ERECTION ALL RISKS INSURANCE POLICY WORDING

Transcription

1 LIBERTY INSURANCE LIMITED Kumho Asiana Plaza, 15th floor 39 Le Duan Street, District 1 Ho Chi Minh City, Vietnam Tel: (84-8) Fax: (84-8) ERECTION ALL RISKS INSURANCE POLICY WORDING WHEREAS the Insured named in the Schedule hereto has furnished certain information to LIBERTY INSURANCE LIMITED (hereafter called the Company) which together with any other statements made in writing by the Insured for the purpose of this Policy is deemed to be incorporated herein; NOW THIS POLICY WITNESSES that subject to the Insured having paid or agreed to pay to the Company the Premium mentioned in the Schedule and subject to the terms, exclusions, provisions and conditions contained herein or endorsed hereon the Company will indemnify the Insured in the manner and to the extent hereinafter provided. GENERAL EXCLUSIONS The Company will not indemnify the Insured in respect of loss destruction or damage, liability, cost or expenses directly or indirectly caused by resulting from or in connection with any of the following regardless of any other cause or event contributing concurrently or in any other sequence to the loss destruction or damage, liability, cost or expenses: (c) (d) (e) war, invasion, act of foreign enemy, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, mutiny, riot, strike, lock-out, civil commotion, military or usurped power, a group of malicious person or persons acting on behalf of or in connection with any political organisation, conspiracy, confiscation, commandeering, requisition or destruction or damage by order of any government de jure or de facto or by any public authority; act of terrorism; nuclear reaction, nuclear radiation or radioactive contamination; wilful act or wilful negligence of the Insured or of his representatives; cessation of work whether total or partial For the purpose of this Policy, "terrorism" means an act, including but not limited to the use of force or violence and/or threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any 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 Exclusion also applies to loss destruction or damage, liability, cost or expenses of whatever 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, or (c) above. In any action, suit or other proceeding where the Company alleges that by reason of the provisions of Exclusions, or (c) above any loss destruction or damage, liability, cost or expenses is not covered by this insurance the burden of proving that such loss destruction damage or liability is covered shall be upon the Insured. UW-EEA-W E Page 1 of 16

2 In the event any portion of the Exclusion, or (c) is found to be invalid or unenforceable, the remainder shall remain in full force and effect. UW-EEA-W E Page 2 of 16

3 SPECIAL EXCLUSIONS 1. NUCLEAR ENERGY RISKS EXCLUSION CLAUSE (1994) (WORLDWIDE EXCLUDING U.S.A. AND CANADA) - NMA 1975(A) This Agreement shall exclude Nuclear Energy Risks whether such risks are written directly and/or by way of insurance and/or via Pools and/or Associations. For all purposes of this Agreement Nuclear Energy Risks shall mean all first party and/or third party insurances (other than workers' compensation and/or employers' liability) in respect of:- (I) (II) All Property on the site of a nuclear power station. Nuclear Reactors, reactor buildings and plant and equipment therein on any site other than a nuclear power station. All Property, on any site (including but not limited to the sites referred to in (I) above) used or having been used for:- The generation of nuclear energy; or The Production, Use or Storage of Nuclear Material. (III) (IV) Any other Property eligible for insurance by the relevant local Nuclear Insurance Pool and/or Association but only to the extent of the requirements of that local Pool and/or Association. The supply of goods and services to any of the sites, described in (I) to (III) above, unless such insurances shall exclude the perils of irradiation and contamination by Nuclear Material. Except as under-noted, Nuclear Energy Risks shall not include:- Any insurance in respect of the construction or erection or installation or replacement or repair or maintenance or decommissioning of property as described in (I) to (III) above (including contractors' plant and equipment); Any Machinery Breakdown or other Engineering insurance not coming within the scope of above; Provided always that such insurance shall exclude the perils of irradiation and contamination by Nuclear Material. However, the above exemption shall not extend to:- (1) The provision of any insurance whatsoever in respect of:- Nuclear Material: Any Property in the High Radioactivity Zone or Area of any Nuclear Installation as from the introduction of Nuclear Material or - for reactor installations - as from fuel loading or first criticality where so agreed with the relevant local Nuclear Insurance Pool and/or Association. (2) The provision of any insurance for the under-noted perils:- - Fire, lightning, explosion; - Earthquake; - Aircraft and other aerial devices or articles dropped therefrom; - Irradiation and radioactive contamination; - Any other peril insured by the relevant local Nuclear Insurance Pool and/or Association; in respect of any other Property not specified in (1) above which directly involves the Production, Use or Storage of Nuclear Material as from the introduction of Nuclear Material into such Property. UW-EEA-W E Page 3 of 16

4 Definitions "Nuclear Material" means:- i) Nuclear fuel, other than natural uranium and depleted uranium, capable of producing energy by a self sustaining chain process of nuclear fission outside a Nuclear Reactor, either alone or in combination with some other material; and Radioactive Products or Waste. "Radioactive Products or Waste" means any radioactive material produced in, or any material made radioactive by exposure to the radiation incidental to the production or utilisation of nuclear fuel, but does not include radioisotopes which have reached the final stage of fabrication so as to be usable for any scientific, medical, agricultural, commercial or industrial purpose. "Nuclear Installation" means:- (iii) Any Nuclear Reactor; Any factory using nuclear fuel for the production of Nuclear Material, or any factory for the processing of Nuclear Material, including any factory for the reprocessing of irradiated nuclear fuel; and Any facility where Nuclear Material is stored, other than storage incidental to the carriage of such material. "Nuclear Reactor" means any structure containing nuclear fuel in such an arrangement that a self sustaining chain process of nuclear fission can occur therein without an additional source of neutrons. "Production, Use or Storage of Nuclear Material" means the production, manufacture, enrichment, conditioning, processing, reprocessing, use, storage, handling and disposal of Nuclear Material. "Property" shall mean all land, buildings, structures, plant, equipment, vehicles, contents (including but not limited to liquids and gases) and all materials of whatever description whether fixed or not. "High Radioactivity Zone or Area" means:- For nuclear power stations and Nuclear Reactors, the vessel or structure which immediately contains the core (including its supports and shrouding) and all the contents thereof, the fuel elements, the control rods and the irradiated fuel store; and For non-reactor Nuclear Installations, any area where the level of radioactivity requires the provision of a biological shield. 2. NUCLEAR EXCLUSION (SR 482) This Agreement shall not apply to nuclear energy risks in accordance with the Nuclear Energy Risks Exclusion Clause NMA 1975a and any other liability, loss, cost or expense of whatsoever nature directly or indirectly caused by, resulting from, arising out of or in connection with nuclear reaction, nuclear radiation or radioactive contamination regardless of any other cause contributing concurrently or in any other sequence to the loss, save where such liability, loss, cost or expense is expressly exempted from NMA 1975a. 3. NUCLEAR ENERGY RISKS EXCLUSION CLAUSE 1. This contract excludes nuclear energy risks whether written directly or by way of insurance or via pools or associations. Under this contract the term nuclear energy risks means any first or third party insurance (other than workers compensation or UW-EEA-W E Page 4 of 16

5 employers liability) in respect of: 1.1 nuclear reactors and nuclear power stations or plant; 1.2 any other premises or facilities concerned with the production of nuclear energy or the production or storage or handling of nuclear fuels or nuclear waste; 1.3 any other premises or facilities eligible for insurance by any local nuclear pool or association but only to the extent of the requirements of the local pool or association; 1.4 nuclear or radioactive fuel, or nuclear or radioactive waste. 2. However, this exclusion shall not apply 2.1 to any insurance in respect of the construction, erection or installation of buildings, plant and other property (including contractor s plant and equipment used in connection therewith): for the storage of nuclear fuel prior the commencement of storage as regards reactor installations prior to the commencement of loading of nuclear fuel into the reactor, or prior to the initial criticality, depending on the commencement of the insurance of the relevant local nuclear pool or association; 2.2 to any machinery breakdown or other engineering insurance not coming within the scope of 3.1. above, nor affording coverage in the high radioactivity zone; 2.3 to any insurance in respect of the hulls of ships, aircraft or other conveyances; 2.4 to any insurance in respect of loss of or damage to (including any expenses incurred therewith) nuclear or radioactive fuel or nuclear or radioactive waste while in transit or storage as cargo, other than while being processed or while in storage at the reactor installation or any other final destination concerned with production, storage or handling of nuclear fuel or nuclear waste. 4. PROPERTY DAMAGE CLARIFICATION CLAUSE Property damage covered under this Agreement shall mean physical damage to the substance of property. Physical damage to the substance of property shall not include damage to data or software, in particular any detrimental change in data, software or computer programs that is caused by a deletion, a corruption or a deformation of the original structure. Consequently the following are excluded from this Agreement: A. Loss of or damage to data or software, in particular any detrimental change in data, software or computer programs that is caused by a deletion, a corruption or a deformation of the original structure, and any business interruption losses resulting from such loss or damage. Notwithstanding this exclusion, loss of or damage to data or software which is the direct consequence of insured physical damage to the substance of property shall be covered. B. Loss or damage resulting from an impairment in the function, availability, range of use or accessibility of data, software or computer programs, and any business interruption losses resulting from such loss or damage. UW-EEA-W E Page 5 of 16

6 5. GRADUAL POLLUTION EXCLUSION CLAUSE LMC 1 (B) With regard to all Public Liability and General Third Party Liability and Products Liability (whether written as such or otherwise) under policies covering operations outside U.S.A. or Canada incepting or renewed on or after 1 st January 1987, this Contract does not cover any liability for (c) personal injury or bodily injury or financial loss or loss of, or damage to, or loss of use of property directly or indirectly arising out of the discharge, dispersal, release or escape of pollutants. the cost of removing, nullifying or cleaning up pollutants. fines, penalties, punitive or exemplary damages arising directly or indirectly out of the discharge, dispersal, release or escape of pollutants. Notwithstanding the foregoing, this Contract shall cover liability otherwise excluded under paragraphs and above which arises from a sudden, identifiable, unintended and unexpected happening which takes place in its entirety at a specific time and place, and is indemnified in not more than one annual period of original insurance. For the purposes of this clause, 'pollutants' means any solid, liquid, gaseous or thermal irritant or contaminant, including but not limited to smoke, vapour, soot, fumes, acids, alkalis, chemicals and waste. Waste includes material to be reconditioned or reclaimed. 6. SEEPAGE, POLLUTION AND CONTAMINATION EXCLUSION CLAUSE NMA 1685 This Agreement does not cover any liability in respect of: 1. Loss of, damage to, or loss of use of property directly or indirectly caused by seepage, pollution or contamination, provided always that this paragraph shall not apply to loss of or physical damage to or destruction of tangible property, or loss of use of such property damaged or destroyed, where such seepage, pollution or contamination is a consequence of an otherwise under this agreement indemnifiable sudden, unintended and unexpected happening. 2. The cost of removing, nullifying or cleaning-up seeping, polluting or contaminating substances unless the seepage, pollution or contamination is a consequence of an otherwise under this agreement indemnifiable sudden, unintended or unexpected happening. 3. Fines, penalties, punitive or exemplary damages. Furthermore it is agreed that the Insurer is only liable for such claims which have been reported to the Insured within twelve months from the occurrence of the otherwise indemnifiable happening. 7. SANCTION LIMITATION EXCLUSION Liberty shall not provide cover and shall not be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such claim or provision of such benefit would expose Liberty to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European UW-EEA-W E Page 6 of 16

7 Union, United Kingdom or United State of America PERIOD OF INSURANCE The liability of the Company shall commence, notwithstanding any date to the contrary specified in the Schedule directly upon commencement of work or after the unloading of the items entered in the Schedule at the site and shall continue until immediately after taking over or after the first testing operation or test loading is completed whatever is the earlier, but not beyond four weeks (unless otherwise agreed in writing) from the date of commencement of the test. If, however, a part of a plant or one or several machine(s) is/are tested and/or put into operation or taken over, the cover for that particular part of the plant or machine(s) and any liability resulting therefrom ceases whereas the cover continues for the remaining parts. In the case of second-hand items, the insurance hereunder shall, however, cease immediately on the commencement of the test. At the latest the insurance shall expire on the date specified in the Schedule. Any extensions of the Period of Insurance are subject to the prior written consent of the Company. GENERAL CONDITIONS 1. The due observation and fulfilment of the terms of this Policy in so far as they relate to anything to be done or complied with by the Insured and the truth of the statements and answers in the questionnaire and proposal made by the Insured shall be a condition precedent to any liability of the Company. 2. This Policy incorporates the Schedule, the Section(s), Specification and Endorsements which shall be read together as one contract. Words and expressions to which specific meanings have been attached in any part of this Policy or of the Schedule, Sections, Specification and Endorsements shall bear such specific meanings wherever they shall appear. 3. The Insured shall at his own expense take all reasonable precautions to prevent loss destruction or damage, or liability and comply with statutory requirements and manufacturers recommendations and all reasonable recommendations of the Company. 4. Representatives of the Company shall at any reasonable time have the right to inspect and examine the risk and the Insured shall provide the representatives of the Company with all details and information necessary for the assessment of the risk. The Insured shall immediately notify the Company by telegram and in writing of any material change in the risk and cause at his own expense such additional precautions to be taken as circumstances may require, and the scope of cover and/or premium shall, if necessary, be adjusted accordingly. No material alteration shall be made or admitted by the Insured whereby the risk is increased, unless the continuance of the insurance be confirmed in writing by the Company. 5. In the event of any occurrence which might give rise to a claim under this Policy, the Insured shall (c) (d) (e) immediately notify the Company by telephone or telegram as well as in writing, giving an indication as to the nature and extent of loss or damage; take all steps within his power to minimise the extent of the loss or damage; preserve the parts affected and make them available for inspection by a representative or surveyor of the Company; furnish all such information and documentary evidence as the Company may require; inform the police authorities in case of loss or damage due to theft or burglary. UW-EEA-W E Page 7 of 16

8 The Company shall not in any case be liable for loss, damage or liability of which no notice has been received by the Company within 14 days of its occurrence. Upon notification being given to the Company under this condition, the Insured may carry out the repairs or replacement of any minor damage; in all other cases a representative of the Company shall have the opportunity of inspecting the loss or damage before any repairs or alteration are effected. If a representative of the Company does not carry out the inspection within a period of time which could be considered as adequate under the circumstances the Insured is entitled to proceed with the repairs or replacement. The liability of the Company under this Policy in respect of any item sustaining damage shall cease if said item is not repaired properly without delay. 6. The Insured shall at the expense of the Company do and concur in doing and permit to be done all such acts and things as may be necessary or required by the Company in the interest of any rights or remedies, or of obtaining relief or indemnity from parties (other than those Insured under this Policy) to which the Company shall be or would become entitled or subrogated upon its paying for or making good any loss or damage under this Policy, whether such acts and things shall be or become necessary or required before or after the Insured s indemnification by the Company. 7. If any difference arises as to the amount to be paid under this Policy (liability otherwise admitted) such difference shall be referred to an arbitrator to be appointed by the parties in accordance with statutory provisions. Where any difference is by this condition to be referred to arbitration the making of an award shall be a condition precedent to any right of action against the Company. 8. All benefit under the Policy shall be forfeited if any claim made is in any respect fraudulent or if any fraudulent means or devices are used by the Insured or any one acting on his behalf to obtain benefit under this Policy or if any loss or damage is caused by the willful act or with the connivance of the Insured; Benefit under the Policy shall also be forfeited in respect of any claim: or made and rejected if an action or suit be not commenced within twelve months after such rejection; where arbitration takes place in pursuance of Condition 7 of this Policy and an action or suit be not commenced within twelve months after the arbitrators shall have made their award. 9. If at the time any claim arises under the Policy there be any other insurance covering the same loss, damage or liability the Company shall not be liable to pay or contribute more than their rateable proportion of any claim for such loss, damage or liability. 10. This insurance is subject to Vietnamese law and practice. SECTION I - MATERIAL DAMAGE The Company hereby agrees with the Insured that if at any time during the Period of Insurance the items or any part thereof entered in the Schedule shall suffer any unforeseen and sudden physical loss destruction or damage from any cause, other than those specifically excluded, in a manner necessitating repair or replacement, the Company will indemnify the Insured in respect of such loss destruction or damage as hereinafter provided by payment in cash, replacement or repair (at its own option) up to an amount not exceeding in respect of each of the items specified in the Schedule the sum set opposite thereto and not exceeding in any one event the limit of indemnity where applicable and not exceeding in all the total sum expressed in the Schedule as insured hereby. The Company will also reimburse the Insured for the cost of clearance of debris following upon any event giving rise to a claim under this Policy provided a separate sum therefor has been entered in the Schedule. UW-EEA-W E Page 8 of 16

9 SPECIAL EXCLUSIONS TO SECTION I The Company shall not, however, be liable for: 1. the deductible stated in the Schedule to be borne by the Insured in any one occurrence; 2. consequential loss of any kind or description whatsoever including penalties, losses due to delay, lack of performance, loss of contract; 3. loss or damage due to faulty design, defective material or casting, bad workmanship other than faults in erection; 4. wear and tear, corrosion, oxidation, incrustation; 5. loss of or damage to files, drawings, accounts, bills, currency, stamps, deeds, evidences of debt, notes, securities, cheques, packing materials such as cases, boxes, crates; 6. loss discovered only at the time of taking an inventory. 7. Electronic Data Notwithstanding any provision to the contrary within the Policy or any endorsement thereto, it is understood and agreed as follows: This Policy does not insure loss, damage, destruction, distortion, erasure, corruption or alteration of Electronic Data from any cause whatsoever (including but not limited to Computer Virus) or loss of use, reduction in functionality, cost, expense of whatsoever nature resulting therefrom, regardless of any other cause or event contributing concurrently or in any other sequence to the loss. Electronic Data means facts, concepts and information converted to a form useable for communications, interpretation or processing by electronic and electromechanical data processing or electronically controlled equipment and includes program, software and other coded instructions for the processing and manipulation of data or the direction and manipulation of such equipment. Computer Virus means a set of corrupting, harmful or otherwise unauthorised instructions or code including a set of maliciously introduced unauthorised instructions or code, programmatic or otherwise, that propagate themselves through a computer system or network of whatsoever nature. Computer Virus includes but is not limited to Trojan Horses, worms and time or logic bombs. However, in the event that a peril listed below results from any of the matters described in paragraph above, this Policy, subject to all its terms, conditions and exclusions, will cover physical damage occurring during the Policy period to Property Insured by this Policy directly caused by such listed peril. Listed Perils: Fire, Explosion. Electronic Data Processing Media Valuation Notwithstanding any provision to the contrary within the Policy or any endorsement thereto, it is understood and agreed as follows: Should electronic data processing media insured by this Policy suffer physical loss or damage insured by this Policy, then the basis of valuation shall be the cost of the blank media plus the costs of copying the Electronic Data from back-up or from originals of a previous generation. These costs will not include research and UW-EEA-W E Page 9 of 16

10 engineering nor any costs of recreating, gathering or assembling such Electronic Data. If the media is not repaired, replaced or restored the basis of valuation shall be the cost of the blank media. However this Policy does not insure any amount pertaining to the value of such Electronic Data to the Insured or any other party, even if such Electronic Data cannot be recreated, gathered or assembled. UW-EEA-W E Page 10 of 16

11 PROVISIONS APPLYING TO SECTION I Memo 1 - Sums Insured It is a requirement of this insurance that the sums insured stated in the Schedule (under item 1 Erection Work and 2 Civil Engineering Work) shall not be less than the full value of each item at the completion of the erection, inclusive of freight, customs duties, dues, erection cost, and the Insured undertakes to increase or decrease the amounts of insurance in the event of any material fluctuation in wages or prices provided always that such increase or decrease shall take effect only after the same has been recorded on the Policy by the Company. If, in the event of loss or damage, it is found that the sums insured are less than the amounts required to be insured, then the amount recoverable by the Insured under this Policy shall be reduced in such proportion as the sums insured bear to the amounts required to be insured. Every object and cost item is subject to this condition separately. Memo 2 - Basis of Loss Settlement In the event of any loss or damage the basis of any settlement under this Policy shall be: in the case of damage which can be repaired - the cost of repairs necessary to restore the items to their condition immediately before the occurrence of the damage less salvage, or in the case of a total loss - the actual value of the items immediately before the occurrence of the loss less salvage, however, only to the extent the costs claimed had to be borne by the Insured and to the extent they are included in the sums insured and provided always that the provisions and conditions have been complied with. The Company will make payments only after being satisfied by production of the necessary bills and documents that the repairs have been effected or replacement has taken place, as the case may be. All damage which can be repaired shall be repaired, but if the cost of repairing any damage equals or exceeds the value of the items immediately before the occurrence of the damage, the settlement shall be made on the basis provided for in above. The cost of any provisional repairs will be borne by the Company if such repairs constitute part of the final repairs and do not increase the total repair expenses. The cost of any alterations, additions and/or improvements shall not be recoverable under this Policy. Memo 3 - Extension of Cover Extra charges for overtime, night work, work on public holidays, express freight are covered by this insurance only if previously and specially agreed upon in writing. Memo 4 - Surrounding Property Loss of or damage to property located on or adjacent to the site and belonging to or held in care, custody or control of the Principal(s) or the Contractor(s) shall only be covered if occurring in direct connection with the erection, construction or testing of the items insured under Section I and happening during the Period of Cover, and provided that a separate sum therefor has been entered in the Schedule under Section I, item 4. This cover does not apply to construction/erection machinery and construction/erection plant and equipment. The Company will only indemnify the Insured for loss of or damage to the insured property provided that prior to the commencement of the erection, construction or testing its condition is sound and the necessary safety measures have been taken. In respect of loss of or damage caused by vibration or by the removal or weakening of support The Company will only indemnify the Insured for loss or damage as a result of a total or partial collapse of the insured property and not for superficial damage which neither impairs the stability of the insured property nor endangers its users. UW-EEA-W E Page 11 of 16

12 The Company will not indemnify the Insured for: loss or damage which is foreseeable having regard to the nature of the erection, construction or testing work or the manner of its execution; the cost of loss prevention or minimization measures which become necessary during the period of insurance. UW-EEA-W E Page 12 of 16

13 SECTION II - THIRD PARTY LIABILITY The Company will indemnify the Insured up to but not exceeding the amounts specified in the Schedule against such sums which the Insured shall become legally liable to pay as damages consequent upon: accidental bodily injury or illness of third parties (whether fatal or not), accidental loss or damage to property belonging to third parties occurring in direct connection with the construction or erection of the items insured under Section I and happening on or in the immediate vicinity of the site during the Period of Insurance. In respect of a claim for compensation to which the indemnity provided herein applies, the Company will indemnify the Insured against all costs and expenses of litigation recovered by any claimant from the Insured, and all costs and expenses incurred with the written consent of the Company. PROVIDED ALWAYS that the liability of the Company under this section shall not exceed the Limit of Liability stated in the Schedule. SPECIAL EXCLUSIONS TO SECTION II The Company will not indemnify the Insured in respect of: 1. the deductible stated in the Schedule to be borne by the Insured in any one occurrence; 2. the expenditure incurred in doing or redoing or making good or repairing or replacing anything covered or coverable under Section I of this Policy; 3. liability consequent upon (c) (d) bodily injury to or illness of employees or workmen of the Contractor(s) or the Principal(s) or any other firm connected with the project which or part of which is insured under Section I, or members of their families; loss of or damage to property belonging to or held in care, custody or control of the Contractor(s), the Principal(s) or any other firm connected with the project which or part of which is insured under Section I, or an employee or workman of one of the aforesaid; any accident caused by vehicles licenced for general road use or by waterborne vessels or aircraft; any agreement by the Insured to pay any sum by way of indemnity or otherwise unless such liability would have attached also in the absence of such agreement. 4. the rendering of or failure to render professional advice or service by the Insured or any error or omission connected therewith. 5. liability directly or indirectly occasioned by or through or in consequence of pollution or contamination. 6. Absolute Asbestos Exclusion It is hereby understood and agreed that this Policy shall not apply to and does not cover any actual or alleged liability whatsoever for any claim or claims in respect of losses directly or indirectly arising out of, resulting from, in consequence of, contributed to or aggravated by asbestos in whatever form or quantity. UW-EEA-W E Page 13 of 16

14 7. fines, penalties or liquidated damages. 8. punitive damages and/or exemplary damages and/or aggravated damages and/or any additional damages resulting from the multiplication of compensatory damages. 9. Information Technology Hazards, Computer Data, Program and Storage Media Exclusion This Policy does not cover liability in respect of: Bodily Injury or Property Damage arising, directly or indirectly, out of, or in any way involving the Insured s Internet Operations. This exclusion does not apply to Bodily Injury or Property Damage arising out of any material which is already in print by the manufacturer in support of its product, including but not limited to product use and safety instructions or warnings, and which is also reproduced on its site. Internet Operations means the following: (iii) (iv) Use of electronic mail systems by the Insured or the Insured s employees, including part-time and temporary staff, contractors and others within the Insured s organisation; Access through the Insured s network to the world wide web or a public internet site by the Insured s employees, including part-time and temporary staff, contractors and others within the Insured s organisation; Access to the Insured s intranet (meaning internal company information and computing resources) which is made available through the world wide web for customers of the Insured or others outside the Insured s organisation; and The operation and maintenance of the Insured s web site. Nothing in this exclusion shall be construed to extend coverage under this Policy to any liability which would not have been covered in the absence of this exclusion. Property Damage to computer data or programs and their storage media arising directly or indirectly out of or caused by, through or in connection with: (iii) the use of any computer hardware or software; the provision of computer or telecommunication services by the Insured or on the Insured s behalf; the use of computer hardware or software belonging to any third party, whether authorised or unauthorised including damage caused by any computer virus. SPECIAL CONDITIONS APPLYING TO SECTION II 1. In the event of any occurrence which may give rise to a claim for indemnity under this Section the Insured shall as soon as possible give notice thereof to the Company in writing. Every letter claim writ summons and process shall be notified or forwarded to the Company immediately on receipt. 2. No admission, offer, promise, payment or indemnity shall be made or given by or on behalf of the Insured without the written consent of the Company who shall be entitled, if it so desires, to take over and conduct in the name of the Insured the defence or settlement of any claim or to prosecute for its own benefit in the name of the Insured any claim for indemnity or damages or otherwise and shall have full discretion in the conduct of any proceedings or in the settlement of any claim and the Insured shall give all such information and assistance as the Company may require. UW-EEA-W E Page 14 of 16

15 3. The Company may so far as any occurrence is concerned pay to the Insured the Limit of Liability for any one occurrence (but deducting therefrom in such case any sum or sums already paid as compensation in respect thereof) or any lesser sum for which the claim or claims arising from such occurrence can be settled and the Company shall thereafter be under no further liability in respect of such accident under this Section. 4. The indemnity under this Section shall not apply in respect of judgments which are not in the first instance delivered by or obtained from a court of competent jurisdiction within the Socialist Republic of Vietnam. UW-EEA-W E Page 15 of 16

16 PREMIUM WARRANTY 1. Notwithstanding anything herein contained to the contrary, and subject only and without prejudice to clause 2 hereinafter set out, it is hereby declared and agreed that it is a condition precedent to liability under this Policy, Renewal Certificate, Endorsement or Cover Note that any premium due must be paid and actually received in full by the Company, the registered broker or registered agent through whom this Policy was effected: where the period of insurance is more than 30 (thirty) days, within 30 (thirty) days from the: (iii) INCEPTION date of the cover under the Policy, Renewal Certificate or Cover Note; or EFFECTIVE date of the cover stated on each Endorsement, if any, issued under the Policy, Renewal Certificate or Cover Note; or where the ISSUANCE date of the Policy or the Endorsement, if any, issued under the Policy, Renewal Certificate or Cover Note is more than 30 (thirty) days from the inception date or effective date, the premium must be paid upon presentation of the Debit Note(s); or where the Company has allowed payment of that premium by installments (iii) within 15 days from INCEPTION date of the cover under the Policy, Renewal Certificate or Cover Note for the first installment and thereafter from the agreed dates on which the subsequent installments become payable; or Any Endorsement, if any, issued under the Policy, Renewal Certificate or Cover Note, the premium must be paid on the due date of latest installment and before the expiry date of the Policy where the period of insurance is less than 30 (thirty) days, the premium must be paid upon presentation of the Debit Note(s). 2. In the event any of the abovementioned premium is not paid in full to the Company, registered broker or registered agent as described above in the manner and within the time stipulated above (the "premium warranty period"), the cover under this Policy, Renewal Certificate, Endorsement or Cover Note shall be deemed to have terminated automatically from the expiry of the premium warranty period and the Company shall be discharged from all liability therefrom but without prejudice to any liability incurred before that date and the Company shall be entitled to a pro-rata time on risk premium subject to a minimum of US$ In case of claim, all the outstanding premiums will be paid immediately to the Company. IMPORTANT NOTICE We would remind that you must disclose to us, fully and faithfully, the facts you know or ought to know, otherwise you may not receive any benefit from your Policy. UW-EEA-W E Page 16 of 16