Extensions:
Cover can be extended to include up to a limit chosen by you on the following on payment of additional premium-
• Third party liability
• Cross liability
• Earthquake
• Cost of removal of debris
• Express freight, overtime charges
• Air freight
• Additional customs duty
• Escalation
• Owner´s surrounding property
• Storage risk at Fabricator's Premises
• Maintenance cover-Visits, Extended maintenance
• Dismantling
Exclusions:
Some of the exclusions under the policy are-
• War Invasion
• Nuclear Reaction Nuclear Radiation or Radioactive Contamination
• Insured´s Contribution - Deductible
• Willful Act or Willful Negligence of the Insured
• Cessation of Work
• Defective Material or Bad workmanship
• Wear Tear Corrosion Oxidation Deterioration
• Breakage of Glass
• Disappearance or Shortage (Inventory Losses)
• Design Defects
• Loss of files, drawings, cash, cheques etc,.
• Consequential Loss
• Terrorism
Excess (Deductible):
It is standard to apply excess to claims as neither the client nor the insurer wishes to be troubled with handling small losses.
To comply with a client's wishes (e.g. contract conditions, financial policy or risk management programmer), higher excess may be applied, with a suitable reduction in premium.
