Deterioration of Undamaged Stocks, etc

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.

Defunct Spare Parts Clause

It is hereby noted and agreed that in the event of spares currently insured hereunder and represented within the total sum insured under the Policy becoming obsolete following an indefinable loss to the unit and/or units to which they belong, such spares shall also be deemed a constructive total loss provided always that such parts cannot be used a spares for any other units within the premises of the Insured. Insurers retain salvage rights over such parts.

Floor Space Ration Index

Subject to the terms, conditions and Limit(s) or Sub-Limit(s) of Liability of this Policy, in the event of any building(s) being damaged so as to constitute total loss or Constructive Total Loss and, as a result of the exercise of Statutory powers and/or authority by any Government Departments, Local Government or any other Statutory Authorities reinstatement of such building(s) as before is prohibited and reinstatement is only permissible subject to a reduced floor space ratio index :

The Insurers agree to pay in addition to any amount payable on reinstatement of such building(s) the difference between :

The actual cost reinstatement incurred in accordance with the reduced floor  space ratio index and
The cost reinstatement which would have been incurred had a reduced floor space ration index not been applicable.
In arriving at the amount payable under (a) and (b) above any payments made by the Insurers shall include the extra cost of reinstatement, including demolition or dismantling of the Insured Property, necessarily incurred to comply with the requirements of any Act of Parliament or Regulation made hereunder or any By-law or Regulation of any Municipal or other Statutory Authority.
Any payment made for the difference between (a) and (b) above shall be made as soon as the said difference is ascertained upon completion of the rebuilding works and certified by the architect acting on behalf of the Insured in the reinstatement of the building(s)

Offsite Storage and Fabrication Clause

Notwithstanding the situation described in the schedule the cover afforded by this policy extends to include any materials, plant or items, being manufactured , whilst located anywhere in Indonesia area and subject to a maximum value of ………………. Provided they are intended to be used on or will form part of the contract works.

Outside Premises Storage Clause

Where the Insured enters into a contract for storage of goods and/or merchandise and the terms of the storage contain a disclaimer clause, then the insurance provided by the Policy shall not be prejudiced by the Insured agreeing to such terms.

Removal of Permit Clause

It is hereby understood and agreed 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 effected by the perils insured hereunder, and also to cover during the term of ten (10) days, such property in any other place where it should be necessary to move the insured property in order to preserve it from the perils insured hereunder or to maintain if safe from the perils of the occurrence.

Undamaged Stock Clause

The Policy extends to include any loss incurred less the amount of any salvage monies obtained in respect of undamaged stock and/or materials in trade becoming unusable for any reason whatsoever resulting solely from an occurrence of loss or damage Insured by this Policy.

 

About the Author

has written 1739 stories on this site.

One Comment on “Deterioration of Undamaged Stocks, etc”

  • iwan wrote on 27 May, 2015, 13:43

    Dear Mas Imam

    Mohon penjelasannya terkait undamaged stock clause, fungsinya untuk apa ya

    Saya terjemahkan supaya lebih mudah dipahami

    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
    Polis ini diperluas untuk menjamin kerugian atau kerusakan yang diderita Tertanggung akibat kerusakan persedian bahan baku yang tidak dapat diproses segera akibat terjadinya gangguan atau kerusakan pada harta benda yang dipertanggungkan

    Klausul ini berguna untuk stock atau persediaan bahan baku yang masa daluwarsanya singkat, misalnya bahan makanan, buah-buahan, atau minuman, jika mesin rusak maka bahan baku ini tidak dapat segera di proses menunggu mesin selesai diperbaiki, akibatnya bahan baku ini bisa rusak dengan sendirinya karena kelamaan (jika tidak ada mesin lain yang bisa digunakan). Saran Underwriters adalah memberikan Limit atau Batasan tertentu untuk klausul ini misalnya US$100,000 atau yang cukup

    https://ahliasuransi.com/deterioration-of-undamaged-stocks/

Write a Comment

Gravatars are small images that can show your personality. You can get your gravatar for free today!

*

Copyright © 2018 AHLIASURANSI.com. All rights reserved. Managed by Imam MUSJAB
Powered by WordPress.org, Custom Theme and ComFi.com Calling Card Company.