Archive for the ‘L-Clauses’ Category

Loss Mitigation Endorsement

It is hereby understood and agreed where a reported Claim requires remediation or mitigation, We will pay the reasonable and direct cost of any remediation or mitigation provided that: written notice of any Claim and the work that is required to rectify it or mitigate its consequences shall be given as soon as practicable during the Period of Insurance; such costs must be supported by ... Full story

Long Term Agreement

It is hereby understood and agreed that We agree to offer renewal at the expiring terms below subject to the following conditions:   Your Business is unchanged, and Incurred total claims (paid plus outstanding reserves) does not exceed (50% of premium paid), and Change in Turnover is less than 20%, and No change in law that will have the impact of increasing Our exposure, and No ... Full story

Licensing Endorsement

It is hereby understood and agreed definition 8.16 You, Your, Yours is deleted in its entirety and replaced with the following: You, Your, Yours – means: the Named Insured; any person who is, during the Period of Insurance, a principal, partner or director of the Named Insured but only in respect of work performed while a principal, partner or director of the Named insured; any ... Full story

Legal Advice and Consultation Exclusion

It is hereby understood and agreed We will not pay for any Claim directly or indirectly arising out of, in consequence of, or contributed to by the provision of any legal advice and/or consultation services. Full story

Large Project Exclusion

It is hereby understood and agreed that We will not pay for any Claim directly or indirectly arising out of, in consequence of, or contributed to by Your involvement in any project where total contract value exceeds US$25,000,000. Your involvement in projects of this magnitude will be considered as a material change and condition 7.2 Alteration of Risk will apply. Full story

LOSS NOTIFICATION CLAUSE

Notwithstanding anything contained herein to the contrary it is agreed that this insurance will not be prejudiced by any inadvertent delays, errors or omission in notifying the company of any circumstances or events giving rise or likely to give rise to a claim under this Policy. Full story

LIBEL AND SLANDER EXCLUSION

It is hereby understood and agreed that the Insurer shall not be liable to make any payments for Loss in connection with any claim or claims made against the Insured Person alleging, arising out of, based upon or attributable to:- Libel and slander by reason of words spoken or written by an Insured Person, and/or Insured Person shall mean any past, present or future director, secretary, or ... Full story

LIABILITY ARISING FROM WATERCRAFT (UNDER 8 METER)

It is agreed and declared that exclusion 4.6 is deleted and replaced by the following: 4.6        Aircraft, Aircraft Products and Watercraft Claims arising out of 4.6.1     the ownership, maintenance, operation or use by the Insured of: 4.6.1.1  any aircraft or hovercraft; or 4.6.2     the ownership, operating or use by the Insured or on the Insured’s behalf of: 4.6.2.1  any watercraft exceeding 8 metres in length, or 4.6.2.2  hovercraft. (“Hovercraft” means: any vessel, craft ... Full story

LETTER OF CREDIT CLAUSE

Where the Insured is obliged to arrange insurance is in accordance with any instructions contained in a Letter of Credit such cover is granted hereunder, provider it does not exceed the provisions of this contract wording or is held covered at a premium to be agreed (by Underwriters). Notwithstanding the above and irrespective of the Letter of Credit requirements the interest of ... Full story

LABELS CLAUSE EXTENSION

 In case of damage from perils insured against affecting labels, capsules or wrappers, the loss to be limited to an amount sufficient to pay the cost of new labels, capsules or wrappers and the cost of re-labeling the goods, provided the damage will have amounted to a claim under the terms of the policy. In no case shall the liability of Underwriters  ... Full story

LABELS CLAUSE EXTENSION

In case of damage from perils insured against affecting labels, capsules or wrappers, the loss to be limited to an amount sufficient to pay the cost of new labels, capsules or wrappers and the cost of re-labeling the goods, provided the damage will have amounted to a claim under the terms of the policy. In no case shall the liability of Underwriters  ... Full story

LIABILITY ARISING OUT OF THE USE OF ALL MOBILE PLANT AND EQUIPMENT NOT REGISTERED FOR ROAD USE (SUB LIMIT USD 25,000.00 IN AGGREGATE)

It is hereby declared and agreed that this policy is extended to cover liability arising out of the use of watercraft and all mobile plant and equipment (not registered for road use) Subject otherwise to the terms, exceptions and conditions of the Policy. Full story

LOSS PAYEE CLAUSE

It is hereby declared and agreed that the payment in respect of any claim which is indemnifiable under the terms of the Policy shall be made to and their receipts shall be a full and final discharge to the Company. The Company reserves the right to cancel this Policy at any time as provided by the terms thereof, but in such ... Full story

Loss Payee Clause

It is hereby declared and agreed that TBA (hereinafter referred to as the Sole Loss Payee) has a financial interest in the insured property to the extent of the Sum Insured. In consequence thereof payment of any loss arising under this policy shall only be made with the written permission and consent of the Sole Loss Payee.... Full story

Loss Notification Clause (Maximum in 14 Days)

Notwithstanding anything contained herein to the contrary it is agreed that this insurance will not be prejudiced by any inadvertent delays, errors or omissions in notifying the Company of any circumstances or events giving rise or likely to give rise to a claim under this Policy. Full story

Load Recovery (This clauses applied only for Logging Trucks and/or Trailers)

The cover is extended to cover the reasonable costs incurred in salvaging any load carried by an Insured Vehicle which suffering indemnifiable claim under policy terms and conditions, which following loss or damage to the insured vehicle, the load has spilled onto a road, carriage way within said premises/risk location in the schedule, including the costs of reloading or Trans-shipping the ... Full story

(LEG 2) Design Cover

The Insurer(s) shall not be liable for: All costs rendered necessary by defects of material workmanship design plan or specification and should damage occur to any portion of the Insured Property containing any of the said defects the cost of replacement or rectification which is hereby excluded is that cost which would have been incurred if replacement or ... Full story

LOSS OF FILL EXCLUSION

This policy does not cover loss of fill unless accompanied by other indemnifiable damage. Full story

LOSS PAYABLE CLAUSE

The insurance to which this loss payable clause has been attached has been assigned by …………….. in favor of and pursuant to the term of such assignment any and every sum receivable in respect of such insurance is to be paid direct to the assignee provided however that until the assignee give notice to the contrary  and every sum receivable by ... Full story

LESSOR INTEREST CLAUSE

It is noted and agreed that ………… (here in after referred to as the lessors) are the owners of the Property insured under (item….) and that such Property is the subject of a leasing Agreement made between the Lessors on the one part and the insured on the other part. It is further understood and agreed that any payment made in ... Full story

LEASING CLAUSE

It is hereby noted and agreed that the property insured by this policy has been pledged with the Leasing Company as follows: PT.__________ And that in consequence thereof, it has been agreed the said Leasing Company and The Insured, that in case of loss or damage due to the perils insured against under this ... Full story

LANDSCAPING CLAUSE

This Policy is extended to include landscaping, which term shall mean lawns, gardens, ornamental plants shrubs and trees. The Insurer’s liability for any one loss or series of losses arising out of any original source or cause at any one situation shall not exceed the Sub-Limit of Liability stated in the Schedule against “Landscaping” if any.   Full story

LENDER’S INTEREST CLAUSE

It is hereby noted and agreed that the property Insured under this Policy has been pledged with ………………………………………………………….. And until such time as the said Bank shall have notified the Insurer, in the contrary, the Insured shall advice the said Bank : If they propose to cancel or give ... Full story

LANDSLIDE AND SUBSIDENCE CLAUSE

Notwithstanding anything stated to the contrary, the policy shall subject to the Special Condition hereunder contained extend to include loss or damage to the property insured directly caused by : Landslip and or subsidence whether caused by flood or otherwise. Provided always that all the Conditions of the Policy (except insofar as they may be hereby expressly varied) ... Full story

LUBRICATING OIL AND REFRIGERANT CHARGES CLAUSE

It is agreed and understood that otherwise subject to the terms, exclusions, provisions and conditions in the Policy or endorsed thereon and subject to the Insured having paid the agreed extra premium, the Insurers shall indemnify the Insured for loss of lubricating oil or refrigerant in item(s) no(s) contained in the specification of the Policy, caused by an indemnifiable accident to ... Full story

LEASED PROPERTY CLAUSE

The Policy extends to indemnify any other party having an interest in the property insured by virtue of and in accordance with the terms of a mortgage, leasing, hiring or Renting Agreement provided such property is not more specifically insured. Full story

LOCKS AND KEYS CLAUSE – LIMIT US$ 1,000.-

he master keys are stolen or if there are reasonable grounds to believe that the master keys may have been dupliNotwithstanding anything contained in this policy to the contrary if as a consequence of any event giving rise to a claim hereunder, tcated, the Insurer (s) will indemnify the Insured in respect of the cost of replacing locks and/or keys, provided ... Full story

LOSS NOTIFICATION CLAUSE (14 Days)

Notwithstanding anything contained herein to the contrary, it is agreed that his insurance will not be prejudiced by any inadvertent delay errors or omissions in notifying the insurers of any circumstances or events giving rise of likely to give rise to a claim under this Policy. Full story

LOSS PREVENTION EXPENSES AND RESCUE TEAM COSTS

This Policy is held to include : wages of the Insured’s employees other than full time members of a Works Fire Brigade; the cost of replacement or resetting of fire fighting appliances or apparatus and loss. destruction or damage to materials (including employees’ effects): other costs (including loss, destruction or damage ... Full story

LOADING AND UNLOADING CLAUSE

It is agreed that this Policy shall extend to cover the Insured’s Legal Liability in respect of bodily injury and/or damage to property : 1)  arising out of and in course of loading or unloading operations from a stationery vehicle including delivery or              collection of the load from or to the vehicle... Full story

LOSS FROM UNATTENDED VEHICLE PROVIDED VEHICLE IS SECURELY LOCKED

Notwithstanding anything contained herein to the contrary, it is agreed that this insurance is extended to extend cover loss from unattended vehicle provided vehicle is securely locked Full story

LOSS PAYEE CLAUSE

It is hereby declared and agreed that the payment in respect of any claim which is indemnifiable under the terms of the Policy shall be made to and their receipts shall be a full and final discharge to the Company. The Company reserves the right to cancel this Policy at any time as provided by the terms thereof, but in such ... Full story

LOSS OF DAMAGED GOODS CLAUSE

In case of damage to property bearing brands labels and trademarks the sale of which carries in any way a guarantee of the Insured, the salvage value of such damaged property shall be determined after the removal in the customary manner of all brands labels and trade marks which might be taken to indicate that the guarantee of the Manufacturer or ... Full story

LESSEES CLAUSE

It is hereby declared and agreed that anything done by the lessee, mortgagor, or occupier of any building hereby insured whereby the risk of loss or damage is increased without the authority or knowledge of the freeholder, mortgage or lessor shall not prejudice the position of the freeholder, mortgage or lessor under this policy if the freeholder, mortgage or lessor shall ... Full story

LIGHTNING EXTENDED CLAUSE

CLAUSE 4.15 LIGHTNING EXTENDED COVER It is hereby noted and agreed that subject to the Insured having paid  the agreed additional premium, this insurance shall cover loss of or damage to electrical machinery, electrical or electronic equipment and electrical installation insured under this Policy directly caused by lightning. The Insured shall bear ... Full story

LOSS OF DAMAGED GOODS CLAUSE

In case of damage to property bearing brands labels and trademarks the sale of which carries in any way a guarantee of the Insured, the salvage value of such damaged property shall be determined after the removal in the customary manner of all brands labels and trade marks which might be taken to indicate that the guarantee of the Manufacturer or ... Full story

LESSORS INTEREST CLAUSE

It is noted and agreed that ………….. (here in after referred to as the Lessors) are the owners of the Property insured under (Item …….) and that such Property is the subject of a Leasing Agreement made between the lessors on the one part and the insured on the other part. It is further understood and agreed that any payment made ... Full story

LEASED PROPERTY CLAUSE

This Policy extends to indemnify any other party having an interest in the property insured by virtue of and in accordance with the terms of mortgage, Leasing, Hiring or Renting Agreement, provided such property is not more specifically insured. KLAUSUL HARTA BENDA SEWA BELI Polis ini diperluas untuk memberikan ganti rugi ... Full story

LEEWAY CLAUSE

In the event of the Gross Profit earned during any annual period of insurance (or during the accounting period of 12 months more nearly concurrent with any period of insurance) as certified by the insured’s Auditors being greater than the sum insured thereon, the insured will be held covered to the extent of 15% of the sum insured thereof and prorata ... Full story

LEAD EXCLUSION CLAUSE

This Policy does not cover any liability for Personal Injury or Property Damage or any other loss, cost or expense arising directly or indirectly from or caused by, contributed to by or arising from the presence, ingestion, inhalation or absorption of or exposure to lead in any form or products containing lead. Full story

Loading and Unloading of Vehicles Clause

It is agreed and understood that subject to the Insured having paid the agreed additional premium, this Policy shall be extended to cover the Insured's liability for the claims arising from the loading and unloading of the Insured's vehicles in connection with the business  at the specified premises. This Clause is subject otherwise to the terms, conditions and ... Full story

LOADING AND UNLOADING CLAUSE

It is hereby declared and agreed that this Policy is extended to indemnity the Insured against legal liability in respect of bodily injury and/or damage to property arising out of and in the course of loading and unloading operations from a stationary vehicle including delivery or collection of the load from or to the vehicle.... Full story

LIFT ENDORSEMENT

It is hereby declared and agreed that the operation of “LIFT” is covered under this policy, provided always that: The Company shall not liable for any bodily injury or loss of or damage to property occurring outside the premises specified on the Policy The Company shall not be liable for any bodily injury or loss ... Full story

LIABILITY ASSUMED BY AGREEMENT CLAUSE

Notwithstanding anything in the Policy to the contrary, if the Insured so request, the Insurer will indemnify the Insured against liability assumed by agreement, subject to notice within 14 (fourteen) days and approved by the Insurer, unless such liability would not have attached in the absence of such agreement. Full story

LOSS NOTIFICATION CLAUSE

Notwithstanding anything contained herein to the contrary it is agreed that this insurance will not be prejudiced by any inadvertent delays, errors or omission on notifying the Company of any circumstances or events giving rise or likely to give to a claim under this policy. Full story

LIABILITY ARISING OUT OF THE USE OF WATERCRAFT AND ALL MOBILE PLANT AND EQUIPMENT

It is hereby declared and agreed that this policy is extended to cover liability arising out of the use of watercraft and all mobile plant and equipment (not registered for road use) Subject otherwise to the terms, exceptions and conditions of the Policy. Full story

LEGAL REPRESENTATIVE CLAUSE

In the event of the death of the Insured then the legal personal representative of the Insured in respect of liability incurred by the Insured. Full story

LANDSLIP AND SUBSIDENCE ENDORSEMENTS (4.10)

LANDSLIP AND SUBSIDENCE ENDORSEMENTS (4.10) In consideration of the payment of an additional premium as arranged, Full story

LEASED PROPERTY CLAUSE

LEASED PROPERTY CLAUSE This policy extends to indemnify any other party having an interest in the property insured by virtue of and in accordance with the terms Full story

LOSS OF DAMAGED GOODS CLAUSE

LOSS OF DAMAGED GOODS CLAUSE In case of damage to property bearing brands labels and trademarks the sale of which carries in any way a guarantee of the Insured, Full story

LESSORS INTEREST CLAUSE

LESSORS INTEREST CLAUSE It is noted and agreed that ………….. (here in after referred to as the Lessors) are the owners of the Property insured under (Item …….) and that Full story

LEASED PROPERTY CLAUSE

LEASED PROPERTY CLAUSE This Policy extends to indemnify any other party having an interest in the property insured by virtue of and in accordance with the terms of Full story
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