BUSINESS PACKAGE POLICY. RM Insurance Company (PRIVATE) LIMITED

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1 BUSINESS PACKAGE POLICY RM Insurance Company (PRIVATE) LIMITED Copyright-RM317 /2009

2 BUSINESS PACKAGE POLICY Provided premiums have actually been paid RM INSURANCE COMPANY (PRIVATE) LIMITED (the insurers) will provide insurance in terms of this policy in respect of events occurring during the period of insurance or any subsequent period for which they may agree to renew the insurance and except where expressly varied any alterations to the policy whether by means of an endorsement or otherwise shall be subject to the terms exceptions and conditions herein or endorsed hereon. Any statements made by or on behalf of the insured and any documents submitted to the insurers for the purpose of assessing the risk form the basis of the insurance provided by this policy. NB. When premiums are payable monthly the insurance provided by this policy will be suspended in the event of non payment of the premium on due date in any month as a result of there being insufficient funds in the insured s account. In the event of non payment of the premium for two consecutive months the policy will automatically lapse. PLEASE READ THIS POLICY CAREFULLY AND MAKE CERTAIN IT IS IN ACCORDANCE WITH YOUR REQUIREMENT.

3 SECTION 1 FIRE In the event of loss or destruction of or damage to the property insured caused by FIRE whether resulting from explosion or otherwise LIGHTNING The insurers will pay to the insured the value at the time of its destruction of the property more fully described in the Schedule attached hereto or the amount of such damage or at their option reinstate or replace such property or any part thereof but not exceeding in respect of each item the sum insured hereon. EXTENSIONS Unless otherwise stated in the Schedule the following extensions apply: 1. EARTHQUAKE FIRE AND SHOCK Notwithstanding anything herein contained to the contrary this section shall extend to include: Destruction or damage by fire or otherwise of or to the property insured directly caused by earthquake excluding any loss or damage (other than loss or damage by fire) arising directly or indirectly from any mining operations. Provided that: all the conditions of this policy (except as expressly varied herein) shall apply as if they had been incorporated herein for the purposes hereof any destruction or damage as aforesaid shall be deemed to be destruction or damage by fire. 2. EXPLOSION Notwithstanding anything herein contained to the contrary this section shall extend to include: Destruction or damage by fire or otherwise of or to the property insured directly caused by explosion. Provided that: all the conditions of this policy (except as expressly varied herein) shall apply as if they had been incorporated herein for the purposes hereof any destruction or damage as aforesaid shall be deemed to be destruction or damage by fire. In any action suit or other proceeding where the insurers allege that by reason of the provisions of this proviso any loss or damage is not covered by this insurance the burden of proving that such loss or damage is covered shall be upon the insured. 3. NON-POLITICAL RIOT, STRIKE AND MALICIOUS ACT The words riot and strike are hereby deleted from General Exception No. 1. Subject to the terms conditions and clauses contained herein the insurers agree to indemnify the insured against physical loss or damage to the property insured directly related to or caused by or arising from one or more of the following occurrences: RM Insurance Business Package Page 1

4 Riot and Strike (i) (iii) the act of any person taking part together with others in any disturbance of the public peace (whether in connection with labour disturbance, strike or lock-out or not) not being an occurrence mentioned in General Exception 1; the wilful act of any striker or locked-out worker done in furtherance of a strike or in resistance to a lock-out; the act of any lawfully established authority in controlling, preventing, suppressing or in any other way dealing with any occurrence referred in clauses (i) or above. Malicious Act The malicious act of any person (whether or not such act is committed in the course of a disturbance of the public peace) not being an act amounting to or committed in connection with an occurrence mentioned in General Exception 1 hereof but the insurers shall not be liable under this extension for any loss or damage by fire or explosion nor for any loss or damage arising out of or in the course of burglary housebreaking theft or larceny or any attempt thereat or caused by any person taking part therein. SPECIFIC EXCEPTIONS This insurance does not cover: 1. Loss of earnings loss by delay, loss of market or other consequential or indirect loss or damage of any kind or description whatsoever 2. Loss or damage resulting from total or partial cessation of work or the retardation or interruption or cessation of any process or operations. SPECIFIC CONDITION Cancellation This extension may be cancelled at any time on notice to that effect being given by the insured but no refund premium will be allowed unless the interest of the insured in the insured property ceases. This extension may be cancelled by the insurers at any time on notice to that effect being given through the media and the insured shall be deemed to have received such notice on the date of publication to be followed by the issue of a formal endorsement refunding a rateable proportion of the premium for the remainder of the period of insurance from the date of cancellation. 4. STORM AND SPECIAL PERILS Notwithstanding anything herein contained to the contrary this section shall subject to the special conditions hereinafter contained extend to include: Loss or damage to the property described in the Schedule directly caused by: A. storm tempest B. rain hail or snow provided the building in respect of which the claim is made or containing the property in respect of which the claim is made is so damaged by any of the perils specified in A. above as to admit water to the interior of the said building C. bursting or overflowing of gutterings down pipes or water supply systems including damage thereto D. aircraft and other aerial devices or articles dropped therefrom RM Insurance Business Package Page 2

5 E. impact by road vehicles railway rolling stock and animals F. flood G. subterranean fire H. fire following typhoon hurricane tornado cyclone or other atmospheric disturbance I. sprinkler/drencher leakage Provided that: all the conditions of this section except as expressly varied herein shall apply as if they had been incorporated herein for the purposes hereof any destruction or damage as aforesaid shall be deemed to be destruction or damage by fire. IT IS EXPRESSLY DECLARED AND AGREED THAT: 1. loss or damage occurring to any one building or the contents thereof during any one period of 24 hours shall be regarded as one claim for the purposes of this section and no liability shall attach to the insurers for loss or damage occurring more than 48 hours after the happening of any one of the contingencies insured against unless the written acceptance of such liability by the insurers be obtained 2. in the case of the property described in the Schedule being in course of erection and/or alteration the first 0.100% of each and every claim under this extension shall be borne by the insured 3. in every case of loss or damage the insured shall if required prove that no portion of the loss or damage claimed for was caused otherwise than by the perils above specified 4. the insured shall exercise all ordinary and reasonable precautions for the maintenance and safety of the property. UNLESS OTHERWISE EXPRESSLY STATED THIS EXTENSION DOES NOT COVER NOR SHALL THE INSURERS BE LIABLE FOR (i) (iii) (iv) loss of or damage to drains water courses boundary walls garden walls retaining walls gates posts or fences loss of or damage to conservatories glasshouses greenhouses pergolas or the contents thereof loss of or damage to property contained in any portion of any building described in the Schedule not completely enclosed by walls or doors and roofed property in the open except property designed to exist or operate in the open insofar as specifically insured by this extension (v) (vi) (vii) (viii) water damage occasioned by or through the leaking of any roof (unless such roof is damaged by the perils referred to in A. above) or as a result of doors windows or roof lights being left open structural alterations or consequential loss of any kind whatsoever except loss of rent when specifically insured under this section loss of or damage to any building or the contents thereof if on the happening of such loss or damage the building was incomplete or in a damaged defective fallen or displaced condition as regards foundations walls ceilings gutterings roofs doors windows or roof lights loss or damage due to ordinary wear and tear gradual deterioration or normal exposure to the weather RM Insurance Business Package Page 3

6 (ix) (x) (xi) loss or damage caused directly by subsidence or landslip or tidal wave loss or damage occasioned by or through or in consequence of the action or order of any Government or public authority loss of or damage to property which at the time of the happening of such loss or damage is insured by or would but for the existence of this extension be insured by any other policy or policies except in respect of any excess beyond the amount which would have been payable under such other policy or policies had this insurance not been effected 5. ALL OTHER CONTENTS The term All Other Contents includes: (i) (iii) (iv) (v) money and stamps for an amount not exceeding the amount shown in the Schedule documents manuscripts business books plans and designs but only for the value of materials and sums expended in labour on the said articles and not for the value to the insured of the information contained therein patterns models and moulds but only for the value of materials and sums expended in labour on the said articles personal effects (including pedal cycles) the property of directors or employees of the insured insofar as the same are not otherwise insured for an amount not exceeding in the case of any one individual the amount shown in the Schedule computer systems records but only for the value of the materials together with the cost of clerical labour and computer time expended in reproducing such records (excluding any expenses in connection with the production of information to be recorded therein) and not for the value to the insured of the information contained therein for an amount not exceeding the amount shown in the Schedule But the said term All Other Contents shall not include property as defined in Specific Condition 6 of this section unless specially mentioned herein as being insured or property more specifically insured. 6. ARCHITECTS QUANTITY SURVEYORS CONSULTING ENGINEERS LEGAL AND OTHER FEES The insurance on a building or machinery under any item of this section is declared to include Architects Quantity Surveyors Consulting Engineers Legal and Other Fees (for estimates plans specifications quantities tenders and supervision) necessarily and actually incurred in the reinstatement or replacement of the said building or machinery following destruction or damage by any peril hereby insured against under the appropriate item of this section in respect of such destruction or damage provided that the amount payable for such fees shall not exceed those authorised under the scale of the Royal Institute of British Architects or the Association of Consulting Engineers or any equivalent local professional body and provided also that the liability for such destruction or damage and fees shall not exceed in the aggregate the sum insured by each item. It is understood and agreed that the amount payable in respect of such fees shall not include expenses incurred in connection with the preparation of the insured s claim. 7. CAPITAL ADDITIONS This section extends to cover alterations additions and improvements (but not appreciation in value in excess of the sums insured) to property (excluding stocks) specified herein for an amount not exceeding 10% of the sum insured thereby it being understood that the insured undertake to advise the insurers each quarter of such alterations additions and improvements and to pay the appropriate additional premium thereon. RM Insurance Business Package Page 4

7 8. CONTRACT PRICE In respect only of goods sold but not delivered for which the insured is legally responsible and with regard to which under the conditions of sale contract is by reason of destruction or damage by any peril hereby insured against cancelled either wholly or to the extent of the destruction or damage the insurer s liability shall be based on the contract price and for the purpose of average the value of all goods to which this extension would in the event of such destruction or damage be applicable shall be ascertained on the same basis. 9. COST OF DEMOLITION SITE CLEARANCE ERECTION OF HOARDINGS AND REMOVAL OF STOCK DEBRIS This section extends to include costs necessarily incurred by the insured in demolishing the property insured hereby in removing debris of the property insured from the site and in providing erecting and maintaining any street or pavement hoarding required during demolition site clearance and building operations following destruction of or damage by any peril hereby insured against provided that the total amount recoverable under any item of this section shall not exceed the sum insured thereby. 10. FIRE BRIGADE CHARGES Municipal or local authority charges in connection with the extinguishing of fires and the cost of refilling fire extinguishing appliances used to extinguish any fire will be admitted under this section provided that the total amount recoverable under any item of this section does not exceed the sum insured thereby. 11. FIRE FOLLOWING EXPLOSION Notwithstanding anything contained in Specific Condition 6(h) of this section to the contrary this insurance covers loss or damage by fire occasioned by or through or in consequence of explosion but the insurers shall not be liable under this extension for loss or damage occasioned by or through or in consequence directly or indirectly of any act of any person acting on behalf of or in connection with any organisation with activities directed towards the overthrow by force of the Government de jure or de facto or to the influencing of it by terrorism or violence. In any action suit or other proceeding where the insurers allege that by reason of the provisions of this extension any loss or damage is not covered by this insurance the burden of proving that such loss or damage is covered shall be upon the insured. It is declared and agreed that this extension does not extend this section to cover loss or damage caused by order of any public municipal or local authority. 12. IMPORT DUTIES In the event of any increase in the replacement value of the plant and machinery insured by this section due to increased import duties the insured is held covered hereby for the amount of such increase in excess of but not exceeding 20% of the sum insured on the property concerned provided that as soon as practicable the insured will advise the amount of the increase and pay the premium thereon from the date of inception thereof and thereafter the provisions of this extension shall be fully reinstated. 13. MUNICIPAL OR LOCAL AUTHORITY PLANS SCRUTINY FEES The insurance on a building under any item of this section is declared to include municipal or local authority plans scrutiny fees provided that the total amount recoverable under any item of the section shall not exceed the sum insured thereby. 14. PARKING OF VEHICLES Parking of vehicles in the premises is allowed without prejudice to the insurance hereby. 15. PUBLIC AUTHORITIES REQUIREMENTS This section extends to include such additional cost of repairing or rebuilding the destroyed or damaged property hereby insured as may be incurred solely by reason of the necessity to comply with building or other regulations under or framed in pursuance of any Act of Parliament or with bye-laws of any municipal or local authority provided that: RM Insurance Business Package Page 5

8 1. The amount recoverable under this extension shall not include: the cost incurred in complying with any of the aforesaid regulations or bye-laws (i) (iii) (iv) in respect of destruction or damage occurring prior to the granting of this extension in respect of destruction or damage not insured by this section under which notice has been served upon the insured prior to the happening of the destruction or damage in respect of undamaged property or undamaged portions of property other than foundations (unless foundations are specifically excluded from the insurance by this section) of that portion destroyed or damaged. (c) the additional cost that would have been required to make good the property damaged or destroyed to a condition equal to its condition when new had the necessity to comply with any of the aforesaid regulations or bye-laws not arisen the amount of any rate tax duty development or other charge or assessment arising out of capital appreciation which may be payable in respect of the property or by the owner thereof by reason of compliance with any of the aforesaid regulations or bye-laws 2. The work of rebuilding or repair must be commenced and carried out with reasonable despatch and in any case must be completed within 12 months after the destruction or damage or within such further time as the insurers may (during the said 12 months) in writing allow and may be carried out wholly or partially upon another site (if the aforesaid regulations or bye-laws so necessitate) subject to the liability of the insurers under this extension not being thereby increased 3. If the liability of the insurers under any item of this section apart from this extension shall be reduced by the application of any of the terms exceptions and conditions of the policy then the liability of the insurers under this extension in respect of any such item shall be reduced in like proportion 4. The total amount recoverable under any item of this section shall not exceed the sum insured thereby 5. All the exceptions and conditions of the policy except insofar as they may be hereby expressly varied shall apply as if they had been incorporated herein 16. RAILWAY SUBROGATION The signing by the insured of any indemnity or agreement required by the National Railways of Botswana Lesotho Malawi Mozambique Namibia South Africa Swaziland Zambia and Zimbabwe for the carriage of goods shall not invalidate the insurance by this section. 17. REINSTATEMENT VALUE In the event of the buildings and contents (excluding stocks) insured under this section being destroyed or damaged the basis upon which the amount payable under each of the said items of the section is to be calculated shall be the cost of replacing or reinstating on the same site property of the same kind or type but not superior to or more extensive than the insured property when new subject to the following special provisions and subject also to the terms and conditions of the policy except insofar as the same may be varied hereby. RM Insurance Business Package Page 6

9 SPECIAL PROVISIONS 1. The work of replacement or reinstatement (which may be carried out upon another site and in any manner suitable to the requirements of the insured subject to the liability of the insurers not being thereby increased) must be commenced and carried out with reasonable despatch and in any case must be completed within 12 months after the destruction or damage or within such further time as the insurers may (during the said 12 months) in writing allow; otherwise no payment beyond the amount which would have been payable under this section if this extension had not been incorporated therein shall be made 2. Until expenditure has been incurred by the insured in replacing or reinstating the property destroyed or damaged the insurers shall not be liable for any payment in excess of the amount which would have been payable under this section if this extension had not been incorporated therein 3. If at the time of replacement or reinstatement the sum representing the cost which would have been incurred in replacement or reinstatement if the whole of the property covered had been destroyed exceeds the sum insured thereon at the commencement of any destruction of or damage to such property by any peril insured against by this section then the insured shall be considered as being his own insurer for the excess and shall bear a rateable proportion of the loss accordingly. Each item of this section if more than one to which this extension applies shall be separately subject to this provision 4. This extension shall be without force or effect if: the insured fails to intimate to the insurers an intention to replace or reinstate the property destroyed or damaged within 6 months from the date of destruction or damage or such further time as the insurers may in writing allow the insured is unable or unwilling to replace or reinstate the property destroyed or damaged on the same or another site. 18. RENT RECEIVABLE/RENTAL VALUE The Insurers will be answerable for payment of rent but in no case exceeding the actual rent receivable by the insured or the actual rental value of the insured premises at the time of the fire or any other peril hereby insured against or on such part of the same as may be then let in the event of the same being untenantable during the whole term stated in the Schedule in consequence of damage or destruction by fire or any other peril hereby insured against. The amount payable under this extension shall be in the proportion which the amount insured bears to the actual rent of the premises and in the case of the premises not being untenantable during the whole of the term aforesaid the insurers shall only be liable to pay to the insured such a proportion of the amount so payable as aforesaid as the period of time during which the said premises may be untenantable bears to the whole time above specified but the same shall not exceed the time which would be required by a builder to put the premises into tenantable condition. 19. STOCK DECLARATION CONDITIONS 1. In consideration of the premium(s) by the item(s) noted in the Schedule being provisional in that it/they are calculated on 75% of the sum(s) insured hereby and is/are subject to adjustment: On expiry of each period of insurance the insured agrees to declare to the insurers in writing the value of stocks (other than retail) on the last day of each month and to make such declaration within 30 days thereof such declaration to be signed by the insured or by a responsible person authorised to sign on his behalf. In the event of a declaration not being made within the 30 days mentioned above then the insured shall be deemed to have declared the sum insured hereby as the value at risk. RM Insurance Business Package Page 7

10 On the expiry of each period of insurance the premium shall be calculated at the rate or rates on the average sums insured namely the total of the values declared or deemed to have been declared divided by the number of declarations due to have been made. If the resultant premium be greater than the provisional premium the insured shall pay the difference; if it be less the difference shall be repaid to the insured but such payment shall not exceed 33⅓% of the provisional premium. 2. The basis of value for declarations shall be the market value and any loss hereunder shall be settled on the basis of the market value immediately anterior to the loss 3. If after the occurrence of a loss it is found that the amount of the last declaration previous to the loss is less than the amount that ought to have been declared then the amount which would have been recoverable by the insured shall be reduced in such proportion as the amount of the said last declaration bears to the amount that ought to have been declared or to the sum insured whichever is the lesser amount. The provisions of this condition shall if applicable operate cumulatively with Specific Condition 11 of this section 4. Notwithstanding the occurrence of a loss it is understood that the sum insured will be maintained at all times during the currency of the policy and the insured therefore undertake to pay extra premium on the amount of any loss pro rata from the date of such loss to the expiry of the period of insurance the premium being calculated at the rate applicable to the stocks destroyed and such extra premium shall not be taken into account in and shall be distinct from the final adjustment of premium 5. In the event of this section being cancelled by the insured during its currency whether stocks exist or not the premium to be retained by the insurers shall be the customary short period premium calculated on the average amount insured up to the date of cancelment or 66⅔% of the provisional premium whichever is the greater; but if the section is cancelled by the insured after a loss has occurred the premium to be retained by the insurers shall be the pro rata proportion of the premium calculated on the average amount insured up to the date of cancelment plus the pro rata proportion of the premium from the date of loss to the expiry of the period of insurance on the amount of the loss paid or 66⅔% of the provisional premium whichever is the greater. Provided that this condition shall not apply to insurances subject to a long term agreement 6. The maximum liability of the insurers shall not exceed the sum insured hereby and premium shall not be receivable on values in excess thereof. The sum insured may however be increased by prior agreement with the insurers on payment of an additional provisional premium in which event the new sum insured and the date from which it is effective will be recorded on the policy by endorsement 7. It is warranted that every policy covering the insured s stocks on a declaration basis shall be identical in wording. 8. This insurance is subject in all respects to the printed exceptions and conditions of the policy except insofar as they may be varied by these conditions 9. The foregoing conditions shall apply separately to each and every item subject to these conditions. 20. VEHICLE LOADS In the event of any of the insured s vehicles being left loaded overnight whilst in and/or on the premises described in the Schedule hereto the insurers will indemnify the insured in respect of such load in the event of loss or damage by any of the perils hereby insured against. RM Insurance Business Package Page 8

11 WARRANTIES Unless otherwise stated in the Schedule this section is subject to the undernoted warranties which are not applicable to liquid fuel in tanks of vehicles. 1. INFLAMMABLE LIQUIDS Warranted that during the currency of this section of the policy (c) the quantity of liquids giving off inflammable vapour under 40 C and the quantity of liquids giving off inflammable vapour between 40 C and 90 C and the quantity of inflammable liquefied gas used or stored by each occupant in each of the building(s) described in the Schedule shall not exceed the quantities stated in the Schedule. 2. HAZARDOUS GOODS Warranted that except as may be specifically provided herein no hazardous goods as defined below shall be kept stored deposited or used by each occupant in each of the building(s) described in the Schedule. Liquid fuels Fumigants Mineral oils and spirits Varnishes and lacquers Solvents Acetylene Ammunition (exceeding 0.100% of the sum insured ) Calcium Carbide Carbon Bisulphide Celluloid (excluding manufactured articles) Chlorates Collodion Cotton Ether Explosives Fireworks (exceeding 0.100% of the sum insured) Gas in cylinders exceeding 100kg in all Magnesium Metallic (bronze) powders Naptha Nitrates (other than fertilizers) Potassium Sulphur } } } Exceeding 25 litres in all and giving off inflammable vapour at or under 40 C RM Insurance Business Package Page 9

12 SPECIFIC EXCEPTIONS 1. This insurance does not cover: loss or damage to property occasioned by its own fermentation natural heating or spontaneous combustion {except as may be provided in accordance with Specific Condition 6(f)} or by its undergoing any heating or drying process loss or damage occasioned by or through or in consequence of: 1. the burning of property by order of any public authority 2. subterranean fire. 2. This insurance does not cover any loss or damage occasioned by or through or in consequence directly or indirectly of any of the following occurrences namely: earthquake (whether arising from mining operations or otherwise) volcanic eruption or other convulsion of nature typhoon hurricane tornado cyclone or other atmospheric disturbance. Any loss or damage happening during the existence of abnormal conditions (whether physical or otherwise) which are occasioned by or through or in consequence directly or indirectly of any of the said occurrences shall be deemed to be loss or damage which is not covered by this insurance except to the extent that the insured shall prove that such loss or damage happened independently of the existence of such abnormal conditions. In any action suit or other proceeding where the insurers allege that by reason of the provisions of this condition any loss or damage is not covered by this insurance the burden of proving that such loss or damage is covered shall be upon the insured. CLAUSES APPLICABLE TO THIS SECTION 1. ALTERATIONS This insurance shall not be prejudiced by any alteration of occupancy due to the transfer of processes or machinery in the aforesaid buildings nor by structural alterations and/or repairs limited to buildings machinery and/or plant provided that notice be given to the insurers as soon as practicable after such transfer or alteration has been made and an additional premium paid if required from date of such alteration. 2. APPRAISEMENT If the aggregate claim for any one loss does not exceed 5% of the sum insured by the item or items affected no special inventory or appraisement of the undamaged property shall be required. If two or more buildings be included in a single item this provision shall apply to the range of buildings insured by this item. For the purpose of this clause the term item shall be held to apply to the total sum insured on buildings and/or contents by the items affected. 3. AUTOMATIC REINSTATEMENT In the event of loss or damage to the property insured under any item of this section other than stocks insured on declaration conditions the sum insured on such property will be automatically reinstated to the extent of the insured s insurable interest in the repaired or reinstated property or in any property substituted in place of the property so lost or damaged and that the insured shall pay to the insurers an additional premium calculated at pro rata rates in respect of such substitution from the date of such repair reinstatement or substitution to the next renewal date of the policy. RM Insurance Business Package Page 10

13 4. BREACH OF CONDITIONS The warranties extensions and clauses applicable to this section shall apply to the items concerned individually as if each were insured by a separate policy the breach of any warranty extension or clause shall void the policy only in respect of the items to which the breach applies and not in respect of the remaining items. 5. DESIGNATION OF PROPERTY For the purpose of determining where necessary the item under which any property is insured the insurers agree to accept the designation under which such property has been entered in the insured s books. 6. CLAIM PREPARATION COSTS The liability of the insurers under the claim preparation costs item hereof is limited to the reasonable costs incurred of salaries and wages payable to the insured s own employees and/or the cost of materials used and/or fees payable by the insured to their usual professional accountants in producing and certifying any particulars and details as may be required by the insurers under the terms of General Condition 1 of this policy. 7. LANDLORD S FIXTURES AND FITTINGS The term building is held to include landlord s fixtures and fittings therein and/or thereon boundary walls gates posts and fences but excluding hedges appertaining thereto. 8. OCCUPATION Notice to be given to the insurers when unoccupied premises become tenanted and a suitable extra premium paid if required. 9. STANDARD CONSTRUCTION Unless otherwise stated in the Schedule the buildings referred to herein or in any endorsement hereto are constructed of brick stone or concrete and roofed with slate tiles metal concrete or asbestos and detached from each other and all other buildings. 10. TEMPORARY REMOVAL Subject to the following provisions the property insured by this section (other than stocks if insured hereby) is covered whilst temporarily removed for cleaning renovation repair or other similar purposes elsewhere on the same or to any other premises and in transit thereto and therefrom by road rail or inland waterway in Botswana Lesotho Malawi Mozambique Namibia South Africa Swaziland Zambia and Zimbabwe. The amount recoverable under this clause in respect of each item of this section shall not exceed the amount which would have been recoverable had the loss occurred in that part of the premises from which the property is temporarily removed nor in respect of any loss occurring elsewhere than at the said premises 10% of the sum insured by the item after deducting therefrom the value of any building (exclusive of fixtures and fittings) and stock insured hereby. This clause does not apply to property if and so far as it is otherwise insured nor as regards losses occurring elsewhere than at the premises from which the property is temporarily removed to: motor vehicles and motor chassis property held by the insured in trust other than machinery and plant 11. TENANTS This section shall not be invalidated by any act or neglect on the part of a tenant of the insured (where the insured owns the building) or another tenant or the owner of the building (where the insured is a tenant) provided that the insured shall notify the insurers as soon as such act or neglect shall come to the insured s knowledge and shall pay on demand the appropriate additional premium. RM Insurance Business Package Page 11

14 12. WORKERS Workers are temporarily allowed on the within described premises for the purposes of painting and/or making structural alterations and/or additions. 13. AUTOMATIC INFLATION MARGIN CLAUSE The sums insured will be increased automatically on each renewal date by an amount which approximates to official estimates of inflation for the ensuing year. This does not relieve the insured of the responsibility to ensure that the sums insured represent the full value of the property at all times. SPECIFIC CONDITIONS 1. MISDESCRIPTION MISREPRESENTATION AND OMISSION If there be any material misdescription of any of the property hereby insured or of any building or place in which such property is contained or any misrepresentation as to any fact material to be known for estimating the risk or any omission to state such fact the insurers shall not be liable upon this section as far as it relates to property affected by any such misdescription misrepresentation or omission 2. OTHER INSURANCES The insured shall give notice to the insurers of any insurance or insurances already effected or which may subsequently be effected covering any of the property hereby insured and unless such notice be given and the particulars of such insurance or insurances be stated in or endorsed on this policy by or on behalf of the insurers before the occurrence of any loss or damage all benefit under this section shall be forfeited. 3. CESSATION OF COVER All insurance under this section: 1. on any building or part of any building 2. on any property contained in any building 3. on rent or other subject matter of insurance in respect of or in connection with any building or any property contained in any building shall cease immediately upon any fall or displacement of such building or of any part thereof of the whole or any part of any range of buildings or of any structure of which such building forms part. Provided that such fall or displacement is of the whole or a substantial or important part of such building or impairs the usefulness of such building or any part thereof or leaves such building or any part thereof or any property contained therein subject to increased risk of fire or is otherwise material. And provided that such fall or displacement is not caused by fire loss or damage which is covered by this section or would be covered if such building range of buildings or structure were insured under this section. In any action suit or other proceeding the burden of proving that any fall or displacement is caused by fire as aforesaid shall be upon the insured. RM Insurance Business Package Page 12

15 4. EXCEPTIONS Unless otherwise expressly stated in this section this insurance does not cover: (c) (d) (e) (f) (g) (h) goods held in trust or on commission bullion or unset precious stones any curiosity or work of art for any amount exceeding 0.500% of the sum insured manuscripts plans drawings or designs patterns models or moulds securities obligations or documents of any kind stamps coins or paper money cheques books of account other business books or computer systems records coal against loss or damage occasioned by its own spontaneous combustion explosives any loss or damage occasioned by or through or in consequence of explosion but loss or damage by explosion of gas used for illuminating or domestic purposes in a building in which gas is not generated and which does not form part of any gas works will be deemed to be loss by fire within the meaning of this section. 5. ALTERATION IN RISK Under any of the following circumstances the insurance ceases to attach as regard the property affected unless the insured before the occurrence of any loss or damage obtains the sanction of the insurers signified by endorsement upon the policy by or on behalf of the insurers. (c) (d) if the trade or manufacture carried on be altered or if the nature of the occupation of or other circumstances affecting the building insured or containing the insured property be changed in such a way as to increase the risk of loss or damage by fire if the building insured or containing the insured property becomes unoccupied and so remain for a period of more than 30 days if property insured be removed to any building or place other than that in which it is herein stated to be insured if the interest in the property insured pass from the insured otherwise than by will or operation of law. 6. COVER UNDER MARINE POLICIES This insurance does not cover any loss or damage to property which at the time of the happening of such loss or damage is insured by or would but for the existence of this policy be insured by any marine policy or policies except in respect of any excess beyond the amount which would have been payable under the marine policy or policies had this insurance not been effected. 7. INSURERS RIGHTS AFTER AN EVENT On the happening of any loss or damage to any of the property insured by this section the insurers may (c) (d) enter and take and keep possession of the building or premises where the loss or damage has happened take possession of or require to be delivered to them any property of the insured in the building or on the premises at the time of the loss or damage keep possession of any such property and examine sort arrange remove or otherwise deal with the same sell any such property or dispose of the same for account of whom it may concern. RM Insurance Business Package Page 13

16 The powers conferred by this condition shall be exercisable by the insurers at any time until notice in writing is given by the insured that he makes no claim under this section or if any claim is made until such claim is finally determined or withdrawn and the insurers shall not by any act done in the exercise or purported exercise of their powers hereunder incur any liability to the insured or diminish their right to rely upon any of the conditions of this section in answer to any claim. If the insured or any person on his behalf shall not comply with the requirements of the insurers or shall hinder or obstruct the insurers in the exercise of their powers hereunder all benefit under this section shall be forfeited. The insured shall not in any case be entitled to abandon any property to the insurers whether taken possession of by the insurers or not. 8. REINSTATEMENT The insurers may at their option reinstate or replace the property damaged or destroyed or any part thereof instead of paying the amount of the loss or damage or may join with any other insurers in so doing but the insurers shall not be bound to reinstate exactly or completely but only as circumstances permit and in reasonably sufficient manner and in no case shall the insurers be bound to expend more in reinstatement than it would have cost to reinstate such property as it was at the time of the occurrence of such loss or damage nor more than the sum insured thereon. If the insurers so elect to reinstate or replace any property the insured shall at his own expense furnish the insurers with such plans specifications measurements quantities and such other particulars as the insurers may require and no acts done or caused to be done by the insurers with a view to reinstatement or replacement shall be deemed an election by the insurers to reinstate or replace. If in any case the insurers shall be unable to reinstate or repair the property hereby insured because of any municipal or other regulations in force affecting the alignment of streets or the construction of buildings or otherwise the insurers shall in every such case only be liable to pay such sum as would be requisite to reinstate or repair such property if the same could lawfully be reinstated to its former condition. 9. AVERAGE If the property covered shall at the commencement of any destruction of or damage to such property by any peril insured against be collectively of greater value than the sum insured thereon then the insured shall be considered as being his own insurer for the difference and shall bear a rateable share of the loss accordingly. Every item if more than one of this section shall be separately subject to this condition. 10. NOTIFICATION Every notice and other communication to the insurers required by these conditions must be written or printed. SECTION 2 BUSINESS INTERRUPTION The insurers agree that in the event of loss or destruction or damage by any of the perils insured under Section 1 of this policy (loss or destruction or damage so caused being hereinafter termed damage) to any property insured or used by the insured for the purpose of the business occurring during the period of insurance and the business carried on by the insured be in consequence thereof interrupted or interfered with the insurers will subject to the exceptions and conditions hereto pay to the insured the amount of the loss resulting from such interruption or interference in accordance with the provisions herein contained. Provided that at the time of the happening of the damage there shall be in force an insurance covering the interest of the insured in the property at the premises against such damage and that payment shall have been made or liability admitted therefore or that payment would have been made or liability would have been admitted therefore but for the operation of a proviso in such insurance excluding liability for losses below a specified amount. RM Insurance Business Package Page 14

17 SPECIFICATION Item 1 GROSS PROFIT (All standing charges basis) Item 2 GROSS PROFIT (Difference basis) GROSS REVENUE For the amount stated in the Schedule Item 3 ADDITIONAL INCREASE IN COST OF WORKING Item 4 FINES AND PENALTIES Item 5 CLAIMS PREPARATION COSTS BASIS OF LOSS SETTLEMENT ITEM 1 OR ITEM 1 The insurance under Item 1 is limited to loss of gross profit due to reduction in turnover and increase in cost of working and the amount payable as indemnity thereunder shall be: in respect of reduction in turnover: the sum produced by applying the rate of gross profit to the amount by which the turnover during the indemnity period shall in consequence of the damage fall short of the standard turnover in respect of increase in cost of working: the additional expenditure (subject to the provisions of the uninsured standing charges clause) necessarily and reasonably incurred for the sole purpose of avoiding or diminishing the reduction in turnover which but for that expenditure would have taken place during the indemnity period in consequence of the damage but not exceeding the sum produced by applying the rate of gross profit to the amount of the reduction thereby avoided Less any sum saved during the indemnity period in respect of such of the standing charges (as insured by Item 1 hereof) or in respect of such charges and expenses of the business payable out of gross profit (as insured by Item 1 hereof) as may cease or be reduced in consequence of the damage. Provided that if the sum insured by this item be less than the sum produced by applying the rate of gross profit to the annual turnover (proportionately increased if the maximum indemnity period exceeds 12 months) the amount payable shall be proportionately reduced. ITEM 2 The insurance under Item 2 is limited to loss of gross revenue and increase in cost of working and the amount payable as indemnity thereunder shall be: in respect of loss of gross revenue: the amount by which the gross revenue during the indemnity period shall in consequence of the damage fall short of the standard gross revenue in respect of increase in cost of working: the additional expenditure necessarily and reasonably incurred for the sole purpose of avoiding or diminishing the loss of gross revenue which but for that expenditure would have taken place during the indemnity period in consequence of the damage but not exceeding the amount of the reduction in gross revenue thereby avoided. Less any sum saved during the indemnity period in respect of such of the working expenses and standing charges of the business as may cease or be reduced in consequence of the damage. Provided that if the sum insured by this item be less than the annual gross revenue (or a proportionately increased multiple thereof where the maximum indemnity period exceeds twelve months) the amount payable shall be proportionately reduced. RM Insurance Business Package Page 15

18 ITEM 3 The insurance under Item 3 is limited to such further additional expenditure beyond that recoverable under clause of Item 1 as the Insured shall necessarily and reasonably incur during the indemnity period for the sole purpose of avoiding or diminishing the reduction in turnover which but for that expenditure would have taken place during the indemnity period in consequence of the damage less any sum saved during the indemnity period in respect of such of the standing charges as insured by Item 1 hereof or in respect of such charges and expenses of the business payable out of Gross Profit as insured by Item 1 hereof as may cease or be reduced in consequence of the damage. IITEM 4 The insurance under Item 4 is limited to fines or damages for breach of contract and the amount payable as indemnity thereunder shall be such sums as the insured shall be legally liable to pay and shall pay in discharge of fines or damages incurred solely in consequence of the damage for non-completion or late-completion of orders. ITEM 5 The insurance under Item 5 is limited to costs and expenses incurred in producing and certifying any particulars or details required by the insurers under the terms of General Condition 1 of this policy but limited to reasonable payments in respect of: (i) (iii) (iv) additional wages or salaries to insured s own employees additional fees to insured s Auditors cost of materials used any other costs approved by the insurers DEFINITIONS GROSS PROFIT {As insured by Item 1} The sum produced by adding to the net profit the amount of all the standing charges of the business or if there be no net profit the amount of the said standing charges less the amount of any net trading loss. For the purpose of this section wages to the extent of 100% and depreciation of buildings plant machinery fixtures and fittings shall inter alia be deemed to be standing charges. GROSS PROFIT {As insured by Item 1} The amount by which: (i) the sum of the turnover and the amounts of the closing stock and work in progress shall exceed the sum of the amounts of the opening stock and work in progress and the amount of the uninsured working expenses UNINSURED WORKING EXPENSES 1. Purchases less discounts received 2. Discounts allowed 3. Bad debts written off 4. Carriage 5. Packaging 6. Consumable stores RM Insurance Business Package Page 16

19 Note 1 For the purpose of these definitions any adjustment implemented in current cost accounting shall be disregarded. Note 2 The amounts of the opening and closing stocks and work in progress shall be arrived at in accordance with the insured s normal accountancy methods due provision being made for depreciation. GROSS REVENUE (As insured by Item 2) The money paid or payable to the insured for goods sold and/or services rendered in course of the business at the premises. NET PROFIT The net trading profit (exclusive of all capital receipts and accretions and all outlay properly chargeable to capital) resulting from the business of the insured at the premises after due provision has been made for all standing and other charges including depreciation but before the deduction of any taxation chargeable on profits. INDEMNITY PERIOD The period beginning with the occurrence of the damage and ending not later than the maximum indemnity period thereafter during which the results of the business shall be affected in consequence of the damage. MAXIMUM INDEMNITY PERIOD As stated in the Schedule. TURNOVER The money paid or payable to the insured for goods sold and delivered and for services rendered in the course of the business at the premises. RATE OF GROSS PROFIT The rate of gross profit earned on the turnover during the financial year immediately before the date of the damage ANNUAL TURNOVER / GROSS REVENUE The turnover/gross revenue during the 12 month immediately before the date of the damage STANDARD TURNOVER / GROSS REVENUE The turnover/gross revenue during the period correspo-nding with the indemnity period in the 12 months immediately before the date of the damage appro-priately adjusted where the indemnity period exceeds 12 months. to which such adjustments shall be made as may be necessary to provide for the trend of the business and for variations in or other circumstances affecting the business either before or after the damage or which would have affected the business had the damage not occurred so that the figures thus adjusted shall represent as nearly as may be reasonably practicable the results which but for the damage would have been obtained during the relative period after the damage. CLAUSES APPLICABLE TO THIS SECTION 1. ALTERNATIVE TRADING If during the indemnity period goods shall be sold or services shall be rendered elsewhere than at the premises for the benefit of the business either by the insured or by others on the insured s behalf the money paid or payable in respect of such sales or services shall be brought into account in arriving at the turnover or gross revenue during the indemnity period. 2. ACCUMULATION OF STOCKS In adjusting any loss account shall be taken and an equitable allowance made if any shortage in turnover due to the damage is postponed by reason of the turnover being temporarily maintained from accumulated stocks of unfinished and/or finished goods in the insured s premises. RM Insurance Business Package Page 17

20 3. ALTERATIONS Notwithstanding Specific Condition 1(c) this section shall not be prejudiced by any alteration of occupancy due to the transfer of processes or machinery in the buildings comprising the premises nor by structural alterations and/or repairs limited to buildings machinery and/or plant provided that notice be given to the insurers as soon as practicable after such transfer or alteration has been made and an additional premium paid if required from the date of such alteration. 4. ALTERNATIVE BASIS OF SETTLEMENT At the option of the insured the term Output may be substituted for the term Turnover and for the purposes of this section Output shall mean the sale value of goods manufactured by the insured in the course of the business at the premises. Provided that: Only one such meanings shall be operative in connection with any one occurrence involving damage as within defined If the meaning set out above be adopted Clause 1 shall stand to read as follows: If during the indemnity period goods shall be produced elsewhere than at the premises for the benefit of the business either by the insured or by others on the insured s behalf the sale value of such goods shall be brought into account in arriving at the Output during the indemnity period. 5. AUTOMATIC REINSTATEMENT OF SUM INSURED In the event of any claim having occurred under this section and in the absence of written notice by the insured to the contrary the amount of insurance cancelled by such claim is to be automatically reinstated as and from the date of the damage the insured undertaking to pay the appropriate additional premium as may be required for such reinstatement from that date. 6. DEPARTMENTS If the business be conducted in departments the independent trading results of which are ascertainable the provisions of clauses and of the item on gross profit or gross revenue shall apply separately to each department affected by the damage except that if the sum insured by the said item be less than the aggregate of the sums produced by applying the rate of gross profit or gross revenue for each department of the business (whether affected by the damage or not) to its relative annual turnover or annual gross revenue (or to a proportionately increased multiple thereof where the maximum indemnity period exceeds 12 months) the amount payable shall be proportionately reduced. 7. NEW/ADDITIONAL PREMISES Loss as insured by this section resulting from interruption of or interference with the business in consequence of damage (as within defined) to property at premises in Zimbabwe in respect of which the insured has entered into a contract to have constructed purchased leased or tenanted shall be deemed to be loss resulting from damage to property used by the insured at the premises. Provided that in any period of insurance during which premises were contracted but not occupied the earned gross profit or gross revenue is suitably increased for the purpose of applying the premium rebate clause to include the anticipated gross profit to be earned from such premises. 8. NEW BUSINESS For the purpose of any claim arising from damage occurring before the completion of the first year s trading of the business at the premises the terms rate of gross profit annual turnover/gross revenue and standard turnover/gross revenue shall bear the following meanings and not as within stated: RM Insurance Business Package Page 18

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