CONTRACTORS ALL RISKS EXCESS OF LOSS INSURANCE POLICY

Transcription

1 ACE European Group Ltd. 2 nd Floor, 5 George's Dock, International Financial Services Centre, Dublin tel fax ACE European Group Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority in the United Kingdom and is regulated by the Central Bank of Ireland for conduct of business rules. CONTRACTORS ALL RISKS EXCESS OF LOSS INSURANCE POLICY In consideration of the Insured paying the Premium to ACE EUROPEAN GROUP LIMITED (hereinafter called "the Company") and having made a Proposal The Company agrees (subject to the same terms, exclusions and conditions (except as regards the premium, settlements, limit(s) of liability and any provision relating to deductibles or self-insured retentions) as the Primary Policy specified in the Schedule and to the terms, exclusions, limitations and conditions contained herein or endorsed hereon) to indemnify the Insured against all sums in excess of the Underlying Limit specified in the Schedule in respect of loss or destruction of or damage as insured under said Primary Policy to the property insured thereby Provided that 1. the Primary Policy (and any Underlying Policy/ies) shall be maintained in full effect during the Period of Insurance of this Policy 2. no liability shall attach to the Company a) unless and until the insurers of the Primary Policy (and any Underlying Excess Policy/ies) have paid or have admitted liability for, or b) unless the insurers of the Primary Policy (and any Underlying Excess Policy/ies) would, but for the existence of any provision contained in such Policy/ies limiting said insurer(s) liability to any aggregate amount during the Period of Insurance, have paid or admitted liability for the full amount of the Underlying Limit (after making deductions for all recoveries salvages and other valid and collectable insurances) as specified in the Schedule and that the liability of the Company in respect of all sums payable as a result of any one occurrence or of any series of occurrences arising directly or indirectly out of any one event shall not exceed the Limit(s) of Liability stated in the Schedule SIGNED for and on behalf of the Company Andrew Kendrick President This Policy together with its Schedule and any attached endorsements is a legal contract which shall constitute the entire contract between the parties, and should be examined and if incorrect returned immediately for alteration

2 This Policy does not cover Exclusions Electronic Data 1 a) i) damage 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 programs software and other coded instructions for the processing 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 programming 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 ii) However in the event that a peril listed below results from any of the matters described in paragraph 1 a) i) above this Policy subject to all its terms conditions and exclusions will cover physical damage occurring during the Period of Insurance to property insured by this Policy directly caused by such listed peril Listed Perils Fire Explosion b) Electronic Data Processing Media Valuation 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 the back-up or from originals of a previous generation These costs will not include research and 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 Primary Inner Limit 2. any loss destruction damage or any consequential loss of whatsoever nature in respect of which, under the Primary (and Underlying Excess) Policy/ies, the liability of the Primary and Underlying Excess Insurers liability is limited to a sum lower than the Underlying Limit expressed in the Schedule

3 Radioactive Contamination 3. any loss or destruction of or damage to any property whatsoever or any loss or expense whatsoever resulting or arising therefrom or any consequential loss or any liability of whatsoever nature directly or indirectly caused by or contributed to by or arising from a) ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel b) the radioactive toxic explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof Sonic Boom 4. any loss destruction or damage caused by or consisting of pressure waves caused by aircraft or other aerial devices travelling at sonic or supersonic speeds Terrorism 5. damage cost or expense of whatsoever nature directly or indirectly caused by resulting from or in connection with any Act of Terrorism regardless of any other cause or event contributing concurrently or in any other sequence to the loss For the purpose of this Exclusion an Act of Terrorism means an act including but not limited to the use of force or violence and / or the threat thereof of any person or group(s) of persons whether acting alone or on behalf of or in connection with any organisation(s) or governments(s) committed for political religious ideological or similar purposes including the intention to influence any government and / or to put the public or any section of the public in fear This insurance also excludes damage cost or expense of whatsoever nature directly or indirectly caused by resulting from or in connection with any action taken in controlling preventing suppressing or in any way relating to any Act of Terrorism If the Company allege that by reason of this Exclusion any damage cost or expense is not covered by this insurance the burden of proving the contrary shall be upon the Insured In the event any portion of this Exclusion is found to be invalid or unenforceable the remainder shall remain in full force and effect War 6. any loss destruction damage injury or any consequential loss of whatsoever nature or liability directly or indirectly occasioned by happening through or in consequence of war invasion act of foreign enemy hostilities or warlike operation (whether war be declared or not) civil war rebellion revolution insurrection or military or usurped power nationalisation confiscation requisition seizure or destruction by the government or any public authority This Policy does not apply to Pyrite 7. any loss demand or claim arising out of or related in any way to the presence or alleged presence of any sulphides including but not limited to pyrites and/or their derivatives The Company shall have no duty of any kind with respect to such loss demand or claim

4 Conditions Alteration 1. This Policy shall be deemed to be void if there is any alteration a) in the Business or in the premises or property therein or in any other circumstances whereby the risk is materially increased b) in any other circumstances whereby the risk of loss destruction damage or consequential loss is materially increased or is likely to be materially increased unless such alteration is agreed to in writing by the Company. Application of Recoveries 2. All salvages recoveries and payments excluding proceeds from subrogation and underlying insurance recovered or received prior to a loss settlement under this Policy shall reduce the loss accordingly. If recovered or received subsequent to a loss settlement under this Policy such net amounts recovered shall be divided between the interests concerned in proportion to their respective interests. Arbitration 3. Any dispute between the Insured and the Company on the Company s liability in respect of the claim or the amount to be paid shall in default of agreement be referred within twelve months of the dispute arising to an arbitrator appointed jointly by the Insured and the Company in agreement or failing agreement appointed by the President for the time being of the Incorporated Law Society of Ireland and the decision of such arbitrator shall be final and binding on both parties If the dispute has not been referred to arbitration within the aforesaid twelve month period then it shall be deemed to have been abandoned and not recoverable thereafter Cancellation 4. The Company may cancel this Policy in accordance with the terms of the Primary Policy or by the Company sending not exceeding 30 days notice thereof by recorded delivery letter to the Insured at the Insureds last known address. In such event the Company shall make a return of the proportionate part of the premium in respect of the unexpired Period of Insurance from the effective date of cancellation. Choice of Law 5. This Policy of insurance shall be governed by and construed in accordance with the laws of the Republic of Ireland and be subject to the exclusive jurisdiction of the courts of the Republic of Ireland in respect of any dispute arising under or in connection with this Policy, including any dispute as to the formation or validity of the Policy. Contracts (Rights of Third Parties) Act (Great Britain & Northern Ireland only) 6. A person or company who is not a party to this Policy has no rights under the Contracts (Rights of Third Parties) Act 1999 in respect of this Policy. This condition does not affect any right or remedy which exists or is available notwithstanding such Act. If the Company avails itself of such right and opportunity the Company shall do so at its own expense. Fraud 7. If a claim is fraudulent in any respect or if fraudulent means are used by the Insured or by anyone acting on behalf of the Insured to obtain any benefit under this Policy or if any loss destruction damage or any consequential loss is caused by the wilful act or with the connivance of the Insured all benefit under this Policy shall be forfeited.

5 Misrepresentation 8. This Policy shall be voidable in the event of misrepresentation, misdescription or non-disclosure in any material particular. However, in the event of material misrepresentation, misdescription or non-disclosure occurring by the Insured prior to inception of this insurance, which the Insured can demonstrate was made entirely innocently (without negligence, recklessness or fraud) the Company agree that its rights shall be limited to the right to charge the increased premium which could reasonably have been charged had such innocent misrepresentation, misdescription or non-disclosure not occurred, or such other proportionate remedy as may be appropriate in the circumstances. The Insured will bear the burden of proving that any material misrepresentation, misdescription or non-disclosure was made innocently. The parties agree that the Company s rights will be unimpaired in all cases where the Insured is unable to prove that such material misrepresentation, misdescription or non-disclosure was made innocently. Multiple Insureds 9. The total amount payable by the Company in respect of any claim irrespective of the number of parties insured by this Policy having a claim under this Policy shall not exceed in the whole the Limit of Liability or in respect of any item its Limit of Liability or any other stated Limit of Liability. For the purpose of the Limit of Liability all of the parties insured under this Policy 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 Insured specified in the Schedule. Notice of Occurrence 10. It is a condition precedent to any liability of the Company under this Policy that in the event of an occurrence reasonably likely to produce a claim which exceeds 50% of the Underlying Limit the Insured shall give written notice as soon as practicable to the Company. Such notice shall contain particulars sufficient to identify the Insured and fullest information obtainable at the time. Subrogation 11. Any person claiming indemnity under this Policy shall at the request and 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 reasonably required by the Company for the purpose of enforcing any rights and remedies, or of obtaining relief or indemnity from other parties to which the Company shall be or would become entitled or subrogated upon its indemnifying the Insured under this Policy, whether such acts and things shall be or become necessary or required before or after his indemnification by the Company. Interpretation 12. This Policy and the Schedule shall be read together as one document and any word or expression to which a specific meaning has been attached in any Section of this Policy or of the Schedule shall bear such specific meaning wherever it may appear. Sanction Limitation 13. The Company shall not provide cover and the Company 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 the Company to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, Republic of Ireland or United States of America.

6 Definitions Underlying Policy/ies 1. Underlying Policy/ies means Underlying Excess Policy/ies a) the Primary Policy specified in the Schedule, (it being understood that if the Primary Policy is a multi-sectional policy, then Underlying Policy/ies means the applicable section(s) thereof) and b) any Underlying Excess Policy/ies 2. Underlying Excess Policy/ies means those excess layer policies the details of which have been supplied to the Company Underlying Limit 3. The Underlying Limit is as stated in the Schedule and consists of the total of the limit or limits of liability provided by the Underlying Policy/ies Period of Insurance 4. Period of Insurance means the period stated in the Schedule or any subsequent period for which the Insured shall have paid and the Company shall have accepted a renewal premium Proposal 5. Proposal means any signed proposal form and declaration and any information in connection with this insurance supplied by or on behalf of the Insured in addition thereto or in substitution therefore whether at the time of acceptance or prior or subsequent thereto

7 Data Protection ACE European Group Limited and its group companies ( ACE ) will use the information supplied during the formation and performance of this Policy for policy administration, customer services, the payment of claims, the production of management information for business analysis and for risk assessment purposes in the manner set out below. We will keep this information for a reasonable period. Where sensitive personal data has been disclosed, including any medical or criminal record information, ACE will also use this information for these purposes. ACE are entitled to ask about criminal convictions in relation to insurance risks. ACE may also transfer certain information to countries that do not provide the same level of data protection as Ireland for the above purposes. A contract will be in place to ensure the information transferred is protected. ACE may record telephone calls for quality control, claims administration, fraud prevention and staff training purposes. When personal or sensitive data is supplied to ACE about third parties other than the Insured, both during the formation and performance of this Policy, ACE requires that you confirm you have obtained the explicit consent of those third parties to the supply of this information to ACE, to ACE processing this data, including sensitive personal data, and to the transfer of their information abroad. ACE will assume that the supplier of the information is authorised to receive, on their behalf, any data protection notices. ACE may share personal and sensitive personal information with the following organisations for the purposes described above: our connected companies, service providers, agents and subcontractors including loss adjusters and claims investigators; our reinsurers who use this information to assess the terms of specific policies and to administer our insurance polices generally; other insurance companies about other insurance policies you may have; the police, other insurance companies, fraud reference agencies and other representative bodies in relation to the prevention and detection of fraudulent claims or as part of our money laundering checks. We work with the police, other insurance companies, fraud reference and detection agencies, government agencies and other representative bodies to prevent and detect fraudulent or exaggerated claims. As part of this we will share information about your claims with providers of software designed to assist in the detection of fraudulent claims. We may also use commercially available databases to prevent money laundering. Other companies may contact these bodies for information to help them make decisions about insurance or similar services they provide to you. Individuals whose information has been supplied to ACE are entitled to a copy of that information on payment of a fee to have any inaccuracies corrected and in certain circumstances to have their information blocked or erased. Such information is available by contacting the Data Protection Officer at 100, Leadenhall Street, London EC3A 3BP. We do not use personal information for marketing purposes, nor do we share it with any other company for marketing purposes, unless consent to do so has been received in writing from you. By entering into this contract of insurance, you agree and explicitly consent to the use and disclosure of your personal data, and also confirm that you have obtained the explicit consent of any third parties to the use and disclosure of their personal data in the manner outlined above.

8 Complaints Procedure We are dedicated to providing you with a high quality service, and want to maintain this at all times. If you feel that we have not offered you a first class service or you wish to make an enquiry regarding this insurance, please contact the intermediary who arranged this insurance for you or the manager of the branch of the company which issued your policy. If you are not satisfied, you may write to our Chief Executive of the company at ACE s head office the address is shown on your policy. If you are still dissatisfied you may contact the Irish Insurance Federation's Insurance Information Service at 39 Molesworth Street Dublin 2. The service can advise you on how to proceed further and may be able to help in resolving the problem Insurance Act 1936 (Republic of Ireland) All moneys which became or may become due and payable by the company under this policy shall in accordance with Section 93 of the Insurance Act 1936 be payable and paid in the Republic of Ireland. Finance Act 1990 (Republic of Ireland) The appropriate stamp duty has been and will be paid in accordance with the provisions of Section 113 of the Finance Act Prudential Regulation Authority / Financial Conduct Authority (Great Britain and Northern Ireland) ACE European Group Limited Registered No Registered in England at Registered Office 100 Leadenhall Street, London, EC3A 3BP. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Full details can be found on the Financial Conduct Authority's register by visiting or by contacting the Financial Conduct Authority on Insurance Premium Tax (Great Britain and Northern Ireland) Regardless of the provisions of the Finance Act 1994, the premium for this Policy shall be deemed not to include Insurance Premium Tax or any similar tax and any such Insurance Premium Tax or similar tax applicable to this Policy shall be paid by the Insured in addition to the premium. The Insured shall reimburse the Company immediately if for any reason whatsoever the Company shall have paid or shall become liable to pay any original or additional Insurance premium Tax or similar tax in respect of the Policy.