Motor Truck Rolling Stock Coverage Form

Transcription

1 THIS IS A COINSURANCE CONTRACT Motor Truck Rolling Stock Coverage Form This Coverage Form, together with its Declarations and Endorsements, including other conditions and exclusions that apply to this Coverage Form and Policy, complete the coverage provided by this Policy. Various provisions in this policy restrict coverage. Read the entire policy carefully to determine rights, duties and what is and is not covered. Throughout this policy the words you and your refer to the Named Insured shown in the Declarations. The words we, us and our refer to the Company providing this Insurance. Other words and phrases that appear in quotation marks have special meaning. Refer to Section C., Definitions of this Coverage Form. Coverage Summary Premium $ Limits of insurance Any one item of RolIing Stock Limits of Insurance $. Total limit for all Rolling Stock in or at the location(s) specified below: At At At $ $ $ In or at any one unspecified location $ - In any one loss, casualty or disaster $ Deductible $ CL IM Page 1 of 12

2 A. Coverage We will pay for direct physical loss to Covered Property caused by or resulting from any of the Covered Causes of Loss. 1. Covered Property Covered Property means your Rolling Stock, and similar Rolling Stock of others in your care, custody or control that is listed on the schedule of Motor Truck Rolling Stock kept on file with the us. 2. Property Not Covered We do not cover any of the following property: a. Ancillary Equipment ; b. Mobile Equipment ; c. Personal effects or personal property, except as may otherwise be provided for under the terms and conditions of this coverage form; d. Private passenger vehicles ; e. Rolling Stock that is not scheduled except as may otherwise be provided for under the terms and conditions of this coverage form; f. Rolling Stock while used in any professional or organized racing or demolition contest or stunting activity, or while practicing for such contest or activity. This Insurance also does not apply while covered Rolling Stock is being prepared for such a contest or activity. g. Rolling Stock you own while in anyone else s possession under a written interchange agreement. This exclusion does not apply to a loss payee; however, if we pay the loss payee, you must reimburse us for our payment. 3. Covered Causes of Loss Covered Causes of Loss means Risks of Direct Physical Loss unless the loss is excluded In Section B. Exclusions. CL IM Page 2 of 12

3 4. Additional Coverages a. Additionally Purchased Property (1) We will cover Rolling Stock of the kind and nature of the other Rolling Stock insured under this policy that you have purchased subsequent to the attachment date and during the term of this policy. (2) In order for this additional coverage to apply, you must report to us such additions within sixty (60) days from the purchase date, and pay a premium from such date at pro rata of the policy date. (3) This policy shall not cover such additional Rolling Stock if it has not been reported to us within the above sixty (60) day period. (4) Under the provisions of this clause, we shall not be liable for more than the actual cash value of any additionally purchased Rolling Stock or $250,000, whichever is less. b. Debris Removal (1) We will pay your expenses to remove debris of Covered Property caused by or resulting from any of the Covered Causes of Loss that occur during the policy period. The expenses will be paid only if they are reported to us in writing within 180 days of the date of direct physical loss. (2) The most we will pay under this Additional Coverage in any one occurrence is 25% of: (a) (b) The amount we pay for the direct physical loss to Covered Property; plus The Deductible In this Coverage Form applicable to that loss. This limit does not increase any applicable Limits of Insurance provided by this Coverage Form. But if either: CL IM Page 3 of 12

4 (c) (d) The sum of direct physical loss and Debris Removal expenses exceeds the applicable Limits of Insurance; or The Debris Removal expenses exceed the amount payable under the 25% limitation in subparagraph (2) (a) above; We will pay up to an additional $5,000 in any one occurrence. (3) This Additional Coverage does not apply to costs to: (a) (b) Extract pollutant from land or water; or Remove, restore or replace polluted land or water. c. Pollutant Clean Up and Removal (1) We will pay your expenses to extract pollutant from land or water if the discharge, dispersal, seepage, migration, release or escape of the pollutants is caused by or results from any of the Covered Causes of Loss that occur during the policy period. The expenses will be paid only if they are reported to us in writing within 180 days of the date on which the Covered Causes of Loss occur. (2) This Additional Coverage does not apply to costs to test for, monitor or assess the existence, concentration or effects of pollutants. But we will pay for testing which is performed in the course of extracting the pollutants from land or water. (3) The most we will pay under this Additional Coverage is $10,000 for the sum of all covered expenses arising out of Covered Causes of Loss occurring during each separate 12 month period of this policy. This Additional Coverage is in addition to the applicable Limits of Insurance provided by this Coverage Form. d. Tapes, Compact Discs and Records Coverage (1) We cover loss to your property consisting of tapes, compact discs, records or other similar devices used with sound reproducing equipment. We will pay only if at time of CL IM Page 4 of 12

5 loss the tapes, compact discs, records or other similar devices used with sound reproducing equipment are situated in covered Rolling Stock that has a fully enclosed body or compartment, and (2) At the time of loss : (a) All its windows, doors and compartments were closed and locked; and (b) There are visible signs on the Rolling Stock that the theft or attempted theft was the result of forced entry. (3) The most we will pay for loss is $ Coverage Extensions a. Rolling Stock Borrowed, Leased Or Rented From Others This policy is extended to cover unscheduled Rolling Stock of a kind and nature of that otherwise insured under this Coverage Form, which has been borrowed, leased or rented from others during the term of this policy. (1) Under this Coverage Extension, we will not be liable for more than $100,000 on any one item of Rolling Stock. (2) In order for this additional coverage to apply, you must report to us such borrowed, leased or rented Rolling Stock within thirty (30) days from the borrow, lease or rent date, and pay a premium from such date at pro rata of the policy date. (3) This policy shall not cover such additional Rolling Stock if it has not been reported to us within the above (30) day period. Nothing herein contained shall be held to vary, waive, alter, or extend any of the terms, conditions, agreements, or declarations of this policy, other than herein stated. b. Extended Towing We cover towing and related labor costs each time Covered Property is disabled by a Covered Cause of Loss. The most we will pay under this Coverage Extension in any one occurrence is $2,500. CL IM Page 5 of 12

6 B. Exclusions 1. We will not pay for loss caused by or resulting from any of the following. Such loss is excluded regardless of any other cause or event that contributes concurrently or in any sequence to the loss. a. Government Action Seizure or destruction of property by order of governmental authority. But we will pay for loss caused by or resulting from acts of destruction ordered by governmental authority and taken at the time of a fire to prevent its spread, if the fire would be covered under this Coverage Form. b. Nuclear Hazard (1) Any weapon employing atomic fission or fusion; or (2) Nuclear reaction or radiation, or radioactive contamination from any other cause. c. War or Military Action (1) War, including undeclared or civil war; (2) Warlike action by a military force, including action in hindering or defending against an actual or expected attack, by any government, sovereign or other authority using military personnel or other agents; or (3) Insurrection, rebellion, revolution, usurped power or action taken by governmental authority in hindering or defending against any of these. 2. We will not pay for loss caused by or resulting from any of the following: a. Blowouts, punctures or other road damage to tires unless caused by a Covered Cause of Loss. b. Delay, loss of market, loss of use, or any other consequential loss. c. Dishonest or criminal acts by you, any of your partners, employees, CL IM Page 6 of 12

7 directors, trustees, authorized representative or anyone to whom you entrust the property for any purpose: (1) Acting alone or in collusion with others; or (2) Whether or not occurring during the hours of employment. But this exclusion does not apply to Covered Property that is entrusted to others who are carriers for hire. d. Discharge, dispersal, seepage, migration, release or escape of pollutants. e. Loss resulting from the movement of Rolling Stock by a mechanical device (other than a hand truck) unless the device is physically connected to the covered Rolling Stock. f. Loss you expected or intended. g. Shortage found upon taking inventory. h. Unexplained disappearance. 3. We will not pay for loss caused by or resulting from any of the following. But if loss by a Covered Cause of Loss results, we will pay for that resulting loss. a. Wear and tear, gradual deterioration, rust, corrosion, dryness or dampness of atmosphere, extremes or changes of temperature, including freezing. b. Hidden or latent defect or any quality in the property that causes it to damage or destroy itself. c. Mechanical or electrical breakdown or failure. C. Limits of Insurance The most we will pay for loss in any one occurrence: 1. for any one item of Rolling Stock is the applicable Limit of Insurance shown in the Coverage Summary. 2. in or at any one location, regardless of the number of covered items of Rolling Stock involved is the applicable Limit of Insurance shown in the Coverage Summary. CL IM Page 7 of 12

8 3. for Additional Coverage is the Limit of Insurance applicable to that Additional Coverage. 4. for Coverage Extensions is the Limit of Insurance applicable to that Coverage Extension. The most we will pay in any one loss, casualty or disaster, regardless of the number of covered items of Rolling Stock involved is the limit specified In the Coverage Summary. D. Deductible We will not pay for loss in any one occurrence until the amount of the adjusted loss exceeds the Deductible shown in the Coverage Summary. We will then pay the amount of the adjusted loss in excess of the Deductible, up to the applicable Limit of insurance. 1. if more than one Deductible is applicable under this Coverage Form to loss in any one occurrence, we will only apply the highest applicable Deductible. 2. this condition does not apply to the Debris Removal, Pollutant Clean Up and Removal, or the Tapes, Compact Discs and Records Additional Coverages. E. Loss Payees and Additional Insured Lessors If Covered Property has a Loss Payee or Additional Insured Lessor, the most we will pay to that Loss Payee or an additional Insured Lessor for total loss to that Covered Property is the greater of the: 1. outstanding indebtedness under a finance agreement for Covered Property; or 2. the amount due under the terms of the lease to which Covered Property is subject, except we will not pay for (a) (b) overdue lease or insurance payments, or financial penalties imposed under the lease due to high mileage, excessive use or as normal wear and tear; 3. actual cash value of the damaged or stolen Rolling Stock as of the time of loss. CL IM Page 8 of 12

9 In no event will we pay more than the applicable Limit of insurance. F. Additional Conditions The following conditions apply in addition to the Commercial Inland Marine Conditions and the Common Policy Conditions: 1. Coinsurance All Covered Property must be insured for at least 80% of its total value as of the time of loss or you will incur a penalty. The penalty is that we will only pay the proportion of any loss that the Limit of Insurance shown in the Coverage Summary for all Covered Property subject to coinsurance bears to 80% of the actual cash value of all Covered Property as of the time of loss. 2. Coverage Territory The Coverage territory is the United States of America and Canada. 3. Impairment of Recovery Rights If by any act or agreement after a loss you impair our right to recover from others liable for the loss, we will not pay you for that loss. 4. Liberalization If we revise this Coverage Form to provide more coverage without additional premium charge, your policy will automatically provide the additional coverage as of the day the revision is effective in your state. 5. Loss Payment - Rolling Stock At our option we may: (a) (b) (c) Pay for, repair or replace lost, damaged or destroyed Rolling Stock ; Return stolen Rolling Stock at our expense. We will pay for any damage that results to Rolling Stock from theft; or Take all or any part of the lost, damaged or destroyed Rolling Stock at an agreed to appraised value. CL IM Page 9 of 12

10 6. Two or More Coverage Forms or Policies Issued by Us If this Coverage Form and any other Coverage Form or policy issued to you by us or any company affiliated with us applies to the same loss, the aggregate maximum Limit of Insurance under all the Coverage Forms or policies shall not exceed the highest applicable Limit of Insurance under any one Coverage Form or policy. This condition does not apply to any Coverage Form or policy issued by us or an affiliated company specifically to apply to excess insurance over this Coverage Form. 7. Valuation The value of property will be the least of the following amounts: G. Definitions a. The actual cash value of that property; b. The cost of reasonably restoring that property to its condition immediately before loss or damage; or c. The cost of replacing that property with substantially identical property. In the event of loss or damage, the value of property will be determined as of the time of loss or damage. 1. Ancillary equipment means any property that is carried on or used in conjunction with Rolling Stock. Ancillary equipment includes, but is not limited to, chains, tarp; and binders. 2. Loss means direct and accidental loss, destruction or damage caused by a Covered Cause of loss external to covered Rolling Stock ; 3. Mobile Equipment means any of the following types of land vehicles, including any attached machinery and equipment: a. Bulldozers, farm machinery, forklifts and other vehicles designed for use principally oft public road; b. Vehicles maintained for use solely on or next to premises you own or rent; c. Vehicles that travel on crawler treads; d. Vehicles, whether self-propelled or not, maintained primarily to provide mobility to permanently mounted: CL IM Page 10 of 12

11 (1) Power cranes, shovels, loaders, diggers or drills; or (2) Road construction or resurfacing equipment such as graders, scrapers or rollers. e. Vehicles not described in paragraphs a., b., c., or d. above that are not self-propelled and are maintained primarily to provide mobility to permanently attached equipment of the following types; (1) Air compressors, pumps and generators, including spraying, welding, building cleaning, geophysical exploration, lighting and well servicing equipment; or (2) Cherry pickers and similar devices used to raise and lower workers. f. Vehicles not described in paragraphs a), b) c) or d) above maintained primarily for purposes other than the transportation of persons or cargo. However, self-propelled vehicles with the following types of permanently attached equipment are not Mobile Equipment but will be considered Rolling Stock : (1) Equipment designed primarily for; (a) (b) (c) Snow removal; Road maintenance, but not construction or resurfacing, or Street cleaning (2) Cherry pickers and similar devices mounted on automobile or truck chassis and used to raise or lower workers; and (3) Air compressors, pumps and generators, including spraying, welding, building cleaning, geophysical exploration, lighting or well servicing equipment. 4. Personal effects means privately owned items (as clothing and toilet articles) normally worn or carried on the person Pollutants means any solid, liquid, gaseous or thermal irritant or contaminant including smoke, vapor, soot, fumes, acids, alkalis, chemicals and waste. Waste includes material to be recycled, reconditioned or reclaimed. 6. Private passenger vehicles means a private passenger or station wagon vehicles and includes a vehicle of the pick-up or van type not used for CL IM Page 11 of 12

12 business purposes. 7. Rolling Stock means a land motor vehicle, truck, tractor, trailer or semitrailer. Rolling Stock does not include Mobile Equipment or Private passenger vehicles. In addition, Rolling Stock does not include the specific goods, freight or property carried within or upon or pulled by same, nor does it include moving equipment, which includes but is not limited to such additional items as chains, tarps and binders, 8. Trailer includes a semi-trailer or dolly used to convert a semi-trailer into a trailer. CL IM Page 12 of 12