Whereas the Insured named in the schedule hereto has made to the RELIANCE INSURANCE LIMITED (hereinafter called "the Insurers") a written proposal by completing a questionnaire which together with any other statements made in writing by the Insured for the purpose of this Policy is deemed to be incorporated herein
Now this Policy of insurance witnesses that subject to the Insured having paid to the Insurers the premium mentioned in the schedule and subject to the terms, exclusions, provisions and conditions contained herein or endorsed hereon.
 
The Insurers hereby agree with the Insured that if at any time during the period of insurance stated in the schedule or during any subsequent period for which t/1e Insured pays and the Insurers may accept the premium for the renewal of this Policy the goods specified in the schedule suffer loss of or damage caused by deterioration due to any unforeseen and sudden physical loss of or damage to the machinery specified in the list of machinery of this Policy and identifiable under the machinery breakdown Policy in force, the Insurers will indemnify the Insured in respect of such deterioration in the manner and to the extent hereinafter provided up to an amount not exceeding in any one year of insurance in respect of each of the items specified in the schedule the sum set opposite thereto and not exceeding in all the total sum expressed in the schedule as insured hereby, unless the sum insured .has been reinstated.

GENERAL CONDITIONS

EXCLUSIONS
 
The Insurers shall not be liable for
 
1. the deductible stated in the schedule to be borne by the Insured any one occurrence;
 
2. any loss of the goods stored in the refrigerating chamber arising within the no-claims period indicated by the Insured in the schedule due to any deviation from the prescribed refrigerating temperature, unless such deterioration is caused by contamination as a result of escaping refrigerant or by accidental freezing of the goods or unless fresh goods which have not yet reached prescribed refrigerating temperature are hereby affected, the no-claims period being defined as the time period immediately following cessation of cooling during which, with storage room left sealed, no deterioration would take place;
 
3. any loss with regard to the goods stored arising as a result of shrinkage, inherent defects or diseases, natural deterioration or natural putrefaction ;
 
4. any loss arising from improper storage, damage to packing material, insufficient circulation of air, non-uniformity of temperature;
 
5. any loss caused by temporary repair of the refrigeration machinery specified in the list of machinery which is carried out without the Insurers consent ;
 
6. penalties for delay, consequential loss or damage or liability of any nature whatsoever;
 
7. loss or damage directly or indirectly caused by, or arising out of, or aggravated by

1. The due observance and fulfilment at the terms 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 questionnaire, proposal and monthly declarations made by the Insured shall be a condition precedent to any liability of the Insurers.
 
2. The schedule and the list of machinery shall be deemed to be incorporated in and farm part of this Policy and the expression "this Policy", wherever used in this contract, shall be read as including the schedule and the list of machinery. Any ward or expression to which a specific meaning has been attached in any part of this Policy, of the schedule or of the list of machinery shall bear such meaning wherever it may appear.
 
3. The Insured shall at his awn expense take all reasonable precautions and comply with all rescannable recommendations of the Insurers to prevent loss or damage and comply with statutory requirements and manufacturers' recommendations.

(a) Representatives of the Insurers shall at any reasonable time have the right to inspect and examine the risk and the Insured shall provide the representatives of the Insurers with all details and information necessary far the assessment of the risk.
 
b) The Insured shall immediately notify the Insurers by telegram and in writing of any material change in the risk and cause at his awn expense such additional precautions to be taken as circumstances may require to ensure safe operation of the insured items, and the scope of caver and/or premium shall, if necessary, be adjusted accordingly. No. material alteration shall be made or admitted by the Insured whereby the risk is increased, unless the continuance of the caver provided under this Policy is confirmed in writing by the Insurers.

5. in the event if any occurrence which might give rise to. a claim under, this Policy, the Insured shall,

a) immediately notify the Insurers by telephone or telegram as well as in writing, giving an indication as to the nature and extent of the loss or damage;
 
b) take all steps within his power to minimize the extent of the lass or damage;
 
c) preserve the parts affected and make them available far inspection by a representative or surveyor
of the Insurers;
 
d) furnish all such information and documentary evidence as the Insurers may require;
 
e) the Insurers shall an no. account be liable far loss or damage of which no. notice has been received by the Insurers within 14 days of its occurrence. Upon notification being given to the Insurers under this condition, the Insured may carry out repairs of or make good any minor damage; in all other cases a representative of the Insurers shall have the opportunity of Inspecting the lass or damage before any repairs or alterations are effected. If a representative of the Insurers does not carry out the inspection within a period of time which could be considered adequate under the circumstance, the Insured shall be entitled to proceed with the repairs or replacement.

6. The Insured shall at the expense of the Insurers do and concur in doing and permit to be done all such acts and things as may be necessary or required by the Insurers in the interest of any rights or remedies, or of obtaining relief or indemnity from parties (other than those insured under this Policy) to which the Insurers are or would became entitled or which is or would be subrogated to them upon their paying far or making good any lass or damage under this Policy, whether such acts and things are or became necessary or required before or after the Insured's indemnification by the Insurers.
 
7. if any difference arises as to the amount to be paid under this Policy (liability being otherwise admitted) such difference shall be referred to the decision of an Arbitrator to be appointed in writing by the parties in difference or if they cannot agree upon a single Arbitrator, to the decision of two Arbitrators, one to be appointed in writing by each of the parties, within one calendar month after having been required in writing so to do by either of the parties, or, in case the Arbitrators do not agree, of an Umpire to be appointed writing by the Arbitrators before the latter enter upon the reference. The Umpire shall sit with the Arbitrators and preside at their meetings. The making of an Award shall be a condition precedent to any right of action against the Insurers.

a) if the proposal or declaration of the Insured is untrue in any material respect, or if any claim made is fraudulent or substantially exaggerated, or if any false declaration or statement is made in support thereof, then this Policy shall be void and the Insurers shall not be liable to make any payment hereunder.
 
b) in the event of the Insurers disclaiming liability in respect of any claim and if an action or suit is not commenced within six months after such disclaimer or (in the case of arbitration taking place in pursuance of Condition 7 of this Policy) within three months after the Arbitrators or Umpire have made their Award, all benefit under this Policy in respect of such claim shall be forfeited.

9. If at the time any claim arises under this Policy there is any other insurance covering the same loss or damage, the Insurers shall not be liable to pay or contribute more than their rateable proportion of any claim for such loss or damage.
 
10. This Policy may be terminated at the request of the Insured at any time, in which case the Insurers will retain the customary short-period rate for the time this Policy has been in force. This Policy may equally be terminated at the option of the Insurers by seven days' notice to that effect being given to the Insured, in which case the Insurers shall be liable to repay on demand a reteable proportion of the premium for the unexpired term from the date of cancellation less any reasonable inspection charges the Insurers may have incurred and less any long-term discount on premiums granted.
 
11. Under an insurance for a third party's account the Beneficiary shall be entitled to exercise, in his own name, the rights of the Insured. Without obtaining the Insured's approval, the Beneficiary shall further have the right to receive any indemnity paid under this Policy and to transfer the Insured's rights even if the Beneficiary is not in possession of this Policy. Upon payment of indemnity the Insurers may require evidence of the Beneficiary having given his consent to the insurance and of the Insured having given his consent to the receipt of an indemnity by the Beneficiary.
 
12. The indemnity shall be payable one month after determination by the Insurers of the full amount due. Notwithstanding the above, the Insured may one month after the Insurers have been duly notified or the loss and have acknowledged their liability, claim as an instalment the minimum amount payable under the prevailing circumstances. The running of the periods shall be suspended for the time during which the indemnity is unascertainable or not payable due to reasons within the Insured’s control.
The Insurers shall be entitled to withhold indemnification,

SPECIAL CONDITIONS

PROVISIONS

Message from Management | Board of Directors | Management | Products & Services | Business Performance | Career | Contact Us | News & Events | Site Map | Home