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Products & Services >> Cyclone Insurance Policy>>
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(THIS
POLICY IS IN CONJUNCTION WITH FIRE POLICY) |
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Whereas
the Insured named in the Schedule hereto has, by a signed Proposal
and Declaration, which the insured has agreed, shall be the basis of
Contract and be held as incorporated herein, applied Reliance
Insurance Ltd. (hereinafter called Company) for the Indemnity
here-in-contained. Now, in consideration of the insured having paid
to the Company the 1st premium for or on account of the said
indemnity, the Company agrees subject to the terms, exclusions,
limits and conditions contained herein or endorsed hereon to
indemnify the insured against direct physical loss or damage
occurring during the period of this policy in respect of the
property of the insured mentioned in the schedule herein due to:
A. Hail, Storm, Tempest, Cyclone, Hurricane, Typhoon or Tornado
B. Rain provided the building in respect of which is the claim is
maid is so damaged any of the perils specified in Supra to admit
Rain water to the interior of the said building |
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Exclusions: |
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This
insurance does not cover any loss or damage occasioned by or
through or in consequence directly or indirectly of or
aggravated by any of the following occurrence, namely:-
considered ade is so damaged by any of the perils specified in
Supra to
i) Fire, lightning and/ or explosion.
ii) Dampness.
iii) Earthquake, Tsunami or seaquake and/or volcanic eruption or
iv) Clogging and backing up of the sewer and drain impending
outflow of water or any other substance;
v) Flood which shall mean: |
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a. The over flowing
or deviation (erosion including) from their normal channels of
either natural or artificial water course
b. Any flow or accumulation of water on the ground except when such
flow such flow or accumulation be of water emitted from any water
supply main, tap, pipe, valve or the like |
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vi)
All losses or damage caused by rain water, whether driven by
wind or not unless the including or the property insured therein
shall first sustain an actual damage to the roof or walls or the
same by the direct force of hail, Strom, Tempest, Cyclone,
Hurricane, Typhoon and Tornado.
vii) Consequential loss of any kind
viii) Loss or damage or liability directly or indirectly caused
by or arising out of or aggregated by:- |
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A. War, invasion, act of foreign
enemy, hostilities (whether war be declared or not), civil war,
rebellion, revolution, insurrection mutiny, riot, stick
lock-out, civil commotion, military or usurped power, a group or
malicious persons or persons requisition or distraction or
damage by order of any government de jure or de facto or by any
public authority;
B. Nuclear reaction, nuclear radiation or radioactive
contamination; |
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ix)
Metal smoke stacks, awning, blind signs or other outdoor
fixtures of any decription unless specifically mentioned in the
policy.
x) Building in course of construction, reconstruction or repair
unless all out side door, windows and other openings are
completed and protected against Hail, Storm,Cyclone, Hurricane,
Typhoon and Tornado.
xi} Theft during or after the occurrence of cyclone. |
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COMPULSORY EXCESS CLUSE |
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The
Company shall only be liable for loss or damage directly caused
by cyclone if the assessed loss or damage arising out of this
peril during any one period of 72 (seventy Two) consecutive
hours exceeds 2% of the sum insured under all policies in the
name of the insured covering risk of cyclone as regards any
individual building or any floor therein including its contents
and rents subject to a maximum of Tk. 5.00 Lac (Taka Five Lac)
only.
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CONDITIONS |
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1. This policy and
the schedule shall be read together and any word or expression
to which a specific meaning has been attached in any part of
this policy or of the schedule shall bear the same meaning
wherever it any appear.
2.This policy shall be void able in the event of
misrepresentation, mis-description, and non-disclosure of any
material fact.
3. The due observance and fulfilment of terms, conditions and
endorsement of this policy in so far as they relate to anything
to be done or complied with by the insured and the truth of the
statements and answers in the said proposal form shall be
conditions precedent to any liability of the company to make any
payment under the policy.
4. All Insurance under this policy |
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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 ir displacement
a. of such building or of any part
thereof;
b. 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 cyclone or is otherwise material.
AND PROVIDED that such fall or displacement is not caused by
cyclone, loss or damage, which is covered by this policy or
would be covered if such, building, range of buildings or
structure were insured under this policy.
In any action, suit or other proceeding the burden or proving
that any fall or displacement is caused by Cyclone as aforesaid
shall be upon the insured. |
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5. The insured shall
take all reasonable steps to safeguard his property from loss or
damage and to maintain it in efficient condition and the company
shall have at all times free and full access to inspect the
whole or any part of the property hereby insured.
6. Under any of the following circumstances the insurance ceases
to attach as regards the property affected unless the insured,
before the occurrence of any loss or damage, obtains the
sanction of the company signified by endorsement upon the policy
by, or on behalf of the company. |
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(a) 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 cyclone.
(b) If the building insured or containing the Insured property
becomes unoccupied and so remains for a period of more than 30
days.
(c) If property insured be removed to any building or place
other than that in which it is herein stated to be insured.
(d) If the interest in the property insured passes from the
insured otherwise than by will or operation of law. |
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7. 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 to any excess beyond the
amount which would have been payable under the Marine policy or
policies had this insurance not been effected.
8. On the happening of any loss or damage to any of the property
insured by this policy, the company may : |
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(a) Enter and take
and keep possession of the building or premises where the loss
or damage has happened.
(b) Take possession of or require to be delivered to it any
property of the insured in the building or on the premises at
the time of the loss or damage.
(c) keep possession of any such property and examine, sort,
arrange, remove or otherwise deal with the same.
(d) Sell any such property or dispose of the same for account of
whom it may concern. |
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The powers conferred
by this Condition shall be exercisable by the company at any
time until notice in writing is given by the insured that he
makes no claim under the policy or if any claim is made until
such claim is finally determined or withdrawn and the company
shall not by any act done in the exercise or purported exercise
of its powers hereunder, incur any liability to the insured or
diminish its right to rely upon any of the conditions of this
policy in answer to any claim. If the insured or any person on
his behalf shall not comply with requirements of the company or
shall hinder or obstruct the company in the exercise of its
powers hereunder, all benefit under this policy shall be
forfeited. The insured shall not in any case be entitled to
abandon any property to the company whether taken possession of
by the Company or not.
9. On the happening of any loss or damage the insured shall
forthwith give notice thereof to the company and shall within 15
days after the loss or damage or such further time as the
company in writing may allow on that behalf, deliver to the
company. |
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A. A claim in writing
for the loss or damage containing necessary particulars as may
be reasonable and practicable of all the articles or items of
property damaged or destroyed, and of the amount of the loss
thereof respectively, having, regard to their value at the time
of the loss or damage.
B. Particulars of all other insurance, if any |
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10. The insured shall
also at all time at his own expense produce, procure and give to
the insurer all such further particulars, plans, specification
books, vouchers, invoices, duplicates or' copies thereof,
documents, proofs and information with respect to the claim and
the origin and cause of any of the circumstances under which the
loss or damage occurred and any matter touching the liability or
the amount of the liability of the company as may be reasonably
required by or on behalf of the insured together with a
declaration on oath or in other legal form of the truth of the
claims and of any matters connected therewith. The Company
reserves the right to treat the claim as no claim if no
information/ documents are submitted by the insured within a
period of 6 months from the date of loss.
11. In the event of the insured making any claim for loss or
damage under this policy in respect of cyclone, he must in proof
of his claim, submit a certificate on the occurrence of cyclone
in the concerned areas from any of the following sources as may
be available.
1. Local Meteorological office.
2. First Class Gazetted officer.
3. Union Council Chairman.
12. If at the time any claim arises under this policy, and there
is any other existing insurance covering the same property
against same loss or damage the company shall not be liable to
pay or contribute more than its rateable proportion of any loss
or damage, compensation costs or expenses.
13. If the property hereby insured shall at the time of loss 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 proportion of the loss
accordingly.
14. If the claim be in any respect fraudulent or if any false
declaration be made or used in support thereof, or if any
fraudulent means or devices are used by the insured or anyone
acting on his behalf to obtain any benefit under this policy or
if the loss or damage be occasioned by the wilful act or with
connivance of the insured all benefits under this policy shall
be forfeited.
15. The Company may cancel this policy by sending seven day's
notice by registered letter to the insured at his last known
address and in such event will return to the insured the premium
paid less the prorate portion thereof for the period the policy
has been in force or the policy may be cancelled at any time by
the insured on seven day's notice and (provided no claim has
arisen during the current period of insurance) in which event
the insured shall be entitled to a return of premium less
premium at the company's short period rates for the period the
policy has been in force.
16. If any difference arises as to the amount of claim to be
paid under this policy, (Liability being otherwise admitted),
such difference may independently of all other questions be
referred to the decision of the Arbitrator to be appointed in
writing by the parties in difference as per provision of law in
force in this regard. It is clearly agreed and understood that
no difference shall be referable to arbitration as here in
before if the insurer has disputed or not accepted liability in
respect of this policy. It is also hereby expressly stipulated
and declared that it shall be a condition precedent to any right
of action or suit upon this policy that the award by such an
arbitrator or arbitrators or umpire of the amount of the loss or
damage shall be first obtained.
17. It is hereby further expressly agreed and declared that if
the company shall disclaim liability to the insured for any
claim hereunder and such claim shall not within 12 calendar
months from the date of such disclaimer have been made the
subject matter of a suit in a court of law, then the claim shall
for all purposes be deemed to have been abandoned and shall not
thereafter the recoverable hereunder. In no case whatsoever
shall be company be liable for any loss or damage after the
expiration of 12 months from the happening of the loss or
damage, unless the claim is the subject of pending action and/
or arbitration.
18. In respect of stock: Warranted that the stocks insured
hereby are stored and or stacked on a plinth and / or platform
of concrete or metal or timber of a height of not less than 9th
inches.
19. The Company may at its 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 insurer or insurers in so doing, but .the Company 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 company 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
not more than the sum insured by the company thereon. If the
Company so elect, to reinstate or replace any property the
insured shall, at his own expense, furnish the insurer with such
other particular, as the Company may require and no acts or
caused to be done by the Company with a view to reinstatement or
replacement shall be deemed an election by the Company to
reinstate or replace.
If in any case the company shall be unable to reinstate or
repair the property hereby insured, because of any municipal or
other regulations in force affecting the agreement, of streets,
or the constriction of building or otherwise the company 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. |
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