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Products & Services >>
Flood Insurance Policy>>
(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 to Reliance
Insurance Ltd, (hereinafter called Company) for the Indemnity
here-in-contained.
Now, in consideration of the insured having paid to the Company the
premium for or on account of the said indemnity, the insurer 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 flood which shall mean :
i) The overflowing or
deviation (erosion included) from their normal channels of either
natural or artificial
water
courses.
ii) Any flow or
accumulation of water on the ground except when such flow or
accumulation be of water
emitted
from any water supply main. tap. pipe. valve or the like.
EXCLUSIONS:
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 occurrences namely:-
1. Hail, Storm, Tempest,
Cyclone, Hurricane, Typhoon or Tornado.
2. Clogging and backing
up of' the sewers and drains impeding outflow of water
3. Seepage or leakage
from the sewers and drains;
4. Earthquake, Tsunami or
seaquake or volcanic eruption; or
5. Dampness.
6. Theft during or after
the occurrence of flood.
COMPULSORY EXCESS CLAUSE:
It is hereby understood and agreed that company shall only be liable
for loss or damage directly caused by flood if the assessed loss or
damage arising out of flood exceeds 2% of the total sum insured
under all policies in the name of the insured covering flood as
regards any individual building or any floor therein including its
contents and rents subject to a maximum of Tk. Tk.5.00 Lac (Taka
Five lac) only.
DEFINITIONS:
Loss occurrence
The word loss occurrence shall mean all individual losses or
damages directly arising out of or occasioned through one event. The
duration and extent of any loss occurrence shall be limited to;
'Any flood or floods that extend beyond 168 hours may still be
considered as one event UNLESS an intervening period of at least 72
hours elapses during which non-flood conditions exist. Non-flood
conditions are defined as conditions where water levels are within
normal high water marks.' |
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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 may appear.
2. This policy shall be violable in the event of
misrepresentation, mis-description, and non-disclosure of any
material fact.
3. The due observance and fulfillment 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 insurer 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 or 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. |
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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
flood, 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 preceding the burden or proving
that any fall or displacement is caused by as aforesaid shall be
upon the insured.
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. On the happening of any loss or damage the insured shall
forthwith give notice thereof to the company and shall with in
15 days after the loss or damage or such further time as the
company in writing allow on that behalf, deliver to the Company.
A. A claim in writing for
the loss or damage containing as particular an account as may be
reasonable and
practicable of all the several 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
7. The insured shall also at all time at his own expense
produce, procure and give to the company 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. No claims under this policy shall be payable unless
the terms and conditions have been complied with. The Company
reserves the right to treat the claim as no claim if no
information/ documents are submitted by the insured with in a
period of 6 months from the date of loss.
8. 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.
9. 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 insurance for the
difference, and shall bear a rateable proportion of the loss
accordingly.
10. 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.
11. 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 prorata 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 sohall 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.
12. 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 herein before
if the insurer has disputed or not accepted liability in respect
of this policy. It is further 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
arbitrator or arbitrators or umpire of the amount of the loss or
damage shall be first obtained.
13. It is also 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 purpose be deemed to have been abandoned and shall
not thereafter the recoverable hereunder. In no case whatsoever
shall the 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.
14. 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.
15. 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.
(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 properly be changed in such a way
as to increase the risk of loss or damage by flood.
(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.
16. 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.
17. On the happening of any loss or damage to any of the
property insured by this policy, the company may :
(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 other
wise deal with the
same.
(d) Sell such property or
dispose of the same for account of whom it may concern
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.
18. 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 plans, specifications, measurements, quantities and such
other particulars, as the insurer may require and no acts done
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 alignment, of streets,
or the construction 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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