On
shipments of machinery or other manufactured products, consisting when complete
for sale or use of several parts, the liability of
the Underwriter is limited to the insured value of the part or parts lost or
damaged, or at Assured’s option, subject to Underwriter’s prior
agreement, the cost and expense of replacing, duplicating, assembling and
repairing the lost or damaged part or parts (including
duty &/or forwarding charges via vessel &/or air &/or other
conveyance as may be required by the Assured) and labour and installation charges necessary to restore the
damaged machine or product to its condition at the time of shipment.
NEW MACHINERY CLAUSE (CARGO – NON STANDARD CLAUSES)
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