a private individual. 2. An insurance claim for loss or damage is submitted to Insurers, agreed and settled. 3. The loss or damage will prevent the yacht and/or boat being used for a period exceeding 14 days and is verified by a third party approved by Insurers. 4. The expenses are reasonable and commensurate with the standard procedures of the Assured. 5. The expenses are limited to;- a. Cost of cancelling yacht and/or boat berth. b. Cost of local skipper/guide where applicable. c. Outward travel cost for up to 4 crew where persons concerned travelled prior to loss or damage being reported to Assured. d. Outward travel cost for Insured and up to 5 guests/passengers where concerned travelled prior to loss or damage being reported to Assured. e. Accommodation and subsistence costs for periods not exceeding 4 days limited to GBP 250 per person per day. f. Return travel costs for up to 4 crew amount payable not to exceed outward travel cost and only payable where persons concerned travelled prior to damage being reported to Assured. g. Return travel costs for Insured and up to 5 guests passengers amount not to exceed outward travel cost and only payable where persons concerned travelled prior to loss or damage being reported to Assured. 6. Claim to be evidenced by receipts. 7. Total amount payable under this extension not to exceed GBP 10,000 for any one event or GBP 10,000 per yacht and/or boat, whichever is the lesser. Loss of Use Expenses (Other than piracy) It is hereby declared and agreed that where a valid claim is paid for loss or damage, other than piracy, under the Policy Terms and Conditions this Policy is extended to include expenses arising out of loss of use. It is a condition of this extension:- 1. That the yacht and/or boat owner and Insured are the same party and is a private individual. 2. An insurance claim for loss or damage is submitted to Insurers, agreed and settled. 3. The loss or damage will prevent the yacht and/or boat being used for a period exceeding 14 days and is verified by a third Party approved by Insurers. 4. The expenses are reasonable and commensurate with the standard procedure of the Assured. 5. The expenses are limited to;- a. Cost of cancelling yacht and/or boat berth. b. Cost of local skipper/guide where applicable. c. Outward travel cost for up to 4 crew where persons concerned travelled prior to loss or damage being reported to Assured. d. Outward travel cost for Insured and up to 5 guests/passengers where concerned travelled prior to loss or damage being reported to Assured. 19

20 e. Accommodation and subsistence costs for periods not exceeding 4 days limited to GBP 250 per person per day. f. Return travel costs for up to 4 crew amount payable not to exceed outward travel cost and only payable where persons concerned travelled prior to damage being reported to Assured. g. Return travel costs for Insured and up to 5 guests passengers amount not to exceed outward travel cost and only payable where persons concerned travelled prior to loss or damage being reported to Assured. 6. Claim to be evidenced by receipts. 7. Total amount payable under this extension not to exceed GBP 15,000 for any one event. This clause is not subject to automatic reinstatement Motor Vehicles in Transit Clauses Risks Covered This insurance covers: 1. all risks of loss of or damage to the Assured s motor vehicle except as provided in Exclusion and Claims section below. 2. general average and salvage charges which are costs in relation to the value of the Assured s motor vehicle that may arise out of extraordinary sacrifice made or expense incurred for the preservation of the ship and cargo. These charges are calculated in accordance with the conditions of carriage. 3. the Assured s motor vehicle against risks of War (whilst waterborne or airborne) and Strikes in terms of the Institute Clauses as attached. Exclusions In no case shall this insurance cover: 1. For motor vehicles not over 5 years old, 1% of sum insured (subject to a minimum of GBP 200), for motor vehicles over 5 years old, 2% of sum insured (subject to a minimum of GBP 200), in respect of damage by scratching, bruising, chipping or denting unless such damage is caused by fire or an accident to the conveyance carrying the vehicle or arising from general average or salvage. 2. loss, damage or expense attributable to the Assured s lack of proper care. 3. loss, damage or expense caused by delay or inherent vice or nature of the subject matter insured, ordinary wear and tear, natural depreciation, mould or vermin and electrical or mechanical derangement unless such electrical and mechanical derangement arises from fire or accident to the carrying conveyance. 4. loss, damage or expense arising from rust or discolouration, unless due to direct contact with sea water, atmospheric humidity, freezing of liquid in the radiator, heating or cooling system. 5. loss of accessories unless fitted to the fascia, locked in the boot or stolen with the vehicle. 6. loss, damage or expense occasioned whilst the Motor Vehicle is in tow or under own power except for the immediate purpose of loading into the carrying vessel, aircraft, conveyance or container and unloading therefrom. 7. any cost arising from a legal liability to a third party. 8. loss, damage or expense to the motor vehicle insured which would have been recoverable under any other insurance but for the existence of this Policy. 9. loss, damage or expense arising from the hostile use of any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter. 20

21 Duration This Insurance attaches from the time of loading to the carrying vessel, aircraft, conveyance or container at the place named in the Policy for commencement of transit and continues during the ordinary course of transit and terminates either a) on unloading at the destination named in the Policy, or b) on delivery to a place of storage other than in the ordinary course of transit, or c) on expiry of (i) 60 days after completion of discharge from the overseas vessel at the final port of discharge, or (ii) 30 days after unloading from the aircraft at the final place of discharge, whichever shall first occur. Unless the Assured have the Company s prior agreement this insurance does not cover periods of intentional storage or delay which is within their control. Claims Before or after the Company pay the Assured s claim under this insurance the Assured must, if the Company ask, take or allow the Company to take in the Assured s name all the steps needed to enforce the Assured s rights against any other person, including the defence or settlement of any claim or the pursuit of a claim in any persons name. The Company shall pay any reasonable costs and expenses incurred. Benefit Of Insurance The insurance shall not benefit the carrier or any other third party who assumes responsibility for the Assured s motor vehicle. Minimizing Losses It is the Assured s duty and that of the Assured s representatives in respect of loss recoverable hereunder a) to take all reasonable measures for the purpose of averting or minimizing such loss and b) to ensure that all rights against carriers, and other potentially responsible third parties are properly preserved and exercised and We will, in addition to any loss recoverable hereunder, reimburse the Assured for any charges properly and reasonably incurred in pursuing these duties. Measures taken by the Assured or the Company with the object of saving, protecting or recovering the motor vehicle insured shall not prejudice the rights of either party. Avoidance Of Delay It is a condition of this insurance that the Assured act with reasonable dispatch in all circumstances within their control. Fraud If any claim is in any respect fraudulent or if any fraudulent means or devices are used by the Assured or others acting on the Assured s behalf to obtain benefit under this Policy then all benefits under this Policy will be lost Package Clause It is understood and agreed that should outer packing be damaged from any cause which renders interest unfit for on-shipment or distribution irrespective of final destination shown herein Company to pay the cost of reasonable repacking expenses provided such damage occurred during the currency of this Insurance. 21

22 Packing Clause In the event of a claim being made for loss or damage which is alleged to be caused by insufficiency or unsuitability of packing or preparation of the subject matter insured the Company hereby agree that they will not use such alleged insufficiency or unsuitability as a defence against the claim in any case where packing or preparation was carried out by a party other than the Named Assured and the insufficiency or unsuitability arose entirely without the Named Assured s privity or knowledge. For the purpose of this clause packing shall be deemed to include stowage in a container and/or other similar inter-model methods of unit load. It is further noted agreed that where packing or preparation is undertaken by the Assured Company accept such packing or preparation as sufficient or suitable to protect Subject-matter insured against loss or damage and further agreed to waive rights of subrogation against the Assured. This agreement is not to interfere with rights of subrogation against sellers and/or packers and/or other responsible third parties and/or their insurers furthermore the Assured agrees to assist the Underwriters in all respects to pursue rights of recovery. Pairs and Sets Clause The Company agrees that where the Subject-matter insured consists of articles in a pair or set, the Assured shall not be entitled to recover more than the proportionate Insured Value in respect of the particular part or parts which may be lost or damaged, without regard to any special value which such part or parts may have as forming a pair or set. Parties Insured by the Policy Where the Assured named in the Policy comprises more than one party all such parties shall be treated as one party or legal entity so that there will be only two parties to the contract of insurance namely the Company and the parties named in the Policy being jointly insured. Irrespective of the number of parties claiming under this Policy the total amount payable by the Company in respect of all claims arising out of any one event shall not exceed the Insured Value. Process Clause No claim to attach hereto for damage to insured property which may be sustained whilst the same is under any process and directly resulting therefrom. Rejected or Returned Shipments Clause In the event of shipments insured under this Policy being rejected or returned for any reason such shipments are covered continuously hereunder including whilst in warehouse or elsewhere until finally disposed of by the Assured. In those cases where returned goods were not insured under this Policy for the outward voyage or where cover under Policy has not been continuous then it is agreed that shipments are covered subject to the terms and conditions of this cover. Replacement Clause In the event of loss of or damage to any part(s) of an insured machine or other manufactured item consisting of more than one part caused by a peril cover by this insurance, the sum recoverable shall not exceed the cost of replacement or repair of such part(s) plus labour for (re)fitting and carriage costs. Duty incurred in the provision of replacement or repaired part(s) shall also be recoverable provided that the full duty payable on the insured machine or manufactured item is included in the amount. The total liability of Insurers shall in no event exceed the amount insured of the machine or manufactured item. 22