Archive for May, 2015

DETERIORATION OF UNDAMAGED STOCKS

Deterioration of Undamaged Stocks The Policy extends to include loss sustained by the Insured as the result of deterioration of undamaged stock which cannot be processed promptly due to interruption of or interference with the Business in consequence of damage to Property Insured. Kerusakan persedian bahan baku yang tidak dapat diproses ... Full story

CANCELLATION AND ABANDONMENT EXCLUSION

It is hereby understood and agreed that Insurers shall not be liable under this Policy to provide indemnity for any Claim directly or indirectly arising out of, in consequence of, or contributed to by the cancellation, delay or abandonment of any event, meeting, conference or any other function. Full story

Abandonment Clause

This type of insurance clause typically comes into play with marine insurance, such as boats or watercraft. If a ship is sunk or lost at sea, the abandonment clause affords the owner the right to essentially "give up" on finding or recovering his or her property and subsequently collect a full insurance settlement from the insurer. If salvaging ... Full story

Wreck Removal

Wreck Removal
Full story

Beberapa pertanyaan tentang asuransi pengangkutan barang (marine cargo)

Beberapa klien ada yang sangat teliti dan membaca klausul demi klausul polis, semakin dibaca mungkin dia semakin bingung dan menanyakan beberapa hal tentang jaminan polis asuransi marine cargo, antara lain sbb: Pada Jaminan 1 / ICC A, Jaminan 2 / ICC B, Jaminan 3 / ICC C : Pertanyaan: Klausul no. ... Full story

UPWARD ADJUSTMENT CLAUSE

The Insurance extends to cover any increase in Gross Profit for an amount not exceeding 25% of the Sum Insured thereon provided that the Insured undertake to advise the Insurers at  the end of the policy period of such increase and to pay the additional premium thereon. Full story

TURNOVER/OUTPUT CLAUSE

It is agreed that in the event of a claim arising under this section, adjustment may be based on ‘turnover or output’ or whatever other index of business activity affords the most equitable result and except in the definition of turnover the word ‘turnover’ wherever used in this policy shall mean sale value of goods manufactured by, or sold by, the ... Full story

SUPPLIERS AND CUSTOMERS EXTENSION CLAUSE

This Insurance under this section extends to include the actual loss of Business Income sustained resulting from the necessary interruption of or Interference with the Insured’s Business operations as a result of any unforeseen, sudden and accidental physical loss, destruction or damage to the premises of the following named Insured’s third party suppliers and/or customs arising out of a peril which ... Full story

STANDING CHARGES CLAUSE

If any standing charges of the business be not insured by this policy (having been deducted in arriving at the Gross Profit as defined herein ) then in computing the amount recoverable hereunder as increase in cost of working, that proportion only of any additional expenditure shall be brought into account which the Gross Profit bears to the Sum of the ... Full story

SALVAGE SALE CLAUSE

If following damage giving rise to a claim under this policy the insured shall hold a salvage sale during the indemnity period, clause (A) of item (1) of this Policy shall for the purpose of such claim read as follows : In respect of reduction in turnover the sum produced by applying the rate of gross profit to ... 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

PROGRESS CLAIM PAYMENT CLAUSE

It is hereby agreed and declared that progress payment on account of any loss recoverable under this policy will be made to the Insured on production of an interim report by the loss adjuster (if appointed) or accountant, provided that such payments are deducted from the finally agreed claim settlement figures. Full story

PROFESSIONAL ACCOUNTANTS CLAUSE

Any particulars or details contained in the Insured’s books of account or other business books or documents which may be required by the Company under Condition 4 of this Policy for the purpose of investigating  or verifying any claim hereunder may be professional accountants if at the time they are regularly acting as such for the Insured and their report shall ... Full story

PREVENTION OF ACCESS CLAUSE

In consideration of the payment of a additional premium which is included in the premium hereon it is hereby agreed and declared that subject to the conditions of the Policy loss as insured by this policy resulting from interruption of or interference with business in consequence of damage (as within defined) to property in the vicinity of the premises which shall ... Full story

PORT BLOCKAGE CLAUSE

It is agreed and declared that the Insurance provided under Section 2 of this Policy shall extend to include loss resulting from the skinning or stranding of vessel within … to … which prevents access to the Insured’s loading facilities resulting in interruption of or interference with the Business of the Insured Full story

NEW BUSINESS CLAUSE

In the event of Damage occurring at the Premises before the completion of the first year’s trading of the Business the terms “Rate of Gross Profit”, “Standard Turnover” and “Rate of Pay-Roll” shall bear the following meanings and not as within stated : Rate of Gross Profit : The rate of                                      ) to which such adjustment... Full story

MURDER, ASSAULTS AND SUICIDE EXTENSION CLAUSE

It is hereby noted and agreed that the term damage defined under this Policy shall extend to include murders, assaults or suicide committed at the Insured Premises. In consequence thereof, interruption of or interference with the Insured’s business arising from murders, assaults  or suicide committed at the Insured premises, shall be deemed to loss resulting from or consequence ... Full story

MATERIAL DAMAGE PROVISO WAIVER

It shall not be a condition precedent to liability in respect of interruption of or interference in consequent of damage that payment shall have been made or liability admitted under the insurance covering the interest of the insured in the property at the premises against such damage if no such payment shall have been made nor liability admitted solely owing to ... 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

INCREASE BUSINESS CLAUSE

In the event of the  gross  profit earned during any annual period of insurance (or during) the accounting period of twelve months most nearly concurrent with any period of insurance), as certified by the insured thereof an a prorata additional premium not exceeding 10 percent the premium paid on such sum insured from such period of Insurance will be charges in ... Full story

GROSS PROFIT CLAUSE

The insurance under this item is limited to loss of  Gross Profit due to : A. Reduction is turnover and (b) Increase in cost of working and the amount payable as  indemnity thereunder shall be : In respect of  Reduction in Turnover : The sum produced by applying the rate of gross  profit to the amount ... Full story

FAILURE OF PUBLIC UTILITIES CLAUSE

FAILURE OF PUBLIC UTILITIES CLAUSE (Version 1) Loss as Insured by this Policy resulting from interruption of or interference with the business in consequence of damage (as within defined) to property  at an electricity station or sub-station from which the Insured obtain electric current shall be deemed to be loss resulting from damage to property used by the ... Full story

DEPARTMENTAL CLAUSE

If the business be conducted in by individual companies/divisions or departments the independent trading results of which are ascertainable, it is agreed that the provision hereof may at the option of insured apply separately to each such company/division or department affected by the loss, destruction or damage. With regard to agreements between individual companies relating to the lease ... Full story

DENIAL OF ACCESS CLAUSE

It is hereby declared and agreed that subject to the conditions of this Policy covers loss as Insured by this policy resulting from interruption of or interference with the business in consequence of damage (as within defined) to property in the vicinity of the premises which shall prevent or hinder the use thereof or access thereto, whether the premises or property ... Full story

BOOK OF ACCOUNT CLAUSE

Any particulars or details contained in the Insured’s books of account or other business books or documents which may be required by the Insurer (s) for the purpose of investigating or verifying any claim hereunder may be produced and certified by the Insured’s auditors and their certified shall be prima facie evidence of the particulars and details to which such certificates ... Full story

AUDITORS CHARGES CLAUSE

The Insured under item (3) is limited to the reasonable charges payable by the Insured to their Auditors producing and certifying any particulars or details contained in the Insured’s books of Accountant of Business books or documents such order proofs. Information or evidence as may be required by the company under the terms of conditions of this policy. Full story

ALTERNATIVE TRADING CLAUSE

If during the indemnity period goods shall be sold or services be rendered elsewhere than at the premises for the benefit of the business either by the Insured or by others on the Insured’s behalf the money paid or payable in respect of such work or services shall be brought into account in arriving at the turnover during the indemnity period. Full story

ADDITIONAL INCREASE IN COST OF WORKING CLAUSE

The insurance under this item is limited to such further additional expenditure beyond that recoverable under clause (b) of the Gross Rental Specification as the insured shall necessarily and reasonably incur during the Indemnity Period in consequence of the Incident for the purpose of avoiding or diminishing the reduction in Turnover. Full story

ACCUMULATION OF STOCKS CLAUSE

In adjusting any loss, account shall be taken and an equitable allowance made if shortage in Turnover due to the Damage is postponed by reason of the Turnover being temporarily  maintained from accumulated stocks, either at the Department of Factories of the Group. Full story

ACCOUNTANTS CLAUSE

It is understood and agreed that any particulars or details contained in the Insured’s books of account or other business books or document which may be required by the Insurers for the  purpose of  Investigating or verifying any claims hereunder may produced and certified by Insured’s auditors and their certificate shall be prima facie evidence of the particulars and details to ... Full story

ELECTROMAGNETIC FIELD EXCLUSION

This Policy does not cover liability in respect of Personal Injury or Property Damage arising directly or indirectly from or caused by or contributed to by exposure to and/or the presence of any electromagnetic field (EMF) or any electromagnetic radiation (EMR) or any derivation or variation thereof. Full story

CLINICAL TRIAL EXCLUSION CLAUSE

This Policy does not cover liability in respect of Personal Injury or Property Damage directly or indirectly caused by, contributed to by or arising out of any clinical trial activities performed by the Insured or on the Insured’s behalf. Full story

POLLUTION EXCLUSION CLAUSE (72 HOUR)

This Policy does not cover liability in respect of: Personal Injury or Property Damage caused by or arising out of the discharge, dispersal, release or escape of pollutants into or upon land, the atmosphere, or any water course or body of water. Provided this exclusion 1 does not apply if such discharge, dispersal, release or escape is sudden, ... 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

PARTICIPANTS EXCLUSION CLAUSE

This Policy does not cover liability in respect of Personal injury or Property Damage arising out of the participation in any sport, game, or amusement involving bodily contact with persons, machines or devices.                        The term “Sport, game, or amusement” includes but is not limited to sumo wrestling, ... Full story

HAZARDOUS GOODS EXCLUSION CLAUSE

This Policy does not cover liability in respect of claims arising directly or indirectly out of or caused by or in connection with the transportation, storage, loading or unloading of hazardous goods (which expression includes but is not limited to chemicals, explosives, gases and flammable liquids). Full story

WELDING EXCLUSION CLAUSE

This Policy does not cover liability in respect of claims caused by or arising out of arc or flame cutting, flame heating, arc or gas welding or similar operation in which welding equipment is used, unless such activity is conducted in strict compliance with the Standard issued by the relevant regulatory authority of Indonesia (Peraturan Menteri Tenaga Kerja dan Transmigrasi R.I. ... Full story

HORSE RIDING EXCLUSION CLAUSE

This Policy does not cover liability in respect of Personal Injury to any person where such Personal Injury occurs whilst riding any horse owned by the Insured or in the Insured’s physical or legal control Full story

HAIRDRESSERS AND BEAUTY SALONS CLAUSE

This Policy does not cover liability in respect of:                                      Personal Injury arising directly or indirectly out of or caused by treatment prescribed or administered by the Insured or the Insured’s employees or agents other than: a) haircutting ... Full story

BLASTING EXCLUSION CLAUSE

This Policy does not cover liability in respect of Personal Injury or Property Damage caused directly or indirectly by blasting or the storage, handling, transport or use of explosives Full story
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ESCAPE OF FIRE EXCLUSION CLAUSE

This Policy does not cover liability in respect of Personal Injury or Property Damage arising directly or indirectly out of or caused by or through the escape of fire lit by the Insured or by any persons in contravention of the provisions of any Statute or of any By-Laws or Regulations imposed by any Public Authority.  Full story

BRIDGES EXCLUSION CLAUSE

This Policy does not cover liability in respect of Personal Injury or Property Damage arising directly or indirectly out of or caused by or in connection with bridges Full story
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TREATMENT RISK EXCLUSION CLAUSE

This Policy does not cover liability in respect of Personal Injury arising directly or indirectly out of or caused by treatment prescribed or administered by the Insured or on the Insured’s behalf. Full story

MOLESTATION EXCLUSION CLAUSE

This policy does not apply to Personal Injury arising out of or as a result of the molesting or interfering with any person by –                   The Insured,                                       Any of the Insured’s employees, Any person acting on the Insured’s behalf. We shall have no obligation to defend any action, suit or proceeding against ... 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

TREE LOPPING EXCLUSION CLAUSE

This Policy does not cover liability in respect of Personal Injury or Property Damage arising directly or indirectly out of or caused by tree lopping, cutting or removal where the tree involved exceeds 3.5 metres in height.           Full story

DEMOLITION EXCLUSION CLAUSE

This Policy does not cover liability in respect of Personal Injury or Property Damage arising directly or indirectly out of or caused by or in connection with the demolition of buildings or structures exceeding ten metres in height.           Full story

CONSTRUCTION EXCLUSION CLAUSE

This Policy does not cover liability in respect of Personal Injury or Property Damage arising directly or indirectly out of or caused by or in connection with the erection, demolition, alteration of and/or addition to buildings by the Insured  or on the Insured’s  behalf. 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

PROPERTY OWNERS EXCLUDING TRADE RISK

This Policy does not cover liability in respect of Personal Injury or Property Damage arising out of or in connection with any Business, Profession, Trade or Manufacturing Operations other than as owner of Property the subject of this Indemnity) conducted by the Insured.  The Business: Owner of property situated at xxxxxxxxx Full story

Apa yang dimaksud dengan pemulihan harga pertanggungan?

What is Reinstatement of Sums Insured? Supaya tidak bingung ini tidak berhubungan dengan dasar pemulihan dari harga pertanggungan. Mengapa pemulihan harga pertanggungan setelah klaim sangat diperlukan? Asuransi harta benda tunduk pada ketentuan harga pertanggungan untuk masing-masing harta benda yang dipertanggungkan. Harga pertanggungan adalah jumlah maksimum yang perusahaan asuransi akan bayar dalam hal ... Full story

Neon Sign / Billboard Insurance

Asuransi reklame (Neon Sign / Billboard Insurance) menjamin kerugian atau kerusakan yang terjadi pada papan reklame yang diakibatkan oleh kebakaran, sambaran petir, ledakan, pencurian, kerusuhan, pemogokan, perbuatan jahat (vandalisme), huru-hara, gempa bumi, letusan gunung berapi, tsunami, tanah longsor, banjir, angin topan, badai, dan kecelakaan lainnya Polis Asuransi reklame (Neon Sign / Billboard Insurance) juga ... Full story

Rejection Insurance

Pernahkah anda membayangkan dalam suatu pengiriman biji gandum atau beras di dalam kontainer kemudian ditemukan adanya suatu kontaminan? atau Satu kontainer daging segar dan ikan laut kemudian ditemukan adanya bakteri E.Coli dalam pengiriman tersebut? Sebagai informasi bahwa hal-hal semacam ini bisa saja akan membuat pengiriman seluruh barang-barang tersebut ditolak masuk oleh suatu negara (melalui otoritas pelabuhan) bahkan Negara-negara yang menerapkan prosedur ... Full story

Third Party Liability of Directors and Executives 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 third party liability of the Insured's directors and executives for accidents happening in their business traveling or business trips, subject to the following limits of liability during the period of insurance. Limit of Indemnity ... Full story

Extinguishing Expenses 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 for extinguishing expenses which should be necessarily and reasonably incurred in extinguishing fires at the premises, subject to the following limits of liability during the period insurance. This Clause is subject otherwise to ... 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

Advertising Signs and Decorations Liability 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 claims made against the Insured for accidental bodily injury or property damage to any third party resulting from the Insured's advertising signs, neon signs, decorations and the like in or about the premises.... Full story

Swimming Pool Liability 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 claims made against the Insured for accidents happening in or around or arising out of the ownership, use or operation of the Insured's swimming pool. It is warranted that lifeguards are ... Full story

First Aid Treatment 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 for reasonable costs or expenses of first aid treatment given or administered by the Insured to a third party injured at the premises upon an occurrence falling within the scope of this Policy.... Full story

Personal Injury Liability 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 made respect of personal injury to third parties arising out of the following offense: false arrest, detention or imprisonment , or malicious prosecution libel, slander, defamation or violation ... Full story

Motor Contingent Liability

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 made against the Insured for third party liability including passenger risk in respect of any motor car neither owned nor provided by the others while being used in connection with the business.... Full story

Building Alterations 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 claims made against the Insured for accidental bodily injury of and/ or property damage to any third party occurring at the premises resulting from the alterations, structural repairs, decorations and the like operations of ... Full story

Tenant’s Liability 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 legal liability for the claims made against the Insured for accidental bodily injury of and/ or accidental property damage to any third party caused by fire to the buildings leased. This Clause is ... Full story

Guest’s Property 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 claim made against the Insured for loss of or damage to the property belonging to guests or customers of the Insured whilst such property is under the custody or control of the Insured subject ... Full story

Goods and Services 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 of claims made against the Insured for accidental bodily injury or accidental property damage which occurs during the period of insurance and arises out of goods and/ or services sold or supplied including transportation provided ... Full story

Food and Drink 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 legal liability for claims made against the Insured for accidental bodily injury of and/ or accidental property damage to any third party which occurs during the period of insurance and arises out of poisoning by or ... Full story

Fire & Explosion Extension 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 claims made against the insured for accidents bodily injury of and / or accidental property damage to any third party occurring at the specified premises caused by fire or explosion subject to the following ... Full story

Explosion of Boilers

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 accidental bodily injury of  and/ or accidental property damage to any third party occurring at the specified premises resulting from boiler explosion due to its internal steam pressure subject to the limits of liability ... Full story

Elevator and Escalator 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 claims made against the Insured for accidental bodily injury of and/ or accidental property damage to any third party in the normal operational use of the elevators or escalators at the premises specified in ... Full story

Act of Terrorism Extension 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 claims made against the Insured for the bodily injury of and or property damage to any third party at the specified premises directly caused by any terrorist or terrorism organization. This clause is ... Full story

Strike, Riot, Civil Commotion or Malicious Damage Extension Clause (public liability)

It is agreed and understood that subject to the Insured having paid the agreed additional premium this Policy shall be extended to cover the Insurer's liability for accidental bodily injury of and/ or accidental property damage to any third party occurring at specified premises directly caused by strike, riot, civil commotion or malicious. This Clause is subject otherwise ... Full story

Contractual Liability Clause

It is agreed and understood that subject to the Insured having paid the agreed additional premium, the company shall indemnify the Insured against any claim made in respect of liability assumed by the Insured under any contract or agreement for bodily injury of and/ or property damage to any third party subject to the limits of liability stipulated in this policy ... Full story

Cross Liability Clause

It is agreed and understood that subject to the Insured having paid the agreed additional premium, this insurance shall apply to each insured party as if a separate policy had been issued to each party. Provided always that the aggregate liability of the company for any one accident shall not exceed the limit of indemnity stipulated in the ... Full story

WATER FLOOD AND FUMES EXTENSION CLAUSE

It is hereby declared and agreed that this policy extends to cover liability arising out of water, flood and fumes Full story

WORLD WIDE JURISDICTION

It is agreed and declared that this policy is extended to provide indemnity for jurisdiction anywhere in the world except in respect of North American jurisdiction where this policy: a) Excludes any liability for Personal Injury or Property Damage caused by or arising out of the discharge, dispersal, release or escape of pollutants into or upon land, the ... Full story

WAIVER OF SUBROGATION RIGHTS

Notwithstanding anything contained in this Policy to the contrary it is hereby declared and agreed that in the event of any claim the Company will not exercise its subrogation rights against any subsidiary and/or associate Companies of the Insured. Subject otherwise to the terms, conditions and exceptions of this Policy. Full story

WORK AWAY CLAUSE

It is agreed that the insurance by this policy is extended to cover within the terms, exceptions and conditions of the policy, the legal liability of the insured in respect of work connected with the business being carried out by the insured away from the premises described in this policy. Full story
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WRONGFUL ARREST AND DEFAMATION

Notwithstanding anything contained herein to the contrary, this policy is extended to include damages resulting from wrongful arrest (including assault in connection with such wrongful arrest) in respect of defamation Provided that the liability of the Insurer under each of a and b shall be limited to in respect of any one event or ... Full story

TOOL OF TRADE RISK CLAUSE

Notwithstanding anything contained herein to the contrary this Policy is extended to include the Insured’s liability caused by and arising out of accidental death or bodily injury or damage to property as defined caused by and arising out of any work carried out by sub-contractors in connection with the Insured’s business. Full story
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