KEU Underwriting Managers | Exhibition / Equipment All Risk
Physical loss or damage, by accident or misfortune otherwise not excluded, to the whole or part of the property, while anywhere within the territorial limits, property, all as described in the schedule of the policy.
Specific exceptions - The insurer shall not be liable for loss of or damage to property resulting from or caused by :
- theft from any vehicle while such vehicle is unattended
- shortage of inventory or any unexpected loss or mysterious disappearance
- its undergoing a process of cleaning , repair dyeing, bleaching, alteration or restoration
- inherent vice , latent defect vermin , insects, shrinkage, evaporation, loss of weight, rust, contamination, mildew, or leakage of contents, unless caused by a peril not otherwise excluded
- the dishonesty or any principal, partner , director or employee of the insured whether acting alone on in collaboration with others
- detention , confiscation or requisition by customs or other officials or authorities, shortage of inventory or any unexpected loss or mysterious disappearance
- wear and tear or gradual deterioration (including the gradual action of light or climatic or atmospheric conditions) unless following an accident or misfortune not otherwise excluded
- mechanical, electronic or electrical breakdown, failure, breakage or derangement
- loss of or damage to goods consigned under a bill of lading
- the first amount payable
Condition Agreed value or replacement for and repair of the property insured.
The basis upon which the amount payable could be calculated either on "agreed value" or "replacement value"
The agreed value for replacement shall mean the amount stated in the schedule in respect of the property as described in the schedule, which shall be the value agreed between the insured and the insurer. An independent valuation of the property insured shall be accepted by the insurer prior to the date of any incident giving rise to claim. The insurer shall not be liable for any costs incurred in obtaining such valuation .
The repair of the property to a condition substantially the same as, but not better than , its condition on " agreed value".
Provided that if, at the time of replacement or repair, the sum representing the cost which would have been incurred in replacement if the whole of the property had been lost , destroyed or damage beyond repair exceeds the agreed value thereon at the commencement of the loss or damage, then the insured shall be considered as being their own insurer for the difference.