Archive for the ‘R-Clauses’ Category

Run-off Entity Cover

It is hereby understood and agreed that notwithstanding anything in this Policy, coveris limited to Claims made against You in respect of liability arising from an act, error or omission occurring prior to the effective date (OR INSERT THE SPECIFIC DATE) that such insured entity ceased to exist or operate or was consolidated with, merged into or acquired by another entity, unless otherwise agreed in ... Full story

Real Estate Agents Endorsement

It is hereby understood and agreed that Definition 8.16 You, Your, Yours is deleted in its entirety and replaced with the following: 8.16        You, Your, Yours – means: 8.16.1        the Named Insured; 8.16.2       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; 8.16.3       ... Full story

Research Work Endorsement

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 research and development activities (or the facilitation of research and development). However, this exclusion shall not apply to Claims arising directly from failure to perform scientific research in accordance with generally established, or statutory, laboratory practices and procedures and ... Full story

REMOVAL OF DEBRIS

This insurance extends to include costs and expenses necessarily incurred by the Insured in : removal and disposal of debris, detritus and material foreign to the contract described in the schedule. dismantling and/or demolishing of any part of the Insured Property, including temporary storage of dismantled or demolished property. Shoring up, propping, underpinning, dewatering and/or protecting Insured Property whether damaged or not. Repairing or clearing ... Full story

RECOVERY CLAUSE

In the event of loss or damage which may result in a claim hereunder, Underwriters agree to consider the appointment of Reclaim Consulting Services Limited to undertake such recovery action only when appropriate KLAUSUL  PEMULIHAN Jika terjadi kerugian atau kerusakan yang mana disebabkan klaim didalam polis ini, Penanggungsetuju untuk mempertimbangkan pengangkatan Jasa Konsultasi Klaim Ulang yang terbatas untuk mengambilalih tindakan  pemulihan ... Full story

RETURN SHIPMENTS CLAUSE

In the event of shipments Insured under this Policy being returned for any reason, Underwriters hereon agree to hold covered such shipments, continuously here under, including whilst in warehouse or elsewhere until finally disposed of by the Assured. Reports of such returned shipments to be made to the Underwriters by the Assured as soon as practicable after they have knowledge of same.... Full story

REPACKING CLAUSE

The cost of repacking, reballage, rebagging, recartoning and/or repalletising shall be for the account of insurers whether the interest insured ha ssustained damage or not provided the siad repacking, reballage, rebagging, recartoning and/or repalletising is occasioned by a peril insured against even if such cost is incurred at final destination Full story

RE-DREDGING EXCLUSION

This policy does not cover the cost of re-dredging or re-profiling of any dredging trench or area unless necessitated by indemnifiable damage to other sections of the contract works.   Full story

REFILL OF FIRE EXTINGUISHERS CLAUSE

The insurance by this policy extends to cover loss of or damage to the fire extinguishing appliances caused by the Insured perils. This extension is deemed include the cost reasonably incurred of refilling the fire extinguishing appliance providing always that such cost is incurred as a direct result of the use of the fire extinguishing appliances for the extinguishments of fire ... Full story

RECOVERY CHARGES

If the Insured shall sustain any loss covered by this policy which exceeds the limit of liability, the Insured shall be entitled to all recoveries by whom so ever made on account of such loss under this policy until fully reimbursed, and any remainder shall be applied to the reimbursement of the Insurer Full story

REPLACEMENT VALUE CLAUSE

(Applicable only for equipments not exceeding 5 years old) Notwithstanding the provisions of Memo 2 – Basis of Loss Settlement (b), it is hereby declared and agreed that in the event and Insured equipment not exceeding 5 years old is destroyed, the basis of upon which the amount payable under the policy is to be calculated shall be ... Full story

REINSTATEMENT OF LOSS CLAUSE

In consideration of the Insured undertaking to pay an additional premium at the agreed rate on the amount of loss calculated on a pro-rata basis from the date of such loss to the expiry  of the current period of insurance it is agreed that in the event of loss the insurance hereunder shall be maintained in force for the full sum ... Full story

RETURN OF PREMIUM CLAUSE

In the event of Gross Profit earned during the financial year most nearly concurrent with any period of insurance as certified by the Insured thereon a pro rata of premium not exceeding thirty percent (30%) of the premium pain on such sum insured for such period of insurance will be made  in respect of the difference. If any damage shall have ... Full story

RETURN OF PREMIUM CLAUSE (1/3)

In the event of Gross Profit earned during the financial year most nearly concurrent with any period of  insurance as certified by the Insured thereon a prorata return of premium not exceeding thirty percent  (30%) of the premium paid on such sum insured for such period of insurance will be made in respect of  the different. If any damage shall have ... Full story

RESIDUAL VALUE CLAUSE

The Insured is allowed to retain the temporary buildings, temporary plant, temporary installation of second hand machinery, possibly the complete fitting up of other premises, installation of electric motors, cables, switch gears, pipe line, conveyor, etc, that are purely as a temporary measures because of their future value to the Insured’s operation in order to benefit turnover for a period after ... Full story

RUNNING IN CONJUNCTION CLAUSE

It is hereby agreed that notwithstanding anything to the contrary contained in this Policy it is noted and agreed that this Policy runs in conjunction with the Industrial/Property “All Risks” Insurance Policy No. 19- ……… - ……   in the name of  …………… It is further noted and agreed that the additional clauses and/or endorsements attaching to and forming ... Full story

REMOVAL OF DEBRIS CLAUSE (EVET)

Subject to additional premium to be paid, it is hereby noted and agreed that this Insurance is extended to indemnify the Insured of the cost of Removal of debris, demolition and any temporary repairs necessary (including the insured’s legal liability for the cost of removal of debris, demolition and temporary repairs in regard to adjoining premises, roadways or waterways as well ... Full story

REMOVAL OF DEBRIS CLAUSE

In consideration of the payment of an additional premium this policy extends to indemnity the insured in respect of: The cost of removal of debris, demolition and any temporary repairs necessary (including the insured’s legal liability for the cost of removal of debris, demolition and temporary repairs in regard to adjoining premises, roadways or waterways as well as ... Full story

REMOVAL PERMIT CLAUSE

It is hereby understood and agree that this policy shall be extended to cover against all direct loss and /or damage caused by the removing of property hereunder insured, from locations or premises affected by the perils insured hereunder, and also to cover during the terms of the (10) days such property in any other place where it should be necessary ... Full story

REINSTATEMENT OF LOSS CLAUSE (EVET)

In consideration of the Insured undertaking to pay additional premium at the agreed rate on the amount of loss calculated on a pro rata basis from the date of such loss to the expiry of the current period of insurance, it is agreed that in the event of loss the insurance hereunder shall be maintained in force for the full sum insured... Full story

REINSTATEMENT ADDITIONAL PREMIUM CLAUSE (EVET)

It is hereby understood that in case of reinstatement of the Sum Insured, an additional premium shall be calculated on a pro rate basis in accordance with the remaining period of cover. Full story

REINSTATEMENT OF SUM INSURED CLAUSE

The insurance by this policy shall not be reduced by the amount of loss unless specific advice is given by the Insurer to the contrary and the insured undertakes to pay the appropriate extra premium on the amount of the loss from the date thereof to the date of the expiry of the period of insurance.  Full story

REINSTATEMENT VALUE CLAUSE

It is hereby agreed that in the event of the property insured under the within policy being destroyed or damaged, the basis upon which the amount payable under the policy is to be calculated, shall be the cost of replacing or reinstating on the same site, property of the same kind or type, but not superior to or more extensive than ... Full story

REINSTATEMENT ADDITIONAL PREMIUM (COMPULSORY CLAUSE)

It is understood and agreed that in the event of loss or damage by any of the perils insured against to the property above described and in the absence of written notice by the company of the insured to the contrary the amount of insurance canceled by loss is to be automatically reinstated as from the date of loss.... Full story

REPLACEMENT VALUE WITH TECHNOLOGICAL ADVANCES CLAUSE

Electronic equipment or any part thereof shall be valued at the cost to repair or replace new as of the time of replacement, except that with respect to items for which replacement with identical property is impossible, the replacement cost shall be the cost of item similar to the item insured and intended to perform the same function but which may ... Full story

REPLACEMENT VALUE CLAUSE

It is understood and agreed that otherwise subject to the terms, exclusion, provision and conditions contained in the policy or endorsed thereon, where an insure items totally destroyed or damaged, the basis upon which the amount payable under the policy is to be calculated shall be the full replacement value of the item destroyed or damage. “Replacement Value” ... Full story

REINSTATEMENT OR REPLACEMENT

(Applicable to buildings, machinery, plant and all other property and contents; other than those specified in items (b) to (i) under Basis of Settlement). The basis upon which the amount payable is to be calculated shall be the cost of reinstatement of the damaged property insured at the time of its reinstatement, subject to the following Provisions and ... Full story

RENT CLAUSE

Insurance on rent (if any) applies if (any of) the said building (s) or any part hereof is unfit for occupation in consequence of any of the perils hereby insured and then the amount payable shall not exceed such proportion of the sum insured on Rent as the necessary period of unoccupancy bears to the term of Rent insured under the ... Full story

REBATE CLAUSE

In the event of Gross Profit earned (or proportionately increased multiple thereof where the maximum Indemnity period exceeds twelve months) during the accounting period most nearly concurrent with any period of insurance as certified by the Insured’s Auditors, being less than the sum insured thereon, a prorata return of premium not exceeding 50 percent of the premium paid on such sum insured for ... Full story

RADIOACTIVE CONTAMINATION, CHEMICAL, BIOLOGICAL, BIOCHEMICAL AND ELECTROMAGNETIC WEAPONS EXCLUSION CLAUSE

This clause shall be paramount and shall override anything contained in this insurance inconsistent therewith In no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed to by or arising from ionising radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste ... Full story

RECOVERY CHARGES (Limit 10% of each unit sum insured)

It is hereby noted and agreed that the Policy is covering recovery cost with limit 10% of each unit Sum Insured. Subject to the terms, conditions and exception of the Policy. Full story

REINSTATEMENT OF SUM INSURED CLAUSE

It is understood and agreed that in the event of loss or damage by any of the perils insured against to the property above described and in the absence of written notice by the Company or the insured to the contrary the amount of insurance cancelled by loss is to be automatically reinstated as from the date of loss, The Insured ... Full story

REINSTATEMENT ADDITIONAL PREMIUM CLAUSE

It is hereby understood that in case of reinstatement of the Sum Insured referred to in article XVII of the within Policy. The Additional Premium shall be calculated on a Prorata Basis in accordance with the remaining period of cover Full story

REINSTATEMENT ADDITIONAL PREMIUM CLAUSE

It is hereby understood that in case of reinstatement of the Sum Insured referred to in article XVII of the within Policy. The Additional Premium shall be calculated on a Prorata Basis in accordance with the remaining period of cover Full story

REPLACEMENT FIRE PROTECTIVE EQUIPMENT

Subject to the liability of the Insurer (s) not being increased beyond the limit (s) of liability already stated herein, the Insurer (s) will also indemnify the Insured for, where as a consequence of the discharge of substance from any fire protective equipment, such discharge being either accidental or malicious or for the purpose of extinguishing fire and where such fire ... Full story

RUBBER CLAUSE

Warranted under penalty of nullity of this insurance that no manipulation of rubber involving the use of petrol, solution containing petrol or other volatile oils, with the exception of white spirit (Special Mineral Terpentine) will be carried out in the building concerned, neither in the open nor in other buildings which are under the control of the insured, provide that between ... Full story

RATE OF EXCHANGE

It is hereby noted and agreed that all premium payment to the Insurers are in United States Dollar (US$). The rate of exchange that will apply for premium payment will be an agreed rate as at date of premium paid. The rate of exchange that will apply for claims settlement will be an agreed rate as at date of loss. Full story

RUNNING IN CONJUNCTION CLAUSE

It is hereby agreed that notwithstanding anything to the contrary contained in this Policy it is noted and agreed that this Policy runs in conjunction with the Industrial/Property “All Risks” Insurance Policy No. 19- ……… - ……   It is further noted and agreed that the additional clauses and/or endorsements attaching to and forming part of abovementioned policy which ... Full story

RIGHT OF RECOURSE CLAUSE

It is hereby declared and agreed that insurers retain full rights of recourse against contractors or suppliers to the insured following indemnification of any loss hereunder. Full story

REINSTATEMENT VALUE CLAUSE

It is hereby declared and agreed that in the event of the property insured being destroyed or damaged the basis upon which the amount payable under ……………… of the Policy is to be calculated shall be the cost of replacing or reinstating on the same site property of the same kind or type but not superior to or more extensive than ... Full story

RETURN OF PREMIUM CLAUSE

In the event of Gross Profit earned during the financial year most nearly concurrent with any period of  insurance as certified by the Insured thereon a prorata return of premium not exceeding thirty percent  (30%) of the premium paid on such sum insured for such period of insurance will be made in respect of  the different. If any damage shall have ... Full story

REBATE CLAUSE

In the event of Gross Profit earned (or proportionately increased multiple thereof where the maximum Indemnity period exceeds twelve months) during the accounting period most nearly concurrent with any period of insurance as certified by the Insured’s Auditors, being less than the sum insured thereon, a prorata return of premium not exceeding 50 percent of the premium paid on such sum ... Full story

REMOVAL/WEAKENING OF SUPPORTS EXCLUSION CLAUSE

This Policy does not cover liability in respect of damage to any land or fixed property arising directly or indirectly from the removal or weakening of or interference with support to land, buildings or any other property.   Full story

ROAD/FOOTPATH CONSTRUCTION EXCLUSION CLAUSE

This Policy does not cover liability in respect of Personal Injury or Property Damage arising directly out of or caused by or in connection with road and/or roadside footpath construction carried on by the Insured or on the Insured’s behalf.  Full story

REMOVAL PERMIT CLAUSE

REMOVAL PERMIT CLAUSE It is hereby understood and agree that this policy shall be extended to Full story

REPLACEMENT VALUE CLAUSE

REPLACEMENT VALUE CLAUSE It is understood and agreed that otherwise subject to the terms, Full story

REINSTATEMENT VALUE CLAUSE

REINSTATEMENT VALUE CLAUSE It is hereby declared and agreed that in the event of the property insured being destroyed or damaged the basis upon which the amount Full story
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