Policy Structure Heavy Equipment Policy
1. Preamble Covers ALL PERILS except provided herein (???)
2. General Exceptions - War, invasion, foreign enemy, hostilities, warlike
(only 1 section, why need General
operations
General Exclusions)??? - Civil Commotion, military rising, insurrection,
rebellion, usurped power
- EQVET, Landslide, TFSWD, other AOG
- Confiscation, requisition by Government
- Nuclear weapon material
- ionizing, radiations, nuclear fuel combustion
- consequential loss or damage of any kind
3. Excluded Perils - Wear & tear or gradual operation
- faulty manufacture, installation, repairing or
occassioned by inherent character of the insured
property
- Breakage during installation, repairing or dismantling,
breakage during transportation UNLESS caused by
Fire, Lightning, Collission, Derailment or Overturning
of the vehicles
- Negligence of the insured to save and preserve the
insured property at and after any loss insured against
- Dampness or atmosphere or extreme temprature
- loss or damage to the canopy UNLESS such loss or
damage caused by the overturning of the insured
property
- Loss or damage to the Tires , tubes due to blow out,
cuts or other causes due to use of the insured property
UNLESS as the result of other loss covered herein
- Loss or damage to the licensed for highway use,
aircraft or watercraft
- Average (Co-Insurance / Under Insurance)
- Loss or damage caused by or resulted from TPL or
General Public Liability
- Pair & Set Clause (Partial version)
- Loss or damage to electrical appliances, devices,
apparatus or machinery including wiring caused by
electrical currents artificially generated UNLESS fire
ensues -- Liable only for the loss caused by such ensuing
fire
- Overload exceeding the registered lifting or supporting
capacity of the machine
- Only pay loss in excess of Deductible
4. Conditions 1. Notice & Proof of loss -- shall notify immediately then
followed with written claim report within 90 days from
the DOL
a. Insured to give access to the insurer to investigate the
loss and Onus of Proof is laying on the Insured
2. Arbitration / Dispute Clause AAUI
3. Other Insurance (Contribution) -- In Excess basis
4. Benefit of Insurance -- Not to inure to the benefit of
any carrier, bailee, or other partyby stipulation of B/L
5. Exempting Others from Liability -- NOT Imposing
Subrogation to the third party, shall render this policy
Null & Void
6. Subrogation rights
7. Reducing Clause -- Prorata additional premium to
Reinstate the sum insured after loss occurred
8. Machinery -- Pair & Set Clause (partial version)
Same as above mentioned
9. Valuation -- Indemnity / Actual Value basis
Including Depreciation - both Total & Partial Loss
10. Average (Co-Insurance / Under Insurance)
Similar with the above mentioned
11. Assignment - not allowed unless approved by the
Insurer
12. Cancelation Clause
Insured does -- Short Rate Premium
Insurer does -- Prorata Premium
13. Misdescription - breach of UGF , before or after the loss
Policy shall void and Null
14. Limitation time for Insurer's liability
No cover after period of insurance expired UNLESS
DOL occurs during insurance period but subject to
pending action or arbitration
15. Notices -- any communication must be in written or
printed
Legend :
Things that differs with CPM Munich Re standard wording
CPM Munich RE Policy Structure
Covers ALL RISKS (not herein specifically excluded) Preamble
Only after successful Testing & Commissioning
N/A General Exclusions
- Deductible Exclusions
- Due to electrical or mechanical breakdown, failure,
breakage or derangement , freezing of coolant or other
fluid , defective lubrication or lack of oil or coolant
BUT if as consequence of such mentioned above an accident
occurs causing an external damage , such consequential
damage shall be indemnifiable
- loss or damage to the replacable parts which regularly replaced
- loss or damage due to explosion of any boiler or pressure vessel
subject to INTERNAL steam or fluid pressure or of any INTERNAL
combustion engine
- Licensed vehicles for general road use unless exclusively use ONLY
at the construction sites
- loss or damage to waterborne vessel or craft
- loss or damage due to partial or total immersion in tidal waters
- loss or damage whilst in transit
- loss or damage as direct consequence of the continual influence of
operation (wear & tear, corrosion, rust, deterioration due to lack of
use and normal atmospheric conditions)
- loss or damage whilst the insured items is undergoing a test of any
kind OR being used for any purpose other than which it was designed
- loss or damage to the plant or machinery working underground
- war, invasion, act of foreign enemy, SRCC
- nuclear reaction, radiation , radioactive contamination
- defects or faults at the inception date of policy within the knowledge
of the insured or his representatives
- wilful act or wilful negligence of the insured or his representatives
- which the supplier or manufacture is responsible by law or contract
- consequential loss or liability of any kind and description
- loss or damage discovered only at the time taking an inventory or
during routine servicing
1. Utmost Good Faith Conditions
2. 'Policy' include schedule,
3. Insured must do Reasonable Precautions (LOSS PREVENTION)
4. - Risk Survey allowance to the Insurer or his representative.
- Immediately inform the Insured for any material change to the risk &
await written approval from the Insurer
5. Claim Procedures -- immediately notify BUT not more than 14 days
from the DOL
- Insured must do Loss Control
- Preserve the parts affected
- Furnish all information needed
- Inform Police only for claims of Theft / Burglary
- Rights of insured in minor damage loss ; in other claim cases ; AND
rights of the insured should insurer does not do risk survey which
could be considered timely adequate under the circumstances
6. Subrogation rights
7. Dispute Clause AAUI
8. Breach of UGF before or after the loss AND Insurers disclaiming liability
9. Cancellation clause
Insured does -- short rate premium
Insurer does --- prorata premium
10. Contribution -- rateable proportion