CASH IN SAFE POLICY
Policy # G.80
XXX
WHEREAS the Insured
(carrying on the Business described in the Schedule and no other for the
purpose of this insurance) by a proposal and declaration which shall be the
basis of this contract and is deemed to be incorporated herein has applied to
the PANIN INSURANCE LTD.
(hereinafter called the 'COMPANY')
for the Indemnity hereinafter contained.
IN CONSIDERATION of the Insured paying to the Company the first Premium for or on account
of the said Indemnity.
THE COMPANY AGREES that subject to the terms, exclusions, limits and conditions contained
herein or endorsed hereon if during any period of Indemnity the property or any
part thereof whilst within the Premises shall after actual forcible and violent
entry of the Premises be stolen or damaged the Company will by payment or its
option by reinstatement or repair indemnity the Insured against such loss or
damage.
E X C L U S I O N S
The Indemnity herein before contained shall not apply
to nor include :
1 . Any direct or indirect consequence of War,
acts of war or any the facto state of war, enemy invasion even if Indonesia is
not one belligerent powers-occupation, civil war, interior disturbances,
revolt, insurection, mutiny, reprisals strike, lock-out of workers, sabotage,
acts of terrorists, disturbance of political or any other nature, impact of
engines of war, the performance or omission of any act in a correct execution
of any order, measure, ordinance by any Indonesian or foreign military, civil,
judicial, police or Political authority or organization, nationalization,
confiscation, requisition or demand for military purposes. In case of loss or
damage covered by this Insurance the Insured shall have to prove such loss or
damage has not been caused by nor is directly connected with any exclusions
mentioned in this paragraph.
2. Loss or damage occasioned by fire or
explosion.
3. Damage to stained or plate glass or any
decoration or lettering thereon.
4. Loss or damage occasioned by any person
lawfully in the premises or indirectly or directly caused or brought about by
or with the connivance of any inmate or member of the lnsured's household or
business staff or any servant of this Insured.
5. Loss or damage to deeds, bonds, bills of
exchange, promissory notes, money or securities for money, coins, medals
stamps, stamp collections, jewellery, watches, furs precious metals, precious
stones or articles composed of any of them, documents of title of property
contracts or other documents, business books, manuscripts, curious sculptures,
rare books, plants patterns, moulds models or designs unless specially
mentioned as insured hereunder.
6. Loss or damage occasioned by, arising out
of, or in connection with any nuclear reaction of the atom, irrespective as to
how the reaction has been effected and whether inside or outside the premises
insured by this policy.
L I M I T S
The Liability of the Company under this Policy during
any one Period of Indemnity shall not exceed as per schedule attached.
a.
In respect of any one item of the Property the sum set opposite thereto.
b.
In respect of all loss or damage sustained the Total Sum Insured.
It is understood
and agreed that.
1.
A detailed record of all money in the safe shall be kept in some place
other than the Safe.
2.
Whenever the Premises are left without a responsible adult actually
therein the keys of the Safe shall be remove from the Premises.
3.
When the Premises are occupied at night the keys of the Safe shall after
the Premises are closed for business be removed to that portion of the Premises
in which the person responsible for the Safe custody of the keys resides or
shall be removed from the Premises.
Subject otherwise to the Terms, Exceptions and
Conditions of the within Policy.
CONDITIONS OF INSURANCE
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
wherever it may appear.
1. Immediately upon having knowledge of any even
giving rise or likely to give rise to a claim under this Policy the Insured
shall
a.
give notice to the police and render all reasonable assistance incausing
the discovery and punishment of any guilty person and in tracing and recovering
the property.
b.
give notice thereof to the Company in writing and within seven days
thereafter deliver to the Company a claim in writing and supply all such
detailed proofs and particulars as may be reasonably required.
In no case shall the Company be liable for any loss or
damage not notified to the Company within thirty days after the event.
2. The Company may at any time at its own
expense use all legal means in the name of the Insured for recovery of any of
the property lost and the Insured shall give all reasonable assistance for that
purpose. The Company shall be entitled to any property for the loss of which a
claim is paid hereunder and the Insured shall execute all such assignments of
such property as may be reasonably required. The Insured shall not be entitled
to abandon any property to the Company.
3. The Insured shall take all reasonable
precaution for the safety of the property as regards selection and supervision
of employees securing all doors and windows and other means of entrance and
otherwise. In the event of a claim being made against Company under the Policy
the Insured shall satisfy the Company by such evidence as it may reasonably
required that the loss or damage claimed for has actually arisen from one of
the causes against, and that the property in respect of which a claim is made
is not merely mislaid or missing.
4. No claim shall be recoverable hereunder (a)
if any change shall be made in the premises or into the condition for the risk
and existing the time of acceptance or (b) if the instrinsid value of the
contents of the Premises be at any time materially increased or (c) if the
benefit of the contract herein contained shall become vested in any person
other than the Insured unless on any of such cases the written consent of the
Company thereto be first obtained.
5. All sum which may from time to time be paid
under the Policy during each period of Indemnity shall be accounted in
diminution of the respective sums insured, so that in case of subsequent loss
or damage during the same Period of Indemnity the total sum payable by the
Company shall not in any case exceed the sum set opposite each item of the
schedule or in the whole the Total Sum Insured.
6. If at any time any loss or damage there be
any other insurance effected by or on behalf of the Insured covering any of the
property the liability of the Company here under shall be limited to its
rateable proportion of such or damage. If any other Insurance shall be subject
to any condition of average this Policy is not already subject to any condition
of average this Policy is not already subject to any condition of average shall
be subject to average in like manner. If any such of other insurance in expressed
to cover any of the property hereby insured, but is subject to any provision
where hereby it is excluded from ranking concurrently with this policy either
in whole or in part or from contributing rateably to the loss or damage, the
liability of the Company hereunder shall be limited to such proportion of the
sum insured bears to the value of the property.
7. If a claim be made or on behalf of the
insured which shall be in any respect unfounded or fraudulent or intentionally
exaggerated or if any false declaration or statement be made in support,
thereof no claim shall be recoverable hereunder.
8. The Insurance by this policy may be cancelled
at anytime by letter from the Company to the lnsured's last known address and
in such event the Company will return a pro rata portion of the premium for the
unexpired of Indemnity.
9. All dispute resulting from the performance
and/or interpretation of this contract of insurance are to be submitted to
three Arbitrators whose award shall be final and binding. The party desiring to
submit a case to arbitration must give the other party notice in writing of
this intention. The three Arbitrators shall be appointed by both parties by
mutual agreement. If within four weeks from the date of such written notice the
parties are unable to agree on the selection of the Arbitrators, either of the parties
may request the Chairman or in his absence or inability to act, the Acting
Chairman of Underwriters Association in Indonesia (in Jakarta) to appoint the
Arbitrator. The Arbitrators are bound to pronounce on the issue before them in
just and equitable manner. The Arbitrators shall determine the Rules of the
Arbitration Procedure. In their final award the Arbitrator shall decide by
which party or parties the costs of the Arbitration Proceedings, including the
disbursement and the fees of the Arbitrators and the fees and disbursement of
the lawyers representing the parties shall be wholly or partially borne.
The Arbitrators shall take the necessary measures in
order that the original of the Award or Awards shall be filled at the Court of
Competent of Jurisdiction in Jakarta in which city the Award(s) shall be made.
The powers to be granted to the Arbitrators shall continue until the filling
referred to above has been made.
10. The due observance and fulfilment of the terms
conditions and endorsements of this Policy by the Insured in so far as they
relate to anything to be done or complied with by him and the truth of the
statement and answer in the said proposal shall be conditions precedent to any
liability of the Company to make any payment under this Policy.
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