HEAVY EQUIPMENT INSURANCE POLICY
Policy Number :
XXX
WHEREAS The Insured named in the Schedule hereto has
by a proposal and declaration which shall be the basis of this Contract and is
deemed to be incorporated herein applied to the PT. PANIN INSURANCE
(hereinafter called 'the Company') for the Insurance hereinafter contained and
has paid or agreed to pay the premium stated in the said Schedule as
consideration for such Insurance.
NOW THIS POLICY WITNESSETH THAT in respect of events
occurring during the Period of Insurance stated in the Schedule or any
subsequent Period for which the Insured shall pay and the Company shall agree
to accept the Renewal Premium and subject to the terms, exclusions and
Conditions contained herein or endorsed hereon (hereinafter collectively
referred to as 'the Terms of this Policy')
1 . The Company will indemnify the Insured
against loss or damage to the Equipment specified in the Schedule and its
accessories and spare parts whilst thereon by
a) accidental collision or overturning or
collision or overturning consequent upon mechanical breakdown or consequent
upon wear and tear.
b) fire external explosion self-ignition or
lightning.
c) burglary housebreaking or theft.
2. At its own option the
Company may pay in cash the amount of the loss or damage or may repair,
reinstate or replace the Equipment or any part thereof or its accessories or
spare parts but the liability of the Company shall not exceed the value of the
parts lost or damaged and the reasonable cost of fitting or repairing such
parts.
PROVIDED ALWAYS THAT the maximum liability of the
Company in respect of any item shall not in any case exceed the Sum Insured
against such item and that the maximum liability of the Company shall not in
any case exceed the Total Sum Insured.
GENERAL EXCEPTIONS
The Company shall not be liable in respect of
1. Loss, damage or expense directly or
indirectly occasioned by or through or in consequence of
(i) War, invasion, act of foreign enemy,
hostilities or war like operations (whether war be declared or not).
(ii) Civil war, mutiny, civil commotion assuming
the proportions of or amounting to a popular rising, military rising,
insurrection, rebellion, revolution, conspiracy, military or usurped power.
(iii) Martial law or state of siege or any of the
events or causes which determine the proclamation or maintenance of martial law
or state of siege.
(iv) Any act of any person acting on behalf of or
in connection with any organisation with activities directed towards the
overthrow by force of any de jure or de facto Government or to the influencing
of it by terrorism or violence or loot, sack or pillage in connection with any
of the aforementioned occurrences.
(v) Any consequence of strike or riot.
2. Any loss, damage or expense
occasioned by or through or in consequence directly or indirectly of
confiscation, commandeering, requisition or destruction of or damage to the
property by order of the Government de jure or de facto or any public,
municipal or local authority of the country or area in which the property is
located.
3. Any loss,
damage or expense directly or indirectly caused by, contributed to by or
arising from
(i) ionising radiations or contamination by
radio-activity from any nuclear fuel or from any nuclear waste from the
combustion of nuclear fuel. For the purpose of this exclusion combustion shall
include any self sustaining process of nuclear fission.
(ii) nuclear
weapons material
EXCLUDED
PERILS
The Company shall not be liable for :
1. Any loss
or damage sustained :
a) Outside the
Territorial Limit stated in the Schedule
b) Whilst the
Equipment is licensed for road use
c) Whilst in
transit (including the process of loading or unloading)
d) Whilst the
Equipment is operated by any person other than an Authorised Operator as stated
in the Schedule.
e) Whilst the
Equipment s used otherwise than in accordance with the Limitations as to use as
stated in the Schedule.
f) Whilst the
Equipment is operated by an Authorised Operator who is under the influence of
intoxicating liquor or drugs.
2. Any consequential loss or Third Party or
General Public Liability.
3. The amount
in the Excess Clause as stated in the Schedule.
4. (a) any
loss or damage caused by faulty manufacture, installation, repair or any latent
or mechanical defect, mechanical breakdown, derangement or failures, breakages
during installation, repair or dismantle, depreciation or atmospheric
conditions (dampness, extreme temperatures etc.)
(b) loss
or damage to electrical appliances, devices or apparatus including wiring,
caused by electrical currents artificially generated, unless fire ensues; and
then only for this Company's proportion of loss caused by such ensuing fire.
(c) loss
or damage caused by wear and tear or gradual deterioration.
(d) loss or damage occasioned by the weight of a load exceeding the
registered lifting or supporting capacity of the machine.
5. Loss or damage caused by the wilful or
dishonest act of the Insured's employees or of or with the connivance the
Insured or the dishonest act of any person to whom the Equipment is entrusted.
6. Loss or damage caused by neglect of the
Insured to use all reasonable means to save and preserve the property at and
after any disaster insured against.
7 Loss of accessories and spare parts unless
the Equipment is stolen at the same time.
8. Loss or damage to wheels, tracks or tyres
or tubes due and confined to blow-out, bruises, cuts or other causes inherent
in the use of Equipment, unless the Equipment is also damaged at the same time.
9. Loss or damage to the canopy unless caused
by or resulting from the overturning of the Equipment.
10. Loss or damage caused by or arising out of or
contributed to by or traceable to earthquake, volcanic eruption, flood,
typhoon, hurricane or other convulsion of nature.
CONDITIONS
1 . This Policy and the Schedule shall be read
together as one Contract 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 such
specific meaning wherever it may appear.
2. Every notice or communication to be given
or made under this Policy shall be delivered in writing to the Company.
3. The Insured shall take all reasonable steps
to safeguard the Equipment insured from loss or damage and to maintain it in
efficient condition and the Company shall have at all times free and full
access to examine the Equipment or any part thereof or any Operator or employee
of the Insured. In the event of any accident which may give rise to a claim
under this Policy the Equipment shall not be left unattended without proper
precautions being taken to prevent further loss or damage and if the Equipment
be operated before the necessary repairs are effected any extension of the
damage or any further damage to the Equipment shall be excluded from the scope
of the indemnity granted by this Policy.
4. On the happening of any loss or damage which
may give rise to a claim under this Policy the Insured shall immediately give
notice thereof to the Company and shall within 15 days after the loss or damage
or such further time as the Company may in writing allow in that behalf,
deliver to the Company a detailed claim in writing for the loss or damage. No
claim under this Policy shall be payable unless this condition has been
complied with.
5. The insured shall not incur any expense in
making good any loss or damage without the written consent of the Company and
shall not negotiate pay settle admit or repudiate any claim without the like
consent
6, The assignment of this Policy, or the
subrogation of any right hereunder to any party without the written consent of
the Company, shall render this insurance null and void.
7. The Company shall be entitled to undertake
in the name and on the behalf of the Insured the absolute conduct control and
settlement of any proceedings and to take proceedings at its own expense and
for its own benefit but in the name of the Insured to recover compensation or
secure indemnity from any third party in respect of anything covered by this
Policy,
8. If any claim under this Policy shall be in
any respect fraudulent 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
all benefit hereunder shall be forfeited.
9. If at the time any claim arises under this
Policy there is any other Insurance covering the same loss or damage the
Company shall not be liable to pay or contribute more than its rateable
proportion of any such loss or damage.
10. If the Equipment insured by this insurance
shall at the time of any loss be of greater value than the Sum Insured hereby,
then the Insured shall be considered as being his own insurer for the
difference, and shall bear a rateable proportion of the loss accordingly. Every
item, if more than one, of the Policy shall be separately subject to this
Condition.
11. The Company may cancel this Policy be sending
seven days' 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
pro rata 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 days' notice and
(provided no claim has arisen during the then current Period of Insured) the
Insured shall 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 All differences arising out of this Policy
shall be referred to the decision of an Arbitrator to be appointed in writing
by the parties in difference or if they cannot agree upon a single Arbitrator
to the decision of two Arbitrators one to be appointed in writing by each of
the parties within one calendar month after been required in writing so to do
by either of the parties or in case the Arbitrators do not agree of an Umpire
appointed in writing by the Arbitrators before entering upon the reference. The
Umpire sit with the Arbitrators and preside at their meetings and the making an
award shall be a condition precedent to any right of action against the
Company. If the Company shall disclaim liability to the Insured for any claim
hereunder and such claim shall not within twelve months from the date of such
disclaimer have been referred to arbitration under the provisions herein
contained then the claim shall for all purposes be deemed to have been
abandoned and shall not thereafter be recoverable hereunder.
13. The due observance and fulfilment of the
Terms and Endorsements of this Policy insofar as the relate to anything to be
done or not to be done by the Insured and the truth of the statements and
answers in the proposal shall be conditions precedent to any liability of the
Company to make any payment under this Policy.
THE SCHEDULE
Policy No. :
The Insured :
Address :
Business or Profession :
Period of Insurance : -
(a) From to
(b) Any subsequent period for which the Insured
shall pay and the Company shall agree to accept a renewal premium.
Premium
Calculation : Premium :
Policy Cost :
Stamp Duty :
Total
due :
Agent :
The Equipment
: Any of the following :
|
Identification mark and number |
Make and Type |
Horse power |
Year of Manufacture |
Engine No |
Chassis No |
Sum Insured |
|
|
|
|
|
|
|
|
|
Authorised
Operator : |
|
Total Sum Insured : |
|
TERRITORIAL LIMIT
LIMITATIONS AS TO USE: -
Use in connection with the Insured's business stated
above, but excluding use
a) for racing
pace-making reliability trial demonstration or speed-testing
b) for the
carriage of passengers
c) whilst
drawing a trailer or towing any vehicle unless such towed vehicle is not towed
for reward.
EXCESS CLAUSE
It is hereby declared and agreed that the Insured
shall, in respect of each and every event, be responsible for the first Rp. of
any loss or damage.
For the purpose of this clause the expression 'event'
shall mean an event or series of events arising out of one cause in connection
with any one Equipment in respect of or in connection with which indemnity is
granted under this Policy.
HIRE PURCHASE CLAUSE
It is hereby understood and agreed that
…………………………………………………………………………………………… (hereinafter referred to as the Owners) are
the owners of the Equipment and that the Equipment is the subject of a Hire Purchase Agreement made between
the Owners of the one pan and the Insured of the other part. It is further
understood and agreed that any payment made in respect of loss or damage (which
loss or damage is not made good by repair reinstatement or replacement) under
this Policy shall be made to the Owners as long as they are owners of the
Equipment and their receipt shall be a full and final discharge to the Company
in respect of such loss or damage. It is also understood and agreed that
notwithstanding any provision in the Hire Purchase Agreement to the contrary
this Policy is issued to the agent or trustee for the Owners or as an
assignment (whether legal or equitable) by the Insured to the Owners of his
rights benefits and claims under this Policy. It is lastly understood and
agreed that the Insured shall not assign his rights benefits and claims under
this Policy without the prior consent in writing of the Company.
SPARE PART CLAUSE
It is hereby understood and agreed notwithstanding
anything to the contrary contained in this Policy that in the event of loss or
damage to the Equipment or its accessories or spare parts necessitating the
supply of a part not obtainable from stocks held in the country in which the
Equipment is held for repair or in the event of the Company exercising the
option to pay in cash the amount of the loss or damage the liability of the
Company in respect of any such pat shall be limited to :
(a) (i) the
price quoted in the latest cafe ague or price list issued by the Manufacturer
or his Agents for the Country in which the Equipment is held for repair or
(ii) if
no such catalogue or price list exists the price last obtaining at the
Manufacturer's Works plus the reasonable coat of transport otherwise than by
air to the country in which the Equipment is held for repair and the amount of
the relative import duty.
And (b) the
reasonable cost of fitting such part.
MEMORANDUM :
Jakarta, September
1996
Sign for and on
behalf of,
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